After Binance have been compromised. - page 3.

iconoclast

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Quote from: weidex on May 09, 2019, 08:03:25 AM

And now what is your opinion about decentralized exchanges after this event? I think people will finally consider the DEXes more seriously.

I don't, people don't learn until it affects them personally. We have had dozens of large hacks were investors have lost millions over the last few years and people still stupidly keep their money on Centralised Exchanges. Even though it is well known that they prone to being hacked and if you lose your money there are no investors protections to bail you out for being stupid.

Clearstream

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all exchanges are not safe. Includes decentralized exchanges. we better not store too many coins at the exchange. it is just a place for exchange.

CryptoLogo

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I have always liked decentralized exchanges, but they lack volume. This situation with Binance will not affect the trading volume on the DEX exchange.

TheClownSong

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Quote from: weidex on May 09, 2019, 08:03:25 AM

And now what is your opinion about decentralized exchanges after this event? I think people will finally consider the DEXes more seriously.

Decentralized Exchange always be good choice but the problem with DEX exchanges is on transaction volume. Its much bigger on centralized exchanger but with many hacking, i think exchanger will improve the security to secure investor funds

Burogh

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Quote from: Nwagodno on May 10, 2019, 04:58:24 AM

What happened to binance, in my opinion is not a big deal to think the way you do. It's what every exchange should expect even the mightiest and work towards fortifying their structure more.

I think its a big deal because its about the security. If about security of our coin or token, exchanger should take a big step to improve their security. Perhaps, exchangers using cold wallet to avoid from hacking but its take a time when investor want to withdraw their funds.

gabbie2010

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Quote from: alan2here on May 09, 2019, 10:38:24 PM

Quote from: Raymondavid47 on May 09, 2019, 05:24:44 PM

All this hacks are major threats in the crypto world and we need to attend to it urgently. It's now certain that's its not safe to store your funds on a centralised exchange. Individuals needs to equip themselves with hardware or paper wallet to be safe. You can also store your cryptocurrencies in wallet where you have the private key.

This is the biggest attack this year and Binance is too subjective in security. I believe that after this case is over, Binance will have more security processes and we will be safer in this market. Now the deposit and withdrawal in Binance is postponed but it will be back soon in the next week so don't worry too much because Binance has a great support policy for everyone.

Are you saying that binance with a huge finances and capital at their disposal could not secure their firewalls? or its act of sabotage on their part to tarnish the image of cryptocurrencies to the world, This is absolutely fishy and unbelievable, I believed the clamour for a decentralized exchange will see the light of the day so as to bring back the confidence of investors and sanity to decentralized exchanges.

Nwagodno

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What happened to binance, in my opinion is not a big deal to think the way you do. It's what every exchange should expect even the mightiest and work towards fortifying their structure more.

Cosbycoin

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Quote from: weidex on May 09, 2019, 08:03:25 AM

And now what is your opinion about decentralized exchanges after this event? I think people will finally consider the DEXes more seriously.

People are not really making use of DEX and I don't blame them for this, because most of the decentralized exchanges are not user friendly even to developers who were not involved in the development of the platform, I think if a company can come up with a user friendly decentralized exchange, then we might begin to see a lot of volume in this exchanges, for now the volume is so low and I won't advise anyone to make use of DEX for now until it has been modified in a way that guides won't be needed to trade.

Avirunes

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Quote from: uneng on May 09, 2019, 03:47:43 PM

Quote from: Avirunes on May 09, 2019, 02:55:46 PM

Quote from: uneng on May 09, 2019, 12:50:42 PM

If Binance really protects their users from any loss regard this hacking I think there isn't any problem with this exchange. They said the amount hacked is only 2% of the total btcs the exchange has on their control. They can keep their reputation and recover this loss really fast.
I don't think this story is going to compromise decentralized exchanges, they offer a good service and if something goes wrong, users can appeal to authorities to punish the exchange, what I suppose doesn't happen in peer to peer exchanges.

Maybe they were able to cover the loss from hacking but what if losses were made to a significant degree. Would binance would still be able to cover up the losses? Tricky isn't it?

There can be much more difficult situation like this and damage to a greater degree and in that scenario I hardly think they would be able to cover the losses completely.

I think there is a very low risk of huge losses happen. Exchanges are very cautious about their funds, the biggest part of it must be stored in a safe place (maybe cold wallet), or splitted among several places to reduce risk.
But if it happened, the exchange customers would want punishment for exchange owners at least. It wouldn't finish well for platform users, with irrecoverable losses, but it would finish even worse for platform owners. That is another reason why I think exchange owners wouldn't let it happen.

What happened to Quadriga who's owner died and no one had access to cold storage access except for that owner? Its same except the hacking part.

I agree that exchange always tries to provide a better security in their platform but then again there is a term "no system is uncrackable" which you can't stop even if you are trying hard to keep the breaches away. You also can't be so sure that the losses every time will be small.

pinoy.bolanon

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Quote from: weidex on May 09, 2019, 08:03:25 AM

And now what is your opinion about decentralized exchanges after this event? I think people will finally consider the DEXes more seriously.

But binance handled it well, see, they shoulder all the loss rather than putting it to the traders, i think what they do is an eye opener for all of us, not to store funds in any exchanges.

Tipstar

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Quote from: weidex on May 09, 2019, 08:03:25 AM

And now what is your opinion about decentralized exchanges after this event? I think people will finally consider the DEXes more seriously.

This signifies the urgent need of dex. DEX in reals sense, not just another CEX disguised as DEX like we had some in the past. DEX should not collect any personal info or store them. Only users should be responsible for there fund and DEX should act as an intermediate between two users.

sukoyomi

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Quote from: SistaFista on May 09, 2019, 10:19:26 PM

Quote from: weidex on May 09, 2019, 08:03:25 AM

And now what is your opinion about decentralized exchanges after this event? I think people will finally consider the DEXes more seriously.

I think Decentralized exchange won't guarantee that your coin will be safe if you using it.
Phishing in DEX website is still possible to happening, so both centralized and decentralized exchange still not safe 100%.
Binance hack case is the worst hacking case in this year i guess.

I agree, everything is have his vulnerable. The different is in DEX we are myself that secure our fund, so if it's loss it will totally our mistake. but in CEX we are take risk with give our fund to their security team, lucky if they want to return back the lost funds, because there are some who don't want to be responsible for that.

puremage111

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https://www.blockchain.com/btc/tree/444776063

Well check this out
The coins is not able to move at least in this short period
But i believe the coins will eventually flow out when people are not taking notice of it

It did affect the market as binance is one of the top tier exchange and such incident happens create a bad impression for crypto market

Callanta787

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DEXs are temporarily useless and not useful as there isn't a single volume available so for now its plain useless maybe in the near future we might actually see new changes

Labumi

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Quote from: 103deltafox on May 10, 2019, 02:02:47 AM

Interms of security DEX are the best but when you talk about liquidity and trading volume centralised exchange are still the best. I think i will stick with centralized exchange till decentralized exchange increases in liquidity

I think you should be able to find a place of exchange that has very high security and has a very high trading volume so that your trading can be more secure and comfortable, because if you trade in a quiet exchange place that will make your assets not grow.

erikalui

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Both CEX and DEX have proved equally bad. Exchanges like Etherdelta have been hacked and after Binance, I don't think any exchange can manage to stay safe. Even an exchange like Coinbase is not safe as many users have claimed their accounts have been hacked. Even my country's local exchange has been hacked and because bitcoin transactions cannot be traced, it's not possible to track down the hacker. Has any of the hackers of these exchanges been found? The answer is No and they probably would never be found.

103deltafox

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Interms of security DEX are the best but when you talk about liquidity and trading volume centralised exchange are still the best. I think i will stick with centralized exchange till decentralized exchange increases in liquidity

Fammosh82

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Binance traders generally will also be affected, both because they won’t be able to deposit or withdraw their digital money and because, the uncertainty of who exactly is participating in those markets could lead to some mayhem. “Hackers may still control certain user accounts and may use those to influence prices in the meantime,

Melo20

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But the fact that Binance can afford to take a mulligan doesn’t excuse what appears to be a devastatingly thorough hack. And it’s unclear whether the compromise of two-factor codes and API keys will have broader implications. Most of all, it’s the latest reminder that, for all the promise of cryptocurrency, it remains a Wild West for investors. If the price fluctuations don’t get you, a hacker, a fraud, or a scam is always just around the corner

thorRJ

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Quote from: alan2here on May 09, 2019, 10:38:24 PM

Quote from: Raymondavid47 on May 09, 2019, 05:24:44 PM

All this hacks are major threats in the crypto world and we need to attend to it urgently. It's now certain that's its not safe to store your funds on a centralised exchange. Individuals needs to equip themselves with hardware or paper wallet to be safe. You can also store your cryptocurrencies in wallet where you have the private key.

This is the biggest attack this year and Binance is too subjective in security. I believe that after this case is over, Binance will have more security processes and we will be safer in this market. Now the deposit and withdrawal in Binance is postponed but it will be back soon in the next week so don't worry too much because Binance has a great support policy for everyone.

It is no use for binance or another exchange to invest heavily in security, if the weakest link in the "user" process does not perform good practices for any kind of access.

The user should pay more attention to what he is accessing, keep his assets safe with anti virus and other means of protection and even with these and other protections can be at risk of attacks.

Topic: After Binance have been compromised. - page 3. (Read 794 times)