Comment by cblconfederate

The article is right that as of now , exchanges are casinos. You can easily pump up coins with a few orders and watch if the rest of the herd will bite. There's not much use of them otherwise. Ironically, Coinbase is basically a child of US protectionism that keeps other exchanges away. At some point we must realize that exchanges are the problem, because they centralize activity and become a target for hacking, regulation and centralization. The article is right, that these exchanges have the power, since they are the gatekeepers. But i somehow think that that tech will be over time embedded in desktops and phones, we won't need exchanges.