OVZA
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Deltec Bank

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Audits do not mean jack s**t.

USDT could redeem like a quarter of its⁠ size in no time. And not one complaint of them not being able to do⁤ so has been made.
Actions speak louder than paper, so I prefer having seen such⁣ a successful market test than a worthless audit (where pretty much all are worthless and⁢ cannot be trusted as its just paper with some ink on it).

Eupac could never︀ meet any withdrawal in size and they started playing f* you games (under the kyc︁ shield) to not having to meet withdrawal requests.
 
Foul language is not required to make a point. The majority of the finance industry‌ may disagree with you about audits not being required. You need to ask yourself why‍ they don't audit I guess that is there idea of transparency you have no issue⁠ with 😉.
 
As that expression matches my name so⁤ you for sure give me a free pass to use it. 😉

But that aside, I⁣ did however not say it is not required but it is an ineffective way of⁢ proving anything especially solvency. An important difference. Also just saying bc the majority do XYZ︀ thing and hence that XYZ thing is effective is not proving of being efficient.

enron, wirecard, greensill, archegos, 1mdb, eupac whatnot whatnots had all appropriate audits and attestations of sorts.︁ Credit suisse for sure will also have all kind of audits until it is not︂ required any more. All this again proves that audits are not effective enough and I︃ prefer market tests than being falsely put at ease by some manufactured transparency by audits.︄
Even if you claim just these 5 instances where the only time it fails, who︅ would assure me Tether would not be the 6?.

The recent liquidation cascade was partly︆ caused as liquidation levels where open for everyone to see and so it is easier︇ to liquidate someone whereas otherwise you would risk much more since you do not know︈ certain liquidation prices and hence risks of launching speculative attacks against competitiors are much higher.︉

Furthermore, I did and do not endorse tether as Bitcoin seems the only cryptocurrency having︊ enough security and being free of 3d party risk but give credit to where credit︋ is due and Tether like it or not, did pass the recent (and all before)︌ market test more than successfully and as we speak as of now still stands at︍ 1 USD minus redemption fees (just sold some today).
Also Tether is enjoying a big︎ use case in otc for the time being (to my own surprise).
 
Point taken. So what do you consider⁤ an effective way? Is transparency not important to you in crypto world?

Are you implying this︂ is good enough for you then?
 
Well, I regard market tests‍ and actions as effective. I do not have to read 1000 of pages and be⁠ in need of insider info ideally but can look at actions, incentives and results from⁤ the outside deducting to certain internal workings.

Only good enough for short term only⁢ but I sweat blood and do not sleep so well having higher volume tied up︀ there over the course of months of course, especially in May where storage for a︁ few weeks was needed.
Short hedging would be an alternative, but then you have a︂ platform risk (instead of tether risk).

It is good enough for me and I do︃ not lose sleep over exchanging in exchange A, transfer to exchange/place B and exchange back︄ into whatever (for very transfer fees of about 1usd only or even less)

The upside︅ of Tether is a friction-less movement whereas the same trades with fiat would also carry︆ significant risk as I would need to stay on toe about my banks internal policies︇ regarding crypto trading etc and keep very extensive records of all movements (a full time︈ job). A necessary risk to take with tether.
Dealing with fiat would be fine if︉ your bank ideally lets you trade how and what you want (exotic stuff) within their︊ own systems but this is not yet possible to what i do.

If that becomes︋ better (it looks like it does slowly), I would make way less use of tether.︌
 
I guess we differ here. Audited financials are critical to me. I won't⁠ take the suck it and see approach with my money without doing prior due diligence⁤ on its financials. Hence why I can look at certain FI's and tell people within⁣ minutes this bank is failing or under-performing and possesses a risk. Case in point the⁢ below Swiss bank Maerki Baumann.

https://www.offshorecorptalk.com/threads/maerki-baumann-bank.37983/post-221227

Fair enough I agree with︆ this. A dollar based stablecoin does have its advantages over using a bank. Same reason︇ I use EMI's and not the banks where I keep the bulk of my wealth.︈ The risk of internal policies locking up my assets is something I fear the most︉ having actually had it happen to me.
 
Martin Everson said:
Martin Everson said:
I guess we differ here. Audited financials are critical to me.
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I have audited a few of my companies over the years. I found the big audit firms pathetic, I could have literally put any number in the FS.
Smaller firms are more serious and usually go deeper into the actual audit process, checking independently the data etc. I could have tricked them too, but it would have required a bit of effort.

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@JohnnyDoe ”“ Your #1 Source for Guidance in Different Offshore Fields​

 
Do you just make stuff up for the⁣ sake of trolling and increasing your post count? Try and be constructive here please. I⁢ have already zapped one of your posts in the mentor group where you just posted︀ a bunch of pictures with no value to OP ns2.
 
Martin Everson said:
Martin Everson said:
Do you just make stuff up for the sake of trolling and increasing your post count? Try and be constructive here please. I have already zapped one of your posts in the mentor group where you just posted a bunch of pictures with no value to OP ns2.
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No I didn't make this stuff up, I shared my experience. Obviously I can't post the names of those “flexible” auditors, but I'm sure anyone who has audited his own companies has some similar stories to tell.
Without going to the extreme of having an insolvent company audited as solvent, it is so easy to make money disappear or appear (depending on your needs) in FS”¦

Martin Everson said:
Martin Everson said:
you just posted a bunch of pictures with no value to OP ns2.
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maybe my post had some value to OP. I provided a concrete solution for his needs. It would have been better to hear from him if my proposal had no value.

Last edited: Jul 14, 2022
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@JohnnyDoe ”“ Your #1 Source for Guidance in Different Offshore Fields​

 
Posting a picture of a shrink wrapped piece of⁠ fish, a shovel and a work box etc is not a concrete solution 😕.
 
Martin Everson said:
Martin Everson said:
Posting a picture of a shrink wrapped piece of fish,
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That is a vacuum machine

Martin Everson said:
Martin Everson said:
a shovel
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Needed for digging a hole
Martin Everson said:
Martin Everson said:
and a work box
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That is a Pelican box, the best sturdy waterproof boxes I know.
Martin Everson said:
Martin Everson said:
etc is not a concrete solution 😕.
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It has always been, and still is, the best solution for safely storing something valuable.

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@JohnnyDoe ”“ Your #1 Source for Guidance in Different Offshore Fields​

 
A bit late to join the⁤ "party", but I can vouch for having witnessed a few audits done by some of⁣ those ""Big 4"" where they just signed the dotted li👎e, on figures totally made up⁢ by the client. If you want to call me a troll, too, go ahead, I︀ couldn't care less. But it won't change the fact that collusion, grift and malpractice abound︁ in those so-called "big 4" companies, hence why major scandals usually have one of their︂ names attached to it. They are companies run by humans, and humans are very sensitive︃ to certain "things and pleasures"...so if you know which button to push, and have decent︄ pockets to back it up, then all doors are open for you.

Just my 0.02...︅

NVO
 
There is a button on the top of their website which says Open An Account. Try that.

IIRC, the minimum deposit is one million.
 

FTX Secretly Channeled A $50 Million Loan To Its Bahamian Bank (Deltec) Through An Executive’s‌ Company​


https://www.forbes.com/sites/davidjeans/2023/01/15/ftx-deltec-bank-jean-chalopin-moonstone/
------ quote start

Realizing that crypto presented a massive opportunity for his backwater‍ bank, Chalopin and his team then assisted the Bahamian government on its own crypto ambitions,⁠ helping regulators draft legislation that would transform the country into a sandbox for digital assets⁤ startups. “They were one of the first regulators to put together something,” Chalopin told Forbes⁣ in a previously unpublished interview from October. “And that attracted FTX.”

---- quote end

I knew the Bahamas should not get involved in this garbage. Anyway good luck to those⁢ holding Tether who banks with Deltec btw thu&¤#.
 
Well well well.....

Deltec’s big damage from FTX investor ‘Gatling gun’​

https://www.tribune242.com/news/2024/apr/08/deltecs-big-damage-ftx-investor-gatling-gun/

Deltec pleaded Bahamas‌ law breach, poverty over FTX evidence demands​


https://www.tribune242.com/news/2024/feb/20/deltec-pleaded-bahamas-law-breach-poverty-over-ftx/

---- quote start

Serious sanctions’ if no‍ Supreme Court go-ahead

And ‘impossible’ to meet 70 requests in 2 weeks

As ‘small bank’⁠ with under $15m profit, 150 staff

Deltec Bank & Trust pleaded poverty and violations of⁤ Bahamian law in a failed bid to block aggrieved former FTX investors from forcing it⁣ to provide evidence.

---- quote end

The US breathed on Tethers bank [Deltec Bank] and⁢ the bank ended up selling its assets to Britannia Bank....lol

Britannia buys operations of fellow︀ Tether bank Deltec​


https://protos.com/britannia-buys-operations-of-fellow-tether-bank-deltec/

The off loading of a sinking ship was a wise︁ idea by Deltec Bank to protect its clients. I guess now the US would be︂ going after a empty entity which is Deltec Bank smi(&%. RIP Deltec Bank 😉
 
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