Deltec Bank

[diatessaron]

Post of @TurnedToRobot2 reminded me of this and I didn't want to spam the original thread here. Has anyone used Deltec Bank? Last time I visited their website had no option to create an account with them. This might be the holy grail for us crypto bugs.

 

[TurnedToRobot2]

Post of @TurnedToRobot2 reminded me of this and I didn't want to spam the original thread here. Has anyone used Deltec Bank? Last time I visited their website had no option to create an account with them. This might be the holy grail for us crypto bugs.

I have mixed feelings about them. Also their crypto branch is a separate entity called Delchain, sometimes it seems that they don't communicate with each other. Someone says the Deltec guys are cowboys...

 

[Martin Everson]

Has anyone used Deltec Bank?

Hell no. Have you seen their office even? I have been fortunate to drive past it. It's opposite Capital Union bank.

Maybe go on google map to see their office then come back here and tell me your feelings please. Don't just go by website.

 

[diatessaron]

Hell no. Have you seen their office even? I have been fortunate to drive past it. It's opposite Capital Union bank.

Maybe go on google map to see their office then come back here and tell me your feelings please. Don't just go by website.

Yuck, that looks like one of those fast food buildings in US lmao, I have to start looking at these things more, thanks for the heads up, I'll stay away from it.

 

[Martin Everson]

Yuck, that looks like one of those fast food buildings in US lmao, I have to start looking at these things more, thanks for the heads up, I'll stay away from it.

Your welcome.

 

[TurnedToRobot2]

Hell no. Have you seen their office even? I have been fortunate to drive past it. It's opposite Capital Union bank.

Maybe go on google map to see their office then come back here and tell me your feelings please. Don't just go by website.

I don’t get what’s wrong with Deltec house. Btw they keep their IT elsewhere.
Deltec will become the biggest bank in the region after the acquisition of Ansbacher (which in its turn acquired Julius Baer not long ago).

 

[Martin Everson]

I don’t get what’s wrong with Deltec house. Btw they keep their IT elsewhere.
Deltec will become the biggest bank in the region after the acquisition of Ansbacher (which in its turn acquired Julius Baer not long ago).

Yes I hope that bungalow is not where they house their staff and manage $70bn or so of Tether. One hopes they have a huge office somewhere with plenty of staff and IT systems and running water. Caribbean shell banks are still a reality sadly.

 

[TurnedToRobot2]

Yes I hope that bungalow is not where they house their staff and manage $70bn or so of Tether. One hopes they have a huge office somewhere with plenty of staff and IT systems and running water. Caribbean shell banks are still a reality sadly.

This time I have to spend a good word for a bank I don’t like
Staff and IT is somewhere else, and their IT works fine.
Deltec doesn’t manage USDT. Tether has an account with Deltec where USD (fiat) and other assets are deposited as collateral to USDT.
Crypto operations of Deltec are completely separate from the fiat bank, and organized under an entity called Delchain.
The Bahamas banks are on another level compared to other Caribbean banks (save for Caymans). This doesn’t mean they are any good, just better, don’t misinterpret my words
“shell banks” with a small office and a couple of people inside do exist in the Bahamas, but they have (or had) a good reason to exist. I refer to branches of big banks (US, Swiss etc).
Moral of the story: buy USDC

 

[Martin Everson]

Tether has an account with Deltec where USD (fiat) and other assets are deposited as collateral to USDT.

Sorry I meant the assets backing Tether (see below March 2022 audit report of assets)...why did I say Tether . Where are all Tethers banks based?

https://assets.ctfassets.net/vyse88...nsolidated_Reserves_Report_2022-03-31__3_.pdf
UPDATE: It's an Attestation above not an audit report.

Staff and IT is somewhere else

Do you know where this? Is it even in Bahamas? I can always drive past again .

The Bahamas banks are on another level compared to other Caribbean banks (save for Caymans). This doesn’t mean they are any good, just better, don’t misinterpret my words
“shell banks” with a small office and a couple of people inside do exist in the Bahamas, but they have (or had) a good reason to exist.

Humm I will have to disagree with you as someone that lives in Bahamas and with intricit knowledge of the banking scene. I shake my head at what I have seen here.

 

[TurnedToRobot2]

Sorry I meant the assets backing Tether (see below March 2022 audit report of assets)...why did I say Tether . Where are all Tethers banks based?

https://assets.ctfassets.net/vyse88...nsolidated_Reserves_Report_2022-03-31__3_.pdf

Who knows? That’s why I said buy USDC

Do you know where this? Is it even in Bahamas? I can always drive past again .

They won’t tell for “security reasons”, but no doubt it has to be somewhere. It’s just impossible to do what they do from the bungalow.

Humm I will have to disagree with you as someone that lives in Bahamas and with intricit knowledge of the banking scene. I shake my head at what I have seen here.

I meant that Bahamas banks suck less than banks in other Caribbean countries. Not that they don’t suck. Unfortunately I know first hand having sued one BS bank

 

[Martin Everson]

Who knows? That’s why I said buy USDC

Who remembers the German Wirecard bank and the missing 1.9bn supposed to be held in some bank in Asia? I can see why they chose that audit firm rather than the big 4. For a $70bn company it seems odd choice .

They won’t tell for “security reasons”, but no doubt it has to be somewhere. It’s just impossible to do what they do from the bungalow.

Lol...I hope you see the red flags? Where is the transparency in operations with this $70bn company. Isn't crypto about transparency. Tether seems opaque at best and at worse its operations are not legit.

Sorry Tether does not even pass the basic sniff test.

 

[TurnedToRobot2]

Who remembers the German Wirecard bank and the missing 1.9bn supposed to be held in some bank in Asia? I can see why they chose that audit firm rather than the big 4. For a $70bn company it seems odd choice .

Not that the big 4 are any better… I believe Tether tried to hire one of them, but they got rejected for “reputational risk”

Lol...I hope you see the red flags? Where is the transparency in operations with this $70bn company. Isn't crypto about transparency. Tether seems opaque at best and at worse its operations are not legit.

Sorry Tether does not even pass the basic sniff test.

I am sure Tether knocked at the door of many “big banks” and got rejected. They ended up with Deltec certainly not by choice. Kudos to Deltec to accept Tether as a client.
Now the fact that Deltec hosts its front office in a bungalow on Lyford Cay drive should not mean that Tether is shady.
As far as Tether’s transparency is concerned, I agree that it is not a candid operation, but that doesn’t mean it’s a scam. They have their good reasons to be in the position they are, and these are mostly reasons forced by external contingencies.
The fact that USDT is perceived as less safe than USDC is reflected by its higher average APY on various defi platforms.

 

[diatessaron]

With that much money Tether can open it's own bank, like Kraken will. I don't know why they don't do it, they even got some CIAs backing them.

 

[wellington]

Yes I hope that bungalow is not where they house their staff and manage $70bn or so of Tether. One hopes they have a huge office somewhere with plenty of staff and IT systems and running water. Caribbean shell banks are still a reality sadly.

They don't manage tether assets... Tether predominantly owns US Bonds (silly idea) as the US can then just easily seize them, and write the debt off lol

 

[TurnedToRobot2]

They don't manage tether assets... Tether predominantly owns US Bonds (silly idea) as the US can then just easily seize them, and write the debt off lol

Stop FUDding people

With that much money Tether can open it's own bank, like Kraken will. I don't know why they don't do it, they even got some CIAs backing them.

I can imagine the regulator laughing when the Tether guys walk in the room to discuss obtaining a banking license

 

[Martin Everson]

They don't manage tether assets... Tether predominantly owns US Bonds (silly idea) as the US can then just easily seize them, and write the debt off lol

Where are the bonds custodied i.e who is their custodian out of interest? Do you even know this basic information? If its not Deltec then where are they held out of interest.

Not that the big 4 are any better… I believe Tether tried to hire one of them, but they got rejected for “reputational risk”

Then that tells you all you need to know abut Tether.

I am sure Tether knocked at the door of many “big banks” and got rejected. They ended up with Deltec certainly not by choice. Kudos to Deltec to accept Tether as a client.

Yup same way some clients tried loads of banks and ended up with i.e the opaque Euro Pacific Bank.

It's a good sign that banks and Audit firms have legitimate concerns if what you say is true about them shopping around. I am looking for the facts about Tether but all I am seeing is a weak opaque audit report and bunch of people with blind faith but no facts on where there staff office, assets backing Tether etc are all held. This is what collapsed wirecard when assets did not all exist.

People honestly need to get answers to basic questions from Tether and not rely on blind faith.

 

[TurnedToRobot2]

Then that tells you all you need to know abut Tether.

No, it tells how much incompetent the big 4 are. They rejected Tether as a client (assuming this ever happened) only because of Tether’s business nature, not because they had concerns about how it is operated.

It's a good sign that banks and Audit firms have legitimate concerns if what you say is true about them shopping around.

It’s not an indicator of anything. Banks and audit firms reject clients just because they don’t like their business, their face, or their passport, not because they have legitimate concerns about their operations.

I am looking for the facts about Tether but all I am seeing is a weak opaque audit report and bunch of people with blind faith but no facts on where there staff office, assets backing Tether etc are all held. This is what collapsed wirecard when assets did not all exist.

Wirecard was audited by EY

People honestly need to get answers to basic questions from Tether and not rely on blind faith.

That’s a different subject and has nothing to do with the bank and auditor they use.

 

[Martin Everson]

No, it tells how much incompetent the big 4 are. They rejected Tether as a client (assuming this ever happened) only because of Tether’s business nature, not because they had concerns about how it is operated.

Your speculating and I am looking for facts. What you reckon of this video with CTO....lol.

It’s not an indicator of anything. Banks and audit firms reject clients just because they don’t like their business, their face, or their passport, not because they have legitimate concerns about their operations.

You think passport and face had something to do and not just business? Again your speculating.

Wirecard was audited by EY

Yup and EY refused to sign off finally . Then goodbye to the banks fraud.

That’s a different subject and has nothing to do with the bank and auditor they use.

100% relevant. Most people are naive when it comes to doing basic due diligence especially when it comes to crypto. You yourself have done none on Tether right? People are investing in a token using a bank run out of a hut on a Caribbean island....lol. All I am looking for is answers. I am sure Tether can clear this all up but they won't...lol.

P.S I must add a correction. The link I posted saying it was an audit report is actually an attestation.....lol. Not even an audit report. I wondered why it lacked detail....lol.

 

[Martin Everson]

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.

 

[TurnedToRobot2]

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.

Short term use: USDT or any other stablecoin
Long term use: BTC
Problem solved

the audited financials of Tether

I stopped looking at financials after Enron.
Silence is better than lying.