I might suggest one of the lessons of traditional finance is that things work until they don't.

People used to say the same thing about Bernie Madoff, about Lehman Brothers, about AIG, etc. "It's always worked before, what's the problem?"

Tether in particular has never existed in a period where there was a drawdown in risk assets in traditional markets (until this year, at which point it began shrinking).

If you have a house in FL that is 8 years old and has never experienced a hurricane, should you say the house is hurricane proof?

The reality is Tether has never been tested seriously.