The initial claim was that Tether was 100% backed. When it was revealed beyond reasonable doubt that these claims were false, Tether's proponents pivoted to claiming that the peg was defensible. Because the peg was defended for some time, these proponents gained a certain amount of credibility among the gullible.
Looking at the history of markets to try to understand the difference between pegs that can withstand the shifting tides of market sentiment vs those that cannot is a useful exercise. I am pleased to see this article on the HN front page.
Looking at the history of markets to try to understand the difference between pegs that can withstand the shifting tides of market sentiment vs those that cannot is a useful exercise. I am pleased to see this article on the HN front page.