How does one redeem Tether for USD? It’s trading at 97 cents on the dollar, so this potentially is free money assuming one can actually redeem.
How does one redeem Tether for USD? It’s trading at 97 cents on the dollar...
Samuel Jenkins
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news.bitcoin.com
trade.kraken.com
tether.to
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twitter.com
Aiden Walker
Supposedly, only big companies that have a business relationship with Tether/Bitfinex can redeem it for USD.
Justin Parker
So why aren’t large companies sucking up this free money?
Wyatt Gomez
You don't. It's only tradeable with other crypto for 99% of people.
Joseph Jones
Sounds like a nice business to be in. Give me your dollars, and you can theoretically get them back, as long as you don't really want them back; at which point you can't.
Christopher Bell
they do but bfx changed their fees. read news.bitcoin.com
Bentley Hernandez
Is there a single documented instance of any individual or company ever redeeming Tether for USD?
Alexander Parker
No, you've got to use bittrex or Kraken
Isaac Harris
So why isnt Krakken, etc redeeming? It should be a simple arb and free money
Dominic Gutierrez
Kraken is based in the US isn't it? American customers can't redeem tether
Jeremiah Watson
They are redeeming, but for $0.95 trade.kraken.com
The only place offering $1 is bitfinex and you aren't allowed
Matthew Moore
I’m not talking about through Krakken’s retail channels. Why aren’t companies in the crypto space (eg Krakken, CoinBase, Binance, BitMex, > etc) taking some of their cash, buying Tether at 0.97, and then redeeming at $1? It’s literally free money for them. They have the legal departments to figure out how to redeem. That they aren’t doing this suggests to me that they can’t.
Jaxon Taylor
As an US based company, Kraken can't redeem Tether itself. Yeah, it's a big red flag that US customers can't trade with Tether for real USD. Us Tether sceptics have been warning about this shit since last year
Carson Smith
There are plenty of non US based companies with money in the crypto space. The particular company is irrelevant. The price inefficiency isn’t being arbed away. IMO it’s because it can’t be. Meaning that it’s not actually a price inefficiency.
Jace James
You open a bank account in a foreign country, preferably Denmark, and just transfer it from Kraken.
Carter Howard
>Tether price pegged to American dollars
>Can't redeem if American
Dirty trick. Why isn't it pegged to shekels if it is a Jew trick?
Blake Lee
On Tether’s website there is nowhere with the documented procedure for performing redemption. Online there are literally zero documented instances of individuals or companies performing redemption. NONE. Yet this is literally free money. Don’t you think that’s odd?
Why isn’t Bitfinex buying Tether on its own account and redeeming, at the very least? Similar to a share buyback.
Adam Bailey
Up
Ryan Evans
Hmm I wonder. Let's NOT audit them.
Luke Morris
Who else prefers TrueUSD to Tether?
Christian Thompson
kek, but understandable
Wyatt Scott
You don't.
Asher Johnson
Binance, Huobi, and OKEx are all foreign companies. why haven't they redeemed?
John Jackson
Not enough fiat to cover it. Havent you seen the audit report? Oh wait, they refuse to do an audit.
Brandon Foster
it's not possible, see how btc is traded with premium instantly tether starts to dip. every time there's an arbitrage opportunity bots will quickly do it. the fact that tether is not bought out lower than 1 usd suggests that the arbitrage can't be done
Dylan Adams
Although the law firm of a former FBI director says they have sufficient assets tether.to
> Group International Solutions was founded by Former FBI Director Louis J. Freeh in May 2007.
Hunter Nguyen
Asher Hughes
Christian Lopez
Then why are they so scared to do a legit audit?
Elijah Cook
They charge you bank xfer fees and % to cashout through Tether redemption. This isnt possible, youd lose money.
Jack Edwards
William Campbell
it says here that the fee is only 10 basis points
Liam Allen
Ah, I havent skimmed through the thread, theres also the cashout fee by the exchange itself.
Juan Cooper
ostensibly if you're cashing out from Tether you're not going through an exchange. and they say the fee is only 10 basis points. if you were Binance you could send them tether for cash, buy more tether for 97 cents, send to tether for cash, repeat ad infinitum, and make billions
Nolan Cruz
bump
Ryder Clark
>/wp-content/uploads/
Matthew Ward
What's wrong with WP, shit works
Charles Flores
Mr Bernanke...you promised you wouldnt post here anymore
Luis Watson
>6 MILLION dollars
Is this a fucking joke? Tether's daily volume has been almost 6 BILLION dollars.
Xavier Brown
you need a verified account on bitfinex, that's it
Aaron Scott
you don't ever cash out Tether, its a Ponzi coin.
You swing trade into tether to secure your Value out of satoshi's.
Xavier Morales
kraken is from the city as long as i know, but they use german bank (?)
David King
>The price inefficiency isn’t being arbed away
It is, the premium was near zero just before introduced a 3% fee.
They have the money but have problems with actually transferring it out at volume, as they are forced to use shell companies.
The purpose of the 3% fee was to reduce the number of transactions.
The premium is going to start dropping slowly again after usdt selling slows to a rate they are able to handle.