3 ms·
Read the legal fine print... They say it's backed yes, but they did not say how to redeem. (hint: they have full right of controlling how usdt is "redeemed")
by argc_argv 9y ago
Read the legal fine print... They say it's backed yes, but they did not say how to redeem. (hint: they have full right of controlling how usdt is "redeemed")
- joosters 9y agoI'm not arguing that they're genuine, the quote was simply to show that they do in fact claim to hold $/£/etc to back the tokens, and not just general 'assets' that the parent comment described.
- cryptoz 9y agoYour quote says "traditional currency", but now you are claiming that it is dollars and euros. That's not what they said. Maybe they mean gold coins. As an aside, I decided to google "traditional currency" and found that Google has absolutely no clue how to do searches any more. https://imgur.com/a/3I5Ok https://imgur.com/a/3I5Ok https://www.google.com/search?q=traditional+currency https://www.google.com/search?q=traditional+currency
- vinniejames 9y agoSeems ok to me. There was nothing to compare "traditional currency" to before crypto currency came along, therefore no one would have been searching for it
- notahacker 9y agoThe fact the small print relieves them of any contractual obligation to ever redeem USDT for anything doesn't mean they don't claim - almost certainly fraudulently - in the middle of their home page that "Every tether is always backed 1-to-1, by traditional currency held in our reserves. So 1 USD₮ is always equivalent to 1 USD"