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Do you know if any tethers have ever been destroyed? I have not seen it confirmed that this has occurred and if people were withdrawing to the dollar via USDT I

Do you know if any tethers have ever been destroyed? I have not seen it confirmed that this has occurred and if people were withdrawing to the dollar via USDT I would expect there to have been destructions.

decentralised 8y ago
To the best of my knowledge, exchanges do not allow redeeming USDT for USD.
- Animats 8y ago
  Kraken allows selling USDT for USD. The current price is $0.94 USD.[1] [1] https://cryptocoincharts.info/pair/usdt/usd/kraken/today https://cryptocoincharts.info/pair/usdt/usd/kraken/today
  - evancox100 8y ago
    Redemption != Sell Redemption implies a non-market transaction to turn in an asset for a guaranteed face value. For example, you redeem bonds (and bond coupons) for the face amount with the original issuer, once the bond or coupon has matured
Mithorium 8y ago
No tether has ever been destroyed. While tether in its terms maintains that Tethers are redeemable "provided that you are a fully verified customer of Tether" [1], there is no known case of this ever happening, in fact it is a running joke that the tether signup page [2] is permanently suspended. Nor does anyone know who is buying them (and causing their creation). For example, when $250m of them were printed in june [3], which customer was it that deposited $250m USD? Or did they print them out of thin air? Nobody knows for sure. But if they are in fact backed 1:1 with USDs, then it raises the question: if the tether peg is slipping below $1, why doesn't Tether or one of these alleged "verified customers" buy them up at a discount, redeem and destroy them for USD, and bank the difference? The answer to this question is left as an exercise for the reader. [1] https://tether.to/legal/ https://tether.to/legal/ [2] https://wallet.tether.to/app/#!/signup https://wallet.tether.to/app/#!/signup [3] https://omniexplorer.info/tx/bd9520b9aea701e9606ad8a8f4d6852d70f2013b12df19b6d58147038392354e https://omniexplorer.info/tx/bd9520b9aea701e9606ad8a8f4d6852...
- FireBeyond 8y ago
  Oh yes, to actually sign up with Tether, you had to be not affiliated with the US in any way, have a minimum of $10,000/$30,000 to give them, and wait for 90 days or more. The moon also had to be in full eclipse while in Mercury retrograde.
- A2017U1 8y ago
  > No tether has ever been destroyed. Here's 30 million being destroyed earlier this year: https://omniexplorer.info/tx/24db40680654b8b505fda3e96be722ca10f341a129c99260509eb5d84655f1f0 https://omniexplorer.info/tx/24db40680654b8b505fda3e96be722c...
  - makomk 8y ago
    Yeah, and if I remember correctly a bunch more were returned to the issuer account, presumably in preparation for being destroyed, but ended up being reissued instead.

decentralised 8y ago

To the best of my knowledge, exchanges do not allow redeeming USDT for USD.

Animats 8y ago
Kraken allows selling USDT for USD. The current price is $0.94 USD.[1] [1] https://cryptocoincharts.info/pair/usdt/usd/kraken/today https://cryptocoincharts.info/pair/usdt/usd/kraken/today
- evancox100 8y ago
  Redemption != Sell Redemption implies a non-market transaction to turn in an asset for a guaranteed face value. For example, you redeem bonds (and bond coupons) for the face amount with the original issuer, once the bond or coupon has matured

Mithorium 8y ago

No tether has ever been destroyed. While tether in its terms maintains that Tethers are redeemable "provided that you are a fully verified customer of Tether" [1], there is no known case of this ever happening, in fact it is a running joke that the tether signup page [2] is permanently suspended. Nor does anyone know who is buying them (and causing their creation). For example, when $250m of them were printed in june [3], which customer was it that deposited $250m USD? Or did they print them out of thin air? Nobody knows for sure. But if they are in fact backed 1:1 with USDs, then it raises the question: if the tether peg is slipping below $1, why doesn't Tether or one of these alleged "verified customers" buy them up at a discount, redeem and destroy them for USD, and bank the difference? The answer to this question is left as an exercise for the reader. [1] https://tether.to/legal/ https://tether.to/legal/ [2] https://wallet.tether.to/app/#!/signup https://wallet.tether.to/app/#!/signup [3] https://omniexplorer.info/tx/bd9520b9aea701e9606ad8a8f4d6852d70f2013b12df19b6d58147038392354e https://omniexplorer.info/tx/bd9520b9aea701e9606ad8a8f4d6852...

FireBeyond 8y ago
Oh yes, to actually sign up with Tether, you had to be not affiliated with the US in any way, have a minimum of $10,000/$30,000 to give them, and wait for 90 days or more. The moon also had to be in full eclipse while in Mercury retrograde.
A2017U1 8y ago
> No tether has ever been destroyed. Here's 30 million being destroyed earlier this year: https://omniexplorer.info/tx/24db40680654b8b505fda3e96be722ca10f341a129c99260509eb5d84655f1f0 https://omniexplorer.info/tx/24db40680654b8b505fda3e96be722c...
- makomk 8y ago
  Yeah, and if I remember correctly a bunch more were returned to the issuer account, presumably in preparation for being destroyed, but ended up being reissued instead.