Holy shmoly, Serge!!! how fast were you going???
well, based on the pic, it is obvious that some material is removed from the sidewall, making that spot thinner than the rest of the tire... as a result, if you are driving on pothole filled streets of NYC, or driving somewhat spirited, or taking turns on the ramps off a highway, you will be putting additional stress on the sidewall, and given the fact that your tires are a low profile (would matter even on regular tires!!) the extra stress might pop the tire in that area...
I would say, you should replace the tire, even though it is not an immediate necessity - you can drive a some time knowing to take it easy, until you can replace it...
no tire warranty/insurance??
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