This isn't like Titanic because that was a tangible real thing that you could see, and USDT is just air, it is absolutely nothing but a "word" from the creators that it will always be backed. At the end of the day, if USDT ever fails (which it will eventually) it will be a horrible dark period in the crypto world and that is the only thing that I feel upset about. If we are going to live through that horrible period, then why would we need to wait for it, why not take your money out of USDT right now small by small and request the money they promise that they are keeping. Its like banks, if everyone withdrew their funds from banks, banks couldn't pay everyone, and yet they still run like they are business and that bothers me, USDT is doing the exact same thing.
the problem here is that there are many users that are trusting this stablecoin. i, for one, has also qualms on their assets. when they admitted few years ago that at some point they were not fully backed, it stuck in my mind and up until now, i have the feeling that they are not telling the absolute truth to the public. yes, they have auditors and all. but how can you tell that they are also telling the truth? and how can we access those audits? yes, there is no tangible proof about their backing, maybe not available to public consumption.
so if you are a holder of this stablecoin, better think now. cash out while you can. before the doomsday comes. your choice!