>> You can't say the same when you deposit money into, say, Robinhood
How do you know what the major exchanges are doing as well?
By the way, how did the exchanges wind up becoming so powerful and rich. Becoming almost a parallel Wall Street, just a smaller one, in a system that was supposed to ultimately democratise power. Some people with resources managed to emerge at the top in decision making...
Re:The Limits to Blockchain Scalability
by TimJRobinson on Sunday May 23, 2021 @10:14PM
(#27260505)
Centralized exchanges are a necessary evil for now. DeFi (Decentralized Finance) is where code is law. Services like Uniswap, Curve, Aave etc are all just code that you interact with on Ethereum. Once you've onboarded into the decentralized world you can use them at will and eventually you'll be able to live your life without having to use centralized services again.
> Centralized exchanges are a necessary evil for now. DeFi (Decentralized Finance) is where code is law. Services like Uniswap, Curve, Aave etc are all just code that you interact with on Ethereum.
Code is not law and I doubt it can ever be. IIRC ethereum even had that saying on their web page until that stance threatened to lose a lot of money to people with power within ethereum.
You can't say the same when you deposit money into, say, Robinhood. You don't know what the code is doing with that money.