Then you just centralized your cryptocurrency onto a server and removed the decentralization.
What happens when that server gets hacked and everyone's password is there? The hacker can clean out all STEEM accounts that are there. This is what we see with the bitcoin hacks...nobody is hacking the blockchain but rather a database that has the keys to the accounts on the exchange. This is why nobody in their right mind keeps a lot of tokens on a centralized exchange.
So if you want to have your STEEM at risk of being stolen, then that system is worthy.
However, I prefer the power of a decentralized system where I know nobody can steal my tokens unless they get my key.
Idk... I was just thinking there was a way around that..