[jpeterson]

Exchanges and trading firms are not "Crypto". They're human institutions which happen to sit atop cryptocurrency instruments. What we're seeing play out in realtime is what happens when unregulated human institutions come to possess fantastical amounts of wealth -- in short, they go pathological.

[ninepoints]

It's almost as if the unregulated anti-establishment ethos of crypto allowed this to happen, and allows it to keep happening.

[jpeterson]

If crypto has an "ethos", it's decentralization and departure from human institutions. The FTX fiasco is the opposite of that.

[rurp]

What percent of crypto activity happens on centralized platforms. 90%? 95%? Whatever the precise number, it's really high.

It's hard to argue that 95% of people in Scotland aren't true Scots.

[MacsHeadroom]

Around 15%

[arise]

It's a two-faced ethos, praising decentralization and thumbing its nose at banks while simultaneously entrusting the bulk of its assets to entities that are strictly worse than banks.

[zhdc1]

> They're human institutions

Anything that involves a person one both ends of a transaction chain inherently has one or more 'human institution' dependencies.

[chitowneats]

"Happen to sit atop" is so far from an accurate accounting of the multi-headed hydra that is the crypto/defi space. Good thing I'm not expecting much in the way of accurate accounting.