Clearly by "Big 12 auditor" they meant an auditor that is an alum from a university in the NCAA's Big 12 conference.

@CryptoCriticPod

2 жыл бұрын

That must be it!

@calz7744

2 жыл бұрын

Also means that they got #12 or #11, otherwise they would have said "big ten" or "big eight".

@roalama1301

2 жыл бұрын

i'm hoping they started there own company called big 12

@CryptoCriticPod

2 жыл бұрын

“Big 12 Auditors Inc.: there’s a dozen of us here in the Caymans ready to handle all your auditing needs”

Finance lawyer here. Love the way you guys work this through logically to help everyone understand. Just to confirm a couple of things generally (NOT LEGAL ADVICE!!): (i) it’s normal in most contexts for a borrower to get money back IF there’s money left over and above the full amount of the loan (+ interest and costs) after the collateral is sold. In fact I’ve never seen an arrangement that allows a lender to keep more (although it’s not impossible - but that would start looking more like a sale or equity arrangement rather than debt). I don’t margin trade but I imagine the reason you don’t get anything back is that they will usually sell the precise amount they need to bring you back to an acceptable LTV. Happy to hear more details from someone who knows how this works. (ii) Using client money as your own collateral is one of the biggest red flags out there. Crypto Cos may be able to do it being unregulated and having ridiculously lax TOS - but not doing this is basically regulation 101 for traditional fund managers, to protect client money if the manager itself goes bust.

In a world where even "reputable" financial newspapers/online sources are pushing cryptocoin and only warning about the potential for volatility. The work you guys and Coffeezilla do is a beacon of life in the scamming void. Cheers and another great vid.

@CryptoCriticPod

2 жыл бұрын

Thank you!

@MagneticNorthbound

2 жыл бұрын

I agree, but Coffee pretends to not know all of Crypto is a scam and so milks each individual scam, for content, instead of dutifully leveling with his audience. I don't believe he doesn't know it's inherently predatory.

@tiyas5378

2 жыл бұрын

@@MagneticNorthbound eh, I don't think his intent is nefarious. I think he's just sort of holding onto hope.

Keep imagining journalists doing actually journalism, like following up with an auditor. I'll be here in the real world waiting for you. Good video!

These hit about the time I step through my doorway. Good stuff.

Haven't watched yet but I'm almost 100% this is about the audit they have just done that proves they have the coin is backed 100% with dollars.

@CryptoCriticPod

2 жыл бұрын

Any day now

Bennett has a beautiful sparkle in his eyes when he gets excited about Tether covering up their bullshit, I love it :D

Tether's at it again😂...

I’m a simple man. I see Tether Update, I click. Thanks for another banger, guys.

@CryptoCriticPod

2 жыл бұрын

Our pleasure!

Watched this as soon as I got the notification. I wonder if this will finally push Tether into the void or if they'll manage to live to scam another day.

@davide2537

2 жыл бұрын

It is the 3rd currency in terms of capitalization with the highest liquidity of the stablecoins. Why do you think this will happen?

@GreatgoatonFire

2 жыл бұрын

@@davide2537 I watched the episode.

You guys quickly became my favorite crypto podcast since i saw Bennett on doomed economy and Coffeezilla. Always interesting and informative.

@CryptoCriticPod

2 жыл бұрын

We appreciate that!

Was having down day. Laughed out loud. Thanks.

@CryptoCriticPod

2 жыл бұрын

Glad it helped!

I give you one of my monopoly money for 2 of your monopoly money that we then switch to a monopoly money with a dollar drawn on it that we then can maybe switch to real money if this shady business worth maybe 90 billion monopoly money which says it's backed by real money in assets but not actual liquid cash anymore let's us!

I just wanna know when Bennet is going to sue Elizabeth Holmes for stealing his likeness in the form of his voice.

So I went back and started listening from episode 1, making this episode dropping even better for me muahahah

@CryptoCriticPod

2 жыл бұрын

That’s great to hear!

This is one of the big 12 podcasts.

Hahaah! I work at EY (formerly Ernst & Young)

16:56 Bennett's laugh haha

Another great episode! Thanks!

@CryptoCriticPod

2 жыл бұрын

Glad you enjoyed it!

Dis gon b good... 😁😁

Tether is so outright weird and vague with their financial releases that it almost screams that it's being allowed by some person or entity in the government. Seriously, unless we all have it wrong, how can a S coin pump n dump get investigated, yet a company printing dollar equivalents is not, after years of shady practice.... Just seems to me like government involvement, like when they lose track of drugs, billions of dollars, weapons, vehicles, etc.... Tether is just too weird to me.

@CryptoCriticPod

2 жыл бұрын

I mean they are being investigated! But you are right they are very strange and it’s increasingly weird they exist

Still a noob in crypto, so far as I've understood this is that Tether primarily is managing USD derivatives in crypto land, with dodgy/non-audited accounting to reflect the actual fiat to crypto pegging assets. Hence, the current Tether valuation is very much less than listed as such that if I buy all 60 billion Tether, and ask them to return in USD I would be getting much less. Still how does Tether makes money? Is it still primarily via the interest rate they issue the over collaterized loan (130%) to other CEFI whether is running or defunct like Celcius? Or they are also just printing Tether without USD asset to pay themselves in which either case look like a disaster. Love your work by the way.

@CryptoCriticPod

2 жыл бұрын

Tether is supposed to make money by: - charging fees on issuance and redemption - earning interest on reserves How tether actually earns their money is less clear

@bigbeng9511

2 жыл бұрын

@@CryptoCriticPod This seems to be a legitimate ways to start a stable coin in a volatile crypto environment, minus all the bullshit you've mentioned. Thanks 😘

schrodinger's auditor.

hey guys, big fan since I found you. Since crypto is such a fast paced environment - is there anywhere I can listen to the CCC at an earlier date before its posted to yt? Either way thanks for your in depth analysis!

@CryptoCriticPod

2 жыл бұрын

No, YT goes up the same as everything else

@26:09 you see the point where Bennet's circuit breaker threw "oh wait this is all made up, this isn't a real company that makes sense" and the head explosion was averted

Tether seems to be atop a large power keg... and the fuse might be shorter than they would like. Big fireworks incoming?

Saying you have a big 12 auditor is like saying the Texans have a top 32 offense

man, tether might be in real trouble...If Tether takes a shit Terra/UST will look like childs play

Yes every thing down

But will they make it into the College Football Playoffs after they're through with the Big 12?

Just thinking about it ...why dont you guys ever talk about Richard Heart - HEX?

Lazer beam eyes pew pew

Tether is the black hand of crypto, old school Italian mafiosos

I wonder how many exchanges are exposed to tether.

I see you guys are reallly into tether so what's the plan though

The dude on the left really needs to fix his video

@MenwithHill

2 жыл бұрын

Time to crowdfund Bennett a fresh setup.

@volvo09

2 жыл бұрын

I just listen... It's a podcast style show...

a big 12 auditor COULD also be a big 4 auditor

@CryptoCriticPod

2 жыл бұрын

This is mathematically true

A few years ago, I watched a crypto expert weekly on KZread. It felt strange how everything was linked back to everything else in all these circles and triangles. But due to the complexity, I gave up and presumed that he knew what he was talking about. I mean, why would such a smart well-informed guy lie? Then I heard you guys spelling out the fakeness of the circles and triangles. What?! Hm, maybe we should all listen to that little voice inside that says, "Too good to be true."

@qwerty_artist

Жыл бұрын

Well everything does seem to link together, and there are certainly lots of 3-d triangles involved... circles signify in-escapable cycles- like places where you can't withdraw your money? Hmmm

Some people appear to misinterpret these attacks and are concerned that they will affect them. Tether has it under control at all times, and protecting their users is a top priority.

Tether is still king and you know it.

algo

@CryptoCriticPod

2 жыл бұрын

❤️

Recently, Tether has carried out a number of important updates and released several new coins.

Its was grren leaf outting its was 2.3 tdollers

Great video! Thanks for the updates. Tether is my favorite stablecoin, I've been using it form the very beginning of my trading steps

The bullshit landscape here _really_ needs a map because humans can't hold even a fraction of this shit in their heads at once.

@bryansiepert9222

2 жыл бұрын

Once you started going into the ???? inducing supposed worries of Tether's big-bakers-dozen auditor wrt journalists, I had a hard time really comprehending that information in the full context of BIG 12 NOT BEING A THING.

Tether is still stable and this is the most important thing at the moment for the stablecoin market.

Hello im chris ask anybthhin

I'm in no way a fan of Tether but this pod was littered with numerous inaccuracies. Do your research, guys.

@CryptoCriticPod

2 жыл бұрын

Oh yeah? Like what?

I hope people put these Tether rumors to rest lol it's getting old listening to this nonsense.