Tether/Bitfinex Brings Crypto Down - Crypto Sad Hour - January 30th Edition
News about the Bitfinex and Tether subpoena from December 6th broke yesterday, and briefly crashed the crypto markets. Here was my live, unfiltered reaction to it as it the situation unfolded.
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Don't mean nothing / Zucky has flinched and given crypto more notoriety. His empire is crumbling thru his hands, the more he locks doors, the quicker he finds himself alone inside / Peace and the Steem the shit out of it y'all !!
The Facebook stuff is stupid news IMO, who cares if ICO's and scammy projects can't advertise on Facebook.
true, but it's not clear to me how broad the scope could be, or how far Zuckerberg is willing to war against cryptos (at least against ones he doesn't create or personally support/finance)
I don't know why all the markets of cryptocurrency is down? and thank god I have not invested in Tether.thanks to share this valuable information @cryptobobby,Please give me some suggestion about TerraNova coin.followed,upvoted and resteemed.
Let's get over with everything in this bearish January, early February and the big uptrend can finally start.
Honestly when do you find time for your regular job? Multiple videos in a day, long happy hours, etc. I am falling behind and have to go up to 1.5x or 2x speed just to stay within a day or two.
Great show again, love the way you stay composed and don't overreact with both the positive and negative news. A realistic perspective in this crazy world of crypto.
Bob,
Just passing along a little color on "audits". I figured you might find some of this information interesting.
An "audit" engagement can be complicated because normally it relates to financial statements as whole, and their accuracy in all material respects in accordance with accounting standards generally accepted in the relevant jurisdiction (US GAAP in the US). I could see the audit of any crypto related company running into complications not with the cash verification but with the valuation of crypto holdings under the GAAP recognition models. If the client and auditor disagree on significant valuation assumptions, I could see this causing some gridlock in the whole process.
One alternative to a financial statement audit in the US is an Agreed Upon Procedures engagement, where the scope of an independent auditor's work can be narrowed down to a very specific set of criteria. Some information below:
https://www.aicpa.org/Research/Standards/AuditAttest/DownloadableDocuments/AT-00201.pdf
Agreed with this but that even audits have simple procedures for bank confirmations which is probably the focus here. They need to confirm that the $2B+ is on deposit somewhere. Of regulators want to get even more creative, they may even request that those funds be put on trust so that the Company cannot use them for operational (or recreational) purposes. That is, IF regulation existed...
Correct, for auditing cash balance, there are many simple procedures, but a financial statement audit opinion is not about one balance on the financial statements. Getting an "unqualified" financial statement audit opinion issued requires the auditor to independently obtain reasonable assurance the financials as a whole are in all material respects in conformity with accounting principles generally accepted in the relevant jurisdiction.
So, an agreed upon procedure approach might allow a company to obtain a tailored report from an independent party which will just focus on cash balance. It might even end up being the same procedures that might have been performed under a full scale audit scenario (bank confirms as you noted).
Nice article cryptobobby. upvoted!
We are currently in a phase of market regulation and consolidation. The January corrections are rather good news for bitcoin and other cryptocurrencies (healthier and stronger fundamentals). This cleanup was necessary !
This news came out December 6th, 2017. This is not the reason why cryptocurrency is down at the moment. Weak hands just getting flushed out.
So much bad news everywhere. I think that from here on through 2018 we will see other questionable projects come under the microscope of the world governments. I do however remain optimistic about the future of great projects and cryptos as a whole. i caught the podcast live last night and enjoyed it, you should have those guys on more..
The tether crash is not a guarantee. The fact that people are still using tether is an encouraging sign. It's likely that this will trigger nothing but short term panic