Ive come to the assumption that for the majority of people in crypto, Tether will have to be COMPLETELY exposed and dismantled for the scam it is, before they realize. Sort of like BitConnect in a way, many people in the space knew what was going on with BCC. Only after did it completely dump and be exposed did the rest of the crypto community understand the magnitude of the scam. I do have a feeling that the day Tether goes away for ever due to scandals is some day soon and BitShares will profit massively from that event. Until then Im patient and holding BTS
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Why would you think Tether is a scam? I just see it as a suboptimal solution. Care to elaborate?
There are 2,278,090,824 USDT in circulation at the moment which should be backed by 2,278,090,824 USD on their bank account(s). Enough to pay for a globally-recognized auditor. Moreover, audit should be super easy because they just need to compare two numbers.
Comparing two numbers proves nothing, if you don't look at the source of the funds. The funds backing USDT could all be borrowed from a bank on the condition that they are never withdrawn, and then in turn used to lend USDT on Bitfinex at a much higher interest rate. Or worse, the source of the funds backing USDT could be proceeds of selling Bitcoin that had been purchased with fraudulently printed USDT. Just comparing the numbers would do nothing to eliminate these possibilities.