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That day will be when they finally release an audit
by l-lousy 4y ago
That day will be when they finally release an audit
- baq 4y agoThis will never happen, it’ll have to be when redemptions stop working.
- tsimionescu 4y agoIs there any proof that anyone has ever successfully redeemed USDT from Tether?
- charcircuit 4y agoYes, there are even people on HN that have reported successful redemption of tether for USD. You can ask people directly. It's not like this is a rare thing that never happens. If people weren't able to do so you would expect people to actually make claims aginst it.
- tsimionescu 4y agoI have not seen anyone on HN ever claim to have exchanged the necessary 100K USDT for $99k or 1M+ USDT for $1M+ with Tether's parent company.
- charcircuit 4y agoLook back to one of the Tether submissions and you will find someone who says that their company was able to do it.
- incrudible 4y agoThey may well be 100% collateralized in bad collateral. Same for USDC really, except the collateral is not as bad.
- LawTalkingGuy 4y ago100% of $0. Tether is entirely a scam by intentional criminals and not a single dollar is in a vault. They say they're 1:1 backed but have committed obvious financial fraud around this. There's no benefit to them to be even 95% backed, it's 100% or jail, so why would they bother? This is how they maintain the peg perfectly - it's all fake. They "redeem" their friend's Tether with their personal funds but they won't even try if there's a run.
- incrudible 4y ago> it's 100% or jail Says who?