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RE: My Road to 100000 Steem Power & Self-Improvement Log Day 76
I was just saying yesterday that cryptos really aren't decentralized that the exchanges are nothing more than virtual banks. Decentralization maybe the goal but as long as you have to buy,sell, and trade on an exchange for cryptos its not decentralized and all the taxman has to do is put a withdrawl tax on an exchange wallet its paid automatically upon withdrawl....makes me sick thinking about it.
100% Kingbum. This shit is far from decentralized, makes you think it is just one giant elite bankers scheme.
Exchanges are certainly not decentralized, as you say. As many people say, don't leave your funds on an exchange.
Cryptos are though. Having control of your private keys is one of the first things everyone needs to do if they hold significant funds. The taxman is going to get us anyway regardless, by the way, and that won't have anything to do with decentralization or not, because you are legally bound to report property values. Whether or not it is enforceable in certain circumstances is up for debate though...