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F3nd0 • today at 6:40 AM • 0 replies • view on HN

My understanding is that you (the buyer) connect to the exchange to get tokens, and the seller later connects to the exchange to get money for your tokens. The exchange doesn’t know where, how and when you spend your tokens. Where’s the backdoor?

(And I think the exchanges aren’t expected to be run directly by the state, but that’s probably irrelevant to the topic at hand.)