[craigc]

> I don't like being lied to, especially when billions of dollars are at stake.

That’s totally understandable and fair. I also agree it is partially on them to prove that they can be trusted and I think this report today is a step in the right direction.

That said, there is still no hard proof that they have been lying and I like to believe they are innocent until proven guilty.

Also Tether can’t fully explain the run up in prices last year since Tether only accounts for some of the crypto trading volume, and many people still paid USD to buy Bitcoin and other cryptos last year.

[ceejayoz]

> That said, there is still no hard proof that they have been lying and I like to believe they are innocent until proven guilty.

There is. Their website claims "frequent professional audits". Zero audits since the founding of Tether Holdings Limited in 2014 is neither frequent, professional, nor an audit.

[craigc]

I should have clarified. I meant no proof that they have been lying about the 1:1 dollar backing.

I agree with you the fact that they claim they are audited and never are is a sleazy business tactic.

[ceejayoz]

Proof they're lying about audits should be strong evidence the 1:1 dollar backing is an unreliable claim at best.

Unreliable claims to $2B in assets should be treated as extremely suspect until a reputable audit is provided. "I've got a Canadian girlfriend you've never met" doesn't fly in middle school; it shouldn't fly in a financial system.

[sireat]

Tether's claim now is more like: "There was a girl in my apartment on June 1st. Our lawyers are pretty sure of that, but not sure enough to claim anything else."