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That's a function of an early industry, and increasingly the trend has been towards decentralization. There are more large exchanges, more small exchanges, and
by Taek 8y ago
That's a function of an early industry, and increasingly the trend has been towards decentralization. There are more large exchanges, more small exchanges, and increasingly large parts of the cryptocurrency stack are being further decentralized and open-sourced (a great example is the BTCPay project, which replaced a closed source SAAS API with an open source wrapper around the open source bitcoin client).
- notahacker 8y agoSure, but if the theory that what people really needed and wanted was the ability to choose and audit providers was true and this alone was sufficient to protect most people, MtGox would never have become the dominant crypto platform. Particularly not at a point when ample evidence that it was utterly terrible already existed, and in an era of early adopters including the small minority of the public actually capable of auditing smart contracts. Since then we've seen more exchanges, but again the largest exchange - Bitfinex - is a project with a history of hacks and auditors walking away, before we even start getting into the "is Tether fraud on a massive scale" debate. If "more large exchanges, more small exchanges" were the solution to the dodgy exchange problem, that wouldn't be the case. It's almost like the distribution of trust isn't remotely close to an adequate substitute for a legal system for the average person