William Quigley

The the problems started to arise for people like me who were trading when what we called alt exchanges, another term that's been lost to history.

But an alt exchange is an exchange that didn't take up fiat deposits.

So you could deposit generally Bitcoin.

Then those alt exchanges had many different tokens.

And it started with a few as versions of Bitcoin, as these Bitcoin forks started to become created in like 2017.

12, 13, 14, 15, as those new tokens came about, the exchanges that allowed you to deposit fiat did not carry those other tokens.

They pretty much were just Bitcoin.

So what you would do is you would deposit fiat onto an exchange where you were allowed to do that, very few of them.

Then you would buy the Bitcoin and take the Bitcoin and move it to an alt exchange where there was a bunch of shit coins.

And then you could go and trade all you wanted with the shit coins.

But if you got, if you started feeling like you were overexposed or you felt like there was a crash coming, whatever.

And you wanted to move your crypto into a, let's say, USD.

It was a very time consuming process.

You had to sell all of your shit coins, convert them to Bitcoin, transfer the Bitcoin to an exchange that allowed fiat deposits and withdrawals.

sell your Bitcoin on that exchange.

And then these exchanges didn't hold the money.

So they would automatically wire it to you.

That would take, that process would take like five or six, seven days.

By the time you got the fiat, you wanted exposure again.

So you just turned around and went back.