Why do so many nocoiners still believe in ridiculous conspiracy theories as the stablecoin price manipulation scheme?

Besides the environmental and the no intrinsic value fud this is one of the more common arguments against Bitcoin. The price and the market isn't real because it's just Tether money printing.

Besides the absurd logistics of hiding such a scheme in a global hundreds of billion market and ignoring market mechanics do no-coiners really believe that the Bitcoin market isn't real?

Of course like in many other markets there are likely short-term price manipulations where large players are able to move the market but these are hard to sustain even for the most well funded whales but that's a far cry from the market and the price isn't real.

For this to be true we would have to make the following assumptions:

Tether is completely/mostly unbacked and despite that they have survived multiple bank runs.

All major exchanges are somehow part of the conspiracy and somehow there are no leaks, employees and people talking.

The leading exchanges in this scheme switch positions. For example when the Tether fud started the major exchange was Bitfinex which is supposedly was part of the mastermind group. Bitfinex today is however a smaller player in terms of volume, Binance which was a new exchange took their position and became the leader of the conspiracy. Then during the 2021 run they were replaced by FTX which was then supposedly the leader of this scheme. Not to mention that FTX and Sam while certainly being criminals were hardly able to keep the price of their own token up even though they owned much of it's supply. In reality FTX went broke because they bet on the wrong market direction, so much for being able to influence the market.

For much of the bull market and the following bear market the majority of money in stable coins was in US based non-Tether stablecoins. Somehow these also would have to be part of a conspiracy or the conclusion would need to be that most money in stablecoins was real.

Entities like Blackrock and Deutsche Bank somehow hallucinate their client demand and all decide to launch related products even though no one wants them.

Of course like most conspiracy theories you can never fully disprove them because you can always claim that somewhere is a secret well hidden all powerful group that is behind every major move or event.

Still surprising that people who consider themselves to be too smart to invest in Bitcoin would fall for conspiratorial thinking.