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I'd argue that, in some sense, their accountability comes from two places: that if they try to enforce a price--as you are claiming that they are actually setti
by saurik 3y ago
I'd argue that, in some sense, their accountability comes from two places: that if they try to enforce a price--as you are claiming that they are actually setting the price--that is non-sensical, then people will fleece them by taking advantage of the arbitrage opportunity, and--and I'd argue that this is particularly important as this is part of the narrative of this whole concept--that there are multiple of them and the only thing preventing there from being a lot of onramps are government regulations trying to prevent such: decentralized systems and markets get their trust from having options and backup plans in the case that a bunch of people are (and they always are) corrupt.
- jqpabc123 3y agoHe who has the gold makes the rules --- and can create his own market/arbitrage opportunities. The exchanges have all the crypto gold they need --- if/when they need more, they can just make it by way of "stable coins".