Centralized Exchange Risks
The cluster focuses on the dangers of storing cryptocurrencies on centralized exchanges, including loss of control, seizures, fractional reserves, and lack of true ownership, while advocating for self-custody and decentralized exchanges.
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Siezed by an exchange. When your coins are on an exchange you don't control them.
You're not supposed to keep your money in exchanges
Isn't this what off-chain exchanges like Coinbase are already doing?
What stops you from doing that at a bitcoin exchange as well?
Yeah that's how all centralized crypto exchanges do it
Exchanges aren't decentralized.
Crypto moves the problem to the exchanges. It doesn't solve it.
That's why we have decentralized exchanges.
If I use my private key to send a transaction to your public key, the exchanges have no say in it. You can choose who to trust. If some exchange is corrupted, just don't use it.
I apologize, in my post I meant to say centralized exchanges.