hehe - the list of jokes about tiny pianists is too long even for this high speed blockchain ;)

I think the absence of any underwriting or government protection means that if the exchange goes bankrupt, you lose your 'money'. So that also infers that if they behave fraudulently and take in more than they can pay back (as most banks do offline) then while technically they owe you the money, you might not ever get it back if they just declare bankruptcy and run off to hide in a very expensive jungle for a few years.

It would likely be simple enough to prove a degree of fraud, just as it is with mainstream banks - but decades after many learned about the fraud of fiat banking - it's still with us... the magical money gift made of imagination that just keeps on giving!