Tether is a 118 billion dollar scam; bigger than FTX & Bernie Madoff combined!
No proof of reserves & an audit has never been done; USDT is printing counterfeit money (fraud)
Caught falsifying documents, obscuring identities & lying about reserves
Stop using USDT now!
The potential for collapse here is greater than Terra Luna!
Making it one of the biggest existential threats to crypto as a whole
As we have to trust they hold $118B in collateral without proof!
Even after the CFTC fined Tether for lying about their reserves in 2021...
Uh oh, the tether fud is back!
There has never been an audit of USDT, despite promising to do so since 2015
This means we have to take their word for the vast majority of reserves, as they cannot be independently verified
The first firm to attempt an audit even got fired for being too thorough in 2018!
he sold his btc at $1000
By 2021, Tether released an "auditor's report" in partnership with BDO
However, an "Auditor's Report" or an "Accountant Report" is not a formal audit at all!
Despite the claims, Tether has never submitted its alleged reserves to a real unrestricted, third-party audit!
The 2021 CFTC fine was a settlement to end an investigation into an alleged loss of $850 million in commingled client & corporate funds
This did force an attestation, which revealed that their balance was made up of commercial paper of unknown origin, quality, & liquidity!
tether fud
reddit spacing
I don't use tether but you need to go back
This all only scratches the surface of the Tether story
It is an iceberg of corruption, conspiracy & crime, with its tendrils reaching everywhere
This might very well be the biggest scam in all of human history
With the only exception being the current central banking system
Which essentially does the same thing
But at least they are honest about it while also invoking the authority of democratic government!
Cryptocurrency was invented to circumvent such centralized authorities
That we have ended up re-creating the very systems we intended to replace is shameful
Reminding us of the inherent perniciousness of the centralization of power
As absolute power corrupts absolutely
Today, USDT is third in market-cap & has the majority of volume
Who knows how they manipulated markets with their money printer
There are now many respectable stablecoins we can use instead
Let's do justice to cryptocurrency & wean off USDT; before it drags us all down!
tether has more relative to stack collateral to back it up than your bank. by your logic you should stop using banks.
tether fud is back
burn this shit scam to the motherfucking ground already
Tether is so fucking profitable that it might have started off as a scam but its probably fully backed now. They just need to hold their cash holdings in a laddered treasury setup and they can just collect interest
Yes, it is
anon what are some respectable stablecoins?
Probably USDC and maybe Dia but not sure. I like USDC the most then tether second
That's bullish.
Not sure if ironic shitpost or you're a retard who got scammed.
This. When I first became interested in crypto, I was worried about Tether's trustworthiness. Then I realised that they are too big to fail, and the US government won't go after them because Tether is one of the largest private holders of US treasuries.
OP didn't account for that and that's why he's seething for over 7 years straight
The Department of the Treasury (USDT) is the national treasury and finance department of the federal government of the United States
Tether fud?
Finally a real bottom signal
load ze tether fud
if i listened to Bitfinexed tether fud in 2016/2017 i would have been poor now. instead I didn't listen and now I'm financially free while those who listened are coping. (the sold below $1000/btc
You better dont ask when fort knox has had last audit and noone really knows whats there now..
tether fud
Unironically a bull signal. They're about to print.
Tether is a 1 scam; bigger than FTX & Bernie Madoff combined!
TOP SIGNAL
The Fed has never been audited either. Welcome to finance, its all a huge scam. Nobody cares