Earlier quoted context omitted.
Tether has not completed a single audit yet
https://tether.to/en/transparency/#reports
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Tether reveals partnerships with Secret Service, FBI in letter to U.S. Senate
121–130 of 149 posts
Re: Tether reveals partnerships with Secret Service, FBI in letter to U.S. Senate
#122Earlier quoted context omitted.
Tether has not completed a single audit yet
https://tether.to/en/transparency/#reports
It's not an audit. Attestations mean they move a bunch of funds into the account, get the auditor to check that indeed that money was there at that point of time, then move it away again. Every legitimate auditor they've engaged has quit.
Also, the 'auditors' they are approaching are more and more into the 'not quite competent' end of the line if you look into them.
Re: Tether reveals partnerships with Secret Service, FBI in letter to U.S. Senate
#123Earlier quoted context omitted.
They have absolutely no power in the relationship. It's do as legislated/court ordered, or pain. If there is 0 control over things, it's not a partnership.
Yes, they don't have any power. That doesn't prevent them from presenting it like they are eagerly collaborating. And why not? Nobody wants to piss off federal government or the Congress, it's better to show they love it.
Err.. except the environment they exist in - 'crypto' - tends to be full of anti-gov/3letteragency types, so you'd think this is a bad PR angle to take.
At a guess, I would say this is more flagging to their real customers that their funds aren't safu...
Re: Tether reveals partnerships with Secret Service, FBI in letter to U.S. Senate
#124So... Half the appeal of crypto and Tether & co has been a separation from the current financial system and 'deep state,' yet here we are embracing both with hugs. The cryptoverse is no place for making sense.
The appeal is in having a choice; having an option to use an alternative (crypto) monetary system, a hybrid, or fiat.
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Re: Tether reveals partnerships with Secret Service, FBI in letter to U.S. Senate
#125Earlier quoted context omitted.
Yes, they don't have any power. That doesn't prevent them from presenting it like they are eagerly collaborating. And why not? Nobody wants to piss off federal government or the Congress, it's better to show they love it.
Err.. except the environment they exist in - 'crypto' - tends to be full of anti-gov/3letteragency types, so you'd think this is a bad PR angle to take. At a guess, I would say this is more flagging to their real customers that their funds aren't safu...
Don't confuse the reddit/twitter crowd with the businesses dealing with billions of dollars. The latter can not survive - or at least can not operate in any way that is connected to the US financial system or touching it in any form - if they don't play nice with regulators like OFAC. They could be all ancaps in the depths of their souls, but if they don't play nice, they'd end up in jail. It's not dependent in any way on their politics or the strength of their convictions - it's just how it is when you're dealing with the financial markets. You can be as anti-government as you want, but if you do what the regulators consider money laundering, either you stop it immediately when they tell you (or before), or you will get shut down. If they are not getting shut down, then they are likely cooperating, there's not much other options.
Re: Tether reveals partnerships with Secret Service, FBI in letter to U.S. Senate
#126Earlier quoted context omitted.
"I'm excited to work with the Philadelphia Police Department in our new partnership and am thankful they agreed to negotiate yet another meeting with the parole board after I helpfully divulge where I hid more of the remaining bodies." You really do catch more flies with honey.
They have absolutely no power in the relationship. It's do as legislated/court ordered, or pain. If there is 0 control over things, it's not a partnership.
You missed my point. Just because it's in a statement that they made in no way means we need to interpret it as anything but a meaningless attempt to convey to the government they are more than cooperative.
Think about it... My fake example takes it to the extreme and portrays it as a serial killer sending a statement to the police department on how excited they are to help them find more of their victims' bodies. Obviously, it's not really a "partnership". Saying it's a partnership is just an attempt by the serial killer to reframe the situation in a way that implies civility and cooperative pursuit of mutual benefit. As if they are being employed by the police department. In reality, they are a serial killer withholding information in hopes of getting a chance at leniency. We are literally saying the same thing.
Re: Tether reveals partnerships with Secret Service, FBI in letter to U.S. Senate
#127That might explain why it has not crashed completely yet. As a rule of thumb, never trust service providers that should, by all common sense, fail, but miraculously don't.
When you're running low on funds, just mint yourself $1bn
Dec 26, 2023 Tether mints $1B USDT for ‘inventory replenish’ [0]
Sep 19, 2023 Tether authorizes $1B USDT to ‘replenish’ Tron network [1]
Feb 3, 2021 Tether pays $18.5 million in penalties; NY Attorney General alleges they don't have the cash reserves they claim [2]
[0] https://cointelegraph.com/news/tether-1-billion-usdt-invento...
[1] https://cointelegraph.com/news/tether-authorizes-1-b-usdt-to...
[2] https://web3isgoinggreat.com/?id=tether-pays-18-5-million-in...
Re: Tether reveals partnerships with Secret Service, FBI in letter to U.S. Senate
#128Earlier quoted context omitted.
Tokens are frozen "in-place" pending investigation. It differs from how it works with btc, because the government does not have control of the private keys that manage the addresses in question - so they go to Tether who controls the smart contract that manages the transactions of the tokens. This, in practice, means that the US government controls the mentioned tokens for the moment. What happens with them depends e…
US govt could also create a govt wallet and force usdt to transfer the tokens there I imagine, if they want to proceed with seizure. They'd likely will need some legal framework for this but it's easily doable. Then us govt can auction it off as they like.
US govt could also require OFAC sanctions compliance on BTC via international framework as well.
30 warehouses or so, hundred websites, single code repository with a handful of developers.
Developers recently closed an open issue an American miner raised with OFAC compliance and the software, and even being able to help write the patch.
Beyond freezing, BTC can even be reissued via a module written expressly for such a purpose.
Re: Tether reveals partnerships with Secret Service, FBI in letter to U.S. Senate
#129Earlier quoted context omitted.
Tether is a well known scam. We have no idea that they have any backing for the amount of tokens they’ve issued and we have significant indications they don’t.
It may be insolvent, and that may mean "scam" to you, but those words are different. Even if they claim full backing and don't, they have lied. Whether that is substantially and materially a sole qualifier in determining them a fraud and scam, is for the legal system, not an assortment of most vocal persons, to decide.
An insolvent pseudo stablecoin that swears to be solvent (pinky finger) is the very definition of a scam.
Re: Tether reveals partnerships with Secret Service, FBI in letter to U.S. Senate
#130Earlier quoted context omitted.
Certainly nobody involved in cryptocurrency has ever been known to take dumb risks, lose everything, and end up rotting in prison.
Good point, let’s presume literally all of crypto is actively doing all of our worst fears, and not bother with a pesky thing like proof.
>not bother with a pesky thing like proof
This is pretty hilarious coming from someone defending a company that refuses to produce a legitimate audit. (no, an "attestation" is not an audit)
If all they're doing is sitting on a giant big pile of cash and treasury bonds, it should be absolutely trivial to provide proof: here's where those assets are deposited.