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Much of the actual “redemptions” happen on Bitfinex. Tether and Bitfinex have the same owners and they buy Tether in open market operations. You can see the acc
by graeme 4y ago
Much of the actual “redemptions” happen on Bitfinex. Tether and Bitfinex have the same owners and they buy Tether in open market operations. You can see the accumulations in Bitfinex USDT wallets before they move to the Tether Treasury
The 0.1% is entirely theoretical. There has never been a documented Tether redemption so we have no idea what the actual terms are. We already know in many cases Tethers are created with no dollars changing hands: Celsius admitted to giving Tether Bitcoin for USDT as a loan
So without actual proof of redemption it’s naive to merely believe the stated terms of known liars.
The exchange prices are the real prices, and they haven’t been this low this long. Accompanied by outflows that is significant.
- charcircuit 4y ago>There has never been a documented Tether redemption Are you sure about that? There are several people on this site who have claimed their company has successfully redeemed Tether.
- graeme 4y agoEmphasis on documented. We’re dealing with liars here. Their customers, who are small in number, are insiders with incentive to keep the music playing. And I’ve seen some of these claims. Upon pressing they got their money via Bitfinex, not Tether redemption
- dannyw 4y agoAre you sure? I withdrew $xxx,xxx in late May and it landed in my bank account in days.
- graeme 4y agoWithdrew from Bitfinex or redeemed at Tether? My point is people make these claims but no one has documented actually redeeming via Tether