Does anybody think that Tether is not a scam?
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twitter.com/FinCentrix/sta Bitfinex admitted in court to deceiving people about the nature of Tether's backing.
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So my basic take is: there's definitely smoke, but that doesn't mean there's fire.
USDT has issues. Real issues! Those issues make it worth more like $0.99 than $1.
But I think $0.99 is better described as "stablecoin with real issues" than "scam".
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I also think that one could phrase the issues this way if they wanted:
1) banking crypto is _hard_
2) BFX/USDT took on that burden for the entire industry for years
3) others freeloaded on USDT's banking
4) USDT's banking is shit but still a huge service to the industry