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People are selling on exchanges, so the price goes down. That's unrelated to what it's backed by. You can officially redeem USDT 1:1 for USD. If you believe th

People are selling on exchanges, so the price goes down. That's unrelated to what it's backed by. You can officially redeem USDT 1:1 for USD. If you believe that it's fully backed and that the company honors all redemptions, you would buy a lot of USDT below $1 now, redeem it, and make a good profit via arbitrage. These buys will drive the price up again so that it goes back to $1. Thus, the price reflects the trust in USDT backing.

lazide 4y ago
Can you give an example Tether actually doing redemptions? Never really happened, as far as I am aware.
- fisf 4y ago
  This most definitely happened (also for private people).
  - lazide 4y ago
    Can you provide a cite/link for a private individual being able to redeem tether? I’ve never seen a confirmed case. Just a lot of misdirection, bs, and confirmed cases of people not being able to actually do it despite promises.
    - evdubs 4y ago
      Sure, > “I’ve been minting/redeeming USDT on an institutional scale for over 3 years with multiple desks!” – said Ryan Salame, Head of OTC at Alameda Research, before adding https://www.trustnodes.com/2021/01/05/alameda-research-reveals-tether-records https://www.trustnodes.com/2021/01/05/alameda-research-revea...
      - lazide 4y ago
        So not a private individual, and also the guy at the center of the major crypto collapse right now, whose exchange is imploding? Because they apparently can’t find the cash they need to service customer requests? [https://www.bbc.com/news/business-63577783 https://www.bbc.com/news/business-63577783] Got it. Do you have any others?
        evdubs 4y ago
        Here's another individual speaking on behalf of a corporation and at the very center of the FTX collapse > It's sort of funny hearing people claim that you can't create/redeem USDT for $. > Like, I don't know what to tell you, you can, and we do. https://twitter.com/sbf_ftx/status/1349096853346816001 https://twitter.com/sbf_ftx/status/1349096853346816001
        lazide 4y ago
        I can’t tell if you’re being sarcastic or not. That is the same entity controlled by the same dude above. The one that is imploding due to a liquidity crisis. FTX. Which is at least partially imploding due to…. Not being able to get customer funds out in the form of cash? So again, do you have an example of an actual individual able to get actual cash out? Preferably also not someone neck deep in the Tether mess, with huge incentives to make stuff up, and not actively in the middle of going bankrupt? Edit: even better, it looks like FTX committed blatant fraud. So yeah. I’m taking anything they have said as likely the opposite of true.
        evdubs 4y ago
        Would you believe Binance if they came out and said that the Tether redemption process works as stated? From the trustnodes article, there's a link to: https://etherscan.io/address/0x1E65141A6ea081F382B737141137f18E058a9D7e#tokentxns https://etherscan.io/address/0x1E65141A6ea081F382B737141137f... There, we see the Alameda and FTX transactions, which we know the Alameda transactions are for redemption and we know FTX (via Sam Bankman-Fried) says redemptions work. We also see that Binance has sent the same sort of transaction (e.g. From Binance 4 to Bitfinex 3). You started with: "Can you give an example Tether actually doing redemptions?" I sent the trustnodes article. You then criticized it based on the ongoing Alameda/FTX fiasco. Sure, that's all a mess and any statements like "FTX is fine" were nonsense and there's zero reason to trust them with your money. But, does that mean that they lied about their experience redeeming Tethers? It seems that for some folks the only way they'll ever believe things like, "Tether does redeem for USD" is by actually going through the process. For Tether, that's a process requiring $100,000 to figure out. And if it works, why would you bother posting about it on the internet when Tether itself continually reminds people that redemptions are being processed?

lazide 4y ago

Can you give an example Tether actually doing redemptions? Never really happened, as far as I am aware.

fisf 4y ago
This most definitely happened (also for private people).
- lazide 4y ago
  Can you provide a cite/link for a private individual being able to redeem tether? I’ve never seen a confirmed case. Just a lot of misdirection, bs, and confirmed cases of people not being able to actually do it despite promises.
  - evdubs 4y ago
    Sure, > “I’ve been minting/redeeming USDT on an institutional scale for over 3 years with multiple desks!” – said Ryan Salame, Head of OTC at Alameda Research, before adding https://www.trustnodes.com/2021/01/05/alameda-research-reveals-tether-records https://www.trustnodes.com/2021/01/05/alameda-research-revea...
    - lazide 4y ago
      So not a private individual, and also the guy at the center of the major crypto collapse right now, whose exchange is imploding? Because they apparently can’t find the cash they need to service customer requests? [https://www.bbc.com/news/business-63577783 https://www.bbc.com/news/business-63577783] Got it. Do you have any others?
      - evdubs 4y ago
        Here's another individual speaking on behalf of a corporation and at the very center of the FTX collapse > It's sort of funny hearing people claim that you can't create/redeem USDT for $. > Like, I don't know what to tell you, you can, and we do. https://twitter.com/sbf_ftx/status/1349096853346816001 https://twitter.com/sbf_ftx/status/1349096853346816001
        lazide 4y ago
        I can’t tell if you’re being sarcastic or not. That is the same entity controlled by the same dude above. The one that is imploding due to a liquidity crisis. FTX. Which is at least partially imploding due to…. Not being able to get customer funds out in the form of cash? So again, do you have an example of an actual individual able to get actual cash out? Preferably also not someone neck deep in the Tether mess, with huge incentives to make stuff up, and not actively in the middle of going bankrupt? Edit: even better, it looks like FTX committed blatant fraud. So yeah. I’m taking anything they have said as likely the opposite of true.
        evdubs 4y ago
        Would you believe Binance if they came out and said that the Tether redemption process works as stated? From the trustnodes article, there's a link to: https://etherscan.io/address/0x1E65141A6ea081F382B737141137f18E058a9D7e#tokentxns https://etherscan.io/address/0x1E65141A6ea081F382B737141137f... There, we see the Alameda and FTX transactions, which we know the Alameda transactions are for redemption and we know FTX (via Sam Bankman-Fried) says redemptions work. We also see that Binance has sent the same sort of transaction (e.g. From Binance 4 to Bitfinex 3). You started with: "Can you give an example Tether actually doing redemptions?" I sent the trustnodes article. You then criticized it based on the ongoing Alameda/FTX fiasco. Sure, that's all a mess and any statements like "FTX is fine" were nonsense and there's zero reason to trust them with your money. But, does that mean that they lied about their experience redeeming Tethers? It seems that for some folks the only way they'll ever believe things like, "Tether does redeem for USD" is by actually going through the process. For Tether, that's a process requiring $100,000 to figure out. And if it works, why would you bother posting about it on the internet when Tether itself continually reminds people that redemptions are being processed?