Banks and exchanges naturally have a moral hazard - in the short term it's always more profitable to take all of your customers' money by theft than to take a small fraction of your customers' money in fees.
There comes a point where fees are so slim it takes decades to make what theft could take in an instant. Why take 0.2% in fees and share that tiny sliver out among employees, investors and the tax man, leaving you with a tiny sliver of a tiny sliver, when you could simply take 100% ?
I'm not saying it was an inside job - but I sure as hell wouldn't keep any money I wasn't willing to lose on deposit with a bitcoin exchange.
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[ 3.2 ms ] story [ 13.5 ms ] threadThere comes a point where fees are so slim it takes decades to make what theft could take in an instant. Why take 0.2% in fees and share that tiny sliver out among employees, investors and the tax man, leaving you with a tiny sliver of a tiny sliver, when you could simply take 100% ?
I'm not saying it was an inside job - but I sure as hell wouldn't keep any money I wasn't willing to lose on deposit with a bitcoin exchange.