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Nothing is inevitable with crypto. This will just confuse people who don't think they're technically capable or physically secure holding their own keys. Exchanges are a bridge for them. Blow them up, or threaten to, and they will go away. Default behavior matters.
Indeed t does matter. A default that trusts a third party deprives users of most of the main benefits of a cryptocurrency & gives risky influence to centralizers who do not or care not to appreciate these benefits, but want a PayPal controlled by themselves instead of by PayPal.
I understand the distrust of a third party post Mt Gox. But if wider adoption is also a goal, exchanges are a useful bridge until we live in the world we want, not the one we inhabit now. Create alternatives for non-techies before you burn down the on-ramps they know how to use.
If you don't need trust minimization, then you very likely have no need for using a cryptocurrency. SWIFT and PayPal will work just fine. Pushing crypto on people who don't need it is like selling an airplane to somebody who just wants to commute 10 miles to work.
I think that the democratization of crypto is what will give it longevity. At the beginning of flight, only rich people took airplanes. As more people experienced it they realized its utility. Same for crypto assets, Adoption is a process. Let a 1000 flowers bloom.
Imagine that the exchanges are like banks. If you suddenly had depositors withdraw all of their money they wouldn't be able to deliver. That doesn't mean they are or are not sound. What is being proposed is essentially a bank run. It will be seen as reckless & self-destructive.
If any of the exchanges are deceptively holding less than full reserves of Bitcoin then they will fail, and good riddance. You seem to be suggesting those fraudulent actors should be protected from being exposed?
How do we know the exchanges are not holding full reserves of bitcoin?
We have no idea if #crypto exchanges are fully reserved—zero transparency. They deserve to fail if they’re not. MtGox certainly wasn’t—that’s when I learned #notyourkeysnotyourbitcoin (that was “cheap tuition” for an impt lesson). Let’s help others avoid learning that same lesson
Aren’t exchanges answerable to central authorities as Mt Gox was? In the US, who regulates them? In other words is there already a remedy at law or existing regulation that protects consumers?
I don't know the answer, but your question misses the fundamental point of Bitcoin.
I understand bitcoin but the action being contemplated is aimed at determining the status and viability of centralized exchanges-hence my question-is someone else is already doing that?
It's aimed at reminding users that if they don't own the keys they don't own the Bitcoin, and at reminding exchanges that their custodial privilege can be revoked at any time. If exchanges get hurt in the process, so be it, but it's not about determining the viability.
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