Crikey mate. This is one of the most insightful takes I’ve ever read on the Tether situation and a very unique and accurate metaphorical use of the word onanism! Building on your thoughts, I think it brings to light (and perhaps crushes) the whole raison d’etre for this cryptocurrency — as long as it’s centralised, as long as it treats itself like a security (it has bonds, it prints, it monitors transactions) and claims to be pegged to fiat… it’s only way out is going to be 100% regulation.

The Evergrande/Tether/Bitcoin debacle will either be its worst nightmare, or will force the SEC’s hand as CBDCs are introduced (which might see it do the dance of getting a fine, then getting approved by world Governments). Eitherway, it will stop being perceived as some sort of renegade investment option.