| I'm sure it'll get me flagged as a naysayer, but this raises more questions than it answers (https://www.coindesk.com/tether-bank-deltec-stablecoin-reser...): > "Every tether is backed by a reserve and their reserve is more than what is in circulation," said Gregory Pepin, Deltec Bank's deputy CEO. What business does the bank have in auditing Tethers? Why would they care? They're just holding funds. > “We can see it firsthand, so I can confirm that.” That to me more reads like Deltec is heavily involved in the actual day-to-day operations at Bitfinex/Tether. Which wouldn't be surprising - after all, remember when Bitfinex and Tether were claimed to be entirely separate and independent entities. It's a little bit of a stretch to say that Bitfinex has been able to get Deltec on board with keeping this all going by providing a "partnership" above and beyond the usual "banking relationship", but that's very much the vibe I get from all this, and as I said, to me, it just increases the sketchiness of everything. Oh, and WTF, I watched the video of the interview with the "Deputy CEO" of Deltec Bank, self-described as a "50-year-old bank [whose] customers range from asset managers to high-net-worth individuals" It's a damn "kid" who looks to be 30 at most, sitting in his gamer seat with red slashes in the black, wearing a Razer gaming headset. He has almost no photos on the internet, his LinkedIn profile is full of multiple spelling errors ("Independance Weath Management"), who claims to be a Professor of Finance at a University in Lebanon (a year after graduating from a Lausanne University) while working for numerous Swiss funds, oh and in Jacksonville, Florida, simultaneously. How the hell are people taking this seriously?!? EDIT: He's 33. So he apparently graduated with a Masters in Science from HEC Lausanne when he was FIFTEEN. I'm sorry, I'm crying now with laughter. Sources: - https://wallmine.com/nasdaq/tenx/officer/2087842/gregory-pep... - https://www.linkedin.com/public-profile/in/gregory-pepin-0a8... |