Centralized Exchanges...A WOLF in sheep's clothing.

[drbob]

All hail the next age...the digital re/evolution!

Recently in a panic state, I sold my entire stash of an unspecified altcoin on a certain exchange(based on a tip off/rumour that a dump was about to happen.)

In my sleep deprived state- it made perfect sense at the time- why lose everything when I could live to trade another day?

Old Murphy's law kicked in... and it turns out the tip off was a rip off and the rumour ended up being just that.

I lost a fair amount of value in the buy back process of "my precious", as I cursed in my head - "Them damn exchanges with their ridiculous commisions!!"

The thought then occured to me..the last time I felt this way, was when I was speaking to my private banker....mmm.....further thoughts..

These centralised exchanges (Polo, the krak, bitfin,etc),in the long run- they will potentially replace the old order banks. So have we just swapped the devil we knew for the one we don't??? [Refer to Stricter financial regulation / Commision fees and AML/KYC rules that are now part of the package with every major exchange.]

With the pain of the Mt Gox tragedy still burning deep inside us - who's to say that with CRYPTOs increasing market volume...them hackers or rogue exchange bosses will have a crack at 1 big pay day, ONLY more and more often, Which makes exchanges all the more risky and cold storage/ offline wallets more and more of a necessary evil.

When will the decentralised exchanges (bitshares, oasis, CP  ,etc..) or hybrids (Internet of Coins,ARK, CoSmos) ride in and save the day? or are we just kidding ourselves...decentralized but still very much CENTRALIZED?? Will we ever escape the MIDDLE MAN??

Edited April 15, 2017 by drbob
AML not AMC

[Apollo]

4 hours ago, drbob said:

 Will we ever escape the MIDDLE MAN??

 

No, but we reduce their numbers and cost. Maybe not a revolution exactly... but there's nothing wrong with compounding small improvements. They really add up over time. 

[Mercury]

Don't forget that most exchanges keep their fiat in a bank. So it's just adding another layer on top the system

Sent from my LG-K210 using Tapatalk

[drbob]

update...

http://thecryptosyndicate.com/bittrex-done-goofed-op-ed/