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RE: If banks and exchanges can hold our money against our will, crypto is essentially pointless.
As livid as I am, I can't say I'm surprised. With aims of a cashless society by 2020 in Australia, all currency will come completely under the control of banks/government and they won't have it any other way. Crypto works exactly the same as fiat in that it isn't tangible. All the easier to bring under control via exchanges.
Hope you can get your bills sorted soon.
Thanks. Yep. I am not surprised, either. Many seem to think that this "crypto revolution" is still going to transpire via these major banks, governments, and exchanges who stand to lose everything should such a revolution occur. What is needed is markets that move and act fast, and utilize the currencies freely, regardless of, and ahead of, the regulation. Then for the regulators it will be a choice of shifting with the paradigm or withering. Or exercising brute, violent force, which we all know is not beyond them. There is always a risk to living freely when tyrants are in power.
Crypto is not at all like fiat. For the people that know the technology its permissionless and cannot be frozen. The problem is that 99% of the users are not geeks and cannot be their own bank. So they use exchanges and then government regains (some) control. What we need is better wallets, better user-interfaces, decentralised and open banking accounts that provide some user protection.
I was meaning more along the lines of it being intangible and conceptual.
Even if we were all geeks the government could still exact control via banning businesses from using it or making it too problematic for them to want to use. Just like anyone employed had no choice about paying tax because the business is removes it from their wages for them.