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But they can print more tether, buy bitcoin with that tether, and give you bitcoin as redemptions. This could go on for a very long time.

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Can Tether give you Bitcoin as a redemption? Do you have a source for that?

"Tether reserves the right to redeem Tether Tokens by in-kind redemptions of securities and other assets held in the Reserves."

https://tether.to/legal/

Well, they can also just…not give you a redemption at all. Even if you’re an “authorized” party, they can delay the redemption indefinitely. It’s not so much a house of cards as it is…nothing at all.

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