Enron had fraudulent books for over a decade. When I heard that all of Tether's accountants were from the Cayman Islands it reminded me of how Enron managed to convince Arthur Andersen to help them cook the books.
There is nothing that makes Tether seem legitimate and this wasn't an attempt to make it seem so simply because "it hasn't yet collapsed so therefore it won't ever".
At the same time if HN had been around for Enron and year after year month after month there was a post about how Enron was going to collapse for being fraudulent eventually it 1) stops being interesting and devolves into "Enron haters" vs "Enron supporters" in the comments as everything useful has been said years ago 2) starts getting more "they've said that for the last 5 years they must just be wrong" reactions than actually having any positive or actionable impact on the situation.
At the same time if HN had been around for Enron and year after year month after month there was a post about how Enron was going to collapse for being fraudulent eventually it 1) stops being interesting and devolves into "Enron haters" vs "Enron supporters" in the comments as everything useful has been said years ago 2) starts getting more "they've said that for the last 5 years they must just be wrong" reactions than actually having any positive or actionable impact on the situation.