Tether - Unaudited For 6 Years/Rejects Auditor Because...

orbit23 said:
So you would sell crypto for worthless Tether?

IMO all the tethers would go into the market and prop it up.

Maybe crash on news but then up.
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I never bought and will never buy crypto's.

If the Tethers would be close to zero I would hold them till prices would be up again. If that never would happen I still would not make an additional loss by keeping them.
 
Tether says its reserves are  backed by cash to the tune of . . .  2.9%
https://www.ft.com/content/529eb4e6-796a-4e81-8064-5967bbe3b4d9

The other 97% is supposedly held in securities, mostly commercial paper. However there is no disclosure or audit into the specifics of these debt instruments. Many speculate tether is purchasing "shadow debt" for pennies on the dollar and marking it on their books as an asset at par value. The reason they would do this is because of the new settlement agreed that Tether entered into with the NYAG.
https://ag.ny.gov/sites/default/fil...xecution_version.b-t_signed-c2_oag_signed.pdf

Tether also bought Deltec bank, a bank known for their shadow debt desk.
 
You can short Tether on FTX.
upload_2021-6-24_10-58-15.png


The thing is though, market won't care until it suddenly will. But like... Will you get the timing right?
Funding is close to 0.
 
orbit23 said:
You can short Tether on FTX.
View attachment 261600

The thing is though, market won't care until it suddenly will. But like... Will you get the timing right?
Funding is close to 0.
More...


The issue is not just being right on timing and direction, the issue is to be able to collect. This is from FTX site:

FTX Services and FTX Token (FTT) are not available in the United States or other prohibited jurisdictions.

[FONT=-apple-system, BlinkMacSystemFont, Segoe UI, Helvetica, Arial, sans-serif]Crypto trading world is unlike any other, things get hacked and stolen all the time, no idea about who clears the trades and list go on.

I wish there was a way to short the whole market with 100% certainty that if I am right, I will be able to collect my winnings (CME crypto futures margin and volumes are a joke). If anyone knows, please share.[/FONT]
 
johnarb said:
Have you ever handled Tether in a crypto wallet? Try it with a few hundred $ and play around with it, I suggest a Metamask wallet

It's not like Venmo or PayPal or any of your centralized banking digital fiat money

And if you want to redeem it for $, you do not have to make it so complicated

You can sell Tether for US $ at any exchange. Even Coinbase accepts Tether for deposits and can be exchanged for US $ and then you can wire to your bank

Are you worried that your $100M in Tether can't be sold for your beloved US $? Whay don't you try it and let us know. There should not be a problem

The exchanges will redeem Tether should they choose, but I hate to break it to you, Tether has high demand everywhere, hence the high yields and the constant printing of it

Big money are being deposited at Bitfinex that makes the Tether printer go brrr

They do sometimes burn Tether when they are being redeemed for fiat
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I agree with you on all above statements but not on the $100M point, I never tried that much, but try about 1% of that much and it created havocs on many levels, with multiple Defi, centralized exchanges, and both Eth net and Polygon net, PM me if you want more details.
 
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yc47ib said:
I agree with you on all above statements but not on the $100M point, I never tried that much, but try about 1% of that much and it created havocs on many levels, with multiple Defi, centralized exchanges, and both Eth net and Polygon net, PM me if you want more details.
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Interesting.

I could see $1M causing issues if not broken up manually or using a bot on defi systems, but my posts on the thread were specific to redemption of US $ to traditional banks which were a "concern" for others due to "insufficient" $-backing of Tether

I never mentioned defi which might confuse the "concerned" people on the thread

DeFi on Polygon and Eth do not have traditional banking integration that I know of and would be a moot point for my posts

I'm curious because you mentioned centralized exchanges and I understand why you would want to discuss in pm, however, I'd like to take a guess that it might be an issue with kyc/aml and the traditional banking system and not so much on the native structure of Tether or cryptos? One of my posts mentioned when dealing with a large amount of Tether with CeFi to get this squared away prior to making some large deposits or deal with the possibility of frozen accounts

I posted a picture of Coinbase Tether to USD order book which had $300K up to 2 basis points on the bid ($500K sell dump to 5 basis points)

If you were referring to a $1M transaction hybrid defi platforms & dex with cefi platform (cex), again, I would not doubt you one bit, but would be too much for this thread and it's not an area I'm knowledgeable in

Personally, I do not see myself participating in the above as it's outside of my risk-tolerance. Heck, I break up my single transactions including transfers to cefi to no more than $25K and much less than that on defi. Sorry for the tl;dr lol
 
RedDuke said:
The issue is not just being right on timing and direction, the issue is to be able to collect. This is from FTX site:

FTX Services and FTX Token (FTT) are not available in the United States or other prohibited jurisdictions.

[FONT=-apple-system, BlinkMacSystemFont, Segoe UI, Helvetica, Arial, sans-serif]Crypto trading world is unlike any other, things get hacked and stolen all the time, no idea about who clears the trades and list go on.

I wish there was a way to short the whole market with 100% certainty that if I am right, I will be able to collect my winnings (CME crypto futures margin and volumes are a joke). If anyone knows, please share.[/FONT]
More...

Couldn't you borrow Tether thru Defi to short? Sell it for USDC or some other stablecoin.
 
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