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RE: Why Tether’s latest statement about its auditor is complete BS
This whole Tether situation is an utter shitstorm and IMHO I think Bitfinex should be held accountable for this.
To quote Sarit Markovich, professor at Northwestern University’s Kellogg School of Management's Fortune post last month:
“If Bitfinex isn’t acting out of self-interest, it is in the exchange’s best interest to explain its actions fully: why new [tether] are being printed, what they’re backed up by, and the like.
“Vagueness raises justifiable suspicion, but only on the part of those who understand the market dynamics at play.”
We live in a world where simply having some rich dude look at a bank balance on a computer screen is enough for investors to feel comfortable.
The whole point of crypto is to reduce trust in third parties, but some seem to think that implies simply trusting people blindly
Exactly! What is the point of a 'decentralized' system when what these people are doing is centralizing everything all over again LOL