I am very sad to realize that Binance could not change the industry of cryptocurrency exchanges. What happened will leave a very huge mark on the reputation of the exchange. It is likely that in the near future we will move to DEXes.
Topic: After Binance have been compromised. (Read 774 times)
I think those who really value their money will now prefer to use DEX. Ironically, Binance is soon going to launch its DEX platform. In the Wake of such a large exchange, I think that the others will also start launching their own decentralized platforms.
But what about the KYC requirements? None of the current DEX sites need KYC to trade in them. But in case Binance is opening its own DEX site, would they require KYC or are they going to allow anonymous trading? In case they make KYC mandatory, then we can't call that site as DEX. But it may depend on the jurisdiction where Binance is based. If I am not wrong, Binance is based out of Hong Kong, with additional offices in other countries. I don't know whether the HK regulations allow anonymous trading.
And now what is your opinion about decentralized exchanges after this event? I think people will finally consider the DEXes more seriously. 
The only problem with a dex is it can not serve different type of coins run on different blockchains which makes a centralized exchange better in this comparison.But in the case of security I think dex is way better than a centralized exchange!
I think those who really value their money will now prefer to use DEX. Ironically, Binance is soon going to launch its DEX platform. In the Wake of such a large exchange, I think that the others will also start launching their own decentralized platforms.
In fact, I never thought of what was happening with binance after being broken. I need to know that this is a horrendous event. And it seems very appropriate to switch to using another exchange. It took a long time to get back to trust. And don't repeat it again. 
And now what is your opinion about decentralized exchanges after this event? I think people will finally consider the DEXes more seriously.
All the funds are safe and they will refund traders I don't see any issue why people will leave Binance, they have taken care of their business over the years, I don't think traders will shout that they are leaving Binance for goods, as long as they can trade profitably which the DEX's cannot provide, because of lack of volume.
binance still has my complete trust, it remains my favorite exchange, i alternate its use with dex in particular with forkdelta, i believe that dex will become a forced choice when all traditional exchanges will require kyc
In any case, there will be a possibility of hacking the exchange. Since it is a very profitable business. I think that one mistake Binance is not a reason to leave this exchange. I think the administration will be able to repay all the costs of users. But seriously, Binance is a progressive exchange and they will be able to learn from this situation.
And now what is your opinion about decentralized exchanges after this event? I think people will finally consider the DEXes more seriously.
Thee are a lot of big exchange hacked in the past, but traders are not going for decentralized exchanges, they still prefer centralized exchange like Binance and Kucoin and among others, traders want liquidity and they want to see volume, something DEX cannot provide.
binance still has my complete trust, it remains my favorite exchange, i alternate its use with dex in particular with forkdelta, i believe that dex will become a forced choice when all traditional exchanges will require kyc
All of us are talking about DEXs. But where they are? Tron has good DEXs, fresh design, speed of transactions is good. But could we say it about Ethereum DEXs?
Look at IDEX, ForkDelta or EtherDelta, their design and use is terrible.
Look at IDEX, ForkDelta or EtherDelta, their design and use is terrible.
And now what is your opinion about decentralized exchanges after this event? I think people will finally consider the DEXes more seriously.
That is right, i have never heard that decentralized exchange has been hacked. Many centralized exchanges has been hacked in the past.Maybe centralized exchanges need to learn the security of decentralized exchanges like IDEX or Forkdelta.
Nobody really hates decentralized exchanges, there is nothing wrong with them, they are fine and they are used by some people too. The problem with decentralized exchanges is that since there is no one really operating that website why would people actually go trade there ?
I mean what happens if there is a problem a bug in the code and then we get to face a problem? There is no operator so there is no customer support and there is no one you can complain to neither. That is why people still prefer centralized exchanges like binance (who literally saved this situation without hurting anyone so after the hack they are even stronger now) get to be our favorites because when we face an issue we complain to them and they fix it which is why they are the superior in peoples mind, not because dex exchanges suck but even if they are good they are not as good as binance.
I mean what happens if there is a problem a bug in the code and then we get to face a problem? There is no operator so there is no customer support and there is no one you can complain to neither. That is why people still prefer centralized exchanges like binance (who literally saved this situation without hurting anyone so after the hack they are even stronger now) get to be our favorites because when we face an issue we complain to them and they fix it which is why they are the superior in peoples mind, not because dex exchanges suck but even if they are good they are not as good as binance.
And now what is your opinion about decentralized exchanges after this event? I think people will finally consider the DEXes more seriously.
That is right, i have never heard that decentralized exchange has been hacked. Many centralized exchanges has been hacked in the past.Maybe centralized exchanges need to learn the security of decentralized exchanges like IDEX or Forkdelta.
People's interest in Binance will not fall, was it hacking or a cunning maneuver I don't know, but serious consequences will not be.
I am agree, people still trus on binance because they solve this with transparancy. Beside that, binance recover all investor losses and i think binance is trusted and have good reputation in crypto space. Dex is good but i think its need more time to grow and can compete with centralized exchange
People's interest in Binance will not fall, was it hacking or a cunning maneuver I don't know, but serious consequences will not be.
Definitely crypto enthusiasts are going to look at conducting all their cryptocurrency trading on decentralized exchanges but let's also not forget that some decentralized exchanges have been hacked before just that they are not as numerous as that of centralized exchanges. Let's develop DEX to have more security features and they could be the future trading platform.
Decentralized exchanges is the best for now, deex is also cool but there are alot of issues with their volume, probably later if they get to fixed that, they can also make their own fame but currently nothing like decentralized exchanges.
Changes are good but they take place very slowly and this is how things would go in the crypto market. The fact that Binance will cover the losses face by users will make people forget about or care less about the hack thing. But I think Binance will come back with the strong security system to make sure things like these never happen again. Decentralized exchanges are the best but you do not get things purely decentralized. And now what is your opinion about decentralized exchanges after this event? I think people will finally consider the DEXes more seriously.
Do you really think that DEX is hack proved and free from any future attack from hacker's, one thing I have learn is that hackers are always searching for area of vulnerabilities and once they fine one they can penetrate any exchange. What happen to binance can equally happened on DEX the only thing is for the exchanges to see the weakness of other as an avenue to upgrade they on security. I don't really trust any other exchange trading volume apart from binance. 
And now what is your opinion about decentralized exchanges after this event? I think people will finally consider the DEXes more seriously.
What I really want to know is what binance is doing about this issue. Do they plan on replacing everything that was lost, like paying those that lost their money back, since it's nobody's fault. If anyone is to be blamed, they are the ones that should be blamed for not being careful and taking their security serious. Ever since I got into crypto trading, I have never heard for once that Coinbase got hacked, but other exchanges be getting hacked at all times. Binance is a very big, and I believe they will be able to replace what was lost. Jump to: