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The apparent comfort of the community with Tether is proof for me that crypto is nothing but the greater fool theory playing out over and over until the music r
by mertd 3y ago
The apparent comfort of the community with Tether is proof for me that crypto is nothing but the greater fool theory playing out over and over until the music really stops for one last time.
- aranchelk 3y agoA very small dataset, but people I talked to about Tether (even early on) didn’t trust it. It was just so useful a functionality to have they were willing to use it expecting it to someday fall apart. So the music-stops metaphor is apt, “greater fool theory” I’m not so sure — collectible NFTs? Yeah.
- ur-whale 3y agoComplex things must be looked at from many different angles before one can try and draw conclusions about them, Willingly choosing to restrict yourself to one very narrow aspect (tether) of a rich and complex ecosystem such as Bitcoin and deriving a definitive conclusion from that narrow and restrictive point of view is very likely going to lead you to an incorrect outcome. And even if, by miracle, you happen to predict the correct outcome, it'll be by sheer luck, not on the strength of your analysis, thereby lending no credibility whatsoever to your ability to predict things in general.
- ErasticBrub 3y ago[dead]