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It’s the volume not market cap that matters. Market cap is a bullshit metric for cryptocurrencies. If I issue a million tokens and sell you one for a dollar, I’ve created a million dollar coin instantly in terms of market cap.

I can see your argument... But would you agree that if the tether folks tomorrow say "Sorry, we're bankrupt, your tethers are worthless now LOLZ" that a max of 2.8 billion dollars would be lost by tether holders, i.e. equivalent to the market cap of tether? (I mean, you can go down the road of arguing that losses could be greater than that due exotic leverage and/or derivatives trading techniques that enter into this and allow for greater losses, but that seems a bit specious)

Depends how much of the volume of bitcoin trading is done on tether exchanges and how real that volume is.

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