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You know they state in their TOS that they're under no obligation to do so, right?
by s73ver_ 9y ago
You 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.
- darawk 9y agoWell, it may not make things better from a moral perspective, but it does make things better from a value-of-tether perspective.
- s73ver_ 9y agoNo, it very much doesn’t. If they’re willing to skirt laws for that, what makes you think they won’t skirt you?
- darawk 9y agoYou seem to be binarizing a non-binary thing. If they are financially insolvent that is objectively worse than if they have routed around some banking laws. The probability of repayment on one is much greater than the other.
- TeMPOraL 9y agoCan you? Any actual, verified customer of Tether here willing to provide a demo?
- darawk 9y agoI know that they offer it. And I know that I don't hear anyone complaining about them not honoring it, so I assume it works. I suppose it's theoretically possible they just offer it and nobody has even tried to take advantage of it, but that seems somewhat implausible to me.
- thebiglebrewski 9y agoI love how much you're defending and willing to go to bat for something you haven't tested yourself nor seen any real world examples of. Why?!
- darawk 9y agoI'm not going to bat for them. I'm explaining the way i've reasoned about the situation. If you disagree with my reasoning, feel free to explain why. Here's the chain: 1. Bitfinex claims to offer wires to Taiwanese accounts. 2. Bitfinex does redeem Tether 1:1 for USD (nominally, within your Bitfinex account). 3. Bitfinex claims to wire that redeemed USD to any Taiwanese account without delay or haircut. Now, given that, the price of Tether out to trade at 1:1 with USD. Which, for the most part, it does. If there were lots of Taiwanese customers unable to realize those wires, i'd expect we would hear some complaining from them. But we don't. Therefore it is my presumption that those wires are proceeding uninhibited. If you have an alternative explanation of the facts, i'm happy to listen to it.
- FireBeyond 9y agoYou are going to bat for them, in the fact that this comment is the first where you've made any note of "claims", and "expects". All your other posts on this thread have made these as statements of fact. "Bitfinex offers wires", "Go ahead and open an account right now", etc.
- deleted 9y ago[deleted]
- simias 9y agoUnless a significant portion of the tether are converted to real dollars it wouldn't prove much. I'm sure bitfinex/tether are not completely broke and can afford to pay a few million of dollars easily. The only way we'll know for sure if they have the money is if somebody manages to get hold of their real financial info or if there's a bank run and they end up having to redeem a significant portion of the USDT they've emitted. As far as I understand the current conditions for retrieving the real dollars from tether/bitfinex are dissuasive enough that most people won't bother doing that, so they just need to have enough liquidity to pay the small portion that will.
- zik 9y agoActually I've yet to find anyone who has successfully done it. I suspect that they pretend to do it but don't actually do it in practice.