[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