I was speaking to the industry as a whole. The more exchanges and platforms consolidate, the more it becomes the banking system, but with more risk and more complexity.
why? FTX can buy all the dying CeFi platforms if they want. nobody needs to use them as long as DeFi continues to exist and improve
The profits are centralized.
The losses are decentralized.
Ah, it seems like the crypto industry has borrowed the “too big to fail” book that also decentralized the losses to the taxpayer. Some things never change.