|
|
|
|
|
|
by hidenotslide
1654 days ago
|
|
|
But how is being delta neutral a scam? If they weren't taking the other side of the long futures trade, someone else would at an even worse price. And if they weren't buying it back lower, someone else would at a worse price. The idea that Tether just prints out of thin air is a conspiracy theory, I've seen large traders confirm they can do create/redeems and there was some information released about their holdings of commercial paper, settlement with NYAG, etc. And they have frozen stolen funds in the past, in the case of the Poly network hack. USDT routinely trades at a premium to USD, the market does not seem worried. Of course Binance and Tether and a lot of other unregulated crypto companies are shady, but it's more interesting to focus on the particular shady company in the original post. |
|
|
CFTC: https://www.cftc.gov/PressRoom/PressReleases/8450-21
NYAG: https://www.cnbc.com/2021/02/23/tether-bitfinex-reach-settle...
DOJ: https://www.bloomberg.com/news/articles/2021-07-26/tether-ex...
They have been evading an audit for almost 7 years now. They are required to provide an attestation every 3 months and yet they delayed the last one. Their current attestation raises more questions than answers: https://twitter.com/dee_bosa/status/1466826912781590529
Their attestations have never been independently verified.
Their commercial paper holdings are all murky and they have never provided an actual breakdown. Who knows if they are holding large quantities of commercial paper tied to Chinese real estate?
I mean, for a legit org, they tend to get sued quite a lot (and never win).
An audit for a stablecoin shouldn't really be hard to do.
And no, it's not really a conspiracy theory when there is so much evidence against Tether and Bitfinex. The burden of proof is on them. They can have all the "conspiracy theories" go away with an audit. 7 years. Still waiting. Accusations against Theranos were labeled as conspiracy theories up until 2015. They were until they weren't.
Regards Alameda and being delta neutral, I edited my comment. I never claimed it was a scam. It's just that firms can profit off crashes which may embolden others to take similar positions. The whole space is highly manipulated by big players, its as simple as that.