No one trusts banks and governments, crypto does not need tether or dollar backing or banks or governments in order to work. Money is built on belief in the value of it, or the subjective meaning of things its value is associated with, no matter the form of the money, crypto or otherwise. There will always be value found in circumventing the fees and hoops banks require of you for basic transfers of money internationally. Only crypto lets you carry billions of dollars of crypto data that fits in a thumb drive, versus how hefty that task would be to carry physical US dollars.
No one trusts the government or banks to 100% NEVER arbitrarily put 'holds' on your account or try 'cancelling' you for whatever reason. Interest is worthless too so there's really no motive to hand the monetary control over when you can do everything via crypto, no bank required.
Furthermore, since people are menitoning added worries surrounding Tether, here's what I think on that. Tether, is not necessary to crypto's survival. If tether went 0 tomorrow, the only real threat would be people panic-selling all the other cryptocurrencies. Crypto existed before tether, and it will exist after, and it'll still be just as viable either way. Tether is a quality-of-life replaceable unnecessary utility, nothing more, stop over-valuing a cryptocurrency/cryptoservice.
Even in the absolute worst-case scenario of China's property giant, Evergrande, crashing and failing and a global recession resulting and China doing some condescending wolf warrior "LOL capitalism" reverse PR campaign, crypto is still more viable than physical currency.
I'll hold through China's manufactured panic of letting their real estate firm fail. Should a dip come, you are playing into the literal enemy of capitalism's choices. I begrudgingly thank in advance the fools who will start buying into the panic by selling off, as I haven't yet gotten serious in investing large sums into crypto, so it'll overall be profitable for me if you all suddenly lose your damn minds.
This is one big fake-ass ploy, there won't actually be a crypto problem unless you all CHOOSE to sell because China MANIPULATED you all into thinking you HAVE TO when you DO NOT.
So, do consider not dancing around in the CCP's palm by panic-selling like lemmings, this is heavily manufactured and will pass. I predict big sell-offs near-future so instead of selling with those people, try buying instead to both contribute to a market stabilization, and so you don't literally act the part the CCP wants you to. China isn't stupid, China can easily predict what'll happen to crypto and markets at large if they do let Evergrande fail and it's obvious: people will panic. So don't panic and subvert the expected outcome and none of the bad stuff will actually come to pass.
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source https://www.reddit.com/r/btc/comments/ps2j0t/evergrandetriggered_crypto_panic_is_manufactured/
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