> But Tether's been around more than seven years, more than enough time for the "smart money" to profit by obliterating them.
> The fact that Tether maintains its 1:1 peg to the dollar is a signal that maybe all the smart guys who have been confidently predicting its imminent and inevitable failure for the last seven years might be missing something.
Bernie Madoff claimed that his scam started in 1991, though in reality it was probably much earlier. It didn't collapse until 2008.
Even in the cryptocurrency space, Mt. Gox took five years to collapse.
There wasn't this loud of a chorus continuously yelling that Madoff and Gox were scams, in every possible media outlet from blogs to Bloomberg, for seven years.
There wasn't a well publicized US federal indictment and investigation of Madoff and Gox, settled with a fine and no injunction.
I'm not saying Tether is clean or 100% funded, I don't know. But unlike Madoff and Gox, accusations have been very loud and very public for a very long time, and the market still accepts USDT at parity with USD.
If Tether's treasury is empty, and if people can freely trade USDT for USD, it wouldn't hold 1:1.
> The fact that Tether maintains its 1:1 peg to the dollar is a signal that maybe all the smart guys who have been confidently predicting its imminent and inevitable failure for the last seven years might be missing something.
Bernie Madoff claimed that his scam started in 1991, though in reality it was probably much earlier. It didn't collapse until 2008.
Even in the cryptocurrency space, Mt. Gox took five years to collapse.