pull down to refresh
10 sats \ 3 replies \ @freetx 16 Jun \ parent \ on: Exposing Tether - Bitcoin's Biggest Secret bitcoin
I don't have time at the moment to watch a 30+ min doc (but will have time later).
But do they address this issue: How / why do exchanges keep buying Tether if Tether isn't redeeming for USD?
Saying things like: "We suspect they don't have full reserves....." or "....they might be printing Tether out of thin air..." is a fine and reasonable assumption.
However are we to believe that this ponzi scam has been going on for 10 years and either (a) all exchanges are unaware or (b) there have been lots of redemption failures but somehow the exchanges keep using it and keep it quiet.
Sometimes the most obviously explanation is correct (ie. they have sufficient reserves to redeem)
Sufficient reserves for sporadic redemptions also isn't really proof of reserves. It doesn't mean they are fully capitalized, and it doesn't mean they would survive everyone rushing to redeem at the same time.
reply
he didn't watched the video, especially the part where is explaining how they moved literally money from a bank acc to another just to "prove" reserves in a certain time.
reply
why do exchanges keep buying Tether if Tether isn't redeeming for USD?
How you would keep alive a scam? Keep rolling the lie, right? They are all knowing that is scam as long it serve a purpose to them.
Who is using Tether is literally keeping alive the scam.
reply