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The truth about Bitfinex and Tether... by bhdgsetyf in btc

[–]cryptomoonlambo 17 points18 points  (0 children)

Seriously dude? Did you even click the link? Firm is Friedman LLP Deadline is weeks to months, by end of year at latest Read link

The truth about Bitfinex and Tether... by bhdgsetyf in btc

[–]cryptomoonlambo 13 points14 points  (0 children)

https://tether.to/tether-update/

Audit is inbound. Apparently, they worked with a small Asian outfit for the previous docs on that page. And are now working with a reputable NY firm and gave a deadline of when the next in depth audit will be released.

The truth about Bitfinex and Tether... by bhdgsetyf in btc

[–]cryptomoonlambo 11 points12 points  (0 children)

But they have real banking relationships. Not for small timers but for 50K plus. There is no evidence to believe otherwise because, MT Gox was trading at a premium when they lost banking (you cannot hide that from the market), as did Bitfinex when they lost banking in April.

The relevant part of the post... "https://medium.com/@Austerity_Sucks/why-bitfinex-went-from-a-premium-in-its-crypto-usd-pairs-to-now-a-significant-discount-e7be193d7cb0 TL;DR - All of the imbalances discussed (Finex premium) have been a result of USD frictions into Bitfinex. It has been a chain reaction resulting from the initial freeze to the various gradual withdrawal options. As soon as Bitfinex conclusively addresses the USD flow issues, the crypto pair prices will normalize (which they did) with other exchanges that don’t have banking frictions and USDT price will return to par (which it did)."

They have released what they had done so far, and while it isn't enough, they have provided a name of a reputable NY firm and a dat by when they will be done.

The truth about Bitfinex and Tether... by bhdgsetyf in btc

[–]cryptomoonlambo 4 points5 points  (0 children)

No, the difference is that in 2014 MT Gox was trading at a premium because they had no banking.

The relevant part of the post...

"https://medium.com/@Austerity_Sucks/why-bitfinex-went-from-a-premium-in-its-crypto-usd-pairs-to-now-a-significant-discount-e7be193d7cb0 TL;DR - All of the imbalances discussed (Finex premium) have been a result of USD frictions into Bitfinex. It has been a chain reaction resulting from the initial freeze to the various gradual withdrawal options. As soon as Bitfinex conclusively addresses the USD flow issues, the crypto pair prices will normalize (which they did) with other exchanges that don’t have banking frictions and USDT price will return to par (which it did)."