Tether kicks Auditor to the curb
Yeah, we got a bit fancy with the intro, right?
This is just a short note to our readers to stay careful when it comes to holding Tether ($USDT). With the recent news about the synthetic dollar, it becomes pretty dangerous to use it in stormy times. We also liked to use it to get out of our altcoins when bitcoin went wild or we suspected wild waters. However, we will refrain from doing that anymore in the future. There was always something fishy with the concept, of having basically an exchange (the team of Tether has quite a few matches with the one of Bitfinex) being able to print money out of thin air, but now it became even worse.
With all the bad press Tether aspired more transparency to the community, they hired the independent auditors of Friedman LLP to achieve that. However, this seems to have been recently dissolved, which is a bad sign and could make Tether collapse. Temporarily, this could be pretty bad for cryptos in general. In the long run, though, there is some kind of upside, as the funds would go into other cryptos instead of USDT in rough times, as there is no low-cost option available for a fast, temporary switch to fiat. In an optimistic point of view, this could at least stabilize the altcoin vs BTC markets to a certain degree.