So here is what I don't get about the "tether scam":<p>I remember these worries about Tether not being backed by real cash being a major concern all the way back in 2018(?), if I remember correctly the worry was exactly the same that Tether might not be backed by enough real $ and collapsing when people find this out. Now 3 or so years later we know this is a fact, yet there has been no prophesied collapse in Bitcoin value as a result. (It has lost value lately but to my knowledge for unrelated reasons)<p>So what is going on here? Is Tether not being backed by real $ not actually as big a deal? Or is the Bitcoin bubble so strong people still buy into it even when Tether is basically a scam?
Eurodollars are US dollars held outside the federal reserve system, specifically for trading without some incumberances<p>This tweet thread is a very weak argument about why people would use usd stablecoins instead of fiat in a financial intermediary<p>There is already lots of regulatory arbitrage amongst traders, its odd to single out crypto traders
on another note, it's pretty concerning that apparently through crypto people can start operating unregulated banks again. govt needs to step up here.