> If Tether were to get the Liberty Reserve treatment, the price of bitcoin is unlikely to ever recover. It would probably usher in a protracted bear market, b

> If Tether were to get the Liberty Reserve treatment, the price of bitcoin is unlikely to ever recover. It would probably usher in a protracted bear market, but I think bitcoin has proven its raison d'être. There will always a be a market (and a non-zero price) for it, and given current trends in fiat money management the price would recover eventually. > The $100 million cash injection into bitcoin sounds like a lot, but it’s small potatoes. That money will cover the network’s operators—the bitcoin miners—for only six days. Missing context. The average economic cost of production for an ounce of gold is in the ballpark of $1000, and with annual new supply of about 3500 tonnes that adds up to about $112B spent digging an inert shiny metal out of the ground. I'm not going to attempt to quantify the costs of storing and transacting gold; suffice to say that it's inefficient and expensive.