In layman’s terms, what is preventing the “potential thieves” from hard forking out the accounts held by the exchanges?
You are viewing a single comment's thread from:
In layman’s terms, what is preventing the “potential thieves” from hard forking out the accounts held by the exchanges?
They can do that but then nobody will be able to trade on the exchanges.
Exchanges just have 1 Steem Account, just like yours or mine.
When you sent Steem to an exchange it's held in this 1 account, only the memo you send with it identifies it as yours as an IOU on the exchange.
When Steemit inc. sends money to Bittrex they can use it as a tumbler. When it comes out and is send to another Steem account nobody knows who owns it.