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A comment on Bitfinex and Tether required to end all trading activity with New Yorkers. Parent comment

Re:Bitfinex and Tether required to end all trading activity ... by alasdair_ on Tuesday February 23, 2021 @10:17PM (#26246208)
> If Tether is worth $1.02 then you can mint a new tether by depositing on Bitfinex and selling that Tether for a 2% premium.

Sure, but what if Tether is at $0.98 - how do you get dollars back?

[ Parent | on HN ]
Re:Bitfinex and Tether required to end all trading activity ... by vmception on Tuesday February 23, 2021 @11:52PM (#26246712)
If you have a bitfinex account you can redeem the tethers for dollars at a 1:1 rate still and this would burn the tether reducing the supply.

Not all countries like US can get an account there or use fiat so I wouldnt know if the redemption mechanism is currently working or not

[ Parent | on HN ]