3 ms·
Here we go again. 1. Attestations are not audited financials. 2. Do not cite attestations when asked to produce audited statements, which carry specific legal
by numair 5y ago
Here we go again.
1. Attestations are not audited financials.
2. Do not cite attestations when asked to produce audited statements, which carry specific legal and regulatory burden.
3. When others provide you with attestations when you ask for audited statements, ask them what they’re so afraid of. Especially when they’ve raised hundreds of millions of dollars and could easily pay to have some of the mid-level kids at their accounting firm on retainer to have them produce a daily audited financial report if they really wanted.
4. Following on 3, attestations are the stablecoin equivalent of what “non-GAAP earnings” were for late 1990s dotcom stocks before they blew up.
Please, please, PLEASE stop scamming people who ask for audited financials with lousy attestations! You are not helping to make stablecoins look stable and trustworthy, at the very moment when everyone’s looking for a reason to shut them down!
(Disclosure: I think stablecoin technology is SUPER important and I would like to make sure it isn’t killed like the Concorde by a bunch of casino owners hiding under the guise of “fintech”)
- fallingknife 5y agoAudited financials are for operating companies. I don't think the concept makes sense for a cash backed stablecoin.
- yifanl 5y agoIf you wish to redefine these terms, then ideally do so at the start of the thread and not after providing a potentially misleading link for users who may not be familiar with which terms you're using.
- lupire 5y ago> which carry specific legal and regulatory burden. but the whole point of crypto is that we don't believe in legal or regulatory burden.
- raziel2701 5y agoThank you for helping fight the spread of disinformation! People make incorrect statements with such great confidence that others reading it take their word for it. As you said, attestations and audits are very different and people should demand greater transparency and accountability and be skeptical of those who don't provide you the information you request.