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That’s not the claim they were making and is not the common understanding of what an audit is. I would consider this every bit as bad. “We marked our own homew
by Nursie 4y ago
That’s not the claim they were making and is not the common understanding of what an audit is.
I would consider this every bit as bad. “We marked our own homework! And guess what? It was great!”
The whole concept is ludicrous.
- charcircuit 4y agoThe claim I found was "Our reserves are regularly audited." Internal audits still have value as it means that someone can't steakily steal money from the reserves without them noticing.
- Nursie 4y agoInternal audits have no value for the outside world, so we have lies or weaselry, neither is a good look. Further, they paid $41 million to settle a case over their lies - https://fortune.com/2021/10/15/tether-crypto-stablecoin-fined-reserves/ https://fortune.com/2021/10/15/tether-crypto-stablecoin-fine... I don't think it's a stretch at this point to say they have a history of, at the very least, being highly economical with the truth and misrepresenting their own level of transparency. And I do think your argument is unreasonable. Take a look back to 2017 on the wayback machine - "Every tether is always backed 1-to-1, by traditional currency held in our reserves. So 1 USD₮ is always equivalent to 1 USD." "Our reserve holdings are published daily and subject to frequent professional audits." We know that neither of those things was true.