Unsupported currencies, yet somehow accepted

By Andann427 | Aro427 | 13 Sep 2020

Unsupported Erc20  assets, yet accepted? Centralized exchanges are the epitome of Wall Street, lacking the decentralized vision of the mysterious pseudonym “Satoshi Nakamoto.” The essence of controlling private keys and the ownership and custody of cryptographic assets is only possible when you hold the keys. As I ponder this seemingly  unchallenged thesis that custodians of crypto assets such as coinbase control private keys; I realize how ludicrous this practice truly is. Centralized exchanges that accept Ethereum accept every assets built on its blockchain yet support one and not another. Should you send a unsupported erc20 to a centralized exchange “it’s lost.” I’m here to challenge that thesis, the erc20 asset is not lost there on etherscan.io its easily found. Due diligence in business is to protect customers from harm be it in any form! Changes need to be made with centralized exchanges who don’t feel accountable to there customers. It’s ok to not support an asset, it’s unacceptable to receive transmission of assets if you won’t assist in retrieval . I propose centralized exchanges upon request whereas they are custodial service relinquish all private keys to all assets. I propose that if a currency is not supported it not be accepted. Implementing unsupported currency blocking code that causes a send failure is anything but rocket 🚀 science. It’s time that the Wild West of centralized exchanges making and keeping the rules should be a relic of the dark days of crypto.

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