RE: Exchange Report: STEEM Deposits Re-enabled by demotruk

Viewing a response to: @acidyo/re-steemitblog-exchange-report-steem-deposits-re-enabled-20181025t155010410z

steem · @demotruk · Oct 25 '18

Personally I'd prefer if we never get listed on BitFinex. Crypto system is already way too exposed to an exchange acting effectively as a central bank for other exchanges, at the moment we're at least only indirectly exposed to them.

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@acidyo · Oct 25 '18

I agree, I'm personally not in a big rush to get listed on more exchanges as Binance and Bithumb are about to release their decentralized exchanges soon which will be a lot more safe and we're already listed on those. :)

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@masterroshi · Oct 26 '18

This is what I am waiting for. the decentralization of exchanges needs to happen to improve the security of users funds.

👍 cheneats

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@awesomianist · Oct 30 '18

The same can be said for Coinbase. While i do have accounts on both platforms (in fact on all platforms suggested by @acidyo), I cant remember the last time i touched them because of how KYC/AML compliant they've become. Not to mention the allaged insider trading happening in Coinbase.

It's a Catch-22 though, exchanges need to be like this to get "normies" interested but will lose the value that made cryptocurrency what it is.

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@demotruk · Oct 30 '18

$0.02

IMO they're completely incomparable. Coinbase is KYC under the state thumb, but Coinbase isn't acting as a central bank for other exchanges. All the large exchanges have accounts with BitFinex and they use it to provide liquidity between exchanges. BitFinex manages a token which represents a custodial fund of USD, which they recently moved to a bank in the Bahamas. Even if we assume it's all above board, the crypto ecosystem is far more systemically dependent on the honesty and soundness of BitFinex than any other exchange by far.

👍 awesomianist

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@awesomianist · Oct 30 '18

> but Coinbase isn't acting as a central bank for other exchanges

It that case then i agree. But Coinbase itself is acting exactly like how a retail bank would act, and i was thinking from that angle. Again, a catch-22 because not listing on these platform means the average american joe will never hear of Steem when they google "Which crypto should i invest this month"

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