/biz/ - Business & Finance

>>52532333
>never been audited
Is this true?

The Freidberg guy from Alameda scammed at Pokerstars with some other Jew now at Tether. Go figure, grifters follow the money.

>>52532342
yeah kind of. They have submitted a number of 'audits' but none were according to GAAP iirc

>>52532342
Never an independent audit.

literally every shady jewish sex criminal in crypto is involved with tether to some extent
literally every "influencer" on twatter reacts angrily whenever you point out tether is obviously insolvent
half of the defi industry is made up of money launderers from asian countries. curve, yearn, sushi and all

most of people think that cryptos are cbdc and cbdc are cryptos

nuking the market would be counter productive

>>52532411
is Jean-Louis van der Velde a jew? And isn't there a hell of a conflict of interest, Van der Velde and Ardoino are also the heads of Bitfinex? And why do neither of them have a wikipedia article?

>>52532333
>two exchange collapses have failed to dump BTC below 10k, reload ze tether FÜD

>>52532437
van der velde is either not a real person, or just a name guy. there's reports of him supposedly having a daughter, but nobody can attest the man exists
paolo is just CTO. giancarlo devasini would be the real main guy - if you believe some scammer italian plastic surgeon to be the real mastermind

>>52532333
of course, they wouldnt have survived that long otherwise

>>52532520
u.s. agencies can pump as much money as they want into tether
it's a perfect way to fund off the book operations now that the gold reserves are fully depleted

>>52532411
They even bought Max Keiser and Stacey Herbert. Now they actively shill Tether.

>>52532342
It's been audited all right... by some unknown company in the Cayman Island, and they received $380M from bitfinex just before the audit so they wouldn't appear to be insolvent: https://www.cftc.gov/PressRoom/PressReleases/8450-21

>>52532580
stacey is a literal retard, whenever she has to read something from an article it sounds like a 4th grader trying to get the words out
max should know better, but sometime after 2009 (not sure when, didn't pay attention) he jumped the shark.

>>52532615
But she is tall and mannish as well as probably fucking like a panther. I am inclined to believe her sincere presentations.

>>52532615
>stacey is a literal retard
well yes, she is a woman.
>he jumped the shark
what other options are there? marrying a tranny?

>>52532735
i mean financially speaking
he went from pumping silver to hurt the banks, to pumping crypto to hurt the banks. that's really all he cares/talks about, probably because he's being paid to undermine banks.

>>52532333
Not many people understand how dependent the whole market is to Tether and their ability to literally print their USD like stablecoin from thin air.

Imagine an offshore entity that has an infinite printing machine in which they can purchase any crypto for any amount. Those shady individuals chose to purchase BTC and that's why we have seen $60k. BTC has no utility, it has no demand that warrants its current asking price on exchanges.

1. Print USDT from thin air
2. Go to an exchange you own and purchase BTC, i.e. Bitfinex
3. Price of BTC goes up
4. Repeat 1, 2 until you decide to stop
5. When the market stagnates or is heading down print more than every before and constant send newly minted Tethers to exchanges like Bitfinex, FTX, Binance, and co.
6. Use dozens of wallets to obscure wallets and funds
7. Sell BTC when they deem so
8. Reprint USDT to purchase cheaper BTC

Now you can see the issue here anons, this entity that has never been audited and whose management are formed of pedos, convicted felons, criminals, and all around shady people. These individuals and as an entity pose massive risks. There's too much to summarise here but i recommend this video to get started. https://www.youtube.com/watch?v=-whuXHSL1Pg

Also don't think XRP is not subject to this cataclysmic ponzi that has griped crypto as a whole. When Tether finally gets stopped or they decide to stop, we will see a market crash like never before.

Here is an extract from the NYAG lawsuit against Tether in Feb of 2021

''Bitfinex and Tether recklessly and unlawfully covered-up massive financial losses to keep their scheme going and protect their bottom lines,” said Attorney General James. “Tether’s claims that its virtual currency was fully backed by U.S. dollars at all times was a lie''

>>52532342
audit : trust me bro

>>52532804
>. Go to an exchange you own and purchase BTC, i.e. Bitfinex
Who is selling BTC and getting USDT in exchange?

It sounds like they'll be the ones holding the bags.
If Tether is just a scam to acquire as many bitcoins as possible I'm not sure how its implosion would be bearish. They won't liquidate to repay anyone because those BTCs are off the books, they'll just declare bankruptcy and Tether holder will be screwed which is totally fine. Teach them a lesson.

>>52532804
>Quoting Leticia James
How stupid are you to use the worst AG in the entire US as proof of your FUD. You must be a nigger to use this stupid nigger cunt as reference. Just to remind you this is the bitch that rather prosecute Trump, than go after after Rapists and Murderers. Old people are getting robbed and shot in broad daylight because of this bitch.
Tether just had one of the biggest auditors in the world prove most of their assets are backed in US T-bills.
You should fucking kys for being this retarded in your fud. But your shitskin just like her right? Working a wage job and probably thinks men can get pregnant.
Again kys for the good of the planet tranny, please.

>>52532437
Tether and bitfinex are both owned by the same entity, which is ifinex.
Its widely accepted that the 2017 bullrun was tether printing tokens to bitfinex with no collateral and bitfinex pumping the spot.

Tether Truthers are the worst kind of schizos. The lowest of the lower. Lower than Linkies or "XRP Army". Wrong for 6 years running and will continue being wrong as they continue to live in their world of conspiracies and delusions

>>52532498
lmao so people buy tether from some ghost persona, and open an exchange account with him to boot. Nice. This fucking 'industry' needs an enema. No not batman, judge fucking Dredd.

>>52532333
You wish someone was propping it up you disingenuous retard!!!!

It’s just growing a deeper hole underneath like nothing before and it’s made in a way that’s gonna explode and disappear with full gore instead of slowly losing value

I played world of warcraft for ages. There is a thing called guild bank where a group
of people can have a bank to deposit materials and ingame currency. The access to the bank can be set.

By my experience somebody eventually steals it. This has been true universally, if somebody can steal it they will.
I apply this rule to tether. Can somebody steal it? Yes, so they will or have already.

>Low IQ Tetherfud threads are multiplying again
The bottom is near

>>52532971
in principle it is the exchanges which are the bagholders
exchanges should fundmentally not deal in stable coins but
introduce a default dollar token as placeholder

it is the exchange which gurantees for the fiat cashout anyway not tether

>>52532333
>What is propping up tether?
The billions of real dollars tether has redeemed 1:1.

Its amazing how many smart, rational people, become complete tinfoil retards about tether. COULD tether be a scam. Of course. Does that 100% mean its a scam. NO.

The fact is tether is probably not a scam. They probably do just hold all the money 1:1 in treasuries, pocketing billions in interest. Its an extremely profitable business, and there is no reason to really believe its a scam unless there is some actual proof that its a scam. Lack of audits do not prove anything. There is many reasons tether doesn't want audits because they have had their accounts frozen and fucked with in the past by governments.

>>52534435
tether is a scam until it proves otherwise
somebody could run away with the money so they did

since they delay the audit ad infinitum the ponzi pretty much confirmed
the only question is when it goes bust not if

Because my analysis see pic. There is no real liquidity for btc above 200 dollars.

>>52534498
the gaslighting to pretend that tether is not FTX on steroids is only midly entertaining
tether got a glass jaw any scrutiny from non crypto bros and it is fucked

Itt People angry they aren't rich

>>52532804
17:56? the poker scam the same as the FTX one?
or is that just the general theme lol

>>52534520
right because Tether hasn't received any scrutiny in the past 6 years. It's not like a bunch of schizos haven't been screaming it's a scam to anyone who will listen, while continuing to be proven wrong as Tether withstands every storm in crypto markets

>>52534698
anon this kind of gaslighting doesn't work with non retards

the question is not if tether is a scam or
if it will get exposed but when

if I was the tether guys I would take my money and run
you had a good run you don't want to become the next bernie madoff dieing in prison

>>52534477
Show proof. Show me 1 single piece of evidence that tether is a scam. No audits doesn't prove anything. Until you have even 1 piece of evidence they are a scam, its a tin foil hat conspiracy.

And to be clear, I would never hold a cent of tether. I wouldn't hold anything pegged to fiat. Tether can run off with your money? The government runs off with your money every day by endlessly printing money.

>>52534731
You're the one "gaslighting" you fucking idiot, trying to say tether being a scam is just fact, no in fact the burden is on you to show even 1 piece of proof tether isn't just sitting on treasuries making bank of idiots who hold 1 tether and get no interest.

>>52534382
How is this fud? thinking that tether is a glow operation gives me even more confidence in it for now.

Upgraded my DD. Very much ready for professional presentation to investors.

>>52532342
they have attestations of reserves, which is not an audit. they also have given out one page reports with pie charts or graphs their holding claims, which wouldn't fly in any business anywhere without supporting docs
you'd think that since tether is the backbone of crypto liquidity, the average crypto consumer would be extremely worried about it. and accounting fraud is the most dangerous financial fraud that there is...but nobody cares. people will care once bitcoin is 3k again and people are killing themselves, and they'll act like this blindsided them. they think that just because crypto is some novel technology that it allows it to circumvent basic business laws and standards

>>52534751
this is not how this works, people provided you with ample
evidence that tether is shady, that the people who run it are thieving pedophiles involved with known ponzis and cheated their own customers
on poker sites and are liars

this is 1:1 the FTX fact pattern

basically tether lets exchanges hold the bag, no exchange should
trade tether but use a default dollar token as placeholder instead

bitfinex shows that this works best if tether controls the exchange themselves

>>52534731
there are at least a dozen guys on twitter that have collectively mapped out how tether is a fraud from every angle possible

>>52534852
yes

>>52534852
Name one. One single bit of proof, and not just like some guy who works at tether knows a guy who founded some other company that was shady and something something.

This is all made up?
https://tether.to/en/transparency/

>>52534890
>This is all made up?
yes

>>52534890
Happy scrolling newfag
https://mobile.twitter.com/lucaland97

>>52534435
I agree, mostly. Tether is under monthly review by the NYAG. They aren't sitting on empty books. And, as you pointed out, it's a profitable business to hold those reserves

The only certain scam is how they get the money in the first place. They send out USDT *first*, and then are slowly paid back in dollars over time. It's the only reason anyone would ever want USDT rather than USD, or their own stablecoin, or a stable coin with a better reputation and that can be redeemed with far greater ease

So you can imagine Binance applying for 1B USDT, using it to pump coins, liquidate stops, whatever, and then sending the profit from that back to Tether. Once Tether are made whole, either from reclaimed USDT, or the USD 'loan' payments, or a combination thereof, then Binance can request another batch. This also neatly explains how SBF/Alameda acquired their initial trading capital back in 2017

The neat thing about this is that we only see half the equation- the movement of USDT on-chain. So we see Binance (or formerly FTX) recieve USDT, but cannot see any movement of USD. And of course, the same applies when USDT is 'redeemed'- there's no way to check that USD is flowing out of Tether. And it isn't

Given the background and connections of Deltec Bank executives and the Tether founders, it's likely that there is another layer to this. This would be money laundering, sanctions busting, and capital flight. One can imagine an arrangement where a 'loan' of USDT comes with the stipulation that the exchange has to accept payments or withdrawals from various non-KYC'ed third parties of dubious legality. That money can then flow out from or back into Tether via the exchange- money laundering. It's telling that only a certain type of exchange recieves direct infusions of USDT. It's also telling that FTX appeared (backed by CZ and with access to a ton of USDT) as Bitfinex, Bitmex and Binance were all being pushed out of the USA. SBF was their way back in

>>52535530
Note that the bankruptcy documents have revealed that FTX/Alameda made use of the same bank as Tether (Deltec) for some of their accounts. Bitfinex is owned by the same people who own Deltec. It is not known who Binance banks with. One can easily see how they could all move USD around

The final puzzle piece is: why didn't Tether back SBF earlier this month? And why was CZ, who is obviously party to the Tether game, willing to blow up FTX?

Likely because SBF was moving to pull out of the mafia- he was attempting to negotiate a de facto amnesty for FTX with Gary Gensler, one complete with a regulatory moat to further shut out the main Tether exchanges. He was also, notably, working on his very own stablecoin. And so Tether called in their 'loans' and withheld further funds. CZ administered the coup-de-grace (admittedly, likely not knowing exactly how mismanaged FTX/Alameda was)

There are some things I don't quite have my head wrapped around. Most importantly- where does BUSD fit into this? Three possible answers: 1. Simply to stop USDT from attaining too high-profile a marketcap. 2. A 'successor' to USDT as government scrutiny on Tether ramps up. Possibly with the same people, connections, and many of the same banking arrangements. 3. CZ is so powerful that he can go it alone without fear of retribution

My personal take is that eventually the US government will come for Tether. But USDT won't be brought down by a bank run, because they are largely (or even wholly) capitalised and because of their inaccessible redemption, with the only institutions able to redeem 'in on the game', so to speak

There are three tiers of exchanges in terms of Tether exposure:
1. The Mafia. Exchanges that directly recieve USDT- Binance, (formerly) FTX, Bitfinex, Huobi
2. Not complicit, but exposed to a regulatory move. Exchanges that allow USDT pairs but don't recieve it directly- Coinbase
3. Risk-free. Exchanges that don't list USDT pairs- Coinmetro

>ZOMGZZ!!!!! LE TETHER IS INSOLVENT NARWHARL BACONERS!!!!!!!!!!!!!!
>SELL. FUCKING. EVERYTHING!!!!!!!!!!!!!!!!!!!
t. morons for 5 years now and literally N O T H I N G has happened (nor will it)

>>52536366
t. -50% baggie

>>52535839
What do you make of the fact that Binance phased out USDC on its exchange for BUSD? Where does USDC fit into this; what is circle (Blackrock)? My sense is that broadly they represent the private sector ("the 4th branch of government") attempting to take control over currency production in the digital space. Blackrock is definitely better positioned to be the USD's ambassador in the digital world than, say, The Federal Reserve is

>>52532333
>Is tether a glowfag operation?
they were going after tether then backed off, so i assume they cut a deal. dunno.

>>52532804
>reeee tether is le sovlent

>>52535839
can't believe you took the time to write out that much schizo conspiracy insanity. I'm guessing you listen to a lot of Alex Jones, like most Tether Truthers

>>52534698
some people have been warning that madoff was a scam for 10 years before they were finally proven right

>>52534360
this makes too much sense

>>52540125
>Madoff was a scam
>therefore Tether is a scam

Tether Truther logic, everyone

>>52534806
That's how these things work, optimism bias. It's the sort of thing that nobody cares about until the worst happens and then everyone will say they knew it was going to happen at some point.

Where does the value come from in crypto? If you grow an apple then that's value, I mean it's worth something, you can sell it. Where is the money from crypto coming from? It's all rubbish is what it is.

>"boomers just don't understand crypto, numbers go up cz said so"
We understand it alright, we understand that it's foolery that makes no sense. Any 2 year old could understand that if everyone starts exchanging money for rare rocks that nobody's ending up with more money by selling the rocks back without something very strange happening.

>>52540201
sorry I should have said "that not everyone's going to end up with more money after eventually selling the rocks back without something very strange happening".

>>52540201
you can mine bitcion and sell it, therefore it's worth something (by your logic)

If you guys applied all this thought and attention to real money you'd be so much better off. Why don't you? Is it because you have to provide valuable goods or services to make real money?

>>52540201
>Where does the value come from in crypto?
It comes from faith that the value exists. The value of cryptocurrency comes from the ease at which you can convince a layman that it has value. By convincing them to exchange real money for it, it becomes valuable. Its value is difficult to quantify because it depends on how many stupid people have disposable money at a given time. Right now we're in a recession and millenials don't think they should have to work more than 20 hours a week, so there isn't much extra money that these retards can transfer to more intelligent beings. But rest assured millenials will get back to work, and they'll start losing stamina about 6 months later and start looking for a get rich quick scheme.

>>52535530
>>52535839

>The neat thing about this is that we only see half the equation- the movement of USDT on-chain. So we see Binance (or formerly FTX) recieve USDT, but cannot see any movement of USD. And of course, the same applies when USDT is 'redeemed'- there's no way to check that USD is flowing out of Tether. And it isn't
>Given the background and connections of Deltec Bank executives and the Tether founders, it's likely that there is another layer to this. This would be money laundering, sanctions busting, and capital flight. One can imagine an arrangement where a 'loan' of USDT comes with the stipulation that the exchange has to accept payments or withdrawals from various non-KYC'ed third parties of dubious legality. That money can then flow out from or back into Tether via the exchange- money laundering. It's telling that only a certain type of exchange recieves direct infusions of USDT. It's also telling that FTX appeared (backed by CZ and with access to a ton of USDT) as Bitfinex, Bitmex and Binance were all being pushed out of the USA. SBF was their way back in
>There are some things I don't quite have my head wrapped around. Most importantly- where does BUSD fit into this? Three possible answers: 1. Simply to stop USDT from attaining too high-profile a marketcap. 2. A 'successor' to USDT as government scrutiny on Tether ramps up. Possibly with the same people, connections, and many of the same banking arrangements. 3. CZ is so powerful that he can go it alone without fear of retribution

Very nice writeup anon.
Maybe it's globohomo trying replace tether with their own CBDC?

>>52540241
>(by your logic)
Not really bro. Anyway it's a moot point at this stage because noone except the big guys are mining bitcoin by now.

>>52540329
Well yes, it's about conning people. It's the working from home stuffing envelopes racket taken to its ultimate conclusion.

>>52532333
>everything is build on top of tether
Those people keep repeating it and it's not even remotely true

>>52540389
Send USD to Russia without crypto, go on
This whole "crypto has no use" narrative doesn't make sense in a world where USD is weaponized

>>52532342
they got some carribbean shit shack to sign their name to an audit, but nobody real.

>>52532333
Tether is actually backed in part by its own coin and normalfags are just about to find out about this. It will go on a death spiral. Screencap this post.

>>52535530

>>52532333
If you assume yes then it would be the US government

Why can't you just swap for fiat on the exchange? I never got that part.

>>52534759
>thinking that tether is a glow operation gives me even more confidence in it for now.

This are the reasons why i am super bullish on diversification even with stables, i also love the fact that i can also diversify when yield farming with SpoolFi so if tether goes under i am not completely fucked.

>>52532342
It’s been audited over and over.
The NYD0J confiscated about 25% of their reserves in 2019, because it was linked to cartel money laundering.
They made up the difference by pumping the shit out of bitcoin.