And another rule: Exchanges always trade with bots under the same processor as the pit boss.
Assume non stationary buffering, with congestion management.
All the exchange take some risk, they have to manage a bit of error, but the bounds can be set; as long as you accept the possibility of bankruptcy with free entry and exit.
Thus, all exchanges have some custodial holdings of the crypto, and they all obey contract and thus are secure elements, as I always suspected. Hence, with certainty, I can say, the fundamental transaction in the box is cash transfer, point to point between two secure elements. If you go through a third party bank, the bank has to be secure element.
The exception to the rule is personal exchanges between two parties, direct or over via network message. We should assume these to happen over messaging services and are congestion free.
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