Exactly. It's a bit like how Tether, on paper, is a dreadful idea. In practice, it got a lot more usage than supposedly more legit options. Storing up trouble for the future? Yep, almost certainly. An...
I dunno, one company you know who they are and where they’re based and you can sue them if your money disappears vs an unknown set of companies in unknown jurisdiction with unknown assets to back things up and unknown security practices? Sure, privacy is great but if you wanted privacy you weren’t using a custodial system to begin with.