3 ms·

I 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 ago
I'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 ago
  You 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.
  - darawk 9y ago
    So, you don't have an alternative explanation of the facts then?
- TeMPOraL 9y ago
  Fair enough. I'm buying this reasoning as evidence towards the hypothesis that they indeed redeem some amounts of USD. All the other things I've read so far suggests this will turn into a game of musical chairs - some amount of people who make the wire orders first will get redeemed, and the rest will be out of luck.
- sireat 9y ago
  Even IF ( a big IF) your explanation is true, it is of little help to most of people holding USDT. So in the best case scenario to redeem USDT for USD: 1. You have to have a Taiwanese bank account. 2. You have to gain verified status at Bitfinex's discretion. 3. You have to have a balance over 50k USDT. Bitfinex/Tether backers know that it is near impossible to trigger a serious run on their USD balances with such rules. Thus it logically follows, they have very little incentive to actually keep 2.3B in USD EVEN if they received 2.3B in USD. I can buy the explanation that originally Tether planned to have 1:1 USD for each USDT. However the massive regular printing of Tether really strains the 1:1 claim.

darawk 9y ago

I'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 ago
You 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.
- darawk 9y ago
  So, you don't have an alternative explanation of the facts then?
TeMPOraL 9y ago
Fair enough. I'm buying this reasoning as evidence towards the hypothesis that they indeed redeem some amounts of USD. All the other things I've read so far suggests this will turn into a game of musical chairs - some amount of people who make the wire orders first will get redeemed, and the rest will be out of luck.
sireat 9y ago
Even IF ( a big IF) your explanation is true, it is of little help to most of people holding USDT. So in the best case scenario to redeem USDT for USD: 1. You have to have a Taiwanese bank account. 2. You have to gain verified status at Bitfinex's discretion. 3. You have to have a balance over 50k USDT. Bitfinex/Tether backers know that it is near impossible to trigger a serious run on their USD balances with such rules. Thus it logically follows, they have very little incentive to actually keep 2.3B in USD EVEN if they received 2.3B in USD. I can buy the explanation that originally Tether planned to have 1:1 USD for each USDT. However the massive regular printing of Tether really strains the 1:1 claim.