[ohgodplsno]

Classic crypto-enthusiast denial.

Your dreamt of, decentralized system that was imagined by Satoshi is gone. It will either never exist anymore and be gangrened by said centralized exchanges (which are the only things that are artificially prop up the value of your coins), or it will go back to the days where you can pay 10 000 BTC for a pizza because someone decided it would be fun. ETH would be worthless without exchanges (because its current value is only propped up by "what bullshit can I sell that mimics real world services but without any legal repercussions when I commit fraud and exchange it for cash, disappearing in the Bahamas in the process?"), doge would be worthless, USDT would be worthless, etc.

A system that has no real world value will not exchange anything, unless scammers like Binance and FTX come in to sell get-rich-quick dreams to suckers and artificially bring in money and "volume". When 99% of your volume is just big traders sending money to one another and keeping the price high (because it makes cryptobros feel good when they see their big number go bigger), you don't have an economy, you have at best a really shit game of Monopoly.

[yieldcrv]

I don't get the impression that you two are talking about that same thing, like, you didn't really give a rebuttal to what they said, how do you feel what you wrote is related?

the best I can tell is that you are saying that centralized institutions having extremely large influence is necessary? in which case I would disagree

[ohgodplsno]

Having large, centralized institutions is necessary if you want your obscure, no-application-in-the-real-world funny coin to have value. They'll bring in money by suckering in people in believing it has value.

[yieldcrv]

yes we get it, anybody that doesn't say something overwhelming negative about crypto gets one of your hyperbolic negative auto-replies just in case we missed it the first time

some of your points are clear without the pejoratives

to your actual point, I dont think there is anything inherently necessary for exchanges to make price discovery. people do not need to custody their assets there for more than a few minutes, and properly run exchanges (not overleveraged, solvent) do this just fine

OTC desks never custody and are okay examples of this

[rosnd]

> Your dreamt of, decentralized system that was imagined by Satoshi is gone

What do you mean? There are tons of decentralized exchanges I can use to acquire cryptocurrency to buy drugs with.