It’s not about being luddites, but not being fooled by “if you don’t think this is great it’s because you don’t understand it”
I suppose it's like, regardless of what you think of it, the fact is that there's a ton of money going into this crypto thing. It will be a significant thing, full stop. And the tone doesn't seem like "how will we ride this out," but instead sort of sticking your finger in your ears and going blah blah crypto will never be a thing?
Which is to say, a great deal of people only trust the technology, and merely understand that you have to use the exchanges to participate; i.e. but end up on self-hosted wallets.
Who tells you what your crypto is worth? The exchanges.
Who has motive and opportunity to influence the price of your trades? The exchanges.
Who has absolutely no oversight of their trading practices? The exchanges.
https://www.coalexander.com/post/the-tether-binance-axis-and...
Yes, it's risky. New tech often is.
Sorry, that is so totally illogical --- a common theme in the crypto market.
Competition alone can't fix crypto --- this "free market" is already monopolized.
The largest exchange dwarfs the competition *and* has access to an unlimited supply of stable coins (USDT) that are already involved in more than half of all crypto trades and can easily be used to manipulate and control the "free market".
By the sheer weight of their trading volume, other exchanges (even decentralized ones) are literally forced to follow the leader's pricing. Any significant deviation becomes a buying opportunity for the lead market maker who also just happens to be an active trader with unlimited funding. This blatant conflict of interest (aka "fraud") would never be tolerated in any regulated market.
Bottom line: As it currently exists, there is nothing really "free" about the crypto market.