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> Roughly speaking nobody has tried to redeem any - for obvious reasons. They know they can't. Usually you at least come up with FUD that sounds reasonable to
by leppr 5y ago
> Roughly speaking nobody has tried to redeem any - for obvious reasons. They know they can't.
Usually you at least come up with FUD that sounds reasonable to an outsider.
Obviously many people (some that I know personally) have "redeemed" USDT for a USD wire via Tether. Tether may be fraudulent but it wouldn't have held up until now without some aspect of credibility. There are many 8 figures+ redemptions going on, sometimes multiple times a day.
- arcticbull 5y ago> Obviously many people (some that I know personally) have "redeemed" USDT for a USD wire from Tether. Tether may be fraudulent but it wouldn't have held up until now without some aspect of credibility. There are many 8 figures+ redemptions going on, sometimes multiple times a day. I have not seen a single piece of evidence of this, and I have not seen any burns to line up with this. If you'd like to provide some I'll happily retract my statement. For what it's worth 8 figures is small potatoes, Bitfinex literally grabbed 800M worth of their reserves one time, so we know they have some money in the piggy bank. They have some cash, but way, way, way less than they would require for a semblance of actual legitimacy. Otherwise, everything I posted is directly from their legal page and whitepaper.
- yadaeno 5y agoBitfinex was able to do this because they are owned by the same individuals as the people who own teather. 800m is still a drop in the bucket compared to the 64billion issued tether.
- renewiltord 5y agoWon’t we expect to see token burns to match redemption? That should be easy to point to on the blockchain. Such a low cost way to just blow away all FUD.
- wmf 5y agoWhat bank did the wires come from?