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Look, I said I was a tether skeptic, but I think it is undeniable that Tether are buying back tethers from some people. If they weren't doing that right now, we

Look, I said I was a tether skeptic, but I think it is undeniable that Tether are buying back tethers from some people. If they weren't doing that right now, we'd see a whole lot of stories like "I tried to redeem $100M of tether and they refused!" out there. Tether undoubtedly has several large trading partners that buy and sell large volumes of coins from them. If they stopped redemptions, you can bet that everyone would soon hear about it. Now, it's absolutely true that their crappy terms & conditions give them complete freedom to refuse redemptions from anybody at any time for any reason. And that (in my view) makes it a very dubious company to rely on. But you are completely and utterly wrong to say that "No, you can't. Not even in theory".

spywaregorilla 4y ago
This isn't the same thing though. They may be buying Tether. I'm not aware of evidence that they do this, but I'll believe it because it seems logical that they would. You cannot REDEEM the coins. Which may look a lot like just selling it back to them for $1 but it's not the same. That's a problem. They can stop buying tethers whenever they want and, theoretically, you have no recourse. It's only going to keep going while it suits them. edit: and, importantly, you cannot even SELL tether back to them for $1. They just won't do this right now. They'll do market price at best.
JumpCrisscross 4y ago
> we'd see a whole lot of stories like "I tried to redeem $100M of tether and they refused!" out there If I had a $100mm Tether they refused to redeem, the last thing I’d do is talk about it.
- cuteboy19 4y ago
  I would try to sell it on the open market at 0.997
- fallingknife 4y ago
  Yeah, it would be the last thing you do: 1. dump on the market 2. take out a huge short position 3. tell the world that Tether refused to redeem
NelsonMinar 4y ago
"I think it is undeniable that Tether..." Yes, we can tell from their regularly audited published financial statements.

spywaregorilla 4y ago

This isn't the same thing though. They may be buying Tether. I'm not aware of evidence that they do this, but I'll believe it because it seems logical that they would. You cannot REDEEM the coins. Which may look a lot like just selling it back to them for $1 but it's not the same. That's a problem. They can stop buying tethers whenever they want and, theoretically, you have no recourse. It's only going to keep going while it suits them. edit: and, importantly, you cannot even SELL tether back to them for $1. They just won't do this right now. They'll do market price at best.

JumpCrisscross 4y ago

> we'd see a whole lot of stories like "I tried to redeem $100M of tether and they refused!" out there If I had a $100mm Tether they refused to redeem, the last thing I’d do is talk about it.

cuteboy19 4y ago
I would try to sell it on the open market at 0.997
fallingknife 4y ago
Yeah, it would be the last thing you do: 1. dump on the market 2. take out a huge short position 3. tell the world that Tether refused to redeem

NelsonMinar 4y ago

"I think it is undeniable that Tether..." Yes, we can tell from their regularly audited published financial statements.