1, Compare an exchange to a casino, and the people trading on the exchange to gamblers. What is most important to a casino? Reputation and word of mouth. If your reputation is good and you have a strong reputation, gamblers will keep coming to play at your casino.

What is the gambler’s most fundamental need?

1. A sense of security. If I play at your casino and win money, I need to be able to take it away and spend it. If someone wants to rob me? Sorry, but at least within the casino’s jurisdiction, I need to protect my customers.