Quote from: TheQuin on January 24, 2018, 07:36:42 AM

We discussed a few post ago that I have no problem with conjecture, debate and differences of opinion but I do have issues sometimes with how things are presented. This is an example of that. It is possible that it is just that you don't fully understand the report but it looks very much like a deliberate attempt to misrepresent it by selectively quoting out of context. I'm giving you the benefit of doubt here, I'm the son of an accountant, so I grew up with this stuff and I have been sole director of Limited companies. Maybe what is strikingly obvious to me isn't to everyone.

...

Going back to conjecture and opinion. Your opinion would be that the large increase in the issuance of Tether over the last few months is a sign that it is a fraud. My opinion would be that it is entirely consistent with the increase in interest in crypto and mainstream news coverage during that time. There were days back in December where my fiat markets squawk feeds were entirely filled with Bitcoin news. The fact that a large amount of money poured into the markets at the same time is entirely logical to me.

It was definitely not a deliberate attempt by me to quote out of context. I admit
that I´m not as familiar with memorandums like these as you are and I was wrong there.
After reading your post I read the memorandum again and it seems that you are right and
that I was wrong.

I also agree that privately held companies are under no obligation to publish audits.
However, the business of Tether is not your standard business and is founded on the belief
that the outstanding USDT are actually backed. Don´t you think that it would be in their best
interest to provide audits regularly? Especially, because they claim right on their website that
they are subject to "frequent audits". Isn´t it noteworthy that there never was a single
audit released since Tether was founded in 2015?. Maybe I just have a different understanding
of the term "frequent" than the guys at Tether.

Besides, I agree that large amounts of money poured into Bitcoin due to the bull market
and the increased media coverage. However, Bitcoin has lost nearly 50 % since its ATH
and the media coverage has receded. Therefore it is not entirely logical to me that Tether has actually
ramped up their USDT issuance since the start of 2018.
Additionally, I remember reading a report of Morgan Stanley (not 100 % sure, it could have been
JP Morgan as well?) were they suggested that only 6 billion $ of real fiat money have actually
found their way into the cryptocurrency markets and the rest of the 495 billion $ crypto marketcap
is basically paper gains (we all know how ridiculous market caps are in the cryptocurrency scene).
I find it extremely unlikely that more than 30 % of this amount should have found their way into
the cryptocurrency scene using Tether.