Look on the bright side, it could be worse. 

You could be a Tether truther.

Working on Farcaster and Warpcast. Longer thoughts at https://dwr.email

My gut-feel hypothesis on Tether is that they did start out as a shady, if not outright fraudulent house of cards, with nowhere near the 1:1 collateralization required to operate a stablecoin sustainably.

But then the money started coming in & they’ve since been able to vastly improve their reserves with actual cash

Aviator, diver, Etherean, nexialist, PhD in aviation ∩ climate science | Host of /diving /ethfinance /eth-staker /geopolitics /science /singapore /thomas

Something to this. Feels like Tezos went the same fake it to make it pathway

I think the mistake a lot of people make about USDT is thinking the target audience was regular people. The target audience for Tether was exchanges who were tired of getting their USD accounts shut down.

After lessons learned from Gox, it allowed major exchanges to fully isolate themselves from the US banking sector.

once you get away with something, that makes it all the more tempting to try to get away with something bigger the next time around

binance is prolly the best current example of this (no knowledge by me, just pure FUD I guess)