right on. I figure the first step is to find out how legally binding the whitepaper is. I figure its most likely partially binding since you sort of have to apply with your local financial regulator or something. It really defeats the purpose of tether if more is getting printed and no one can prove it's backed anywhere by anything fiat.
They can say anything they want on a fine print and its totally not binding, that's how marketing works as there is no contracts or agreements involve with both of the parties. We are only talking about a whitepaper here and not a contract intended to be signed by a buyer, and definitely the ones buying USDT in an exchange. Just think of it this way a whitepaper is like a flyer to advertise people and never a contract. They'll just make a perfect excuse that they may have translated the words wrong or the word "asset-backed cryptocurrency" serves a different meaning.
you sound sure of yourself. I need a way to prove what you claim in writing legally. Im assuming the whitepaper's core function is not to be tampered with. You can't turn decentraland into litecoin, delete all the land, and then expect not to get sued. Tether changed their whitepaper if there is not 1:1 backing anymore and should be deleted, paid back, or replaced if that is not possible. I don't think it's fair for the market to undergo such shady rewording over time which facilitates counterfeiting and crime.
for example, if I were to register a new "coin" today I'm under the impression i would need to submit a whitepaper to a legal firm to remain compliant and follow the strict guidelines set within it and make announcements if there was a drastic change such as oh...i dont know.... a missing 30% backing (or worse) of my coin if it's supposed to be 100% backed? it's probably not legal especially if you havent informed investors in over a year and its obvious theres a problem or has been a drastic change.
