I strongly believe that USDT isn't fully backed by USD. They have repeatedly said it is but I do not believe it. Now we have a bit of proof that Tether has be

I strongly believe that USDT isn't fully backed by USD. They have repeatedly said it is but I do not believe it. Now we have a bit of proof that Tether has been lying or misleading via this Bitfinexed employee? If it is backed by one or more cryptocurrencies that is better than nothing, but it means that there is significant risks that in a large market correction in cryptocurrency the backing of USDT can vanish from underneath it. Back in the dotcom bubble nearly every company was causing the market to go up because they were all spending VC. It was sort of an fragile ecosystem because no one was making money, but everyone was spending it, and then the music stopped and a good portion were wiped out. The music could stop and USDT could run into significant issues. I am reminded of the movie The Big Short. I do think there is a bet here (like many others), but how to actually realize it and also how long will it take for this to be exposed? "The Market Can Remain Irrational Longer Than You Can Remain Solvent"