That's what they were saying in Dec 2017. Did you vote in 2017? I was one of the 17 who chose "It's not a bubble".
sounds like it could even be a win / win https://www.fnlondon.com/articles/heres-why-advisers-are-pitching-bitcoin-at-investors-20211005
I think 2017 was a true bubble like others in history. There was a little bit of Tether fraud to help it out. However, the run up in 2020 until now is primarily a stablecoin fraud issue. Look at how many stablecoins were printed in just the last 12 months compared to 2017. You are doing it the right way when you use AUD to purchase crypto. That is not the case in the majority of BTC transactions. That is why the stablecoins are under investigation by the SEC and probably DOJ.
It is the right way because it is the honest way. It is true demand and not fake. Here is the link... Look for Money flow from/to Bitcoin in the last 24 hours https://coinlib.io/coin/BTC/Bitcoin
Un-backed privately issued fiat is honest? Unbacked privately issued stablecoins is dishonest? The big difference of course between privately issued fiat and privately issued stablecoins is that the government backs the fiat. It's just a confidence thing in the end, and the market seems to have confidence in Tether and the other stablecoins. Anyway, we'll have to wait for the outcome of the court case early next month to see if the allegations of manipulation are proven or dismissed. Of course, that won't be the end of it. The aggrieved never really be satisfied. In the meantime, acquire assets.
The "stablecoins" are under threat due to them replacing USD within crypto space. US GOVT would rather USD being used in the trades than tether/whatever. They'll crack down on anything that resembles the USD because why wouldn't they? They want the monopoly.
@leo25 posted this video a while ago. It's an interesting view regarding the topic of stablecoins because the Fed Reserve Governor makes an alternative case to yours ie that stablecoins would actually be a positive thing for the USD.
Yeah probably a type of "stablecoin" that can be tracked and that friends of his control, like maybe the USD . They'll remove anything which is pseudo anonymous and that they don't control because they want the monopoly.
Tongue in cheek I know, but nah, just your average run-of-the-mill privately issued stablecoins we already have. He's actually opposed to Congress authorising The Fed to issue a CBDC.
https://archive.is/CkCKd New article out today. Bloomberg says they've seen detailed asset breakdowns, including counterparties, of Tether's reserves, and these reserves include Chinese commercial paper. If any of those counterparties are real estate companies, banks, or tech companies (the 3 industries which make up most of the Chinese junk bond market) then Tether is almost definitely insolvent, considering that under their most recent attestation they only need to take a .1% loss to be underwater. Even more damning imo is the fact that Tether is lending to centralised lending protocols so that traders can lever up to buy crypto assets including Bitcoin, and Tether is holding Bitcoin (!!!) as the collateral for these loans. The CFO of Tether deleted his Twitter today.
I don't want to get dragged too far into this, because it's clear there are some very opinionated defenders of Tether on this forum for some reason. But considering the 3 people (now 2) who openly work for Tether are very militant about denying everything, you don't think it's slightly strange that they don't deny the allegations? Bloomberg isn't some clickbait website. Tether doesn't deny that they hold Chinese commercial paper as their backing or say that the breakdown of holdings Bloomberg saw wasn't accurate. They don't even say that anything Bloomberg said was wrong. They just say "everyone already knew this/old news". Why would you say Bloomberg is lying when not even Tether says Bloomberg is lying? I mean this statement itself is remarkable if you view it as an exercise in twisting words and saying nothing at all. https://tether.to/tether-responds-to-bloomberg-businessweek-article/ On another note, it's pretty amazing that people can't seem to differentiate between crypto and Tether. You can like one and be against another. Tether is clearly a blatant fraud but for some reason people who want to be very openly seen as pro Bitcoin are very very defensive of anybody questioning Tether. It's remarkable. "Don't question what they say, don't ask for evidence, just believe!" seems to be the mantra of what is starting to resemble a cult. I like Bitcoin. On the other hand, I think Tether is one of the most fascinating ponzis ever to exist because so many people are so invested in keeping it afloat and silencing all criticism of it. Why they do it I have no idea. I think it is because they know that if Tether was revealed as a fraud, their Bitcoin holdings might be hurt, but neither I or they know this to be true. Bitcoin might do better if the frauds were flushed out of the system. But the people militantly defending frauds, because it appears to be in their financial best interest, are revealing a lot about the state of the world today. What is real matters less and less, and the narrative is becoming more important. This isn't just crypto, it's occurring across all financial assets and even politics. We live in some kind of post-truth world where 'fake it till you make it' has turned into 'fake it, then double down, then fake it some more because this can go on forever'. Whether its your favourite politician, or memestock, or cryptocurrency, , or pseudo-cults like q, all that matters is that everyone believes the narrative and nobody asks questions.
Which of their 4 court cases are preventing them from doing anything? Nothing prevents them from denying anything. They specifically denied holding Evergrande, for instance. They're allowed to deny whatever they want. They're allowed to deliver the audit they promised for 6 years and as soon as 5 months ago said it was "months away" It's just excuses. Absolutely nothing in the law prevents you making statements about anything you want with the exception of very rare, very specific circumstances, like IBAC/ICAC which are civil service corruption related. There is absolutely nothing which prevents you from making statements if you are being sued for market manipulation, and the fact Tether is perfectly happy to deny specific holdings should prove this. Even IF you still want to believe, without evidence, that they are legally restricted from making public statements, let me use another line of reasoning. They are perfectly able to release their audits they have promised, or if Bloomberg is wrong about their holdings, release a breakdown of the real asset holdings, and have been able to do so for 6 years now, which is why they continuously promise to deliver. Because nothing prevents them. Despite this, they refuse to release their asset breakdowns or deliver an audit. Instead they rely on "old news". No denial. No release of their holdings which would prove Bloomberg is wrong. Just "everyone already KNEW we hold chinese commercial paper, and make loans to CeFi entities with USDT collateralised by Bitcoin."
maybe moore cayman are in on the take also? https://tether.to/latest-assurance-opinion-confirms-tether-fully-backed/ https://tether.to/wp-content/upload...ceconsolidated_reserves_report_2021-06-30.pdf
Consider the following: 1. If what Bloomberg says is false, why is Tether not denying it 2. If what Bloomberg says is not completely true, why isn't Tether clearing it up by releasing their asset breakdowns 3. If Tether is somehow not allowed to deny holding x due to ongoing court cases, why are they doing it anyway for things like Evergrande 4. If Tether is somehow not allowed to release their detailed asset breakdowns and audits, why do they keep promising they will be be released "soon" 5. If absolutely any of these extremely damning allegations are even slightly wrong in any way, why is Tether saying "Everyone already knew all this, it's old news." In regards to Moore Cayman, as far as I am aware Moore is a franchising firm who takes payments for people to license its name. Moore Cayman is not a subsidiary of Moore, it is a licensee. These are very different things to the extent of being basically unrelated. It is not like KPMG or pwc or other global accounting firms. And even if Moore Cayman is 100% legit, which they might well be, why are they unable to provide an audit? They're accounting professionals and yet have provided nothing more than extremely vague asset breakdowns with no mention of counterparties. Every single other entity which resembles Tether provides an exact asset breakdown with counterparties. It is the only real important information you need to know in a money market fund. Everything else is noise. You would think this would be crucial information that a reputable accounting firm would provide. However, let's try to stay on-topic as jumping from point to point isn't discussing anything - let's assume Moore is fully legit, because nothing Moore claims is contrary to what Bloomberg is claiming, and get back to the previous points. Fair enough re: speculating. I can tell you now that nothing legally prevents them though, which is why they deny holding Evergrande. That screenshot is not a denial. Tether are very clever with their wording. To dismiss something is not that same as denying it. They "dismiss" the allegations on the basis that everyone already knows it - they are (apparently) not new. Likewise, they say Bloomberg uses "dubious sources" - they do not say that anything these dubious sources have claimed is actually in doubt, or wrong at all. As soon as you recognise what they're trying to do, you realise why they are so careful with their wording. Really, have a read of that statement they released. I read a lot of bullshit as part of my job and that is a masterpiece. It should honestly be used as educational material on "how to say absolutely nothing and (attempt to) avoid liability for fraud. Ultimately I don't think they will get away with it - fraud provisions are very good, especially "obtaining financial advantage by deception", and everything they've done is deception.
