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A comment on Days Since a Cryptocurrency Exchange Has Lost More Than $100M. Parent comment

Re:Days Since a Cryptocurrency Exchange Has Lost More Than $... by philfrasty on Saturday February 24, 2018 @06:44AM (#16452868)
I thought so too until I actually used one. The experience is worse than I ever imagined possible (sure there is room for improvement). Additionally the two you mentioned only support ERC20 tokens.
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Re:Days Since a Cryptocurrency Exchange Has Lost More Than $... by CryptoPunk on Saturday February 24, 2018 @07:12PM (#16456310)
40 of the top 100 crypto assets (coins and tokens) by market cap are ERC20 tokens. Exchanges involving fiat are necessarily centralized since fiat requires a centralized custodian.

There are some dollar-pegged ERC20 tokens like Tether (backed by dollars) and DAI (a stable coin) that could allow what is effectively fiat-value <-> token decentralized exchange, but to acquire actual fiat, that can be used in the rest of the financial system, requires interaction with a centralized exchange that has a banking relationship.

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