Very thoughtful, I agree with most of this. The banks are definitely jealous. Tether also helped immensely by the lack of action from congress around stablecoin regulation. They just started buying bitcoin after the 1st quarter 2023 While shady and I have no use for it, it seems to me they are in very strong financial shape honestly
There has been zero of the only 'scrutiny' that matters, i.e. trusted outside professionals coming in, examining the books, and verifying that the claimed assets are there. Madoff was a senior Wall Street figure, on the board of NASDAQ, and investigated (in a half-assed manner) several times. Enron was a public company issuing quarterly reports. SBF had top-flight VC funds as his investors, and had his face on magazine covers. Obviously, none of that meant anything.
Why do you believe any of it at all? The sheer extent and brazenness of known fraud and scams in the crypto space has already wildly exceeded anything seen in history - including Madoff who did try to stay under the radar. Tether would be notable for its sheer size, but far less surprising than e.g. FTX.
I'm not assuming anything. I have no position and don't stand to profit either way. Nobody but insiders know the full story, but no reasonable person can ignore or deny Tether's mountain of red flags. They have never lifted a finger to dispel any of the doubts, and more red flags pop up on a regular basis. Right now there's the curious fact that the market cap of USDC, which is a far more reliable operation than Tether, has shriveled by 50% over the past year while Tether's market cap is somehow at all-time highs. Given all this, from the standpoint of risks, you'd have to be a complete fool to willingly become a Tether counterparty (yes if you own Tethers you are a counterparty).
once again. Anyone can claim they have billions of treasuries, claiming is very different from owning. I hope you understand the difference.
they are in business for over 10 years. Not a single audit was ever released. Bloomberg proved that their commercial paper was a fake. So no, not a stretch at all.
Like Telebs says... the Turkey peeks out day after day, and assumes everything is fine. He didn't get decapitated the other previous days, so everything must be fine. And then... it's the day of Thanksgiving! I watched people defend Terra using the same argument. It did not end well, and I was not the only one stating it would not end well. It is VERY likely the fraudsters behind Tether will be up for prison sentences one day, and some already had previously. But, I'm sure they are all straight-and-narrow guys now, ehh? The problem, is every year that goes by without the spark that sets ground-0 off, is just making the final outcome even worse down the road. Sort of like Quantitative Easing... By the way, what did Waste Management and Enron have in common? Arthur Andersen - the most greedy auditor on Wall Street. So even when you DO get an audit report, the trustability of the auditors also has a weight.