New tire. The bulging is the cause of you flats, it stretches out while riding and is causes a thinner rubber area and is susceptible to flats, the object that causes the flat does not necessarily stay stuck to the tube/tire. It may look intact but the object might of just poked through and then fell off, some are super small, how big are the holes in the tube? Tiny tube holes sometimes cause you to think the tube is fine because air escapes very slowly. If you can see casing the tire is done for unless you put a boot in if you are trying to be super green.
In the end you can convert your bad tire to a lot of boots for future use by cutting it up and storing a good piece in your supplies. So its not a total loss, but still a loss as far as using it to ride on its own.
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All my posts are of my own opinion.
October 10, 2012 The Reasoned Decision
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