This is a question i had for a long time,ive seen majority of traders buy and trade crypto through USDT,they just blindly trust it ,as its purpose is that of a stable coin ,i.e. basically a crypto replacement for USD($).
But what if the company behind USDT decides to cheat its holders,is there any way we can find out before a complete disaster? (for e.g. they start minting more coins unnecessarily)
is there any safety mechanism or a red flag indicator before its too late?
Stable coins are very unsafe, however they have a reason to be, banks are still very reluctant to accept transactions that deal with cryptocurrencies in most countries around the world, and if we add that their transactions are slow this means that getting in and out of the market of cryptocurrencies can be a pain, so stable coins were created to bridge that gap, however you must never hold those coins for the long term as it is impossible to know when finally the trust in them will evaporate and they will lose their value. But what if the company behind USDT decides to cheat its holders,is there any way we can find out before a complete disaster? (for e.g. they start minting more coins unnecessarily)
is there any safety mechanism or a red flag indicator before its too late?
