Bitcoin’s reliance on stablecoins harks back to the Wild West of finance
I keep thinking of Madoff&#x27;s fund. It was once called &quot;the Jewish T-bill&quot;. It worked just fine until there was a significant net outflow. Then, total crash, because the backing assets were not there.<p>Tether is way too much like that.<p>Remember, Tether has <i>no upside</i>. There is no reason to ever hold Tether for any length of time.<p>[1] <a href="https:&#x2F;&#x2F;www.timesofisrael.com&#x2F;before-dying-bernie-madoff-lifted-veil-on-the-biggest-ponzi-scheme-in-history&#x2F;" rel="nofollow">https:&#x2F;&#x2F;www.timesofisrael.com&#x2F;before-dying-bernie-madoff-lif...</a>