So this right here is the point of the post. You can just say tethers are fake and there is nothing behind it, but now we will actually see if that is true. The question is, if tether plays by the rules and complies with US stablecoin regulation will you admit you were wrong this whole time?
of course I would. If part of requirement is a real audit. Was it 2022 when they announced that BDO Italia is doing an audit ???? An audit from such reputable firm would put to rest any questions. I predicted back then that it will never see light of day. A fraud can not do an audit.
Again, my brother, the day is coming. You have just been saying this for years on end, but we will actually see now that this stablecoin bill is going to be passed this year. If tether has cleaned up their act and are legit now they will comply with US laws and access to US market. If they are still super shady, they will not. By the way, as I’ve said 1 million times, I fully admit that tether was shady as hell earlier in its life.
Simple logic, if they are legit and indeed have all 144 billions backed, why was no audit ever produced, especially the one announced by partnering with BDO Italia? I expect they will just ignore the act and pretend it does not apply to them and keep doing what they are doing.
That is certainly possible. If they don’t comply with the US stable coin regulations, and just choose to stay international only then I will admit they are a bigger risk than I thought and even shadier at this point than I thought. I will admit that if it happens The logic I never understood as you know is that bitcoin, which is over 10 times bigger in market cap then tether, would go to zero because tether is a fraud. That is just crypto bear market porn right there and a final straw for people to hold onto that missed this whole thing. In my opinion, of course
The logic is somewhat sensible. You have a financial product (USDT and, to lesser extent, other stablecoins) that is used as a margin vehicle in the ecosystem. If it goes bust, the whole ecosystem will start deleveraging, stops will be hit etc. If Tether truly is a fraud, I don't expect BTC going to zero, but I recon we gonna see 20k bitcoin rather quick.
exactly. And to add that 70% of crypto daily volume is in Tethers as least as of a year ago. Not sure what the ratio is now. Wash trading can easily push an asset much higher. Wash trading done in fake money, Sky is is the limit
Question — given : - the USA wants to be the centre of the crypto universe - stablecoins are the de facto central bank of crpyto - EO has signalled they’re looking for private (ie US banks) to run the defi universe it’s in USA interests for tether to fail audit, making room for bank-backed SCs /USDC to take over. Which would imply a massive shakedown is coming this year faults in any of this logic?