@@CryptoCriticPod you forgot to give credit to the Crypto bros. This is a pro crypto channel saying the exact same thing about Tether being an FTX like scheme, 40:45 mark. But said a year earlier. You can't claim to be the voice speaking the criticisms that crypto bros don't want anyone to hear. You need to honest and cite your sources even if it's a crypto bro source. th-cam.com/video/2_zDqGwSAb8/w-d-xo.html
Great discussion and good points. It's really annoying to see amoral companies thriving while the world is on fire while governments bend over backwards for them because they've already obtained so much money. Imagine if a mom and pop shop took those same actions XD
You guys continue to assume that Tether has the money they claim, despite there never being conclusive evidence of this. They've never submitted to a formal audit. Why would you assume they're telling the truth when they've been caught lying over and over? Your reasoning makes no sense. How can you admit Tether has serious problems and then say you believe they're "fully backed?" How does that add up? Are you using the same firm for your reasoning that Tether has hired for their accounting?
Happy to see y’all back & excited to see this topic. I’ve been thinking about Tethers standing and what’s next since reading Zeke’s book (and listening back to your old episodes about the 2018 issues)
Duh net assets are all the nets in your inventory, and net income is the money you make from catching crypto with your nets during the year. I'm not a business idiot. 😂
Isn’t Tether complying with law enforcement and freezing addresses just a means to look legitimate to law makers and regulators? They aren’t freezing addresses of Tethers actual clients. They are freezing addresses of tethers that have already been circulated in the ecosystem correct? Other than the question of full backing, hasn’t a lot of the skepticism towards Tether been regarding the legitimacy of their large clients ? Clients other than FTX too
I disagree with the sentiment that Tether is fully (or close to fully) backed. I stopped keeping close track but if you read through their 2021-2022 attestations the surplus was constantly hovering between 137 and 162m before the 2022 crash, where the crypto market cap more then halved. As this happened their other assets (including digital currencies) was a significant part of the portfolio (3-8%). Either they have financial garden gnomes that are so good that they can hedge and diversify enough to always have a stable portfolio (that includes crypto during a massive crash), or they make sure their attestations always show that they're solvent even though they had a 5 billion investment in bullshit during the crypto crash and came up with a similar surplus like nothing ever happened.
The Attestation basically reports what they report to a shady accountant who signs a piece of paper that says, "Here's what Tether told me." It is totally inconclusive. It's important to note that had it not been for the New York Attorney General suing them several years ago, the truth wouldn't have come out that they weren't 1:1 backed in the first place. It was only after they were sued and evidence came to light, that it was discovered they were lying about their reserves and were actually using crypto itself as "liquidity" for their tokens.
Yeah for sure. I was shining light on how obvious bullshit the attestations are and that it makes no sense they would look like this if Tether was actually solvent (even if they couldn't get away with audits while hiding money laundering or other shady business) @@Mystician
Thanks, yeah. Found out through Sal's article. Had never really followed this properly so was kinda surprised with their change of heart. There is nothing indicating they have new information to prove Tether is backed. The "they're money laundering criminals so they're probably backed" is some flawed logic. @@Dannnnn375
Welcome back guys, you were missed! After reading Zeke Faux's book I gained a newfound appreciation for your extensive coverage of Tether. Zeke gave real world examples of how useful Tether is for criminals in their efforts to turn dirty money into clean money. For that reason, Tether has been the biggest boon to criminality since the invention of the handgun. Therefore, it ain't going nowhere.
Not sure about your assertion the tether is probably fully backed. Surely the only stance to take is, “produce an audit or you’re hiding the fact that you aren’t fully backed”. What lead to your change in tone in this podcast?
Great to have you back ! Surreal to hear about the recent direction/pivot of Tether. Can you do an pod on the recent case involving extradition of 2 crypto dudes from Estonia to the US?
Tether transitioning to liberty reserve 2? Just forget the blockchain part, do minimal compliance and use liquidation threats to hold governmens at bay?
Glib. Thank you. Yes, I also like the word snarky. I literally turned off the video when you were being glib. I wasn't going to sit here and listen to somebody entertaining themselves while I'm looking for solid information. The only reason why I came back to this video is because a friend of mine then shared it a couple hours later. Said it was worth the watch. I said. I can't believe you. This guy sounds like a smart-ass high school kid. But you had good information. I'm glad I came back. We're dealing with a revolution here!! Let's keep our eye on THAT ball. It's hard to tell the scammers and the losers from the people who are going to be important in this industry What do you want to look like?
Because there's a massive amount of money in and around tether, it is a great target for the government to come in and steal money from them under the guise of regulation. But also my fear is not that they will shut down targeted people, but that at some point it will become just another institution controlled by people who have control over everybody in the system. The whole purpose of Bitcoin is TRUSTLESS, that there's NO control over it. So I would trust tether in the short term, but sooner or later it's no better than JP Morgan or Well Fargo if the government can come in and say shut it down.
About time... I almost thought the Crypto shennanigans were on hold or something sonce you guys haven't uploaded for a while. Hopefully just a much earned vacation for you guys, hope all is well.
Tether has been quiet about why no audit, but why are regulators quiet about no audit? Or are we waiting for regulations from lawmakers who might prefer no audit?
Great to see you guys are back at it. When something fails to happen that does not prove that there was no risk of it. You guys always manage to make a sound argument. That is what I value. Cheers
Any body holding crypto who doesn’t watch this, or, worse, watches a few minutes and runs away screaming FUDDDD before returning to day care at Crypto Banter, exuberantly exclaiming ‘gm fam’ just ain’t serious, and have no idea what they own. Lambs to the slaughter. It’s depressing, and telling, that this channel isn’t bigger.
Ive heard an interesting theory that the Fed uses USDT to control Bitcoin... so that its already basically part of the "new financial system" I could see the Goldman Sachs type try to depeg it and rug it? Idk tho. JP Morgan basically claimed ETH already. Does Wall St really want a rug?
How many times is this going to be repeat in crypto. It's been happening since tethers inception.... no matter how many times they are called out USDT ain't going anywhere. Please stop making videos like this, it's been beaten to death so many times. Yes tether is a scam, yes tether prints endless money, no tether isn't going to fall. If it did then the crypto market would fall with it.
You're back! This channel has been showing up in my feed, and every time I check the date. Up to today, older material that I've probably watched. Not today! Yay!
There's a joke that Crypto is speed running the history of banking and Tether is part of that. Everyone knows that Tether is not 100% backed. But people who have enough tether holdings to put its assets under pressure have incentive not to, and people who may have a strategy to make money by putting pressure on it, don't have the capital to do so. It's basically fractional reserve banking during the gold standard.
What about Binance?! Huge Binance news dropped during the hiatus. Will we get a breakdown of what happened and what it means for crypto? This seems like major news that nobody is talking about.
Hey, you're just the right person to kick off a petition and get this thing rolling. We should ask for a real third-party audit. I'm all in to support you on this. Why wait, right? If we don't do something, nothing's going to change. Let's team up and make it happen!
Awesome discussion. Tether is gatekept too. Only a matter of time before a big write up . I think they're shady af, but they've played a good game that tradfi slept on and now have to deal with
Tether makes billions of dollars doing almost zero work. They hold treasuries that earn them yield and simply redeem plain dollars. Probably the most profitable business per capita ever.
They are backed by assets but how stable are those assets? I am not understanding how massive risk takers are OK with holding money market funds or cash or treasuries
7:45 - the only question is why are they not in prison for money laundering? If they hold the money one-for-one and return it unused maybe. But if they investing? They use someone's money for as long as they want. And distribute the profits who knows where. How not laundering?
I said “deferred settlement” when I meant “deferred prosecution” way too often in this episode
All good!
Deferred scam is the correct terminology.
Maybe we can forgive you someday. Someday.
I was literally just wondering if crypto critic's corner would ever be back, "maybe there are no more scams to be covered in crypto?"
One or two left
Hell will freeze over first before that happens lol
😂
@@CryptoCriticPodYou guys still simping for Elizabeth Warren & CBDCs?
@@CryptoCriticPod you forgot to give credit to the Crypto bros. This is a pro crypto channel saying the exact same thing about Tether being an FTX like scheme, 40:45 mark. But said a year earlier. You can't claim to be the voice speaking the criticisms that crypto bros don't want anyone to hear. You need to honest and cite your sources even if it's a crypto bro source. th-cam.com/video/2_zDqGwSAb8/w-d-xo.html
Great discussion and good points. It's really annoying to see amoral companies thriving while the world is on fire while governments bend over backwards for them because they've already obtained so much money. Imagine if a mom and pop shop took those same actions XD
You guys continue to assume that Tether has the money they claim, despite there never being conclusive evidence of this. They've never submitted to a formal audit. Why would you assume they're telling the truth when they've been caught lying over and over? Your reasoning makes no sense.
How can you admit Tether has serious problems and then say you believe they're "fully backed?" How does that add up? Are you using the same firm for your reasoning that Tether has hired for their accounting?
Exactly. Nobody has even seen the open books of these thieves, and Tether will definitely be associated with the next Great Depression.
They return!!!
CasCoin is back!
Bullish
🚀🌕
Paper hands over here talking like CasCoin ever left
And it got some fat money injection
Curse my paper hands…
I thought you’d rugpulled and so I sold all my cascoin.
Happy to see y’all back & excited to see this topic. I’ve been thinking about Tethers standing and what’s next since reading Zeke’s book (and listening back to your old episodes about the 2018 issues)
Tether is so great at finance, they can't tell the difference between Net Assets on their Balance Sheet from Net Income from their Income Statement.
Duh net assets are all the nets in your inventory, and net income is the money you make from catching crypto with your nets during the year.
I'm not a business idiot. 😂
@Mjsmecha yeah why do you think they call it liquidity
You! You're back! So happy to see you guys.
Very informative discussion ... Why so less views? Keep it up guys ...
Isn’t Tether complying with law enforcement and freezing addresses just a means to look legitimate to law makers and regulators? They aren’t freezing addresses of Tethers actual clients. They are freezing addresses of tethers that have already been circulated in the ecosystem correct? Other than the question of full backing, hasn’t a lot of the skepticism towards Tether been regarding the legitimacy of their large clients ? Clients other than FTX too
you guys are fuckin awesome thank you for continuing to publish content
I disagree with the sentiment that Tether is fully (or close to fully) backed. I stopped keeping close track but if you read through their 2021-2022 attestations the surplus was constantly hovering between 137 and 162m before the 2022 crash, where the crypto market cap more then halved. As this happened their other assets (including digital currencies) was a significant part of the portfolio (3-8%). Either they have financial garden gnomes that are so good that they can hedge and diversify enough to always have a stable portfolio (that includes crypto during a massive crash), or they make sure their attestations always show that they're solvent even though they had a 5 billion investment in bullshit during the crypto crash and came up with a similar surplus like nothing ever happened.
The Attestation basically reports what they report to a shady accountant who signs a piece of paper that says, "Here's what Tether told me." It is totally inconclusive.
It's important to note that had it not been for the New York Attorney General suing them several years ago, the truth wouldn't have come out that they weren't 1:1 backed in the first place. It was only after they were sued and evidence came to light, that it was discovered they were lying about their reserves and were actually using crypto itself as "liquidity" for their tokens.
Yeah for sure. I was shining light on how obvious bullshit the attestations are and that it makes no sense they would look like this if Tether was actually solvent (even if they couldn't get away with audits while hiding money laundering or other shady business) @@Mystician
They work for Protos, a pro crypto company. Compromised.
Thanks, yeah. Found out through Sal's article. Had never really followed this properly so was kinda surprised with their change of heart. There is nothing indicating they have new information to prove Tether is backed. The "they're money laundering criminals so they're probably backed" is some flawed logic. @@Dannnnn375
Welcome back guys, you were missed! After reading Zeke Faux's book I gained a newfound appreciation for your extensive coverage of Tether. Zeke gave real world examples of how useful Tether is for criminals in their efforts to turn dirty money into clean money. For that reason, Tether has been the biggest boon to criminality since the invention of the handgun. Therefore, it ain't going nowhere.
Tether keeps getting a pass… interesting isn’t it?
As chaotic as it would be i kind of want to see the fallout of tether getting raided and having its assets seized
I come here for the affirmation that crypto is trash and that being dumb is a human super power. Thanks, fellas, you’re my long commute cope. 😘
Not sure about your assertion the tether is probably fully backed. Surely the only stance to take is, “produce an audit or you’re hiding the fact that you aren’t fully backed”. What lead to your change in tone in this podcast?
Great to have you back ! Surreal to hear about the recent direction/pivot of Tether. Can you do an pod on the recent case involving extradition of 2 crypto dudes from Estonia to the US?
Tether transitioning to liberty reserve 2? Just forget the blockchain part, do minimal compliance and use liquidation threats to hold governmens at bay?
YES! The return!
bennet is so annoying
I have been waiting for y'all's next podcast with bated breath and super excited that it's about Tether!
Attestation matters, audits matter, billions matter!
The boys are back!
It's been sooooo long
When the tether scam implodes, you two will be famous! Mark my words!!
I went to sleep 8 hours and woke up. 400 million more tether printed.
Hooray!! You are alive!!
Glib. Thank you. Yes, I also like the word snarky.
I literally turned off the video when you were being glib.
I wasn't going to sit here and listen to somebody entertaining themselves while I'm looking for solid information.
The only reason why I came back to this video is because a friend of mine then shared it a couple hours later.
Said it was worth the watch.
I said. I can't believe you. This guy sounds like a smart-ass high school kid.
But you had good information. I'm glad I came back.
We're dealing with a revolution here!!
Let's keep our eye on THAT ball.
It's hard to tell the scammers and the losers from the people who are going to be important in this industry
What do you want to look like?
Because there's a massive amount of money in and around tether, it is a great target for the government to come in and steal money from them under the guise of regulation.
But also my fear is not that they will shut down targeted people, but that at some point it will become just another institution controlled by people who have control over everybody in the system.
The whole purpose of Bitcoin is TRUSTLESS, that there's NO control over it.
So I would trust tether in the short term, but sooner or later it's no better than JP Morgan or Well Fargo if the government can come in and say shut it down.
So glad to see you back!
Great to see you back guys!
About time... I almost thought the Crypto shennanigans were on hold or something sonce you guys haven't uploaded for a while. Hopefully just a much earned vacation for you guys, hope all is well.
33:14 Cas Coin is like onions in that it has layers & the crying is just incidental
You two should have a 100 million views!
Tether has been quiet about why no audit, but why are regulators quiet about no audit?
Or are we waiting for regulations from lawmakers who might prefer no audit?
Great to see you guys are back at it. When something fails to happen that does not prove that there was no risk of it. You guys always manage to make a sound argument. That is what I value. Cheers
Any body holding crypto who doesn’t watch this, or, worse, watches a few minutes and runs away screaming FUDDDD before returning to day care at Crypto Banter, exuberantly exclaiming ‘gm fam’ just ain’t serious, and have no idea what they own.
Lambs to the slaughter.
It’s depressing, and telling, that this channel isn’t bigger.
Ive heard an interesting theory that the Fed uses USDT to control Bitcoin... so that its already basically part of the "new financial system"
I could see the Goldman Sachs type try to depeg it and rug it? Idk tho. JP Morgan basically claimed ETH already. Does Wall St really want a rug?
Tether should never be used as a store of value. We have Bitcoin for that.
I'm in for 96 billion CasCoin!
They printed $ 2.6B tether this week.
If this is a leveraged play it's possibly a trillion dollar problem. It's bad and keeps getting worse..
The Sam Bankman-Fried of it all
How many times is this going to be repeat in crypto. It's been happening since tethers inception.... no matter how many times they are called out USDT ain't going anywhere. Please stop making videos like this, it's been beaten to death so many times.
Yes tether is a scam, yes tether prints endless money, no tether isn't going to fall. If it did then the crypto market would fall with it.
Sad as fuck that Tether still fucking around and exchanges like Binance keep scamming people
I was just checking this channel yesterday!
so good to have you back! missed this podcast :D
It is not a Honey pot. It is a slush fund.
This will age like milk
You're back! This channel has been showing up in my feed, and every time I check the date. Up to today, older material that I've probably watched. Not today! Yay!
Finally another one of these
New tokens to old holders? here I am still waiting on my v1 tokens....
Their "Tools" Alright fellas 😂🤣✌️ Appreciate your insight 👊😉
Glad to see you guys back at it. Thanks for the content, and all the energy it takes to make it. Best of luck in 2024.
Oh what a treat, thank you for this great surprise.
We're so back
Would you look at these handsome fellas talking about good old Tether, great to see you guys.
Cas Coin's BACK 🐉🐲💰Happy Year of The Dragon!
Glad to see you back.
There's a joke that Crypto is speed running the history of banking and Tether is part of that. Everyone knows that Tether is not 100% backed. But people who have enough tether holdings to put its assets under pressure have incentive not to, and people who may have a strategy to make money by putting pressure on it, don't have the capital to do so. It's basically fractional reserve banking during the gold standard.
Holy moly glad you guys are back , missed your content so much
I sold my tether to buy cascoin, to the moon 😅
Please invite Devasini to your next episode!
crypto bros, only care about number go up.
boys
Cascoin ETF when?
I love the Vonnegut shirt
What about Binance?! Huge Binance news dropped during the hiatus. Will we get a breakdown of what happened and what it means for crypto? This seems like major news that nobody is talking about.
its the tether super scam cycle
Hey, you're just the right person to kick off a petition and get this thing rolling. We should ask for a real third-party audit. I'm all in to support you on this. Why wait, right? If we don't do something, nothing's going to change. Let's team up and make it happen!
Awesome discussion. Tether is gatekept too. Only a matter of time before a big write up . I think they're shady af, but they've played a good game that tradfi slept on and now have to deal with
Tether makes billions of dollars doing almost zero work. They hold treasuries that earn them yield and simply redeem plain dollars. Probably the most profitable business per capita ever.
Capitulation
Drk puls
let’s goooo
Good to see you chaps!
They are backed by assets but how stable are those assets? I am not understanding how massive risk takers are OK with holding money market funds or cash or treasuries
Iiiiiiiiiiits back!!!
Missed you guys!
finally!!!
i would love to hear ur guys opinion about how tether is gonna comply (or not) with the upcoming mica legislation in Q3?
Promo'SM
yay!!!!!!
Hang in their folks sending positive vibes and appreciation…truth matters thanks!
I was having withdrawals and starting to think crypto stopped existing!
damn all this time i’ve been saying “Ardoyno”😂
Omg welcome back gents!
Please more respect for God.
7:45 - the only question is why are they not in prison for money laundering? If they hold the money one-for-one and return it unused maybe. But if they investing? They use someone's money for as long as they want. And distribute the profits who knows where. How not laundering?
Google “government psyop”
TLDW? Tether still sus. Thanks guys!
When will the dominoes start to fall?
they have the seed to the money tree
Thanks!
Just ignore it bro
is Tether bad then?