Topic: After FTX collapse, some call for a return to decentralized roots - page 6. (Read 2008 times)
May 31, 2023, 02:04:22 AM
It will be a long time before we see true 100% dex. It's very funny when a project claims to be 100% dex, but after some danger stops the blockchain or cancels transactions.
May 25, 2023, 12:05:12 PM
As the industry continues to mature, it's possible that decentralized exchanges will improve in functionality and become more viable alternatives to centralized exchanges. It's important to monitor advancements in the DEX space and support projects that prioritize user control, privacy, and security.
Some dex has decent volume this time. People learned from FTX's case but they never learned if dex was also BS. I meant so many cases that was making the users got trapped caused by they platform goes down and they could not access their own money. DEx is good as long as it's truly decentralized but i don't even see any true decentralized dex till this time. 
May 25, 2023, 09:22:03 AM
The FTX collapse last year has made a lot of people remove mind trust on them, because of the mistake the company made, which causes a lot of damage, and lost of funds, which is also affect me as well during the time, I was liquidated in future trading position, before I could release source of dipping market, was too late, Having said that the trust of FTX collapse has more long way to go enable to build back the trust to the company.
It's true that people lose a lot of trust especially on trusting centralized exchanges. Though this put CEX into providing more quality services to users as people now are aware of the potential risk of centralized exchange. They need to improve to gain back the trust of the people that awaken their though about the risk they are into. As much as we can, we shouldn't store our money on CEX because of the history of it and the potential that it will happen again. Majority of people who become a victim of the FTX collapse won't be using it anymore and this is why the recovery of FTX is just a long shot chance. May 25, 2023, 09:03:11 AM
The FTX collapse last year has made a lot of people remove mind trust on them, because of the mistake the company made, which causes a lot of damage, and lost of funds, which is also affect me as well during the time, I was liquidated in future trading position, before I could release source of dipping market, was too late, Having said that the trust of FTX collapse has more long way to go enable to build back the trust to the company.
May 24, 2023, 07:46:13 PM
Quote
Plans to restart the bankrupt cryptocurrency exchange FTX have been confirmed in a new staffing and compensation report filed with the United States Bankruptcy Court for the District of Delaware on Monday.
The document shows that acting CEO John J. Ray III spent hours engaging in several activities to devise a revival plan for the troubled crypto exchange in April.
https://cryptopotato.com/ftx-ceo-suggests-restart-plans-for-the-exchange-in-new-compensation-report/The document shows that acting CEO John J. Ray III spent hours engaging in several activities to devise a revival plan for the troubled crypto exchange in April.
FTX will come back again in the future with new CEO and team. There have been so many plans to revive this dead exchange site. I remember that if SBF was not manipulating this exchange site for his own advantage and im sure that ftx has become as big as binance.
There have been bunch of users actively traded in FTX. I hope that i will be reviving again.
May 24, 2023, 02:33:26 PM
I know people do call out all these centralized exchanges because of their shortcoming but people forget that they are the ones that carried this space so far, the contribution of exchanges like Bitfinex, Coinbase, Binance and Bittrex that just declared bankruptcy. There is no Decentralised exchange that can replace CEX for now, how do you think the fiat enters this space? We just need to hold them to high standard and continue to call them out if we suspect any red flags.
As the industry continues to mature, it's possible that decentralized exchanges will improve in functionality and become more viable alternatives to centralized exchanges. It's important to monitor advancements in the DEX space and support projects that prioritize user control, privacy, and security. 
May 22, 2023, 12:55:42 AM
This is a risk that will happen to CEX. I have analyzed this a long time ago. CEX offers convenience and security that is done by professionals but if CEX becomes a scam it will be a big loss for the people who have entrusted their assets.
Maybe DEX is more secure but it is also risky for those who don't know about digital security. On DEX, hackers will try to hack assets by exploiting aspects of human psychology and this also has a high risk for people to lose their assets due to hacking.
Maybe DEX is more secure but it is also risky for those who don't know about digital security. On DEX, hackers will try to hack assets by exploiting aspects of human psychology and this also has a high risk for people to lose their assets due to hacking.
May 21, 2023, 06:11:42 PM
It's not just about trust. It's a matter of user-friendly. It is easier to understand CEX exchanges, it is easier to buy your first cryptocurrency. Many people have a hard time understanding metamask. A decentralized exchange is generally very difficult for them. That's why they choose CEX
The truth is that there is no way that a centralized exchange will be the best choice for purchasing your coins even though assets trading is the major role of exchange but while we are at that we must put a lot of dots on the net to know if we are ready for the risk associated with centralized exchange such as KYC and non-custodial of the fund since the exchange have total control of your coin with them and what you are given is just several balance without any form of recovering security details. So before we chose any third-party custody, we must first know the extent to which we can recover our money in case of a hack or exit scam like that of FTX.
May 21, 2023, 05:27:15 PM
Absolutely not! On the DEX we are also at risk, and quite a lot of risk. The only difference is that your cryptocurrency is stored in your wallets and with your private keys. This just means that nobody can block it for you, of course, if the blockchain itself doesn't have such a possibility (it's perfectly clear what tokens I'm talking about here). And on CEX, the exchange itself can block your account. Otherwise, there are a lot of options for fraud, theft, and deception on DEX. So, do not mislead people and tell them that DEX is completely safe and not vulnerable to hacking.
There is an opportunity to hack it. Even MM and then not so long ago I burst. And with regard to centralization, this simply contradicts the basics that Satoshi laid. And on DEX, I am of the opinion that this is a follower of ForkDelta and ForkDelta2. I had a lot of fail transactions there... 
May 21, 2023, 03:26:08 PM
I know people do call out all these centralized exchanges because of their shortcoming but people forget that they are the ones that carried this space so far, the contribution of exchanges like Bitfinex, Coinbase, Binance and Bittrex that just declared bankruptcy. There is no Decentralised exchange that can replace CEX for now, how do you think the fiat enters this space? We just need to hold them to high standard and continue to call them out if we suspect any red flags.
May 21, 2023, 07:09:01 AM
Okay, let's imagine the next case: there is a decentralized exchange, for example, it's based on its own blockchain and has a closed source. How can be such an exchange blocked?
It is not necessary to block the exchange. It is enough to own stabelcoins. USDT and USDC can block your Stablecoins. It turns out that it will be enough to pressure the issuers of stablcoins and DEX will be left without liquid stablcoins.
The second reason is the low popularity of the exchange and the resulting lack of liquidity. If there is no liquidity on the exchange, then no one can use it.
May 16, 2023, 05:27:20 AM
Okay, let's imagine the next case: there is a decentralized exchange, for example, it's based on its own blockchain and has a closed source. How can be such an exchange blocked?
May 13, 2023, 08:15:30 AM
In any case, all the major DEX sites will eventually be as regulated as the CEX sites.
May 09, 2023, 04:42:59 AM
Yes.
There will still be some risks that dexes bear and we can't avoid these risks but then, we have to be aware that these incidents that has happened with the centralized exchanges is also possible to any that we're using.
Even if they're the most reliable exchange at all, there's still the possibility that these risks will also be with them.
Of course, DEXes are not without their own risks. The lack of regulation and the potential for liquidity issues can create a higher risk environment for trading. However, with the right precautions and by following best practices for security and risk management, users can reduce their exposure to these risks. There will still be some risks that dexes bear and we can't avoid these risks but then, we have to be aware that these incidents that has happened with the centralized exchanges is also possible to any that we're using.
Even if they're the most reliable exchange at all, there's still the possibility that these risks will also be with them.
May 05, 2023, 08:44:30 AM
I would like to add that there are always risks until your money is not your pocket and no one knows about it but you. We are now seeing American banks collapse and you can lose your money in the bank. So keep your cryptocurrency on a ledger and don't tell anyone about it.
May 02, 2023, 03:44:32 PM
You bring up a valid point that using a decentralized exchange (DEX) does not necessarily mean that one is completely safe from risks such as fraud, theft, and deception. While it is true that DEXes offer some advantages, such as more control over one's private keys, it is important to acknowledge that there are still risks involved.
Yes.There will still be some risks that dexes bear and we can't avoid these risks but then, we have to be aware that these incidents that has happened with the centralized exchanges is also possible to any that we're using.
Even if they're the most reliable exchange at all, there's still the possibility that these risks will also be with them.
May 02, 2023, 03:37:56 PM
Decentralization has always been a core philosophy of cryptocurrency, and the recent security breaches at major exchanges have underscored the importance of maintaining control over one's own assets. While using a decentralized blockchain and privacy coin like Utopia P2P can offer added security, it's important for individuals to take responsibility for their own wallets and educate themselves on best practices for securing their cryptocurrency. This includes using strong passwords, two-factor authentication, and physical hardware wallets, as well as staying vigilant against potential scams and phishing attacks. Ultimately, the success of cryptocurrency will depend on a balance between decentralized control and user responsibility.
May 02, 2023, 06:03:42 AM
You bring up a valid point that using a decentralized exchange (DEX) does not necessarily mean that one is completely safe from risks such as fraud, theft, and deception. While it is true that DEXes offer some advantages, such as more control over one's private keys, it is important to acknowledge that there are still risks involved.
April 28, 2023, 06:47:47 AM
Absolutely not! On the DEX we are also at risk, and quite a lot of risk. The only difference is that your cryptocurrency is stored in your wallets and with your private keys. This just means that nobody can block it for you, of course, if the blockchain itself doesn't have such a possibility (it's perfectly clear what tokens I'm talking about here). And on CEX, the exchange itself can block your account. Otherwise, there are a lot of options for fraud, theft, and deception on DEX. So, do not mislead people and tell them that DEX is completely safe and not vulnerable to hacking.
April 24, 2023, 01:13:41 AM
You make a good point about user-friendliness being a key factor in why many people choose to use CEX over DEX. While it is true that DEXs can sometimes be more complex and difficult to use for those who are new to cryptocurrency trading, it is important to recognize that they offer a number of important benefits that CEXs do not.
One of the main advantages of DEXs is that they are often more secure and transparent than CEXs. Because they operate on a decentralized network, there is no single point of failure that can be targeted by hackers or other bad actors. Additionally, DEXs often do not require users to provide personal information or undergo KYC/AML procedures, which can help to protect their privacy.
One of the main advantages of DEXs is that they are often more secure and transparent than CEXs. Because they operate on a decentralized network, there is no single point of failure that can be targeted by hackers or other bad actors. Additionally, DEXs often do not require users to provide personal information or undergo KYC/AML procedures, which can help to protect their privacy.
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