It seems the crypto community also does not care about the obvious centralization, but who would've ever thought major contradictions would come out of cryptocurrency?
Er, well, no. You can feel pretty safe that no 3rd party will come bail out the failed exchange, but I'm not sure how you could conclude that they could not. At least, until all the bitcoins have been irrevocably lost.
Again, more lies. Where did you get this information? Everyone in crypto knows the biggest risk are the exchanges.
I'm curious, who takes time out of their day to villainize a database architecture? People are getting desperate.
97% of Bitcoin is held by 4% of addresses - textbook centralization. (http://www.businessinsider.com/bitcoin-97-are-held-by-4-of-a...) Now that can be whales, or it can be exchanges, which isn't clear. However, calling someone a liar for stating the fact that Bitcoin isn't the decentralized utopia you've dreamed of is uncalled for.
> Everyone in crypto knows the biggest risk are the exchanges.
Alot of crypto is purchased and held by people who aren't "in crypto" but are just normal people who have a FOMO.
(I've been mildly interested in this question for a while, since it seems like them as got into bitcoin early ought to be whales, right? First come, first served and all.)
Was there a poll of the community? We're lumping in early adopters of "the web" with promoters of the dot com bubble. The position is uneducated at best and disingenuous at worst. I suspect "Kai" benefits from click bait.
"Everyone in crypto knows" perhaps, but their actions suggest that centralised services are preferred by most and this is entirely verifiable.
Anecdotes certainly aren't as effective in the blockchain world.
https://bitinfocharts.com/top-100-richest-bitcoin-addresses....
https://ethereum.stackexchange.com/questions/886/which-ether...