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The world of crypto has become a billion dollar business with millions of users buying, selling and speculating on the new crypto-exchanges. No explanation needed to know that this is a VERY lucrative business.
Keeping in mind that Satoshi created his Bitcoin to put an end to the power monopolies which were resting in the hands of governments, banks and corporations, I am having the feeling that many of these crypto exchanges have formed a new group of corporations. Lately I've been reading quite some complaints about people who find themselves scammed by exchanges. Someone even suggested some of the exchanges are owned by whale groups. I have never been scammed but some actions clearly feel as unlawful practices which we have no choice but to accept.
Keeping in mind that Satoshi created his Bitcoin to put an end to the power monopolies which were resting in the hands of governments, banks and corporations, I am having the feeling that many of these crypto exchanges have formed a new group of corporations. Lately I've been reading quite some complaints about people who find themselves scammed by exchanges. Someone even suggested some of the exchanges are owned by whale groups. I have never been scammed but some actions clearly feel as unlawful practices which we have no choice but to accept.
I disagree. By using the exchange you are accepting their terms. As a consumer you have every ability to not accept their terms. You can choose not to trade on an exchange if you disagree with their terms.
The exchange cannot chose the customers that sign up. Their terms determine which customers they can exclude and why.
I AM NOT SAYING THESE EXCHANGES ARE OR ARE NOT ABUSING THEIR POWER. What I am saying is this: should they want to abuse their power, you have no rights whatsoever.
My libertarian heart is bleeding when I am saying this, but: we have a lot more legal protection and rights against governments, banks and corporations, than we have against some of these exchanges.
I think we, the users, should stick together and create a Code of Conduct, as a kind of "Private Constitution", let's call it "The Crypto Constitution" or "The Crypto Code of Conduct", leaving the possibility to any exchange (voluntarily) to undersign this Code of Conduct. This Code should contain our rights as users/clients/investors.
I am thinking of the following suggestions:
- clear rules about how and where exchanges publish their fees
- clear rules about how to sign up and how to sign out
- clear rules about our privacy protection
- transparency about how and when new coins can be listed
- transparency about why and when existing coins will be delisted, and a minimum amount of time before delisting
- transparency about the owners and (possible) shareholders of the exchanges
- clear rules about what independent institution or which person will take a legal decision in case of a conflict or a discussion
- etc.
The institution or person who judges in case of a conflict, could be a court of law of a country. Personally, as a libertarian, I would suggest the creation of an independent private arbitrator institution, which could then be (voluntarily) accepted as judge by both parties in case of a conflict. If possible through the Blockchain. This could even create a whole new Blockchain industry. In the future, the Crypto Constitution could maybe even be expanded for ICOs and other crypto projects, so that these arbitrators could even be used for conflicts in ICOs and so on.
We all have read and understood the terms and conditions of these exchanges we've been using for months and even years now, telling us what we can and what we may not do. It's about time we stood up and ask them: how about OUR rights?
I agree with most of your suggestions. I'm not sure whether "shareholders" would need to be disclosed. Crypto holders are now increasingly targeted for armed robberies.
Someone owning shares may have no voting rights and have no influence over management decisions.
Some exchanges are funded by ICO tokens and the ownership is completely obscured by anonymity or pseudo anonymity.
Some exchanges work within the legal framework of a country and are registered LLC or Limited companies while others are obscured by trusts, tax haven registrations and hidden identities.
It's the type of Terms of Use that seem to have been made up by a 10-year-old... Or maybe they are taking their customers as people with the brains of a 10-year-old. Don't know what's worse.
