If you're saying that the exchanges are or can be deceptive, then I agree. However, at least in theory, Bitcoin is supposed to be a blockchain thing that cannot be divided up and put in different places that would be isolated from the sync that Bitcoin is supposed to have.
I compare Bitcoin to the Borg in that they are all supposed to be connected in a sync. But I can't say that is how Bitcoin is. I don't really know if this is true but I can say this is what people say about Bitcoin.
Can an exchange be deceptive? Sure. I don't doubt that they can try. I just don't know to what extent. So, I don't want to say how bad that an exchange can be. But at the same time, I also don't want to say that the actual number of Bitcoin tokens or Satoshi units can be altered. Well, I don't want to rule out that the exchanges can't create like a virtual bubble where transaction occur within the exchange that might be virtual and not connected to the actual Bitcoin blockchain network apart from when money actually exits the exchange. So, if you're talking about things that may happen within exchanges themselves, then I agree and those types of things wouldn't surprise me.
I just wanted to make sure you're not saying that the exchanges would be actually changing how many Bitcoins there are. But I'm not saying what you are talking about is not a big issue.
RE: Warning: How Bitcoin and the Cryptocurrency Industry could be Defeated: Fractional Reserve Bitcoin