Tether is about to experience a blow as far as I am concerned and all these shenanigans won't last long and no matter how they want to try to cover it all up, nothing will every stop it from imploding with their shady deals.
Bye bye tether indeed! They are just trying to tell us they are probably not just printing tether from nowhere and every tether is backed by real cash, I guess only if they allow themselves to be audited and they can prove that, there is no way on earth I will ever believe what comes out from the mouth of those people. Obviously, the thing that happened with USDT recently made them to say whatever they have to say to cover it all up.
So why don't they do it? I mean if they're legit and have tether backed like they're saying it shouldn't be a big deal to hire someone to do the audit and vouch for them. And i'm not talking about some small time private contractor but a large company that does it professionally like Deloitte.
the "big four accounting firms" like deloitte won't touch them:
The bottom line is an audit cannot be obtained.
The big four firms are anathema to that level of risk
[Tether has] gone for what we think is the next best thing.
what he's saying is understandable too. from a risk management perspective, there's no logical reason why the big four should engage a mysterious and risk-laden company like tether.
The more they're trying to buy time the worse the value of USDt will be and competing stable coins will keep gaining. If they keep avoiding this it will mean they don't have it backed and are going MtGox on us.
the value of tether has nothing to do with an audit. it has to do with the ability to process bank wires to customers. if you can redeem tether at 1:1 and have the dollars wired to your bank, why would you take anything less than $1 per USDT?
bitfinex just brought fiat deposits back online and stated they are working through a fiat withdrawal backlog. if true, the value should return to $1 once that reality sets in.