Deltec Bank

[JackAlabama]

https://cointelegraph.com/news/teth...ves-will-it-silence-critics-mollify-investors
Learn from Euro Pacific Bank insolvency. If you can't see the audited financials of Tether then don't touch USDT. Be safe rather than sorry.

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 never meet any withdrawal in size and they started playing f* you games (under the kyc shield) to not having to meet withdrawal requests.

 

[Martin Everson]

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 .

 

[JackAlabama]

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 XYZ 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 not required any more. All this again proves that audits are not effective enough and I 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, who would assure me Tether would not be the 6?.

The recent liquidation cascade was partly caused as liquidation levels where open for everyone to see and so it is easier to liquidate someone whereas otherwise you would risk much more since you do not know 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 having enough security and being free of 3d party risk but give credit to where credit 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 at 1 USD minus redemption fees (just sold some today).
Also Tether is enjoying a big use case in otc for the time being (to my own surprise).

 

[Martin Everson]

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 XYZ thing and hence that XYZ thing is effective is not proving of being efficient.

Point taken. So what do you consider an effective way? Is transparency not important to you in crypto world?

Furthermore, I did and do not endorse tether as Bitcoin seems the only cryptocurrency having enough security and being free of 3d party risk but give credit to where credit 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 at 1 USD minus redemption fees (just sold some today).

Are you implying this is good enough for you then?

 

[JackAlabama]

Point taken. So what do you consider an effective way? Is transparency not important to you in crypto world?

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.

Are you implying this is good enough for you then?

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

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

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

If that becomes better (it looks like it does slowly), I would make way less use of tether.

 

[JohnnyDoe]

Point taken. So what do you consider an effective way? Is transparency not important to you in crypto world?

Stablecoins are not to be considered cryptos. They are toxic both conceptually and practically.

 

[Martin Everson]

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.

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

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

Fair enough I agree with this. A dollar based stablecoin does have its advantages over using a bank. Same reason 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 most having actually had it happen to me.

 

[JohnnyDoe]

I guess we differ here. Audited financials are critical to me.

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.

 

[Martin Everson]

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.

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 .

 

[JohnnyDoe]

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 .

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…

you just posted a bunch of pictures with no value to OP .

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.

 

[Martin Everson]

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.

Posting a picture of a shrink wrapped piece of fish, a shovel and a work box etc is not a concrete solution .

 

[JohnnyDoe]

Posting a picture of a shrink wrapped piece of fish,

That is a vacuum machine

a shovel

Needed for digging a hole

and a work box

That is a Pelican box, the best sturdy waterproof boxes I know.

etc is not a concrete solution .

It has always been, and still is, the best solution for safely storing something valuable.

 

[Nicholas Van Orton]

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 .

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(n)e, on figures totally made up by the client. If you want to call me a troll, too, go ahead, I couldn't care less. But it won't change the fact that collusion, grift and malpractice abound in those so-called "big 4" companies, hence why major scandals usually have one of their names attached to it. They are companies run by humans, and humans are very sensitive to certain "things and pleasures"...so if you know which button to push, and have decent pockets to back it up, then all doors are open for you.

Just my 0.02...

NVO

 

[csp dubai]

how can i open an account with them?

 

[Sols]

how can i open an account with them?

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

IIRC, the minimum deposit is one million.

 

[Martin Everson]

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 .

 

[Martin Everson]

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 fellow Tether bank Deltec​

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


The off loading of a sinking ship was a wise idea by Deltec Bank to protect its clients. I guess now the US would be going after a empty entity which is Deltec Bank . RIP Deltec Bank

 

[linusAG]

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(n)e, on figures totally made up by the client. If you want to call me a troll, too, go ahead, I couldn't care less. But it won't change the fact that collusion, grift and malpractice abound in those so-called "big 4" companies, hence why major scandals usually have one of their names attached to it. They are companies run by humans, and humans are very sensitive to certain "things and pleasures"...so if you know which button to push, and have decent pockets to back it up, then all doors are open for you.

Just my 0.02...

NVO

How Big4 audit:

https://www.reuters.com/business/fi...pwcs-auditing-unit-mainland-china-2024-09-13/