[LapsangGuzzler]

Not really, because the major service that exchanges provide is to convert between crypto and cash. The tremendous growth seen in the industry over the last few years was fueled by an influx of cash into the crypto markets by way of exchanges.

Dealing in cash means managing some sort of bank or brokerage account, which falls under federal purview.

[trifurcate]

Decentralized exchanges are... exactly not that. They only trade on-chain assets for on-chain assets. Fiat ramps are not part of what makes a decentralized exchange.

[ralston3]

This.

[hef19898]

Which means those exchanges are, until crypto becomes a mainstream payment method for everyday stuff, completely pointless. And, as a result, crypto as well.

[matheusmoreira]

> until crypto becomes a mainstream payment method for everyday stuff

It sucks that this hasn't happened already. Monero pretty much just works, the technology is already there. People insist on treating cryptocurrencies like stocks instead.

[trifurcate]

> Which means those exchanges are ... completely pointless.

I wonder what entices people to execute hundreds of thousands of trades totaling USD equivalent billions in daily trading volume on these platforms then. Would you say that everyone using these platforms is basically out to scam others or get rich quick?

[bleep_bloop]

They're commodities. People trade in commodities millions of times a day, thats what you're describing. But unless it's possible to cash out into fiat they are completely worthless.

It's sad to see what has happened to crypto. So many scams and people using it as an investment opportunity. It will obviously never be able to replace fiat in it's current conception.

[LiquidSky]

Yes, though there's also a smaller cadre of naive true believers in there.

[charcircuit]

DeFi platforms do not deal with cash. Everything has to be on chain.

[bfung]

So how does one get a token on one of these platforms?

I certainly won’t pay cash for a token!

[charcircuit]

You get a token by swapping other tokens you already have. If you don't have any tokens and don't wasn't to bup tokens for cash than you can enter give aways, or work for someone willing to pay you with tokens.