Is Tether backed by Bitcoin & Ether?

Tether is looking like a train wreck. The only scenario Tether can work is if they are fully backed by very short term US Treasuries, bank deposits at JPMorgan or high quality commercial paper. Fully backed. If Tether is not fully backed by these stable items, its all over. In fact, one could argue that the whistleblower 10% recovery almost guarantees that a partially crypto-backed Tether will be uncovered.

If Bitcoin were to recover to $45k, there would be a wave of selling with people looking for the final exit. Don't look at the charts - now is not the time to buy - there are more crypto hedge funds that will have problems in Q3, which will bring a lot of selling pressure. There is also the minute chance that Satoshi liquidates that famous wallet that has been untouched for 13 years.

Tether looks like an 80% chance of collapse. Likely its backed by Bitcoin & Ether, and the backing at $30k BTC might have been close enough, but below $20k, its a likely train wreck. Stay away.

Altcoins are crashing, NFTs dried to a trickle & BTC/ETH are in a whopping bear. Don't try to time any dip until more crypto hedge funds liquidate. Can't see how more crypto institutional liquidations can be avoided.

Tether made more sense when interest rates were zero, but now that you can get yield on your cash, its sub-optimal to hold your cash in Tether & give the sponsors the vig. When there was no vig on cash, this was fine, but now is different. Is Tether still big at that Puerto Rican bank? Being offshore makes some sense, but why not a reputable European bank? Fishy. You reply that you wanna lend your Tether to get interest? Wow, good luck with that custody arrangement.

Diamond hands is not the best strategy for this market. Assuming that you had inside information that Tether is fully & properly backed. What do you think is going to happen when Yellen announces that the government is going to regulate and inspect all the large stable-coins? That scenario is close to 100%, and Tether will trade down on that news - you can buy it cheaper on the regulation news. This is bad for BTC & crypto in general.