The Risks to the Crypto Universe

I recently wrote a piece trying to explain what I see as the risks to the crypto universe. In essence, I'm in essence talking about Tether, which is a stable coin that is a lot of kind of worries from some of the skeptics. And ultimately what I believe is happening is that we are getting an increasingly large asset base on less and less equity. To me it feels like the real estate bubble of 2005, when a lot of people thought there wasn't anything to worry about.