I have written and effectively used many smart contracts, although not for speculation.
There is constant abuse of customer funds, as a matter of course, by banks. It generally is less public or visible though than public ledgers (blockchains).
Its the difference between trusting a company that is trying to profit just from holding your funds in ways that you cannot audit, versus trusting a math and computer programs that you can audit.
There have not been more abuses by cryptocurrency exchanges than banks overall. They are just more recent. But what I am saying is that these cryptocurrency exchange companies really don't have anything to do with cryptocurrency -- their business model is antithetical.
There is constant abuse of customer funds, as a matter of course, by banks. It generally is less public or visible though than public ledgers (blockchains).
Its the difference between trusting a company that is trying to profit just from holding your funds in ways that you cannot audit, versus trusting a math and computer programs that you can audit.
There have not been more abuses by cryptocurrency exchanges than banks overall. They are just more recent. But what I am saying is that these cryptocurrency exchange companies really don't have anything to do with cryptocurrency -- their business model is antithetical.