Bitcoin Forum

The integrity of omni-based USDT has been questioned by the community along with its rising supply. On a recent weibo, Zhaodong, an early adopter of Bitcoin and a“whale”, claimed that the USD balance of Bitfinex and Tether was over 3 billion after Giancarlo, CFO of Tether and Bitfinex, showed them the bank accounts in Tokyo. Giancarlo explained that the lack of third-party audition of USDT was due to the pressure of US banking industry. Tether’s vision is to fight the monopoly of traditional financial system. Lao Mao, CEO of Big.one, was also invited to personally verify the authenticity of such accounts. Later he expressed that USDT was trustworthy and would be added to the exchange, along with Bitcny. The Chinese community had mixed reaction to the news.


 http://news.8btc.com/zhaodong-bitfinex-and-tether-hold-3-billion-usd-usdt-soon-listed-on-bigone

where can i read more about the "chinese having mixed reviews" thing?

After checking Bitfinex’s and Tether’s bank account, Zhao Dong posted the above-mentioned weibo and the community expressed their concerns. One of the most upvoted one reads:

“You need to present a audit report from a third party accounting firm or lawyer. Your word doesn’t count.”

And the comment below is from Jiang Zhuoer. He believes that anchoring to fiats is doomed.

“Anchoring itself is an act of anti-marketing. Even the mighty powers such as the British Empire (£ 1 = 7.32 gram of gold in 1821) and the American Empire ($ 35 = 19 ounces of gold in 1944) inevitably failed. Tether (and the USDT attempting to anchor USD) will perish in two ways: ① died of implosion like MT.Gox. ② died in the hands of United States government like the Liberty Reserve. The U.S. government will not allow any company to actually issue USD.”