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> Everyone turns to the exchanges to value their crypto. Not everyone. And the fact that most turn to exchanges says nothing about crypto's dependence on them.
by naasking 4y ago
> Everyone turns to the exchanges to value their crypto.
Not everyone. And the fact that most turn to exchanges says nothing about crypto's dependence on them. If all exchanges were outlawed tomorrow Bitcoin would still not disappear.
Furthermore, the existence of multiple exchanges already refutes your claim that there is a central authority, de facto or otherwise.
- jqpabc123 4y agoFurthermore, the existence of multiple exchanges already refutes your claim Bitfinex and Binance control the market by sheer weight of their trading volume. The others have no choice but to follow their lead. If they don't, these "Big Two" will arbitrage against them and they have an unlimited supply of "stable coins" to work with.