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RE: BSIP-019 Draft: "Introducing profit sharing/dividends to Bitshares"
On one hand, excluding exchanges from distribution somewhat goes against the principles of decentralization, no? That we'd be controlling who was able to earn profit on bitshares.. on the other hand, you're entirely right that it would be a disincentive for users to hold their tokens on exchanges.
you are right. I would not like to see the exchanges earn dividends because they do not participate in the network. But this is not something you should try to control for as every owner of every coin is entitled to their share, and if people willingly give their share to exchanges - well that's that then.