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      "body": "Congratulations @truthwombat! You received a personal award!\n\n<table><tr><td>https://steemitimages.com/70x70/http://steemitboard.com/@truthwombat/birthday2.png</td><td>Happy Birthday! - You are on the Steem blockchain for 2 years!</td></tr></table>\n\n<sub>_You can view [your badges on your Steem Board](https://steemitboard.com/@truthwombat) and compare to others on the [Steem Ranking](https://steemitboard.com/ranking/index.php?name=truthwombat)_</sub>\n\n\n**Do not miss the last post from @steemitboard:**\n<table><tr><td><a href=\"https://steemit.com/steemfest/@steemitboard/steemfest-commemorative-badge-refactored\"><img src=\"https://steemitimages.com/64x128/https://files.steempeak.com/file/steempeak/arcange/YqQV5Tbj-image.png\"></a></td><td><a href=\"https://steemit.com/steemfest/@steemitboard/steemfest-commemorative-badge-refactored\">SteemFest⁴  commemorative badge refactored</a></td></tr></table>\n\n###### [Vote for @Steemitboard as a witness](https://v2.steemconnect.com/sign/account-witness-vote?witness=steemitboard&approve=1) to get one more award and increased upvotes!",
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      "body": "Congratulations @truthwombat! You have received a personal award!\n\n[![](https://steemitimages.com/70x70/http://steemitboard.com/@truthwombat/birthday1.png)](http://steemitboard.com/@truthwombat)  1 Year on Steemit\n<sub>_Click on the badge to view your Board of Honor._</sub>\n\n\n**Do not miss the last post from @steemitboard:**\n<table><tr><td><a href=\"https://steemit.com/steemitboard/@steemitboard/steemitboard-ranking-update-resteem-and-resteemed-added\"><img src=\"https://steemitimages.com/64x128/https://cdn.steemitimages.com/DQmfRVpHQhLDhnjDtqck8GPv9NPvNKPfMsDaAFDE1D9Er2Z/header_ranking.png\"></a></td><td><a href=\"https://steemit.com/steemitboard/@steemitboard/steemitboard-ranking-update-resteem-and-resteemed-added\">SteemitBoard Ranking update - Resteem and Resteemed added</a></td></tr></table>\n\n> Support [SteemitBoard's project](https://steemit.com/@steemitboard)! **[Vote for its witness](https://v2.steemconnect.com/sign/account-witness-vote?witness=steemitboard&approve=1)** and **get one more award**!",
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      "title": "Stone Town at Sunset",
      "body": "I had a chance to visit Zanzibar at the end of work trip to Dar es Salaam, and I captured a few pictures of Stone Town as the sun set. \n\nStone Town is the old area of Zanzibar City which was the capital of the Zanzibar Sultanate  up until 1964 when the Sultan was deposed, after the British protectorate ended. It was a key hub in the spice and slave trades during the 19th century, but it is greatly diminished today, with most of its grander buildings in disrepair. The ornate doors dotted around the many narrow alleys however, have stood the test of time, and you can lose yourself in these back streets quite easily on the hunt for the best.\n\nThe picture below shows a view across the harbour and some of the traditional dhow sailing boats in the distance. There was a young boy dong shuttle runs up and down the beach and I caught him as he came back along.\n\n![Stone Town Sunset v1.2.png](https://steemitimages.com/DQmfV6xBmeZaqqgBcdWR1N64NUqyKxbUtQNYb74zgdzWpWu/Stone%20Town%20Sunset%20v1.2.png)\n\nThe second picture shows the view from my hotel room across the rooftops. They are in a bit of a sorry state, rusting away, but in the fading light the scene looks quite pretty.\n\nThe clock tower you can see top right is part of the House of Wonders, which was built by the Second Sultan of Zanzibar in 1883 as a ceremonial palace. It now houses the Museum of History and Culture of Zanzibar. \n\n![Stone Town sunset rooftops.png](https://steemitimages.com/DQmU7r3sjjBXiEi9aJN3V9iqQPNGwvCCv6GX7jC7dsfUXKL/Stone%20Town%20sunset%20rooftops.png)\n\nThis is my first go at travel blogging so if you like what you see, please upvote and reply to let me know.\n\nThanks",
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      "author": "truthwombat",
      "permlink": "analysis-of-tether-s-memorandum-from-friedman-llp-why-this-document-should-not-be-relied-upon",
      "title": "Analysis of Tether’s Memorandum from Friedman LLP: why this document should not be relied upon",
      "body": "![](https://steemitimages.com/DQmXdFKGYP9upe2agMTdbHi4cbcAhUDSrJSWdT5ySQhi62N/image.png)\n\nMuch has already been written about the lack of real transparency of Tether Limited’s (“Tether”) finances and whether all the Tether (USDT) issued and in circulation are backed 1:1 by fiat US Dollars. \n\nThe Great Wall of Numbers blog (http://www.ofnumbers.com/2017/11/09/a-note-from-bob-on-the-transparency-of-tether/) is especially illuminating on this issue and the article referenced above sets out the somewhat murky relationship between Bitfinex and Tether, and how it may be supporting and distorting the price of BTC. This article however, will focus on the contents of a *Memorandum regarding consulting services performed September 28, 2017* from Friedman LLP to the Management of Tether Limited as published here https://tether.to/wp-content/uploads/2017/09/Final-Tether-Consulting-Report-9-15-17_Redacted.pdf on 30 September 2017 (\"Memo\"). \n\nAll quoted text in this article are extracts from the Memo. All image captures are extracts from the Memo.\n\nIn spite of their so-called Transparency page (https://wallet.tether.to/transparency), no independent audit of Tether’s reserves has been published. To counter growing questions from the crypto community about the state of their finances, Tether instructed Friedman LLP, a Manhattan headquartered accounting, tax and business consultancy to “*develop findings of the cash and Tether token balances as at September 15, 2017* ” .\n\nAs someone who has some experience of writing these types of formal opinions or memos, I thought I would take a look in detail at what this Memo actually confirms, and what it does not.\n\n# No Reliance\n\nAs is usual with any kind of formal legal, tax or accountancy opinion, the Memo is addressed to the management of Tether and may not be relied upon by any other party. There is nothing untoward in this but naturally anyone with an interest in Tether should be aware that this Memo does not give them any right of action if they rely on statements made in the Memo.\n\n# Nature of Tether tokens\n\nThe first thing to note from the “*Background*” section of the Memo is that all the statements regarding the nature of USDT being backed by US Dollars or Euros are simply statements from Tether and Friedman is not confirming that these statements are statements of fact. This is shown by the phrases “*According to Tether*” and “*according to the Client*”. This is a theme which runs through the Memo. Friedman rely, with limited or no further investigation, on certain key statements made by Tether.\n\n![](https://steemitimages.com/DQmcbacW5j9UHfw2TzV7XqF2k72DJGWPuxTNN9v1aFvv9PH/image.png)\n\n# No confirmation that account details provided are controlled by Tether\n\nAt the bottom of page 2 of the Memo, Friedman sets out the documents on which it has relied to come to its conclusions, which include “*wallets/addresses **purportedly** controlled by the Client*”  (my emphasis added). This means that Friedman has not confirmed that Tether does in fact control these wallets and addresses and is therefore relying on Tether’s assertion on the point.\n\n![](https://steemitimages.com/DQmStBNNqESh8oZHD1KZsuVMPLQRcBeXitArfidSptheaHP/image.png)\n\n# Limited documents reviewed\n\nThe list of documents requested at the bottom of page 3 includes:\n\n•\t“*Screenshots from the Client of the balances in each Tether address purportedly controlled by the Client*” ;\n•\t“*The Client’s engagement letter for an interim settlement plan for [redacted] to hold funds in trust and received, assess and where appropriate, settle demands for payment or other proper claims brought by customers or accounts holders of Client*”.\n\nI was surprised to see that an accounting firm relied on screenshots from Tether to prove a set of facts and took that at face value, with no further investigation. Naturally, such images could be doctored or created at a time different to the stated time of the screenshot. Friedman does not state that the images were verified as being created at a certain time and date so we must assume they are unverified.\n\nThe second document, the trust engagement letter is even more concerning.  The name of the account holder is redacted and we do not know by whom this trust is controlled. Furthermore, Friedman notes that they have not reviewed the trust agreement so we have no insight as to how this trust operates.\n\n# Status of funds in bank accounts disclosed\n\nWhile on the face of it the findings set out by Friedman as to the account balances show US Dollar cash balances in excess of the number of USDT issued, the limited information provided to Friedman means that we cannot be sure that these balances are: \n\na) committed solely for the purpose of token redemptions on a 1:1 basis; and \nb) accessible by Tether due to the lack of transparency over the bank account terms and trust arrangements.\n\nIt is quite possible that the balances shown to Friedman were overnight balances, funded for the purposes of producing the Memo, which could have been removed to other accounts later that same day.\n\n![](https://steemitimages.com/DQmbTThaySGfPMBAaARJRXhyLvxz9B92zJHgGJmyqJuRK8A/image.png)\n\n# A memo not an audit\n\nThis very limited Memo purports to show a snapshot of mainly US Dollar cash balances in certain bank accounts which may or may not be controlled by the management of Tether. The limited information provided to Friedman and the heavily caveated language used, means that there is little to no comfort to be found in this Memo for those concerned with the backing of USDT by fiat currency. The Memo is at pains to state that it is not an audit and should not be used as assurance.\n\n![](https://steemitimages.com/DQmchqEnSWA7BoiJvBf5MSNePCXrXPNbx4vrPdHu5EkX2U2/image.png)\n\n# Conclusion\n\nIn spite of what you may have read in Tether announcements or bogus Op-eds by Bitfinex’s PR company (https://bitcoinschannel.com/op-ed-bitfinex-official-communication-regarding-recent-events-and-panic/) this Memo is not an audit and it does not clear up the confusion regarding Tether’s US Dollar reserves to support its issued and circulating USDT.\n\nAnyone holding USDT should consider if they have sufficient confidence from the information provided, that they will be able to redeem USDT for USD in the future. While this may be happening currently, in the event of a market downturn or crash in the price of BTC then Tether is quite within its rights, per its Terms of Service, to decline to redeem your Tether for USD if it does not have sufficient USD reserves to do so, or if the terms of its banking and trust arrangements do not permit it to do so.\n\nPersonally speaking, I do not and will not hold USDT for my crypto trading as a result of the lack of transparency over Tether's finances.",
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      "author": "truthwombat",
      "permlink": "analysis-of-tether-s-memorandum-from-friedman-llp-why-this-document-should-not-be-relied-upon",
      "title": "Analysis of Tether’s Memorandum from Friedman LLP: why this document should not be relied upon",
      "body": "![](https://steemitimages.com/DQmXdFKGYP9upe2agMTdbHi4cbcAhUDSrJSWdT5ySQhi62N/image.png)\n\nMuch has already been written about the lack of real transparency of Tether Limited’s (“Tether”) finances and whether all the Tether (USDT) issued and in circulation are backed 1:1 by fiat US Dollars. \n\nThe Great Wall of Numbers blog (http://www.ofnumbers.com/2017/11/09/a-note-from-bob-on-the-transparency-of-tether/) is especially illuminating on this issue and the article referenced above sets out the somewhat murky relationship between Bitfinex and Tether, and how it may be supporting and distorting the price of BTC. This article however, will focus on the contents of a *Memorandum regarding consulting services performed September 28, 2017* from Friedman LLP to the Management of Tether Limited as published here https://tether.to/wp-content/uploads/2017/09/Final-Tether-Consulting-Report-9-15-17_Redacted.pdf on 30 September 2017 (\"Memo\"). \n\nAll quoted text in this article are extracts from the Memo. All image captures are extracts from the Memo.\n\nIn spite of their so-called Transparency page (https://wallet.tether.to/transparency), no independent audit of Tether’s reserves has been published. To counter growing questions from the crypto community about the state of their finances, Tether instructed Friedman LLP, a Manhattan headquartered accounting, tax and business consultancy to “*develop findings of the cash and Tether token balances as at September 15, 2017* ” .\n\nAs someone who has some experience of writing these types of formal opinions or memos, I thought I would take a look in detail at what this Memo actually confirms, and what it does not.\n\n# No Reliance\n\nAs is usual with any kind of formal legal, tax or accountancy opinion, the Memo is addressed to the management of Tether and may not be relied upon by any other party. There is nothing untoward in this but naturally anyone with an interest in Tether should be aware that this Memo does not give them any right of action if they rely on statements made in the Memo.\n\n# Nature of Tether tokens\n\nThe first thing to note from the “*Background*” section of the Memo is that all the statements regarding the nature of USDT being backed by US Dollars or Euros are simply statements from Tether and Friedman is not confirming that these statements are statements of fact. This is shown by the phrases “*According to Tether*” and “*according to the Client*”. This is a theme which runs through the Memo. Friedman rely, with limited or no further investigation, on certain key statements made by Tether.\n\n![](https://steemitimages.com/DQmcbacW5j9UHfw2TzV7XqF2k72DJGWPuxTNN9v1aFvv9PH/image.png)\n\n# No confirmation that account details provided are controlled by Tether\n\nAt the bottom of page 2 of the Memo, Friedman sets out the documents on which it has relied to come to its conclusions, which include “*wallets/addresses **purportedly** controlled by the Client*”  (my emphasis added). This means that Friedman has not confirmed that Tether does in fact control these wallets and addresses and is therefore relying on Tether’s assertion on the point.\n\n![](https://steemitimages.com/DQmStBNNqESh8oZHD1KZsuVMPLQRcBeXitArfidSptheaHP/image.png)\n\n# Limited documents reviewed\n\nThe list of documents requested at the bottom of page 3 includes:\n\n•\t“*Screenshots from the Client of the balances in each Tether address purportedly controlled by the Client*” ;\n•\t“*The Client’s engagement letter for an interim settlement plan for [redacted] to hold funds in trust and received, assess and where appropriate, settle demands for payment or other proper claims brought by customers or accounts holders of Client*”.\n\nI was surprised to see that an accounting firm relied on screenshots from Tether to prove a set of facts and took that at face value, with no further investigation. Naturally, such images could be doctored or created at a time different to the stated time of the screenshot. Friedman does not state that the images were verified as being created at a certain time and date so we must assume they are unverified.\n\nThe second document, the trust engagement letter is even more concerning.  The name of the account holder is redacted and we do not know by whom this trust is controlled. Furthermore, Friedman notes that they have not reviewed the trust agreement so we have no insight as to how this trust operates.\n\n# Status of funds in bank accounts disclosed\n\nWhile on the face of it the findings set out by Friedman as to the account balances show US Dollar cash balances in excess of the number of USDT issued, the limited information provided to Friedman means that we cannot be sure that these balances are: \n\na) committed solely for the purpose of token redemptions on a 1:1 basis; and \nb) accessible by Tether due to the lack of transparency over the bank account terms and trust arrangements.\n\nIt is quite possible that the balances shown to Friedman were overnight balances, funded for the purposes of producing the Memo, which could have been removed to other accounts later that same day.\n\n![](https://steemitimages.com/DQmbTThaySGfPMBAaARJRXhyLvxz9B92zJHgGJmyqJuRK8A/image.png)\n\n# A memo not an audit\n\nThis very limited Memo purports to show a snapshot of mainly US Dollar cash balances in certain bank accounts which may or may not be controlled by the management of Tether. The limited information provided to Friedman and the heavily caveated language used, means that there is little to no comfort to be found in this Memo for those concerned with the backing of USDT by fiat currency. The Memo is at pains to state that it is not an audit and should not be used as assurance.\n\n![](https://steemitimages.com/DQmchqEnSWA7BoiJvBf5MSNePCXrXPNbx4vrPdHu5EkX2U2/image.png)\n\n# Conclusion\n\nIn spite of what you may have read in Tether announcements or bogus Op-eds by Bitfinex’s PR company (https://bitcoinschannel.com/op-ed-bitfinex-official-communication-regarding-recent-events-and-panic/) this Memo is not an audit and it does not clear up the confusion regarding Tether’s US Dollar reserves to support its issued and circulating USDT.\n\nAnyone holding USDT should consider if they have sufficient confidence from the information provided, that they will be able to redeem USDT for USD in the future. While this may be happening currently, in the event of a market downturn or crash in the price of BTC then Tether is quite within its rights, per its Terms of Service, to decline to redeem your Tether for USD if it does not have sufficient USD reserves to do so, or if the terms of its banking and trust arrangements do not permit it to do so.\n\nPersonally speaking, I do not and will not hold USDT for my crypto trading as a result of the lack of transparency over Tether's finances.",
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