[erikb]

I've put it in the second example. People can manage their bitcoins by themselves, but instead they let exchanges manage it for them. So all the problems of centralization (exploitation of users, market manipulation, big time theft, etc) can be found in the bitcoin ecosystem as well.

You see the same history repeating, just a lot quicker. Therefore I assume whatever you do with blockchains will become a centralized system as well.

PS: If you think about it, as technology cash is even more decentralized as bitcoin. Yet banks happened.