Having large, centralized institutions is necessary if you want your obscure, no-application-in-the-real-world funny coin to have value. They'll bring in money by suckering in people in believing it has value.
yes we get it, anybody that doesn't say something overwhelming negative about crypto gets one of your hyperbolic negative auto-replies just in case we missed it the first time
some of your points are clear without the pejoratives
to your actual point, I dont think there is anything inherently necessary for exchanges to make price discovery. people do not need to custody their assets there for more than a few minutes, and properly run exchanges (not overleveraged, solvent) do this just fine
OTC desks never custody and are okay examples of this
