How much of the demand for these tokens is being driven by money that never really existed? 100%? 50%? 0.02%?

There’s no way of knowing until it crashes - then what? e.g. if the price dives by 50%, and that really equates to 200% of the actual capital ever invested, what happens then?

I was listening to Darknet Diaries episode 102 today about the Canadian money printer, and I was thinking the entire way through it that it was basically describing tether but with paper and ink.

It got especially eye-opening when he talked about having to manage how it was released into circulation slowly so as no-one could track where it was coming from.

I don't think very many average people are invested in crypto significantly, if at all, despite the hype, so hopefully the harm would be limited.