> Banks can accept risks to liquidity pretty readily Depends on the size of the liquidity crunch. It's not exactly unknown to bring a financial institution to

> Banks can accept risks to liquidity pretty readily Depends on the size of the liquidity crunch. It's not exactly unknown to bring a financial institution to its knees for lack of liquidity. > cryptocurrencies are hyper-liquid How so? > unrecoverable short of a hard fork Which is the usual way of dealing with this. I can't think of any cryptocurrencies that are decentralised enough that a small quorum of people can't effect a substantial change. > exchanges need to have measures in place which would be unheard-of at most other firms What are they doing that's more than financial institutions? Startups selling coffee or whatever, sure.