Imagine being such a Degenerate you put XMR on a Centralized Exchange
Imagine being such a Degenerate you put XMR on a Centralized Exchange
I mean, really.
It's like some people don't even know Atomic Swaps exist.
Mentions atomic swaps without any link to how to use it.
This is why.
Good point, atomic swaps are useless for the average exchange user.
A better option is to use secure peer to peer platforms such as https://localmonero.co
There are a couple potential solution in test phase right now, namely Serai and Haveno decentralized exchanges.
I'm a big believer in fungible digital money. But even I must use central exchanges from time to time. Especially when onboarding and offboarding. When introducing new people to the economy.
They have a role. And that is Fiat to digital bridging. Yes they're are alternatives, but they add friction.
Not to mention atomic swaps add friction, take a small commission as well. I'll be at probably less than the central exchange does. But every step adds friction. And makes the economy slower
The good thing is that at some point we will hit a critical mass where anybody who wants to join into the crypto economy will know somebody who already is and can show them these decentralized alternatives and give them a walk through the first couple of times. Imagine not needing Coinbase to be simple and easy and take your identity because your friend down the street showed you exactly how to use local Monero.
I've been imagining it for a long time. I look forward very much to that point arriving.
OP seems to miss the whole picture. For many people a CEX like binance was an easy way to onboard xmr and then send to wallet, not using the CEX for keeping xmr as op implies.
You are right, but on some centralized exchanges, the KYC process can be more time-consuming and carry more risks than spending 5-10 minutes to buy cryptocurrency through alternative methods.
A great example of "government regulation" being completely useless at protecting individuals.
Only a true free market with intelligent, informed, and armed individuals can regulate shady clowns.
This is foolish. Your second sentence is a recipe for feudal lords.
We already live in a world of feudal lords, they just abstract and overcomplicate the "feudal" part so that you have a harder time seeing it. At least an armed people can resist abuse, no matter the hierarchy they live in. And no matter the hierarchy they live in, they will be abused if they make themselves helpless.
I will take feudal lords instead of the slave system we have today.
Feudalism was less oppressive than what we have today
https://antoniusaquinas.com/2016/05/01/feudalism-was-it-so-bad/
"if the lord needed military service or financial aid beyond
what was specifically owed by his vassals, his only recourse
was to ask them for a voluntary grant. He had no right to tax
or assess them arbitrarily, for his authority in such matters was
determined by feudal contract."