Wife works at a large FI with trillions of dollars worth of assets of under management. They notice when pennies are missing because of a rounding error(eg: some picked the wrong type of rounding in their excel sheet). Just because you deal with large amounts of money, doesn't mean you can't have controls.
I'm not saying it's not possible in more professional settings; I honestly think Exchanges are the weakest link in the BTC ecosystem since it wasn't devised with such a system, but has found it's way there anyway, as it was meant to be p2p. What I am saying is that it's complete amateur hour, and even those you'd think have better compliance and stricter governance with YC and other VC backing would be better off, would fare better but CONbase is being sued for a myriad of reasons including stock price manipulation. Hopefully it finally takes it out and we can move on from all the baggage that that corpse has had in the ecosystem once and for all.
Essentially, I don't think BTC exchanges are useful for anything but training wheels, the whole point of this system was to introduce decentralized forms of transacting value over the internet n the modern WOrld, and whether it was Bitcoinica, MTGOX, BTC-E, CONbase and all the alt exchange hacks etc... they all end up being so poorly managed that they distract people from the true innovation that is happening--especially during the bear markets.
So far I only endorse and use CASH, simply because Dorsey has made it clear he doesn't want to be an exchange and instead offers on-boarding in the most legally complaint way--that requires a litany of lawyers he can leverage from Square who have already been through the process of expanding into new markets and costs more in fees but CASH has been doing so much that I consider it a fair-trade type of relationship.
But people refuse to see that BTC's strength isn't in trying to recreate the fiat World and merge and shoe-horn wall street into it (ICO, DeFi, and yield farming scams) it's in being able to have monetary-propety sovereignty in a World with less of it as laws are encroaching not just money but private property itself.
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I'm not saying it's not possible in more professional settings; I honestly think Exchanges are the weakest link in the BTC ecosystem since it wasn't devised with such a system, but has found it's way there anyway, as it was meant to be p2p. What I am saying is that it's complete amateur hour, and even those you'd think have better compliance and stricter governance with YC and other VC backing would be better off, would fare better but CONbase is being sued for a myriad of reasons including stock price manipulation. Hopefully it finally takes it out and we can move on from all the baggage that that corpse has had in the ecosystem once and for all.
Essentially, I don't think BTC exchanges are useful for anything but training wheels, the whole point of this system was to introduce decentralized forms of transacting value over the internet n the modern WOrld, and whether it was Bitcoinica, MTGOX, BTC-E, CONbase and all the alt exchange hacks etc... they all end up being so poorly managed that they distract people from the true innovation that is happening--especially during the bear markets.
So far I only endorse and use CASH, simply because Dorsey has made it clear he doesn't want to be an exchange and instead offers on-boarding in the most legally complaint way--that requires a litany of lawyers he can leverage from Square who have already been through the process of expanding into new markets and costs more in fees but CASH has been doing so much that I consider it a fair-trade type of relationship.
But people refuse to see that BTC's strength isn't in trying to recreate the fiat World and merge and shoe-horn wall street into it (ICO, DeFi, and yield farming scams) it's in being able to have monetary-propety sovereignty in a World with less of it as laws are encroaching not just money but private property itself.