I have been a huge Tether skeptic for years. There is almost no chance they are a legitimate operation in my opinion. When they are shutdown BTC/USD will drop, BTC/USDT will go up and USDT/USD will drop.
It depends who you ask. I think it's inevitable that it's released one day. By not releasing you're just delaying it.
All the top high stakes players already have solvers that they've spent a lot of money developing and studying privately. They would definitely be upset with you, but by releasing the code you are democratizing the information to all the midstakes pros who want to study but don't have the resources to pay developers and solve the game privately.
I think you're confusing value investing with looking at a simple Price/Book ratio. Value investing is much more than that. One method of fundamental analysis involves making a prediction about ~10 years earnings/cash flows and comparing that to the 10 year risk free rate (usually the US 10 year treasury).
The fundamental analysis models don't fall apart with tech companies, it's just much harder to project revenues for a new, volatile, growing business than an old mostly stagnant or slow growing company.
The stock market is not zero sum. The people taking the other side of well managed hedge funds are usually poorly managed pension funds/hedge funds, index fund ETFs that blindly buy a bunch of stocks without looking over their financial statements, or dumb public retail investor money.
Buffett structured his bet in a very specific manner to maximize management fees of the other side. His bet was the S&P 500 vs any five funds of funds hedge funds. This is like betting the S&P 500 vs the average return of 20 hedge funds. Of course Buffett is going to be a favorite when the investments are diluted so much and you take into account all the fees on top of fees. I think he would be a dog vs a single hedge fund or five hedge funds.