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So, to those who are skeptical of Tether...you know that you can convert Tether 1:1 for USD by depositing it at Bitfinex, right? They'll then wire you that USD
by darawk 9y ago
So, to those who are skeptical of Tether...you know that you can convert Tether 1:1 for USD by depositing it at Bitfinex, right? They'll then wire you that USD to any Taiwanese bank account[1] (the only banks that haven't frozen their wires). AFAIK, there are no reports from Taiwanese account holders of trouble with these wires.
[1] - https://www.bitfinex.com/posts/203 https://www.bitfinex.com/posts/203
- thinkmoore 9y agoWho is "you"? From the terms of service: "Absent a reasonable legal justification not to redeem Tether Tokens, and provided that you are a fully verified customer of Tether, your Tether Tokens are freely redeemable... Furthermore, residents of certain U.S. states are not permitted to be customers of Tether; are not permitted to cause Tethers to be issued or redeemed; and, are not permitted to hold Tether Tokens. Beginning on January 1, 2018, Tether Tokens will no longer be issued to U.S. Persons." So if you hold Tether Tokens but are not a "customer", you have no claim to be paid. I suppose Tether customers (whoever they may be) might be willing to pay you dollars for your coins, but there's no reason for them to give you 1:1, for sure.
- darawk 9y agoYou is anyone. You can go open an account right now and do it.
- PeterisP 9y agoNot if you're an "U.S. Person".
- darawk 9y agoYes, but that's irrelevant. The fact that some groups of people can arbitrage the price of tether against USD means they ought to be equivalent.
- jey 9y agoThis is only true if there really is a USD for every USDT out there in the market. If it turns out to be a fake, the whole thing comes crashing down and becomes unpegged as soon as growth stops, i.e. as soon as we run out of "greater fools" to keep supplying sufficient inflow of USD for everyone that's trying to cash out.
- FireBeyond 9y agoOther than US persons. And you are required to deposit a minimum of $10,000 USD fiat. And you are required to wait 3 months for verification. So, sure, go ahead and do it "right now", subject to those caveats.
- s73ver_ 9y agoYou know they state in their TOS that they're under no obligation to do so, right?
- darawk 9y agoYes, but you know that in reality, you can go do it right now, right?
- s73ver_ 9y agoAnd you know that, in reality, it's not guaranteed, right?
- darawk 9y agoYes. But that is likely a way of trying to skirt money laundering laws by saying technically it's not equivalent to USD. The fact of the matter is that they do redeem it 1:1, and have this whole time.
- s73ver_ 9y agoI cannot believe that, especially with that line in their TOS. Saying, "They're only saying that to skirt the law!" doesn't make things any better.
- 0wing 9y agoWhich account holders? No one has provided proof of withdraw from Bitfinex USD or Tether since they've gotten kicked out of their banks. Recent wires from Bitfinex have been associated with a rural bank in Poland which is normally only used only by farmers. https://www.trustnodes.com/2017/11/22/bitfinex-reveals-new-polish-bank-account-panama-registered-company https://www.trustnodes.com/2017/11/22/bitfinex-reveals-new-p...
- darawk 9y agoIndeed nobody has provided proof. However, Bitfinex claims to issue Taiwanese domestic wires unimpeded. I assume that, if that weren't the case, we'd be hearing from Taiwanese Bitfinex customers about it.
- PeterisP 9y agoWhy aren't we hearing from any Taiwanese Bitfinex customers with examples that they have successfully done so? Are there even meaningful numbers of Taiwanese customers? Has it been marketed in Taiwan?
- darawk 9y agoI can't say, though I would assume that if there were Taiwanese customers who couldn't withdraw, we'd be more likely to hear about that.
- alistproducer2 9y agoYou didn't mention the $50K minimum, which obviously weeds out most people who would want to claim USDT->USD: For the time being, we will only process requests above $50,000 in size. We believe that by the time we are able to get to the smaller withdrawals, other, less cumbersome
- darawk 9y agoThat only applies to the special withdrawal provision for US customers. Taiwanese domestic wires of all sizes have been flowing unimpeded this whole time.
- FireBeyond 9y ago> Taiwanese domestic wires of all sizes have been flowing unimpeded this whole time. Your only knowledge of this is based on "surely we'd hear of people complaining on English language forums if they weren't able to". And at the very least, if you do wish to do anything, you are required to maintain at least $10,000 USD (not USDT) and wait for up to 12 weeks for verification.
- darawk 9y agoYes, that is correct. But I think that's a pretty reasonable provision. Taiwan has internet, and people from Taiwan trade Bitcoin.
- FireBeyond 9y agoHow does that equate to a relatively proficient level of English? At least a cursory search of English fluency says that if there are complaints (or compliments) on Bitfinex, most users are certainly not going to be posting them on English-language forums.