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Yes, that is the scenario I am describing. I have a billion dollars of liabilities in the ScamStableCoins I issued and a billion dollar in "Assets" from the IO
by Marazan 5y ago
Yes, that is the scenario I am describing. I have a billion dollars of liabilities in the ScamStableCoins I issued and a billion dollar in "Assets" from the IOU I wrote myself.
THus I am perfectly fully backed.
- jiofih 5y agoYeah, technically correct I guess. Is there any realistic scenario where this would fly? This would be plain and clear fraud and not something allowed to go on for two years after multiple audits.
- markonen 5y agoWhat audits? The point is that there hasn’t been anything like an actual audit.
- grey-area 5y agoThis is likely very similar to how USDT works. So the answer to your question is it would happen in crypto where there is no regulator and people trust ‘audits’ which verify nothing.
- Marazan 5y agoThe NYAG said they were liars who had comitted multiple acts of fraud and fined them. There have been precisely 0 (zero, none) completed audits of Tether's holdings