> It's strange to think about, but realistically the exchange does not need 100% of the funds available, since they will never all be withdrawn at once.
This was never true, but in the aftermath of 2008, makes a really poor argument. Two points worth mentioning without going into details:
1. Bitcoin doesn't have a central bank to easy the bank-run.
2. When financial businesses go burst, it's extremely difficult to quantify the loss a priori for the accountants
Any sane financial business with half-brain at this time and age would keep at least some percentage of the funds intact.
This was never true, but in the aftermath of 2008, makes a really poor argument. Two points worth mentioning without going into details:
1. Bitcoin doesn't have a central bank to easy the bank-run.
2. When financial businesses go burst, it's extremely difficult to quantify the loss a priori for the accountants
Any sane financial business with half-brain at this time and age would keep at least some percentage of the funds intact.