I know, I know, you don't want to read anyone bashing on cryptos at the moment, the markets are enough in the red these days to make anyone develop PTSD, but honestly, to me this whole thing smells funky. How is it that the company can't be audited properly because of and I quote 'challenges' and that is how the conversation seems to end.
Of course, I'm not saying I want tether to fail, that would make absolutely no sense. It would be pretty fantastic if any day now they shut all the FUDERS up by having a third party audit put everyone at ease. But, Are they even planning on ever doing that? is that on the roadmap sort of speak? - I'm sorry if I'm skeptic, but the arguments don't add up.
Recently, there was a 'review' released on tether. It claims that the asset is fully backed. I read the coindesk article, but honestly I think I'm even more salty about this than before. All I'm left with is more questions regarding the direction of the company, and how the plan to manage the regulation that is sure to come bitting at their ankles.
This particular part of the article can make anyone drinking some coffee spit it right on to the screen.
Those barriers include a steep learning curve for auditors in an emerging industry; accounting standards that predated the advent of cryptocurrency, creating uncertainty about how the rules apply; and the resulting need for auditors to exercise judgment, which is "anathema to a lot of large accounting firms. As a CPA, I understand that," Hoegner said.
In other words, the auditors don't know how to audit crypto. I'm sorry if I don't find this funny, its quite moronic. Anyone who is smart enough to send an email can see the balance of bank accounts and compare that to a marketcap. Am I missing something? Am I?
This seems obvious to me, the play seems to be to delay the inevitable as long as possible, make all the money we can, and let the bomb explode when our pockets are fat enough to not care. Honestly, this angers me, and it does so because the implications, the shockwave of this timed bomb, would echo for a long time on the cryptosphere.
Yes, we would recover, I'm not saying we wont. But, it could set back crypto for years. The truth is that we as users we need to step back from using tether, start seeking alternatives and allow it to die peacefully. If that even makes any sense at all. The market is primed for a true pegged asset to take over and I hope a bright mind is getting ready to capitalize on the opportunity.
I don't know whats happening here, and I'm sorry to bring some FUD to the table. But, I can't be optimistic about what I see, not in the slightest.
I guess time will tell, but I won't be holding a penny of tether from now on.