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The majority of us that are into bitcoin have to buy bitcoin from somewhere. Hence for most of us we buy cryptocurrencies on an exchange. However, the question is how honest is the exchange? How honest is the price we are quoted? It comes as no surprise that centralized exchanges are major weak points in cryptocurrency transparency and price discovery. Further regulation should bring them into line or better still move them into becoming completely decentralized.
When banks collude to fix interest or forex rates what happens to them? They face punishment and get fined by a host of governments and their regulators. In the crypto world we don't have that luxury to go to a regulator and complain about something that is not fully understood by those regulating some of them. Some exchanges are in fact unregulated and opaque in their operations and even ownership. They are in fact money printing, crypto hyperinflating machines for their owners and are what banks were 10-15 years and in fact some are still today. Cointelegraph reported today that most volumes on major cryptocurrency exchanges are fake or inflated.
So should we even care about this or should we be paying attention to this phenomenon? Should we move towards all exchanges being decentralized? If you have ever used a DEX (Decentralized Exchange) like EtherDelta (www.etherdelta.com) you can see they have their advantages and disadvantages. However they are not widely known or used by the crypto community. Hopefully they will be in the future as more people wake up to what is happening.
What do you think should we insist all cryptoexchanges be decentralized or do you not care. Drop a comment...I read them all.
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