Part of it is self-perpetuating. When you see Bitfinex'ed yell about the impending collapse of Tether for half a decade, and it still hasn't collapsed, the doom-sayers become less and less credible.
The crazy thing is, tether skeptics have repeatedly been proven right on the facts. The initially-denied bitfinex/tether relationship was revealed in the paradise papers. The fact that it was not 1:1 cash backed was confirmed by the NYAG investigation.
The thing that they didn’t anticipate is that the market wouldn’t care.
The reason why it isn't collapsing is because of the long term crypto believers. This is a cult and those can last a very long time. The cultists will keep on tithing their pay checks.
