Re: ♦️ [ANN] DiamCoin - Stable Coin Backed By 100% Real Diamonds ♦️♦️♦️
If someone wants to visit, and see proof of said 'DIAMONDS and CERTIFICATION' in person for the backing of this ICO (which should not be a problem). I mean if one was to spend lots of money, should have no problem letting said person be able to verify before dropping lets say millions or even tens of thousands of investment.
We're not an ICO, but the question's fair.
Well, verifying the vaults in person is quite tricky, which is the reason why we have audits by IDEX. We want to make sure investors have everything they need to feel safe using DIAM!
That leads to all customers having to trust IDEX. In the end it doesn't matter whether you have to trust IDEX or you. There's a risk that audits lack honesty or precision.
As a fellow crypto investor: How is trusting IDEX different than trusting any other stablecoin issuer? The thing with asset-backed and money-backed currencies is that --at any point-- you need to trust someone. Otherwise there are other alternatives, but you're exposed to volatility.
Absolutely right. I wasn't trying to make a point against a stable coin issued by IDEX. I more or less said what you said.
