news Cryptocurrency Markets May Be Decentralized, but They’re Still Accountable

[kyoukage01 3181]

Centralized system like banks are held accountable for their clients' funds, and to protect them, they have established laws, safety checks, procedures, etc., that, while this is ultimately for the benefit of the clients, makes some becoming apprehensive if all those excruciating procedures are worth it; hence the many people who don't have bank accounts.

 

Cryptocurrencies like Bitcoin are decentralized, but still, there is a need for a convenient platform for exchanging them to each other and to other valuable commodities like fiat; hence trading platforms like cryptocurrency exchanges exist.

 

But just because cryptocurrency exchanges do not have as much restraints as the banking system doesn't mean that they can do just about anything they want without upsetting their clients. In this article I am giving the link to, points and examples are given where exchanges should be more careful when dealing with something new, because unlike traditional financial systems (banks, stock exchanges, etc.), crypto users can just switch to another trading platform if they find their current platform making moves that might affect them in one way or the other.

 

All in all, it all falls down to one word: trust.

 

Here's the link to the article:

https://www.coindesk.com/crypto-markets-decentralized-accountability

Spoiler

Crypto Long & Short: Cryptocurrency Markets May Be Decentralized, but They’re Still Accountable

Noelle Acheson

 

One underappreciated feature of crypto markets is the lack of centralization. I mean, people know crypto assets are decentralized and trade on exchanges all over the world. But what’s often overlooked is the relative ease with which people can change the venues they buy and sell their holdings on. 

 

If, for instance, Jeff Sprecher (chairman of the New York Stock Exchange) says something that upsets you, you couldn’t exactly stop trading on the NYSE without liquidating a good percentage of your portfolio, because, for many stocks, it is the only trading venue. 

 

However, if a crypto exchange does something you fundamentally disagree with, you can trade your crypto assets elsewhere. There is no shortage of options.

 

Coinbase earlier this week revealed that it has initiated procurement deals with a number of U.S. agencies, including the Drug Enforcement Administration (DEA) and the Internal Revenue Service (IRS), for a tool called “Coinbase Analytics.” The firm insists that the tool will not draw on customer information – but crypto folks are not, in general, a trusting lot.

 

According to data from blockchain analytics firm Glassnode, bitcoin held on Coinbase has plummeted. 

 

Now, Coinbase uses a different address-reuse policy than most exchanges, so this might be the exchange moving coins from one address to another that has not yet been labeled. Or, it could be one very large holder moving his or her bitcoins to another wallet, either on or off Coinbase.

 

While we can’t yet draw firm conclusions, there are two intriguing takeaways from this speculation:

1)    Crypto asset movements are trackable. We usually don’t know who is sending or receiving, but we can see the movements happen, and large exchange addresses are usually known – some services automatically send alerts when a significant shift happens between exchanges and either users or other exchanges. Imagine being able to track movements of stock or bond holdings.    

2)    Crypto exchanges can easily lose business if users feel certain values are not being upheld. Many crypto investors have strong feelings about privacy and government collusion, and, judging from Twitter comments, many are moving their business elsewhere. 

 

In the non-crypto world, we have often seen businesses suffering the consequences of actions – but not significant market infrastructure players. They often have a quasi-monopoly over certain parts of capital markets. On the other hand, they are heavily regulated, so their leeway to anger customers is limited. 

 

Crypto market infrastructure participants are not so constrained. They are, however, subject to public scrutiny, by a cohort with a megaphone, that cares deeply about certain issues and business practices. In early 2019, Coinbase bought cybersecurity firm Neutrino, which had close links to a team that had helped authoritarian governments spy on their citizens. The resulting public outcry and the #DeleteCoinbase campaign that got started on Twitter was enough for Coinbase to backpedal and fire Neutrino’s founders. This puts a new twist on the notion of businesses being accountable to their users.

 

It highlights the role that trust plays in markets. In traditional markets, that trust is enforced by regulations. However, regulations are enacted by governments, which in these tumultuous times are losing trust across the board, according to the latest Edelman Trust Barometer (not that we needed a study to tell us that). 

 

Here we have an emergent capital market that does not need oversight to enforce good market behavior. The crypto market itself seems to be doing a pretty good job of that. 

 

This raises questions about the value of transparency, the power of choice and the connection with community. And I’d be very surprised if traditional capital markets players weren’t watching all this with interest.

 

(Read more on the link. The rest of the article, while interesting, seems to no longer relate to the topic title.)

 

Edited June 15, 2020 by kyoukage01

[Iriswolfgang 200]

44 minutes ago, kyoukage01 said:

Centralized system like banks are held accountable for their clients' funds, and to protect them, they have established laws, safety checks, procedures, etc., that, while this is ultimately for the benefit of the clients, makes some becoming apprehensive if all those excruciating procedures are worth it; hence the many people who don't have bank accounts.

 

Cryptocurrencies like Bitcoin are decentralized, but still, there is a need for a convenient platform for exchanging them to each other and to other valuable commodities like fiat; hence trading platforms like cryptocurrency exchanges exist.

 

But just because cryptocurrency exchanges do not have as much restraints as the banking system doesn't mean that they can do just about anything they want without upsetting their clients. In this article I am giving the link to, points and examples are given where exchanges should be more careful when dealing with something new, because unlike traditional financial systems (banks, stock exchanges, etc.), crypto users can just switch to another trading platform if they find their current platform making moves that might affect them in one way or the other.

 

All in all, it all falls down to one word: trust.

 

Here's the link to the article:

https://www.coindesk.com/crypto-markets-decentralized-accountability

  Reveal hidden contents

Crypto Long & Short: Cryptocurrency Markets May Be Decentralized, but They’re Still Accountable

Noelle Acheson

 

One underappreciated feature of crypto markets is the lack of centralization. I mean, people know crypto assets are decentralized and trade on exchanges all over the world. But what’s often overlooked is the relative ease with which people can change the venues they buy and sell their holdings on. 

 

If, for instance, Jeff Sprecher (chairman of the New York Stock Exchange) says something that upsets you, you couldn’t exactly stop trading on the NYSE without liquidating a good percentage of your portfolio, because, for many stocks, it is the only trading venue. 

 

However, if a crypto exchange does something you fundamentally disagree with, you can trade your crypto assets elsewhere. There is no shortage of options.

 

Coinbase earlier this week revealed that it has initiated procurement deals with a number of U.S. agencies, including the Drug Enforcement Administration (DEA) and the Internal Revenue Service (IRS), for a tool called “Coinbase Analytics.” The firm insists that the tool will not draw on customer information – but crypto folks are not, in general, a trusting lot.

 

According to data from blockchain analytics firm Glassnode, bitcoin held on Coinbase has plummeted. 

 

Now, Coinbase uses a different address-reuse policy than most exchanges, so this might be the exchange moving coins from one address to another that has not yet been labeled. Or, it could be one very large holder moving his or her bitcoins to another wallet, either on or off Coinbase.

 

While we can’t yet draw firm conclusions, there are two intriguing takeaways from this speculation:

1)    Crypto asset movements are trackable. We usually don’t know who is sending or receiving, but we can see the movements happen, and large exchange addresses are usually known – some services automatically send alerts when a significant shift happens between exchanges and either users or other exchanges. Imagine being able to track movements of stock or bond holdings.    

2)    Crypto exchanges can easily lose business if users feel certain values are not being upheld. Many crypto investors have strong feelings about privacy and government collusion, and, judging from Twitter comments, many are moving their business elsewhere. 

 

In the non-crypto world, we have often seen businesses suffering the consequences of actions – but not significant market infrastructure players. They often have a quasi-monopoly over certain parts of capital markets. On the other hand, they are heavily regulated, so their leeway to anger customers is limited. 

 

Crypto market infrastructure participants are not so constrained. They are, however, subject to public scrutiny, by a cohort with a megaphone, that cares deeply about certain issues and business practices. In early 2019, Coinbase bought cybersecurity firm Neutrino, which had close links to a team that had helped authoritarian governments spy on their citizens. The resulting public outcry and the #DeleteCoinbase campaign that got started on Twitter was enough for Coinbase to backpedal and fire Neutrino’s founders. This puts a new twist on the notion of businesses being accountable to their users.

 

It highlights the role that trust plays in markets. In traditional markets, that trust is enforced by regulations. However, regulations are enacted by governments, which in these tumultuous times are losing trust across the board, according to the latest Edelman Trust Barometer (not that we needed a study to tell us that). 

 

Here we have an emergent capital market that does not need oversight to enforce good market behavior. The crypto market itself seems to be doing a pretty good job of that. 

 

This raises questions about the value of transparency, the power of choice and the connection with community. And I’d be very surprised if traditional capital markets players weren’t watching all this with interest.

 

(Read more on the link. The rest of the article, while interesting, seems to no longer relate to the topic title.)

 

I think that being decentralized is really accountable because it also comes with a great advantages over a centralized cryptocurrency because as I lnowbthe fees to be paid is power than those cryptocurrency that is taking  from you

[Tine0313 3053]

Well in my opinion the decentralized Cryptocurrency is better than centralized one because we have many benefits can get if no one is controlling the Cryptocurrency. Decentralized Cryptocurrency is not bad though, it doesn't mean we are not safe using crypto.

[BTC Future 3946]

Bitcoin's network (the blockchain) is decentralized, autonomous, and trustless environment.

The entities that surround it are mostly centralized and subject to government intervention. The decentralized networks can't be tampered and there is no entity governing them.

 

Bitcoin is one of the most secure networks worldwide. It is unhackable and noone can tamper and change the data on the blockchain. It is also open source and the code can be audited by anyone. Bitcoin is a trustless environment as there is no need to trust anyone besides the code and the security of the network.

 

I've written all that as lately there are many articles that are trying to create a better image for Coinbase as they certainly did a series of mistakes all these years. First of all Coinbase is a centralized service that is regulated in the US. They have to follow a few rules set by the US government and other US exchanges have to do so as well.

 

Still Coinbase is overjealous when following these rules while having the worst customer support ever noticed for any online service. They bought neutrino which was a company selling spyware software to totalitarian regimes as the UAE and created blockchain surveilance software which they sell to the US government. Was any of these required for a cryptocurrency exchange by law? Coinbase clearly states on every of their answer that they did all of these to comply with regulations. Why Kraken and Bittrex didn't develop spyware then? The fact is that Coinbase which right now holds more than 1 million Bitcoins, is another mechanism adding to the mass surveilance and control of civilian population.

 

A few years ago Vitalik tweeted that he hopes all centralized exchanges burn in hell. I was up for decentralization but I wasn't totally in favour of this statement back then. After watching the steps Coinbase is taking I can only 100% back Vitalik on this.

[BrolySSJ 7899]

I think that trust is a very big word in this day and age especially if we think about all of the scam sites that are out there are the fake wallets and the way crypto is being stolen on a daily basis. As much as i agree with you and that it should be an unspoken agreements of safety in these exchange sites, many of the users do not abide by this and use the decentralized nature f the coin to their advantage in their earnings, and i think that we need to stop thinking in this sense if we are to make crypto a more reliable and accepted currency such as the centralized banks.

[magd 5231]

The way the central banks operate cannot be likened to the way decentralized cryptocurrency works, and therefore it is very difficult for any party to expose the platforms, portfolios and accounts to accountability. This is very complicated. Trust exists in this field, but we have to choose platforms and everything that is true.

[kyoukage01 3181]

@BTC Future Thanks for that detailed comment. I can find no statement to reply to except this one:

20 hours ago, BTC Future said:

Still Coinbase is overjealous when following these rules while having the worst customer support ever noticed for any online service. They bought neutrino which was a company selling spyware software to totalitarian regimes as the UAE and created blockchain surveilance software which they sell to the US government. Was any of these required for a cryptocurrency exchange by law? Coinbase clearly states on every of their answer that they did all of these to comply with regulations. Why Kraken and Bittrex didn't develop spyware then? The fact is that Coinbase which right now holds more than 1 million Bitcoins, is another mechanism adding to the mass surveilance and control of civilian population.

 

Coinbase was indeed mentioned in the article, in fact, two incidents were given where clients' confidence and trust in the exchange went down due to certain actions they made.

 

I was wondering why they bought a cybersecurity firm like Neutrino in the first place. If it is for securing their network that would have made sense, but they could have done so with another company that has a more savory reputation. They could have also hired people for the job instead instead of buying a whole company for it. If it is to "comply with regulations" but the other trading platforms didn't follow suit, then they are indeed taking their clients for fools. The resulting battlecry #DeleteCoinbase was the result.

 

I wouldn't count on Kraken and Bittrex as 'saints' as well. They might have been more discreet when it comes to dealings such as this if they don't want to be another victim of public outcry like Coinbase did.

 

The scariest part is when these espionage software set their sights on the current existing Coinbase accounts without their owners' knowledge. When that happens, the notion of cryptocurrencies offering privacy might be rendered mute at least for this exchange platform.

 

Cryptocurrency exchanges should indeed take good care of their clients and not destroy their trust, not just Coinbase.

 

Edited June 16, 2020 by kyoukage01

[rekter 8129]

Sure, they are accountable for holding your funds, but some of them are just shady websites that are no tracking enough attention even for worth exit scam. When they do exit scam, it's not even worth trouble to sue them.

 

This is why some of them wash trade to get bigger volumes. To attract newbs that think they are responsible for such amounts already.

[kizz 3370]

It is better that a crypto currency is decentralized because no one handles it and there are many advantages being a decentralized crypto market than centralized.

[kyoukage01 3181]

21 hours ago, rekter said:

Sure, they are accountable for holding your funds, but some of them are just shady websites that are no tracking enough attention even for worth exit scam. When they do exit scam, it's not even worth trouble to sue them.

 

This is why some of them wash trade to get bigger volumes. To attract newbs that think they are responsible for such amounts already.

That is the problem with cryptocurrency exchanges. If I were to deposit my money in a local bank, and that bank has shut down for some reason, I can at least sue them and try to get my money back. Not so with crypto exchanges, especially if you're dealing with one that operates outside your country.

 

This reminds me of a topic that I just recently posted. A crypto exchange, Quadriga, has shut down some time ago; involuntarily though, since the founder of the exchange died. It was only recently that a local government agency found out that the founder has been making some shady dealings prior to his passing away.

https://cryptotalk.org/topic/105950-quadriga-cx-was-found-guilty-of-using-a-ponzi-scheme-according-to-osc

As you can see, it would be hard and pointless to sue a dead man and a bankrupt exchange.

 

Edited June 17, 2020 by kyoukage01

[Iriswolfgang 200]

On 6/15/2020 at 1:09 PM, Tine0313 said:

Well in my opinion the decentralized Cryptocurrency is better than centralized one because we have many benefits can get if no one is controlling the Cryptocurrency. Decentralized Cryptocurrency is not bad though, it doesn't mean we are not safe using crypto.

I think that is what making decentralised exchanges to stand out for more and I think that it will be great if people would understand and know what is the advantages of being decentralized in cryptocurrency because they can earn more with it 

[Dmasked 1840]

As cryptocurrencies are comparatively newer trading assets, it still lacks proper rules and regulation to govern and manage its exchange markets. In the past, there have been alarming cases of even biggest exchanges being hacked and funds of its users moved illegally. But since exchanges are not fully accountable for the loss of its user's assets like bank and other financial institutes, the only thing that users can do in case of dissatisfaction is to switch exchange platforms. Exchanges have no liability to return the lost assets of its users. So they should pay more attention to safety and security rather than public relations.

[CryptoLover21 0]

In my opinion centralized cryptocurrency are better than the decentralized cryptocurrency because in centralized coin are more stable and we can get good return and even in terms of developing and adding features centralized crypto coins are very fast.

[TimopheyKa 3900]

That's right! I believe that the main thing when exchanging cryptocurrency is to be careful and rely on security and trust. Look for some right sources where you can exchange your valuables without any deception. The point is anonymity, and the fact that this anonymity can play in a bad way, and accordingly, scammers are only for!

[Honny143 13612]

In my opinion centralized banks more trustworthy to compare to decentralized crypto exchange, because when we loss money in bank's someone takes responsibility, but in.exchange are other platform do scam then we can't do any think, but crypto is the better option to earn money

[Moaz 7239]

Centralized, fiat currencies may be more secure than decentralized cryptocurrencies because of the laws and procedures that apply to customers in banks, but cryptocurrencies have much better features than fiat currencies, and for safety we can choose the reliable platform in the field of crypto

[TheRaed 1247]

When countries fully recognize cryptocurrencies, they will have better laws and more trust among customers, and new laws will be created to support this area.

[Captain Karim 0]

Cryptocurrencies may be decentralized, but the majority of the cryptocurrency community deals with central exchange platforms, so it cannot be said that we are heading to a completely decentralized world, in the end there must be centralization in our lives and it has its benefits as well.

[CoinFree 54]

On 6/15/2020 at 12:12 AM, kyoukage01 said:

Centralized system like banks are held accountable for their clients' funds, and to protect them, they have established laws, safety checks, procedures, etc., that, while this is ultimately for the benefit of the clients, makes some becoming apprehensive if all those excruciating procedures are worth it; hence the many people who don't have bank accounts.

 

Cryptocurrencies like Bitcoin are decentralized, but still, there is a need for a convenient platform for exchanging them to each other and to other valuable commodities like fiat; hence trading platforms like cryptocurrency exchanges exist.

 

But just because cryptocurrency exchanges do not have as much restraints as the banking system doesn't mean that they can do just about anything they want without upsetting their clients. In this article I am giving the link to, points and examples are given where exchanges should be more careful when dealing with something new, because unlike traditional financial systems (banks, stock exchanges, etc.), crypto users can just switch to another trading platform if they find their current platform making moves that might affect them in one way or the other.

 

All in all, it all falls down to one word: trust.

 

Here's the link to the article:

https://www.coindesk.com/crypto-markets-decentralized-accountability

  Reveal hidden contents

Crypto Long & Short: Cryptocurrency Markets May Be Decentralized, but They’re Still Accountable

Noelle Acheson

 

One underappreciated feature of crypto markets is the lack of centralization. I mean, people know crypto assets are decentralized and trade on exchanges all over the world. But what’s often overlooked is the relative ease with which people can change the venues they buy and sell their holdings on. 

 

If, for instance, Jeff Sprecher (chairman of the New York Stock Exchange) says something that upsets you, you couldn’t exactly stop trading on the NYSE without liquidating a good percentage of your portfolio, because, for many stocks, it is the only trading venue. 

 

However, if a crypto exchange does something you fundamentally disagree with, you can trade your crypto assets elsewhere. There is no shortage of options.

 

Coinbase earlier this week revealed that it has initiated procurement deals with a number of U.S. agencies, including the Drug Enforcement Administration (DEA) and the Internal Revenue Service (IRS), for a tool called “Coinbase Analytics.” The firm insists that the tool will not draw on customer information – but crypto folks are not, in general, a trusting lot.

 

According to data from blockchain analytics firm Glassnode, bitcoin held on Coinbase has plummeted. 

 

Now, Coinbase uses a different address-reuse policy than most exchanges, so this might be the exchange moving coins from one address to another that has not yet been labeled. Or, it could be one very large holder moving his or her bitcoins to another wallet, either on or off Coinbase.

 

While we can’t yet draw firm conclusions, there are two intriguing takeaways from this speculation:

1)    Crypto asset movements are trackable. We usually don’t know who is sending or receiving, but we can see the movements happen, and large exchange addresses are usually known – some services automatically send alerts when a significant shift happens between exchanges and either users or other exchanges. Imagine being able to track movements of stock or bond holdings.    

2)    Crypto exchanges can easily lose business if users feel certain values are not being upheld. Many crypto investors have strong feelings about privacy and government collusion, and, judging from Twitter comments, many are moving their business elsewhere. 

 

In the non-crypto world, we have often seen businesses suffering the consequences of actions – but not significant market infrastructure players. They often have a quasi-monopoly over certain parts of capital markets. On the other hand, they are heavily regulated, so their leeway to anger customers is limited. 

 

Crypto market infrastructure participants are not so constrained. They are, however, subject to public scrutiny, by a cohort with a megaphone, that cares deeply about certain issues and business practices. In early 2019, Coinbase bought cybersecurity firm Neutrino, which had close links to a team that had helped authoritarian governments spy on their citizens. The resulting public outcry and the #DeleteCoinbase campaign that got started on Twitter was enough for Coinbase to backpedal and fire Neutrino’s founders. This puts a new twist on the notion of businesses being accountable to their users.

 

It highlights the role that trust plays in markets. In traditional markets, that trust is enforced by regulations. However, regulations are enacted by governments, which in these tumultuous times are losing trust across the board, according to the latest Edelman Trust Barometer (not that we needed a study to tell us that). 

 

Here we have an emergent capital market that does not need oversight to enforce good market behavior. The crypto market itself seems to be doing a pretty good job of that. 

 

This raises questions about the value of transparency, the power of choice and the connection with community. And I’d be very surprised if traditional capital markets players weren’t watching all this with interest.

 

(Read more on the link. The rest of the article, while interesting, seems to no longer relate to the topic title.)

 

In a certain way, yes, but it is part of the consequences of the market, without platforms that offer services, store our funds and offer support for this, where would the growth of cryptocurrencies go?

They would surely continue to be the exchange currency of the deep web

[sarahmoses202020 251]

On 6/15/2020 at 5:12 AM, kyoukage01 said:

Centralized system like banks are held accountable for their clients' funds, and to protect them, they have established laws, safety checks, procedures, etc., that, while this is ultimately for the benefit of the clients, makes some becoming apprehensive if all those excruciating procedures are worth it; hence the many people who don't have bank accounts.

 

Cryptocurrencies like Bitcoin are decentralized, but still, there is a need for a convenient platform for exchanging them to each other and to other valuable commodities like fiat; hence trading platforms like cryptocurrency exchanges exist.

 

But just because cryptocurrency exchanges do not have as much restraints as the banking system doesn't mean that they can do just about anything they want without upsetting their clients. In this article I am giving the link to, points and examples are given where exchanges should be more careful when dealing with something new, because unlike traditional financial systems (banks, stock exchanges, etc.), crypto users can just switch to another trading platform if they find their current platform making moves that might affect them in one way or the other.

 

All in all, it all falls down to one word: trust.

 

Here's the link to the article:

https://www.coindesk.com/crypto-markets-decentralized-accountability

  Reveal hidden contents

Crypto Long & Short: Cryptocurrency Markets May Be Decentralized, but They’re Still Accountable

Noelle Acheson

 

One underappreciated feature of crypto markets is the lack of centralization. I mean, people know crypto assets are decentralized and trade on exchanges all over the world. But what’s often overlooked is the relative ease with which people can change the venues they buy and sell their holdings on. 

 

If, for instance, Jeff Sprecher (chairman of the New York Stock Exchange) says something that upsets you, you couldn’t exactly stop trading on the NYSE without liquidating a good percentage of your portfolio, because, for many stocks, it is the only trading venue. 

 

However, if a crypto exchange does something you fundamentally disagree with, you can trade your crypto assets elsewhere. There is no shortage of options.

 

Coinbase earlier this week revealed that it has initiated procurement deals with a number of U.S. agencies, including the Drug Enforcement Administration (DEA) and the Internal Revenue Service (IRS), for a tool called “Coinbase Analytics.” The firm insists that the tool will not draw on customer information – but crypto folks are not, in general, a trusting lot.

 

According to data from blockchain analytics firm Glassnode, bitcoin held on Coinbase has plummeted. 

 

Now, Coinbase uses a different address-reuse policy than most exchanges, so this might be the exchange moving coins from one address to another that has not yet been labeled. Or, it could be one very large holder moving his or her bitcoins to another wallet, either on or off Coinbase.

 

While we can’t yet draw firm conclusions, there are two intriguing takeaways from this speculation:

1)    Crypto asset movements are trackable. We usually don’t know who is sending or receiving, but we can see the movements happen, and large exchange addresses are usually known – some services automatically send alerts when a significant shift happens between exchanges and either users or other exchanges. Imagine being able to track movements of stock or bond holdings.    

2)    Crypto exchanges can easily lose business if users feel certain values are not being upheld. Many crypto investors have strong feelings about privacy and government collusion, and, judging from Twitter comments, many are moving their business elsewhere. 

 

In the non-crypto world, we have often seen businesses suffering the consequences of actions – but not significant market infrastructure players. They often have a quasi-monopoly over certain parts of capital markets. On the other hand, they are heavily regulated, so their leeway to anger customers is limited. 

 

Crypto market infrastructure participants are not so constrained. They are, however, subject to public scrutiny, by a cohort with a megaphone, that cares deeply about certain issues and business practices. In early 2019, Coinbase bought cybersecurity firm Neutrino, which had close links to a team that had helped authoritarian governments spy on their citizens. The resulting public outcry and the #DeleteCoinbase campaign that got started on Twitter was enough for Coinbase to backpedal and fire Neutrino’s founders. This puts a new twist on the notion of businesses being accountable to their users.

 

It highlights the role that trust plays in markets. In traditional markets, that trust is enforced by regulations. However, regulations are enacted by governments, which in these tumultuous times are losing trust across the board, according to the latest Edelman Trust Barometer (not that we needed a study to tell us that). 

 

Here we have an emergent capital market that does not need oversight to enforce good market behavior. The crypto market itself seems to be doing a pretty good job of that. 

 

This raises questions about the value of transparency, the power of choice and the connection with community. And I’d be very surprised if traditional capital markets players weren’t watching all this with interest.

 

(Read more on the link. The rest of the article, while interesting, seems to no longer relate to the topic title.)

 

Well I think it is in this regards that exchanges are requesting for KYC before their users begin trading in their platforms. Whenever there is some foul play or illegal activity attached to a user. They can easily look for the person and bring him to justice 

[Shaza Ahmad 1682]

Yes, you are right, although cryptocurrencies operate in a decentralized manner, but they are still governed in a central way, the majority of trading volumes take place in central platforms that have private keys and can do whatever they want with these cryptocurrencies and they can be hacked and wasted users' money, I hope that In the future, we will reach complete decentralization in the world of cryptocurrencies.

[SuperCrypto 7193]

I believe that trust in the cryptocurrency world comes from the fact that cryptocurrencies are built with blockchain technology, which is the basic structure of most cryptocurrency systems as it provides security through advanced cryptographic techniques and mechanisms that give strong protection to these innovative systems.

[Irungu 4299]

It does work perfectly so we need to work as hard and put together everything in an Amazing the right effort the right idea  is to still be sure that we have something everything in the good issues of the market the good thing is that crypto currency does work perfectly

[khan22 3478]

On 6/16/2020 at 1:09 PM, kizz said:

It is better that a crypto currency is decentralized because no one handles it and there are many advantages being a decentralized crypto market than centralized.

Crypto market is the great market and it is decentralized and no one can handle this market just a single person and i hope that this market handle a team and the advantages of so many in the crypto market.

[Cryptic 0]

Well any financial services like exchange had to implement a KYC or also known as Know Your Customer to prevent such things like money laundering, hacking and other fraudulent actions. Just like in Binance, when you first make an account in this exchange, they will ask for your valid ID and other personal information for you to fully enjoy the other features of the platform. This is very effective, recently I have read on Twitter that Binance helps their user to retrieved the crypto that was stolen.

Edited October 23, 2020 by Cryptic