After FTX collapse, some call for a return to decentralized roots - page 10.

Sayeds56

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Eloncoin.org - Mars, here we come!

Quote from: AakZaki on November 29, 2022, 10:35:27 AM

Quote from: o48o on November 28, 2022, 01:20:51 AM

Neither we should trust DEX smart contracts to store them for too long time. As at least when we trust CEXes, they get sued after messing up, You can't sue a faulty hacked smart contract. And what comes to praising decentralization in general, it almost always has centralized elements. Like wrapped btc that just got depegged supposedly because of Almada Research minted it a lot.

DEX also cannot be fully trusted, because some DEXs are managed by scammers who will easily take our assets. As you said, no one can sue Smart Contracts if they commit fraud and take the assets of the users, they will just disappear. In contrast to CEX which will be demanded by its users directly. The main security is actually in its own use. they must be aware that crypto is very risky, and must be really good at keeping their own assets safe. A personal wallet is a safe place that can be managed alone.

You are absolutely right, CEX or DEx, none of them is free from risk of hacking, either DEX or non-custodial wallets are not 100% secure, so many incidents have been reported in media about hacking of investors' money was stolen by DEFIs as well online wallets were hacked. Big exchanges like Binance and Coinbase have reliable security system as well as funds are protected by insurance cover.

Bitstar_coin

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Undeads.com - P2E Runner Game

Quote from: cabron on November 22, 2022, 11:54:29 AM

People had already reacted to what happened, Trezor reports 300% revenue increase after FTX fiasco. This is a good result after a catastrophic warning. It's for the best before the exchanges which act like banks freeze your assets.

Some revolutionaries like Snowden also said 'I told you so' which he emphasized that crypto is heading in the wrong direction when people are storing coins on a centralized/3rd party.

Utopia P2P has to prove more.

I think it was a wake-up call for most crypto investors who have ignore all the warnings from like minded crypto enthusiast and continue storing their crypto on exchange instead of their personal wallet. After the incidence, i guess we can see the response base of the high percentage recorded by Trezor after ftx collapse.
Maybe people never believe a big exchange with huge capital can dissolve so quickly but now people are beginning to understand that nothing is impossible. We should always work towards protecting our funds.

MaleFale

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hello people, my name is Marcus, I have been a crypto investor for 7 years, I lost a lot on the collapse of the FTX, I lost $ 470k, I am looking for the same people to collect additional information and file a class action, I have already dug up some interesting information that can help us, if you want to participate or get acquainted, write to the bos

here are the files for review
archive pass: "ftxscam2022" https://[Suspicious link removed]/4m9sazba

zasad@

legendary

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https://www.axios.com/2022/11/29/sam-bankman-fried-100000-ftx-cftc-regulation
"Exclusive: Sam Bankman-Fried says he's down to $100,000
Sam Bankman-Fried had $100,000 left in his bank account last time he checked. In an interview, the former FTX CEO pointed to both personal failures and regulatory gaps to help explain the implosion of his company."

yazher

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You own the pen

In that case, people should really be careful because once it becomes a trend, scammers will also take advantage by creating their own version of decentralized exchanges with lots of freebies so that they can gather as many victims as they want. It was a huge tragedy that happened on FTX I think it was the worse case after what happened on MtGox but we need to understand that things like this always happened in the crypto industry but it won't gonna be the cause of its total destruction rather it's a good experience so that we can learn from it in the future.

Questat

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Everything happens when it regards to scam exchanges and losing our funds in exchange gives us a lesson to ponder.
It realizing us the risk when we don't have control of our money. Because whatever will happen to them (exchanges) will surely never take full responsibility and give your money back but rather hear many excuses and ended up getting nothing from them. It is very disappointing but we also blame ourselves first because this is not supposed to happen if we never store our money in them.

Whether it was DEX or CEX, this still possible to happen and that is what we need to avoid.

wxa7115

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Quote from: Yatsan on November 29, 2022, 06:31:06 PM

No matter how you look at it, exchanges are not meant for your assets to be stored with, for a long period of time. For reasons even if the FTX incident happened; people would get easier access with your funds especially if you are using mobile phone. Unlikely with wallets wherein you'll be needing passcodes from time to time you are accessing your funds which means better security.Another thing is being easily tempted with making your action such as selling or buying. Decisions should be well backed with ideas before engaging into it. If your funds will be stored in wallets, you'd be more hesitant 'moving'. These are just more practical reasons why putting your assets in a wallet, would be much better. Practical and logical reasons of why it should be done is better than to think of reasons because of the recent issue, which may just feed the worries of new ones in this industry.

People are simply using exchanges in the wrong way and they do not want to admit it, if a person used a hammer for a problem that required a screwdriver you will soon point out their mistake and try to correct them, and we see the same problem with exchanges.

People use them as their main wallets as they think this arrangement is more practical, especially if they want to trade the market as well, however by doing so they are giving up the greatest advantage and reason to be of bitcoin, which is to store you coins on your own and in a way become a bank.

Yatsan

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Leading Crypto Sports Betting & Casino Platform

Quote from: AakZaki on November 29, 2022, 10:35:27 AM

Quote from: o48o on November 28, 2022, 01:20:51 AM

Neither we should trust DEX smart contracts to store them for too long time. As at least when we trust CEXes, they get sued after messing up, You can't sue a faulty hacked smart contract. And what comes to praising decentralization in general, it almost always has centralized elements. Like wrapped btc that just got depegged supposedly because of Almada Research minted it a lot.

DEX also cannot be fully trusted, because some DEXs are managed by scammers who will easily take our assets. As you said, no one can sue Smart Contracts if they commit fraud and take the assets of the users, they will just disappear. In contrast to CEX which will be demanded by its users directly. The main security is actually in its own use. they must be aware that crypto is very risky, and must be really good at keeping their own assets safe. A personal wallet is a safe place that can be managed alone.

No matter how you look at it, exchanges are not meant for your assets to be stored with, for a long period of time. For reasons even if the FTX incident happened; people would get easier access with your funds especially if you are using mobile phone. Unlikely with wallets wherein you'll be needing passcodes from time to time you are accessing your funds which means better security.Another thing is being easily tempted with making your action such as selling or buying. Decisions should be well backed with ideas before engaging into it. If your funds will be stored in wallets, you'd be more hesitant 'moving'. These are just more practical reasons why putting your assets in a wallet, would be much better. Practical and logical reasons of why it should be done is better than to think of reasons because of the recent issue, which may just feed the worries of new ones in this industry.

cryp222

newbie

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OneArt CEO shared some important points I completely agree with. Decentralized is the main idea of crypto, but what is going on now? CEXs create a sense of security, and that's why people use them. You need to enter your email or phone number and use Google authentication as you're used to doing on other platforms.
It's 100% clear - an exchange is not the place to store assets.
Here's the article, check it out: https://oneart.digital/en/blog/the-other-side-of-crypto-back-to-the-beginnings

o48o

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Quote from: l8orre on November 28, 2022, 01:34:43 PM

Please realize that there is atomicdex, that does not operate with SCs, but on plain UTXO blockchains, and hence does not have any SC risk.

Atomic Swap is something i have meant to read about but postponed it for a long time now. I admit i don't know anything about yet, so i'll come back after researching to comment something later on. So thanks for the tip. I thought that all of these DEXes would be based on some sort of SC.

Jaered

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Its unfortunate how FTX turned out to be. SBF who many has looked up to be the knight in the shining armor for crypto is the main villain, making away with investor fund and staying put at the Bahamas where extradition is impossible

AakZaki

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zknodes.org

Quote from: o48o on November 28, 2022, 01:20:51 AM

Neither we should trust DEX smart contracts to store them for too long time. As at least when we trust CEXes, they get sued after messing up, You can't sue a faulty hacked smart contract. And what comes to praising decentralization in general, it almost always has centralized elements. Like wrapped btc that just got depegged supposedly because of Almada Research minted it a lot.

DEX also cannot be fully trusted, because some DEXs are managed by scammers who will easily take our assets. As you said, no one can sue Smart Contracts if they commit fraud and take the assets of the users, they will just disappear. In contrast to CEX which will be demanded by its users directly. The main security is actually in its own use. they must be aware that crypto is very risky, and must be really good at keeping their own assets safe. A personal wallet is a safe place that can be managed alone.

Sethrey

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Quote from: avikz on November 24, 2022, 12:54:49 PM

Well this debate between centralized and decentralised environment will be ongoing as long as the crypto ecosystem will exist. So let's not try to find a solution or a conclusion here! We all need to focus on what we can do to save ourselves from any future mishaps.

Just don't keep your coins in any exchange. Whenever you are done with your day trade, just withdraw the proceeds to your own wallet. That's how you can save your money. Crypto veterans have been saying this since a long time now.

It's the first time I hear about people keeping their money on exchanges. As I always choose the ones where I have to enter my wallet address where I will get the exchanged funds..

l8orre

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Quote from: o48o on November 28, 2022, 01:20:51 AM

Quote from: AmoreJaz on November 22, 2022, 06:27:58 PM

well, you have a good point on this matter. it depends on the person who is holding the funds. not many people are trusting their capability of holding their keys, this is why some people still store their funds in CEXs. but for those regular crypto users/traders, we need to remind ourselves not to store funds in CEXs for long time. better secure it in our own wallets.

Neither we should trust DEX smart contracts to store them for too long time. As at least when we trust CEXes, they get sued after messing up, You can't sue a faulty hacked smart contract. And what comes to praising decentralization in general, it almost always has centralized elements. Like wrapped btc that just got depegged supposedly because of Almada Research minted it a lot.

Please realize that there is atomicdex, that does not operate with SCs, but on plain UTXO blockchains, and hence does not have any SC risk.

o48o

legendary

Activity: 2800

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Leading Crypto Sports Betting & Casino Platform

Quote from: AmoreJaz on November 22, 2022, 06:27:58 PM

well, you have a good point on this matter. it depends on the person who is holding the funds. not many people are trusting their capability of holding their keys, this is why some people still store their funds in CEXs. but for those regular crypto users/traders, we need to remind ourselves not to store funds in CEXs for long time. better secure it in our own wallets.

Neither we should trust DEX smart contracts to store them for too long time. As at least when we trust CEXes, they get sued after messing up, You can't sue a faulty hacked smart contract. And what comes to praising decentralization in general, it almost always has centralized elements. Like wrapped btc that just got depegged supposedly because of Almada Research minted it a lot.

kelonmusk

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Cryptocurrencies are based on the idea that you should be able to hold your own wealth and not have to trust a third party with it. But, when the crypto exchange FTX collapsed and took with it its users' assets, it called into question how safe holding your own crypto really is.

Everyone wants their assets to be held in an exchange or by a third-party service, but those are vulnerable to theft, hacks, and scams. In world of cryptocurrency, even the biggest exchange platforms aren't safe. That's why you need to keep your crypto in a personal wallet.

A single private key can unlock a wallet, which means that every time you want to spend or move your crypto, you have to be ready for all manner of potential security breaches. Especially since there's no way to undo a crypto transaction once it's been completed. It's still safer than a global exchange like FTX.

ajochems

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Holding the coins in exchange was became a not safety option to current situation. The funds from crypto FTX was flowing in the market by the different ways. The people with good amount of money will inverse their in good coins like ADA, Ripple, Trx in the current market situation. Decentralised concept is essential one for the good raise in the price of that coin. When the price of decentralised coins is only controlled only by the investors and users. It’s can’t control by the company or owner of that coin for the longer period.

Yaunfitda

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Quote from: TimeTeller on November 24, 2022, 05:38:36 PM

Quote from: Johnyz on November 24, 2022, 05:32:48 PM

Quote from: jrrsparkles on November 23, 2022, 03:06:01 PM

The actual problem is the users because they are using exchanges apart from what it is supposed to be for example to keep their cryptocurrencies for long period. Maintaining a crypto wallet isn't that complicated but for someone who is having millions worth of crypto definitely needs more responsibility for the security of their funds but it doesn't mean they have to seek help from the centralized service.

This is another costly way of learning for them and for sure not the last exchange to experience the same faith. We should adopt hard wallet now and store are crypto there which is more safe. What happened to FTX is the worst, we didn’t see that their platform will be close in just a week after the issue has been exposed. This is a good call to go back to the decentralized platform if its for the benefit of my own safety, I’ll start doing this.

This definitely showed that even top exchanges can collapse without a warning.
So yes, another hard lesson for people who are storing their funds in a centralized exchange.
A reminder to all that if it is not your keys, not your coins. A situation where nobody saw this coming.
Imagine a big and top exchange, having such big problem all along.

Right, on the other hand, even if we do our DYOR, it's not enough at this point. Because if this people behind has really bad intentions, so we can't really protect our selves right? Good thing is that I don't used or haven't used FTX at all, maybe because I'm not in the US and so would rather used my local exchange or just Binance.

Not saying Binance will not collapse or something, but they have been in the business for like 5 years now, and has built a solid reputation. Not sure when does FTX born, but it seem that it is build later than Binance. But yes, we might withdraw funds on exchanges, and keep our coins in a wallet that we have control.

TimeTeller

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Quote from: Johnyz on November 24, 2022, 05:32:48 PM

Quote from: jrrsparkles on November 23, 2022, 03:06:01 PM

The actual problem is the users because they are using exchanges apart from what it is supposed to be for example to keep their cryptocurrencies for long period. Maintaining a crypto wallet isn't that complicated but for someone who is having millions worth of crypto definitely needs more responsibility for the security of their funds but it doesn't mean they have to seek help from the centralized service.

This is another costly way of learning for them and for sure not the last exchange to experience the same faith. We should adopt hard wallet now and store are crypto there which is more safe. What happened to FTX is the worst, we didn’t see that their platform will be close in just a week after the issue has been exposed. This is a good call to go back to the decentralized platform if its for the benefit of my own safety, I’ll start doing this.

This definitely showed that even top exchanges can collapse without a warning.
So yes, another hard lesson for people who are storing their funds in a centralized exchange.
A reminder to all that if it is not your keys, not your coins. A situation where nobody saw this coming.
Imagine a big and top exchange, having such big problem all along. A very disappointing part for most holders.
This is one of the reasons why a lot are still hesitant to join the crypto market. We can't tell which one will last long.

Johnyz

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Quote from: jrrsparkles on November 23, 2022, 03:06:01 PM

The actual problem is the users because they are using exchanges apart from what it is supposed to be for example to keep their cryptocurrencies for long period. Maintaining a crypto wallet isn't that complicated but for someone who is having millions worth of crypto definitely needs more responsibility for the security of their funds but it doesn't mean they have to seek help from the centralized service.

This is another costly way of learning for them and for sure not the last exchange to experience the same faith. We should adopt hard wallet now and store are crypto there which is more safe. What happened to FTX is the worst, we didn’t see that their platform will be close in just a week after the issue has been exposed. This is a good call to go back to the decentralized platform if its for the benefit of my own safety, I’ll start doing this.

Topic: After FTX collapse, some call for a return to decentralized roots - page 10. (Read 2008 times)