| I’m not the OP. It absolutely could be the case that someone is buying the dip. But Tether does not make verifiable information public or have any bank acting as a custodian for it do so either. It is at least plausible that this small firm which tends to avoid dealing with large banks in the US and which has avoided allowing itself to be audited is committing a huge fraud. That would not be without precedent in the history of finance. It would presumably be easy for Tether to submit to an audit of their accounts by a large accounting firm. IIRC, they were forced by the NYAG to admit that they weren’t fully backed 1:1 by dollars as they themselves claimed to be. And the period covered by the settlement was several years ago, so does not cover several years of growth in the quantity of issued Tethers. No one has any evidence from inside the firm, but it is precisely the lack of evidence which makes many people suspicious. Disclosures: I don’t hold crypto and am a skeptic. |