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Exactly this coupled with ease of use. How often for stocks purchased via a broker do you go and reregister them to direct registration so the certificates are

Exactly this coupled with ease of use. How often for stocks purchased via a broker do you go and reregister them to direct registration so the certificates are in your name? At this point I’m beginning to think the “not your keys” group is arguing in bad faith every time an exchange fails for failing to see why a retail investor would prefer an exchange.

LawTalkingGuy 4y ago
I'm far from a crypto pusher but I've been around it for years... The issue is that exchanges are pretty much guaranteed to be frauds, by market dynamics. There are only a few routes to profit, 1) charge users or 2) use user's funds to trade, or 3) trade against the user but with more knowledge. One of those is limited to maybe $20 per year, the other two are crimes. Every single crypto exchange picked one or both of the crime strategies because it was the way to make an exchange wildly profitable. People who did use exchanges are people who were doing things they were warned were not a good idea, and were doing it for the obviously unrealistic gains and imho would have simply mailed their money to a Ponzi scam if that was all that was available. Everything has some weakness and crypto is like cash here - if you let someone hold onto it for even a second they can refuse to return it. I don't think you can blame a community of honest developers who described and detailed the risks for intentionally self-deluding investors. A 100%+ yearly return is a better indicator of something wrong than of a great untapped opportunity and these investors tried betting against people who they were assured were scammers and when that failed they blame the currency. It's like trying to win a rigged game against a carnie and then blaming the bus driver who gave you a ride to the carnival.
catiopatio 4y ago
The “not your keys” group understands that a centralized exchange is not crypto currency. If all you’ve done is reinvent the existing monetary system minus all regulation, oversight and value, you’ve invented absolutely nothing at all. Except, perhaps, a novel new way to convince rubes to give you their money.

LawTalkingGuy 4y ago

I'm far from a crypto pusher but I've been around it for years... The issue is that exchanges are pretty much guaranteed to be frauds, by market dynamics. There are only a few routes to profit, 1) charge users or 2) use user's funds to trade, or 3) trade against the user but with more knowledge. One of those is limited to maybe $20 per year, the other two are crimes. Every single crypto exchange picked one or both of the crime strategies because it was the way to make an exchange wildly profitable. People who did use exchanges are people who were doing things they were warned were not a good idea, and were doing it for the obviously unrealistic gains and imho would have simply mailed their money to a Ponzi scam if that was all that was available. Everything has some weakness and crypto is like cash here - if you let someone hold onto it for even a second they can refuse to return it. I don't think you can blame a community of honest developers who described and detailed the risks for intentionally self-deluding investors. A 100%+ yearly return is a better indicator of something wrong than of a great untapped opportunity and these investors tried betting against people who they were assured were scammers and when that failed they blame the currency. It's like trying to win a rigged game against a carnie and then blaming the bus driver who gave you a ride to the carnival.

catiopatio 4y ago

The “not your keys” group understands that a centralized exchange is not crypto currency. If all you’ve done is reinvent the existing monetary system minus all regulation, oversight and value, you’ve invented absolutely nothing at all. Except, perhaps, a novel new way to convince rubes to give you their money.