I am bored while watching the paint dry and have to entertain myself somehow?
Ponzi schemes always need to latch on to the next victim. At the beginning it was a peoples ponzi and now it managed to latch onto the institutions with the ETFs. Ponzi schemes need continuous inflow of new capital or else they collapse.
Until now there has always been a larger victim to latch onto. Now that we have ETFs and pension funds are buying... What's next? There is no larger victim and this is likely the end.
It's also not a traditional ponzi scheme, but a clever one. Where it's basically partially reserved and this allows them to operate for a very long time.
Tethers own terms of service allow them to not redeem Tethers for USD. Can't come to a bank run if you can't cash out.
There are also no guaranteed results, and the market is reflective... So if there is panic, BTC value drops and there is much less money to pay out.
Tether is painfully obvious a stablecoin with partial reserves / ponzi scheme. What does that mean for Bitcoin? If Tether collapses i think there would be a BIG dump. Below $10K.
What would happen without Tether? It is the cryptos reserve bank that provides endless pumps and price going up.
The technology is shit and if it wasn't for price going up no-one would care about Bitcoin. If price stops going up, attention will wane away.
It's too hard to predict the long term outcome... Maybe Bitcoin survives... But i think it's most likely that people are going to figure out they've been duped and it will be a bouncy ball.
Eg. the market will continue to bounce, but every bonce will be met with sellers and price will be trending down over the long term.
