Blockchains are intended to operate without the need for trust. This does not hold true for exchanges. We trust them to look after our crypto but they can freeze our crypto at will. This happenened when Steem was powered up to help Justin Sun. Exchanges can change their rules at any time and if we do not comply with these changes we could loss access to our crypto. I think we need a better way forward, which minimizes how exchanges can control our crypto.
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Hmm true.. there is one thing I have learnt in my little journey in crypto is that exchanges are not to be trusted. That's generally the reason why they say NOT YOUR KEYS, NOT YOUR CRYPTO.
It would really be great if there is a way if we can find a way on how exchanges have control over our crypto as you have said.
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Well, it'll be difficult to find ways to lesson the control of exchanges. It'll be a big leap towards decentralization. Even if we're better off than steem, I do believe this is still a huge issue. Because who's to say someone won't be buying up the hive and staking them through the exchanges. This was really eye-opening.