Just a lot of misdirection, bs, and confirmed cases of people not being able to actually do it despite promises.
> “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-revea...
Got it.
Do you have any others?
> 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.
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?
From the trustnodes article, there's a link to: 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?
They have the exact same issue.
Binance is literally completely untrustworthy here.
Literally the only people who say they can do anything regarding redemptions with Tether appear to be insiders with a vested interest (in the billions to tens of billions of dollars) in it looking like you can do Tether redemptions.
Which is my whole point. And you keep reinforcing it while not realizing you’re doing so.
Tether got prosecuted by the US Treasury department because of flat out lies about currency and assets backing it. Have you read the indictment? It’s pretty damning, and has a lot of concrete information in it regarding what little actual banking infrastructure they had, which was essentially none (or at least little to no LEGAl infra).
Tether has a long history of flat out lying on exactly this topic.
My exact point is, there is zero evidence from anyone who isn’t deeply in bed with Tether.
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.