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0 pointsMarazan4y ago0 comments

Yes, that is the scenario I am describing. I have a billion dollars of liabilities in the ScamStableCoins I issued and a billion dollar in "Assets" from the IOU I wrote myself.

THus I am perfectly fully backed.

0 comments

jiofih4y ago

Yeah, technically correct I guess. Is there any realistic scenario where this would fly? This would be plain and clear fraud and not something allowed to go on for two years after multiple audits.

MarazanOP4y ago

The NYAG said they were liars who had comitted multiple acts of fraud and fined them.

There have been precisely 0 (zero, none) completed audits of Tether's holdings

markonen4y ago

What audits? The point is that there hasn’t been anything like an actual audit.

grey-area4y ago

This is likely very similar to how USDT works.

So the answer to your question is it would happen in crypto where there is no regulator and people trust ‘audits’ which verify nothing.

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