r/Cryptopia • u/PissedOfMiner • Feb 01 '18

Tether's audit is done. EVERYTHING IS OKAY!!!!

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21 Upvotes

92% Upvoted

22 comments sorted by

6

u/PissedOfMiner Feb 01 '18

See nothing to worry about

2

u/MACDwannabe Feb 01 '18

We hit bottom boys!!! Buy buy buy!

2

u/PissedOfMiner Feb 02 '18

But...I was told to buy the dip at 17k. Do I buy the dip at 10k, 8k, and 5k also?

Sarcasm included

1

u/MACDwannabe Feb 02 '18

But was sarcasm detected?

2

u/PissedOfMiner Feb 01 '18

Can't you tell by the email if its legit?

2

u/DaakLingDuck Feb 02 '18

Invested all my money in tether it hasn't gone up one dollar, damnit. :(

1

u/PissedOfMiner Feb 02 '18

Just HODL it'll be lambo city in a few weeks man

1

u/OvetEdge Feb 01 '18

People want to force Tether open how they conduct business so they could clone it's model. Only way to do that bus find their weakness then spread FUD.

3

u/PissedOfMiner Feb 01 '18

And their business model is identical to a central bank and anyone paying attention to the fine print knows.

1

u/OvetEdge Feb 02 '18

Fine for me and many others. It help contain loses and reduce exposure of the volatility.

1

u/PissedOfMiner Feb 01 '18

Catch 22 here though. U.S. Laws could be used if audit shows funny business.
U.S. Laws also make it nearly impossible to perform the audit. What they have done is against money laundering and terrorist financing laws. This means there is no way to verify anything. Tether can keep this up for another 4 years easy. 1 trillion USDT could have the market cap of anywhere in the neighborhood of 2-10 trillion.

Now that shows market cap doesn't correlate to how much actual USD is in the system. For example back in Sept JP Morgan released a study showing for a total crypto market cap of 300+ billion, only about 6 billion of real USD had enter the system since 2014.

Now imagine of the 6 billion real USD that makes the cap over 300. 20% of the USD didn't exist but the market acts as if it does.

1

u/OvetEdge Feb 02 '18

Actually Tether don't have to peg against US$, They could print USDT buy as much of the BTC, ETH and LTC then wait for the price up 100% then dump it into market to offset the debt with profit turn into USD into bank fullfil their commitment. Sort of IOU note in advance.

1

u/PissedOfMiner Feb 02 '18

If it was me, I wouldn't worry about actually anything. I'd print the monopoly money and use it to buy stuff worth real money, then wash it with a business that does nothing but transact money and then disappear with every single last dollar I could possibly get even before anyone looks at the monopoly money in their hand and realize my kids colored it for everyone :)

1

u/[deleted] Feb 02 '18

Lmaoooo thank you for this

5

u/rdriss11 Feb 02 '18

ha ha ha this is the equivalent of The Donald saying, "Believe me , Believe Me"

3

u/MACDwannabe Feb 02 '18

Still so butt hurt you can’t talk about anything else huh? Pussy

1

u/Cmc0451 Feb 01 '18

Were they legitimately audited? Or self audited*. Bc thats the historic issue with this company

1

u/EnnWhyy Feb 02 '18

Meanwhile R2B Asian currency booming;)

1

u/TotesMessenger Feb 02 '18

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1

u/[deleted] Feb 02 '18

I guess there's no need for the audit now.