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A comment on The Cryptocurrency Industry Is 'On the Brink of an Implosion', Research Says. Parent comment

Re:The Cryptocurrency Industry Is 'On the Brink of an Implos... by FireBeyond on Monday October 15, 2018 @01:45PM (#18221848)
> They also parted ways with that firm because they were unwilling to provide what the auditor requested.

Yeah. "Our auditor wanted to actually conduct an audit to say we had been audited."

Tether tried to give them an instantaneous bank account balance of an account with no history, and say "Yes, on day x, there's this much in the account".

Whereas, of course, there should have been nine digit deposits (sometimes multiple times a week, lol) showing on this account.

Not so much.

[ Parent | on HN ]
Re:The Cryptocurrency Industry Is 'On the Brink of an Implos... by Animats on Monday October 15, 2018 @05:19PM (#18223867)
The real question is whether Tether can survive a substantial net outflow of funds. So far, that hasn't happened. Someday it will.

Tether was basically a workaround for the severe problems that cryptocurrency exchanges seem to have paying out real money. "Withdrawal limits", "pauses", "verification", and just not paying withdrawals are continuing problems. Kraken: [1] Coinbase: [2] (Over 1000 Better Business Bureau complaints!) But getting money out of Tether is hard, too.

[1] https://www.bbb.org/us/ca/san-francisco/profile/financial-se... [2] https://www.bbb.org/us/ca/san-francisco/profile/financial-se...

[ Parent | on HN ]