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Comment by malthaus | Hacker News Reader

Given that the house of cards finally comes crashing down, a crypto-to-fiat offramp to get your money into safety would actually be more helpful.

"Overall, we maintain fundamental optimism about how crypto can help to facilitate a more globally accessible financial services ecosystem."

Sure; either that or the tasty 5% fee from the example flow?

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Most exchange already provide crypto-to-fiat offramp.

For example you can send cash from your Coinbase account to PayPal instantly with no charge. You can also do your bank, but obviously that will take a few days.

I only follow this topic casually but the impression I get is that the existing cryptocurrency offramps are not dependable -- they're either nonfunctional under heavy load or intentionally shut down at the drop of a hat; there isn't an entity like the FDIC to step in to gracefully shut down failing institutions, and let customers get their money out ASAP.

What would be once-per-decade anomalous events with real money seem like an everyday failure with cryptocurrency exchanges.

Everything you've said is true, and yet the probability that an exchange will fail during the hour it takes you to cash out is very small.

You should look into Coinbase, which seems to be the exception.

I have no reason to do so, and have better things to do with my time.

I decided early on to stay away from cryptocurrencies; everything in the space I've seen ever since has reinforced that decision. Please respect this.

FTX was the exception up until a month ago too.

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