Tether is trying to prove is not a fraud but is it enough?

in #tether6 years ago

Tether has hired the Bank of Montreal Vet to Head Compliance Efforts
Source:
https://www.ccn.com/crypto-startup-tether-hires-bank-of-montreal-vet-to-head-compliance-efforts/
Since tether is a stable coin. A stable coin promising backing 1 tusd with 1 real usd. However many doubt they actually have enough to back it. With a former Bank of Montreal executive Tether will get more legal help and more official looking company. Maybe with this news, Tether is one step closer to an audit?
Decentralized usd pegs will never fully work. For one, backing with 2 times amount of money is dumb. Your basically shorting your crypto. Second, when the collateral goes down the money backing goes down. Ouch, Say you created a pegged coin with Bitcoin. Bitcoin was at 20K now at 6K that more than a 50% decrease. Ouch....
That is why the most stablecoins will be coins backed by real USD(lol).
Tether,True usd and whatever others exist...
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I hope is a real crypto backed by a real asset behind it!

we can hope that it at least paints a better picture then all of these failed audits

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