You'd think that after 2008 it would be obvious that even experienced financial institutions can be fooled into ignoring red flags when money is on the line. Greed is a hell of a drug.
This same comment could have been posted about LUNA and large crypto investors like 3AC 6 months ago.
> LUNA/UDT is an innovative part of the whole cryptocurrency ecosystem, and it's insane to claim that the global industry operates closely with a "scam that soon unravels" without the industry players being worried at all. Large investors are not some shadowy operations which can just close their eyes when they are exposed to risk.
The red flags around Tether are many, but the biggest is that it would be easy for them to prove that USDT is backed 1:1 with USD if it actually was. The fact that they've consistently avoided offering such proof is all the evidence I need. It's the same reason no one believes Craig Wright is Satoshi.
The difference between what this transparency report provides and what a money market fund provides (cusip level detail on everything it holds) is not evidence it’s fabricating numbers but it’s certainly alarming.
If you had a fund that provided that report instead of their normal reports it would have investors headed for the hills (independent of the regulatory requirements).
This same comment could have been posted about LUNA and large crypto investors like 3AC 6 months ago.
> LUNA/UDT is an innovative part of the whole cryptocurrency ecosystem, and it's insane to claim that the global industry operates closely with a "scam that soon unravels" without the industry players being worried at all. Large investors are not some shadowy operations which can just close their eyes when they are exposed to risk.
The red flags around Tether are many, but the biggest is that it would be easy for them to prove that USDT is backed 1:1 with USD if it actually was. The fact that they've consistently avoided offering such proof is all the evidence I need. It's the same reason no one believes Craig Wright is Satoshi.