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
>>58978647The potential for collapse here is greater than Terra Luna!Making it one of the biggest existential threats to crypto as a wholeAs 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!
>>58978649There has never been an audit of USDT, despite promising to do so since 2015This means we have to take their word for the vast majority of reserves, as they cannot be independently verifiedThe first firm to attempt an audit even got fired for being too thorough in 2018!
>he sold his btc at $1000
>>58978653By 2021, Tether released an "auditor's report" in partnership with BDOHowever, 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!
>>58978658The 2021 CFTC fine was a settlement to end an investigation into an alleged loss of $850 million in commingled client & corporate fundsThis did force an attestation, which revealed that their balance was made up of commercial paper of unknown origin, quality, & liquidity!
>tether fud>reddit spacingI don't use tether but you need to go back
>>58978659
>>58978665Ironically, Tether's recent investment in Adecoagro gave us the first disclosure into governanceThe board of Tether Holdings only has 2 members; Giancarlo & LudovicosThis implies that the USDT reserves are still not segregated in 2024 & these two have absolute control!
>>58978666We have zero external guarantees that what Tether says on its "transparency page" is realIn other words, we are entirely dependent upon trust in the core teamAs they can freeze all accounts on a whim & a "bank run" could collapse the house of cards, wiping out billions!
>>58978672So, let's take a look at the team & some of their history to understand who we are placing our trust in:Tether claims to have a team of 11-50 people, a major red flagA deeper investigation of the names on that list exposes major discrepancies, putting it closer to 11
>>58978678Its founders are made up of former Ponzi scheme artists, gambling cheaters & disgraced bankersBitfinex & Tether are also run by some of the same peopleLinking them to Bitfinex's bank Crypto Capital;A Panema-based off-shore bank with strong links to organized crime:
>>58978682As they were found guilty of laundering billions of dollars of drug money for Columbian cartelsThat was before the feds shut it down & froze all of its assets in 2019, putting Bitfinex in hot waterThis is also what triggered the CFTC investigation I mentioned before
>>58978684Concerning the "lost" $850M...Conveniently, Tether happened to have $475M USDT lying around to make Bitfinex wholeWhile still claiming USDT was still fully backed after that event...A money printer is a lot like having a superpower, that is, until the music stops
>>58978689It should not come as a surprise that FTX & Tether's banks shared the same chairmanWhile one of Tether's founders was a former director of its bankSuch interwoven connections, full of conflicts of interest, are commonplace hereExposing a seedy crypto underbelly
>>58978694Considering the huge amounts of capital made available to these criminalsSignificant market manipulation might have taken place, maybe explaining some of the market "irrationality"The evidence is anecdotal/circumstantial but compelling, as this paper from 2018 states
This all only scratches the surface of the Tether storyIt is an iceberg of corruption, conspiracy & crime, with its tendrils reaching everywhere
>>58978705This might very well be the biggest scam in all of human historyWith the only exception being the current central banking systemWhich essentially does the same thingBut at least they are honest about it while also invoking the authority of democratic government!
>>58978710Cryptocurrency was invented to circumvent such centralized authoritiesThat we have ended up re-creating the very systems we intended to replace is shamefulReminding us of the inherent perniciousness of the centralization of powerAs absolute power corrupts absolutely
>>58978715Today, USDT is third in market-cap & has the majority of volumeWho knows how they manipulated markets with their money printerThere are now many respectable stablecoins we can use insteadLet's do justice to cryptocurrency & wean off USDT; before it drags us all down!
>>58978647tether 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
>>58978647burn this shit scam to the motherfucking ground already
>>58978647Tether 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
>>58978719anon what are some respectable stablecoins?
>>58978873Probably USDC and maybe Dia but not sure. I like USDC the most then tether second
>>58978651That's bullish.
>>58978862Not sure if ironic shitpost or you're a retard who got scammed.
>>58978843This. 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.
>>58978843>>58978906OP didn't account for that and that's why he's seething for over 7 years straight
>>58978906>The Department of the Treasury (USDT) is the national treasury and finance department of the federal government of the United States
>>58978647Tether fud?Finally a real bottom signal
>>58978647load ze tether fud
>>58978647if 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..
>>58978647>>58978649>>58978653>>58978658>>58978659>>58978665>>58978666>>58978672>>58978678>>58978682>>58978684>>58978689>>58978694>>58978702>>58978705>>58978710>>58978715>>58978719https://www.amazon.com/One-Nation-Under-Blackmail-Intelligence/dp/1634243013https://www.amazon.com/One-Nation-Under-Blackmail-Intelligence/dp/1634243021/The initial formation of the cia and the subsequent surveillance state and other intelligence communities were headed, almost entirely by, former bankers and wallstreet executives. The mob didn't magically disappear in the late twentieth century, they merged with the intelligence apparatus. Tether is not exception and considering the post WWII history we will have the future of crypto controlled through entities like tether, or controlled through centralized, dystopian regulatory frameworks because tether will be the false flag implosion that sends crypto back to the drawing boards in regulators offices. Is tether a control system for the future of crypto, or is it the trojan horse that hasn't broken open yet? Hard to say but the end result is the same; total control over the crypto ecosystem.
>tether fudUnironically a bull signal. They're about to print.
>>58979933>Tether is a 1 scam; bigger than FTX & Bernie Madoff combined!TOP SIGNAL
>>58978647The Fed has never been audited either. Welcome to finance, its all a huge scam. Nobody cares
>>58980046it's not going to end the way you think it will anon
>Tether fud timeYou know what that means broswe gongo
Just stack usdc, the blackrocks, circles coinbase got their fingers in it, so it cant be that bad.
>>58980043
>>58980043>>58981270
>>58980043>>58981270>>58981646
>>58981646Don't give the Haitians any ideas now.
>>58978766>you should stop using banks.correct
>>58978647Doesn't really change anything to be honest. Just make sure you exit crypto in the following decade and you will probably be good
>>58978873USTC
>tether fudHoly shit we are so back
Pretty obvious truth to anyone that has spent any time in crypto at all. They print obnoxious amounts of money out of nowhere, it's clear as day.I just wonder how they manage to stay afloat and not get shut down for it. Do they just pay people in power with their own imaginary coin so they can siphon money out of exchanges?
>>58985475Honestly loses so much of the magic to not have Numb by Linkin Park playing over this
I can’t believe that I have to be the first one to point out that this thread was copy/pasted from a Justin Bons twitter thread https://x.com/Justin_Bons/status/1834994430178103599
>>58978873RLUSD when its out and USDC. check out the EUs MiCA regulations they are the ones that will survive.
>>58978896https://bittrexglobal.com
>>58980507Almost. Bitcoin is the plane, fiat currency is the building, and tether is a guy wearing a Fiveish costume jumping out of the plane with a parachute on.Does anyone for a moment think the US government dislikes it's dollar being the primary fiat representative in the crypto space? Because that would be some very retarded thinking. Crypto isn't just a weapon against US monetary policy, it hits their enemies who want to supplant them just as much. They will keep Tether afloat if anything were to become an issue, mark my words.
>>58986128Because the intelligence apparatus runs them, or at least enables them until they either don't need them anymore or tether remains afloat forever to have total control over the entire ecosystem.>>58980043>>58980043>>58980043
>>58987151
>>58978647It's cool, bro, we can totally trust Tether now, there's no chance they're still lying!
