Note about Tether's reserves from someone who knows this shit.
It could all be legit. There's no way knowing, because we don't know who the issuer of the commercial paper they're holding is. If it's IBM, that's as good as cash. If it's Binance, lol. Same goes for corporate bonds.
It could all be legit. There's no way knowing, because we don't know who the issuer of the commercial paper they're holding is. If it's IBM, that's as good as cash. If it's Binance, lol. Same goes for corporate bonds.
Same goes for "secures loans". Who is the recipient of these loans, and what are they secured by? If these are loans to FTX secured by crypto, again, lol.
Fiduciary deposits should in theory be legit, although it's weird; I guess it's it's a consequence of offshore banking.
Fiduciary deposits should in theory be legit, although it's weird; I guess it's it's a consequence of offshore banking.
One big issue that puts a big question mark on everything is what accounting policies were used? Stu mentions "our accounting policies" but there's no such thing. Either you're using standards like IFRS, or you're making stuff up.
And finally, what's the total value of the pie???
And finally, what's the total value of the pie???
All in, as could have been expected, you can't really say anything about the real nature & value of those reserves, because details are lacking, but they never committed to provide any.
As I said before, they could dress windows up in any way they need to:
As I said before, they could dress windows up in any way they need to:
https://twitter.com/Tr0llyTr0llFace/status/1372105309309837313?s=20
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