OL disaster was a bit of shocker for me during the weekend. The truth is that I never knew of this background weakness and this is the first time I have heard about it.
Although there were plenty of people here in my feed making fun of OL for allowing this to happen, I on the other hand felt more than a little worried. Maybe its my protective instinct but whenever something like this happens it makes me feel that the credibility of the whole cryptosphere suffers.
We are not interested in making fun of anyone working on bts platform. People's hard earned capital is at stake here. It is definitely concerning you are right. But this controversy proves the value of decentralization which BTS has in spades!
As of this morning, OL issued assets are suspended for trading.
This would be disastrous on a centralized exchange like Coinbase. However, bitsharians can simply migrate trading to another gateway (GDEX, CryptoBridge, Rudex) for business as usual.
Thanks for taking the time for sharing this man. Of course I know that you were actually posting this on a serious note. I was actually referring to some other people I have been following for the news in the OpenLedger.
and yes that is definitely the advantage for the people using bitshares backbone. On a centralized exchanges not only the directly affected assets would have been frozen but people would have also lost he ability to control their funds and without reasonable time frame update for it. This way the market of the asset is also less affected.