> Actually, housing crashed when lots of people who had bought housing on credit turned out to be unable to service the debt. For completeness, "housing crashe

> Actually, housing crashed when lots of people who had bought housing on credit turned out to be unable to service the debt. For completeness, "housing crashed when lots of people who had bought housing on credit turned out to be unable to service the debt and couldn't sell to someone else for more than they paid" That italicized part is what caused the downward spiral, and that's the part that's relevant to Tethers and cryptocurrencies. Most people with worries about escalating real estate prices had capitulated and bought in before the crash. With no more buyers, the self-reinforcing cycle went into reverse. With cryptocurrency, the vast majority of wealthy people already think it's a scam, bubble, Ponzi or fraud. Unclear how a bubble can form when most people think it's a bubble.