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This is just a cartoonishly naive take. This is like saying the Fed or JP Morgan is insolvent because they don't have the sum of their balance sheet located in
by anm89 4y ago
This is just a cartoonishly naive take. This is like saying the Fed or JP Morgan is insolvent because they don't have the sum of their balance sheet located in some metal vault with dollar bills inside of it. It turns out having stacks of paper in a metal cage isn't how solvency is defined in 2022.
- LawTalkingGuy 4y agoTheir whole promise is having a dollar in a vault for every tether issued.
- anm89 4y agoWell, you are wrong. But ok.
- LawTalkingGuy 4y agoThe truth is easily checkable. I wonder why you're saying stuff that's provably false. For some time, the website read: “Every tether is always backed 1-to-1, by traditional currency held in our reserves.” ... In February 2019, this text changed to: “Every tether is always 100% backed by our reserves, which include traditional currency and cash equivalents and, from time to time, may include other assets and receivables from loans made by Tether to third parties, which may include affiliated entities (collectively, ‘reserves’).” I hope you understand that after the first statement, EVERYTIME they don't have 100% of the tether backed by currency is fraud. And it wouldn't matter if it was all there now in the same way an accountant is a criminal if they gamble with client funds even if they manage to put all money back before it's missed.