[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