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You can take redemption from tether and they will wire you the money, they are in fact registered and regulated. on several exchanges it can be exchanged into f

You can take redemption from tether and they will wire you the money, they are in fact registered and regulated. on several exchanges it can be exchanged into fiat, for smaller participant.s It would collapse a long time ago, if it weren't backed.

35fbe7d3d5b9 6y ago
> You can take redemption from tether and they will wire you the money Tether says they will. Has anyone successfully done this? > on several exchanges it can be exchanged into fiat, for smaller participant.s No one says you can't trade USDT. But that requires a counterparty, and if it turns out that Tether is mostly backed by air they may evaporate as well.
- lettergram 6y ago
  That’s usually the way these things work. That’s why the AG is making statements like “stop the illegal activity” and stuff, it degrades trust. However, if you read the statement it’s a win for the crypto exchange. Only an $18m fine for supposedly “billions in fraud” (course if you read deeper, they found no fraud).
  - 35fbe7d3d5b9 6y ago
    I'm surprised that you read a settlement narrowly focused on activities in 2017-2018 and apply it to today. Tether was nearing a lifetime market cap of two billion when investigated. Their "100% backed!" claim at two billion turned out to be 13.8% backed. They printed two billion USDT over the course of six days earlier this month. Wonder how backed that is.
mumblemumble 6y ago
Heh. I just made another comment saying that Tether is not like Madoff, so of course I now need to make one comparing Tether to Madoff. Bernard L. Madoff Investment Securities was also registered and regulated, and also had to wire people their money when asked. Even though they didn't actually have all the assets they said they did. He was able to keep it up for 3 or 4 decades. It will only collapse if outflows exceed inflows for long enough to deplete their supply of assets. Which is something that is unlikely to happen for as long as this Bitcoin rocket keeps racing toward the moon.
- inter_netuser 6y ago
  Was Madoff also subpoenaed by the NYAG who investigated and announced there was no fraud and settled for a trivial amount?
wpietri 6y ago
Please name the regulators you think have verified Tether's backing. And once you've listed them, please explain why even though they missed the specific points at which the NYAG has proved Tether was not fully backed, you still think they can be trusted. (I ask only for my own entertainment, of course. If Tether were actually backed, they'd publish regular third-party audits from a responsible accountant. Anybody thinking it's backed is a fantasist that could make Baron Munchausen seem resonable.)
chollida1 6y ago
I've tried, six months on they are still stringing me along saying we'll get back to you. As far as I know tether only allowed a few crypto "king makers" to redeem tether, and even then, only at a very small scale.
- inter_netuser 6y ago
  Several exchanges list USDT/USD pair.
  - 35fbe7d3d5b9 6y ago
    "A market currently exists, is currently liquid, and currently trades 1 USDT:1 USD" is not a universal truth that will hold in perpetuity.
  - user-the-name 6y ago
    You very specifically claimed "You can take redemption from tether and they will wire you the money". There is no evidence that this is the case. Tether sure doesn't offer such a service openly.
    - inter_netuser 6y ago
      1. https://tether.to/fees/ https://tether.to/fees/ 2. https://tether.to/redeem-tethers-to-bank-account/ https://tether.to/redeem-tethers-to-bank-account/
  - chollida1 6y ago
    That isn't a redemption. Redemption means I give the tether corporation some tether and they burn that tether and hand me back USD.

35fbe7d3d5b9 6y ago

> You can take redemption from tether and they will wire you the money Tether says they will. Has anyone successfully done this? > on several exchanges it can be exchanged into fiat, for smaller participant.s No one says you can't trade USDT. But that requires a counterparty, and if it turns out that Tether is mostly backed by air they may evaporate as well.

lettergram 6y ago
That’s usually the way these things work. That’s why the AG is making statements like “stop the illegal activity” and stuff, it degrades trust. However, if you read the statement it’s a win for the crypto exchange. Only an $18m fine for supposedly “billions in fraud” (course if you read deeper, they found no fraud).
- 35fbe7d3d5b9 6y ago
  I'm surprised that you read a settlement narrowly focused on activities in 2017-2018 and apply it to today. Tether was nearing a lifetime market cap of two billion when investigated. Their "100% backed!" claim at two billion turned out to be 13.8% backed. They printed two billion USDT over the course of six days earlier this month. Wonder how backed that is.

mumblemumble 6y ago

Heh. I just made another comment saying that Tether is not like Madoff, so of course I now need to make one comparing Tether to Madoff. Bernard L. Madoff Investment Securities was also registered and regulated, and also had to wire people their money when asked. Even though they didn't actually have all the assets they said they did. He was able to keep it up for 3 or 4 decades. It will only collapse if outflows exceed inflows for long enough to deplete their supply of assets. Which is something that is unlikely to happen for as long as this Bitcoin rocket keeps racing toward the moon.

inter_netuser 6y ago
Was Madoff also subpoenaed by the NYAG who investigated and announced there was no fraud and settled for a trivial amount?

wpietri 6y ago

Please name the regulators you think have verified Tether's backing. And once you've listed them, please explain why even though they missed the specific points at which the NYAG has proved Tether was not fully backed, you still think they can be trusted. (I ask only for my own entertainment, of course. If Tether were actually backed, they'd publish regular third-party audits from a responsible accountant. Anybody thinking it's backed is a fantasist that could make Baron Munchausen seem resonable.)

chollida1 6y ago

I've tried, six months on they are still stringing me along saying we'll get back to you. As far as I know tether only allowed a few crypto "king makers" to redeem tether, and even then, only at a very small scale.

inter_netuser 6y ago
Several exchanges list USDT/USD pair.
- 35fbe7d3d5b9 6y ago
  "A market currently exists, is currently liquid, and currently trades 1 USDT:1 USD" is not a universal truth that will hold in perpetuity.
- user-the-name 6y ago
  You very specifically claimed "You can take redemption from tether and they will wire you the money". There is no evidence that this is the case. Tether sure doesn't offer such a service openly.
  - inter_netuser 6y ago
    1. https://tether.to/fees/ https://tether.to/fees/ 2. https://tether.to/redeem-tethers-to-bank-account/ https://tether.to/redeem-tethers-to-bank-account/
- chollida1 6y ago
  That isn't a redemption. Redemption means I give the tether corporation some tether and they burn that tether and hand me back USD.