4 ms·
The thing is, a lot of people just assume they must simply be doing good business. The continued existence of the economically impossible entity is, to many, pr
by bilbo0s 3y ago
The thing is, a lot of people just assume they must simply be doing good business. The continued existence of the economically impossible entity is, to many, proof not only of its solvency, but also of it's quality as a financial partner.
Most people don't look any further than that. Obviously, a large number do look further than that, and many, many people would never take the bait. But don't underestimate the number of people, even well resourced people, who would fall for this sort of scheme.
- hanniabu 3y agoYou're acting like people just have blind faith, ignoring they undergo routine audits
- agentgumshoe 3y agoTether has not completed a single audit yet
- hanniabu 3y agohttps://tether.to/en/transparency/#reports https://tether.to/en/transparency/#reports
- SpicyLemonZest 3y agoThese reports are not full audits, although Tether would certainly like us to think they are! If you click into one of the reports, the auditors list the steps they took, and they're focused almost entirely on verifying the existence of Tether's self-reported assets on the report date. They would not, for example, have uncovered an FTX-style "hidden, poorly internally labeled fiat@ account" by following these procedures. You'll also note that they're following the "International Standard on Assurance Engagements 300 (Revised) ~ Assurance Engagements Other than Audits or Reviews of Historical Financial Information", which heavily suggests that this is not an audit and they did not review historical financial information.
- deleted 3y ago[deleted]
- agentgumshoe 3y agoIt's not an audit. Attestations mean they move a bunch of funds into the account, get the auditor to check that indeed that money was there at that point of time, then move it away again. Every legitimate auditor they've engaged has quit. Also, the 'auditors' they are approaching are more and more into the 'not quite competent' end of the line if you look into them.