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?
We may come to that risk but for many years it existed in crypto and even called stablecoins, I can't even think that way, it was just overly negatively speculated. Because if we all just to think like then, what else we can trust. Who would spend money and risk in crypto? Though we can assure that it was 100% safe, however, I would make myself think that USDT is a safe asset.
If you are doubted about crypto, for everything inside crypto, I guess you don't need to talk like that. As these people place their money in crypto at risk, they are also aware of the possible ends whether it was a bad or good end.