"Tether is owned and operated by bitcoiners"

Really? And if so, is it relevant?

I suspect it is more reliable to predict behavior using current motivations, not self-proclaimed categories.

And the incentives for Tether are to go further out on the risk curve, cover up any losses to avoid a run, cosy up to high-profile Bitcoiners to get endorsements, get "dumb money" holders so you never have to pay out fully.

They've done all of these in the past. They're making so much money right now you might assume these things are behind them. But the incentives remain: many people thought FTX was making so much money they wouldn't flush it all doing stupid things, right?