Tether has released a statement showing their monetary allocations.
This isn’t the actual legal document requested by the NYAG. This is something else.
So…per Tether:
The majority of its assets are in ‘commercial paper’. Aka IOU’s. Since Tether also owns Bitfinex, it seems Tether prints, then hands them over to Bitfinex for an IOU promissory note.
Tether has not revealed, per GAAP audit standards, the actual counter-parties to these Promissory Notes. So, for all we know, they’re backed by promises to pay toilet paper by a bankrupt company.
Here’s what we do know, according to this report:
Tether is backed by 3.9% CASH.
That’s it.
3.9%.
Where are the shills on this site saying ‘Tether is backed it’s just a conspiracy theory’? You dingbats are going to get burned so bad.
The entire crypto market is traded on Tether. Tether trades hundreds of billions of dollars per day in ‘exchange volume’. No other stablecoin can compare to tether in volume. The entire price of bitcoin is based on tether volume.
What does this mean?
There is no real money in the crypto markets. What we are witnessing is an unregulated bank (Tether) printing counterfeit money based on IOU’s from its sister corporation, and pretending they have ‘cash’ to LARP to ‘number go up’ rewbs.
What we have here is an unregulated wildcat bank running the largest ponzi scheme in human history.
It's actually 2.9% (the 3.87% is of "cash & cash equivalents"). Detail below: pic.twitter.com/ygXOqtBMv7
— General Melchett (@MelchettsBeard) May 13, 2021
Ouch…according to this it’s only backed by 2.9%, the last guy was being generous.
It's actually 2.9% (the 3.87% is of "cash & cash equivalents"). Detail below: pic.twitter.com/ygXOqtBMv7
— General Melchett (@MelchettsBeard) May 13, 2021
But hey, number bitcoin doge etherbuckz go up. Me rich. Me can’t cash out but me vry rich.
Disclaimer: This information is only for educational purposes. Do not make any investment decisions based on the information in this article. Do you own due diligence or consult your financial professional before making any investment decision.