It will be nice if there is a regulatory body to monitor cryptocurrency exchanges, to check if they are truly doing all the right things.
The exchanges cannot be allowed to continue playing with people's hard-earned money however they like. They should all be insured in case of a hack or mishap.
The exchanges cannot be allowed to continue playing with people's hard-earned money however they like. They should all be insured in case of a hack or mishap.
You clearly don't understand the problem.
Fiat banks are regulated. Tell that to the Greeks. The reason why situations like that happened was because the banks were "playing with people's hard-earned money however they like". And the banks did that to the Greek people because....... they controlled the money, not the account holders.
So it's really simple: if you give someone else 100% possession of something you own, particularly when the arrangement means your property is subject to theft or tales of theft, you are taking a risk. All deals where a 3rd party safeguards property are risky.
There is no magic to eliminate that kind of risk. Allow me to define the nature of the risk: it's called "trust". Banks are trusts, as are BTC exchanges. The innovation of the blockchain is that it's not a trust relationship, it's trustless to safeguard BTC yourself, as only you have control. Do you even Bitcoin?
