So some stupid ass judge thinks she's going to save humanity by ordering Bitfinex to prove its $USDT backing. You're not helping anyone, you stupid bitch, so why the fuck don't you worry about all these rapists getting slaps on the wrist?
Auditing Bitfinex for its USDT while no one audits the Fed is an accredited course in hypocrisy, accepted at all major colleges and fuckin universities. An entire judicial system full of all these people who've studied law for decades, and the best you can come up with is to try to audit a company that's been doing fine, and some would say a better job than the Fed over the past seven years.
The only reason the Fed survives is because it isn't audited. Tether has proven its stability without being audited, so it would stand to reason that it would continue to operate quite well without an audit. That seems to be the basis for every financial system these days — as long as there is a black box distributor of funds that doesn't get audited, the system survives.
No, this is a power grab by judges who have been co-opted by larger forces. I'd say the judge herself needs to be audited to see if she's even worthy of passing down this kind of a judgment on a financial company.
I'm not worried about it, anyway. Worst case scenario: Tether is not backed 1:1. Crypto dips a bit then comes right back on the backs of new stablecoins that will proliferate from around the world to fill the gap. You see, the international banking cartel hasn't been able to regulate innovation just yet. If they make the mistake of taking down Tether too early, they will invigorate a mass of shadowy super coders who will suddenly be very incentivized to protect their crypto bags.
I believe in the intellectual capital of crypto over these lazy government stooges any day. Go ahead, bitch, make the mistake of adding fuel to this fire. Click to follow Alucard on Twitter.