You’re joking? 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.
Tether is an insanely profitable company, they would be able to fill any hole in a few years purely from profit. That is besides the point though.
There is no (literally 0) evidence that Tether is not solvent. Tether itself has been audited [0] and has hundreds of millions MORE reserves than USDT issued. Tether is the opposite of the fractional reserve banks in America. Tether is MORE solvent than major US banks (before federal bailouts.)
> "Tether is a well known scam."
Huh? Hundreds of thousands of real people use Tether to transact monthly. Seems pretty legit to me?
I will concede that Tether has made some strange choices by choosing a smaller Italian firm to conduct their audits, but this is very different than a "well known scam."
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.
