Topic: Are centralized projects more reliable right now? (Read 311 times)
Not necessarily and I believe that the great demand at this moment is for utility and updates of the project, that is, the project that has been active until now can be rewarded by the recognition. On the other hand, centralization generates a movement of scarcity and supply and demand, generating great demand in the bull market. However, it's a relative theme and with several points for reflection.
Centralized projects are just doing it better than decentralized projects, we have faith in Decentralized projects because they are the true definition of crypto and blockchain, there shouldn't be anything centralized about crypto but unfortunately the so called decentralized projects that investors trust better and relied on are mostly complete failure, it's sad but true
Now many new projects are called decentralized for the sake of hype, because it attracts more people, although they may not be entirely decentralized. Personally, I think that decentralization is not so good, it should be in moderation.
Many new projects using the name decentralized aren't capable to be fully decentralized because what they offer are more like centralized ideas, it's shocking that many DeFi projects got hacked in 2020, this will forever be remembered in crypto history, why are DeFi projects easily getting breached by hackers ? Are centralized projects and platform a more reliable option right now? Why DeFi?
This has been a thing of concern in the defi platform, like you pointed out, for quite some time now defi platfoem has witness continous hack on different ocassions which left me also thinking how vulnerabloe the defi platform have been, to me, the security level is very weak,
centralize project has also witness hacks in recent times but not as frequent as what is happening on ht e defi project, it is a worrisome situation.
At this now i think if you have enough knowledge about the market, but wait i just noticed here that the safety level has been an issue in every area, so i don't want to compare which one is safer than the other, instead of thinking about this stage, people need to learn more about this market. What has happened in the market over the past few years has been the clearest testament that both decentralization and decentralization in crypto need to be further upgraded.
Many new projects using the name decentralized aren't capable to be fully decentralized because what they offer are more like centralized ideas, it's shocking that many DeFi projects got hacked in 2020, this will forever be remembered in crypto history, why are DeFi projects easily getting breached by hackers ? Are centralized projects and platform a more reliable option right now? Why DeFi?
I understand you perfectly and what you said is true but still there are strong DeFi projects out there, let's use Chainlink for an example, there are better DeFi projects in crypto space, some have been in existence since 2018, the reason why we have too many failures from DeFi projects this year is because of the DeFi hype, new developers rushed to build their own DeFi projects to take advantage of DeFi hype and this is the end result, more hacks
Alot of decentralized project are called so but they are innerly centralized. Hacking is a part of our entity and it happens everywhere. But the DeFi hacking is not a surprise, I just hope they get more secure because if it continues its dangerous.
Even centralized project could easily get hacked. I mean, forget about these small half-assed project remember the exchanges breaches. I'm pretty sure those exchange invested heavily for their security but see? they still got breached by the hackers.
With that logic it's only normal that these defi projects which supposedly have lower funding will have exploit or hole in every corner although that's not a reason to justify the hacking or security breach.
The only way to lose funds on DEX is buying the wrong or fake tokens but if hacks happens on top centralized exchanges you will get your money back, that's the power of top exchanges, they have a backed up funds just incase something bad happens, binance exchange for example, I trust centralized exchanges more right now With that logic it's only normal that these defi projects which supposedly have lower funding will have exploit or hole in every corner although that's not a reason to justify the hacking or security breach.
Reliable in what way? If doing their job right is what you meant then i totally agreed but don't play with your funds on Centralized exchanges just because they offer the best customer services, you can't trust centralized exchanges with your funds, but every other things apart from funds ( no access to wallet keys ) Centralized exchanges performs better than DEX
Even centralized project could easily get hacked. I mean, forget about these small half-assed project remember the exchanges breaches. I'm pretty sure those exchange invested heavily for their security but see? they still got breached by the hackers.
With that logic it's only normal that these defi projects which supposedly have lower funding will have exploit or hole in every corner although that's not a reason to justify the hacking or security breach.
With that logic it's only normal that these defi projects which supposedly have lower funding will have exploit or hole in every corner although that's not a reason to justify the hacking or security breach.
Many new projects using the name decentralized aren't capable to be fully decentralized because what they offer are more like centralized ideas, it's shocking that many DeFi projects got hacked in 2020, this will forever be remembered in crypto history, why are DeFi projects easily getting breached by hackers ? Are centralized projects and platform a more reliable option right now? Why DeFi?
Reliable? No.
Easier to manage and scalable (to an extend), yes.
Many projects have good ideas, but don't have knowledge or infrastructure to make it happen as they want
The problem is not with the idea but more with the project. There are defi projects that are horrible and not really doing any important changes to defi world so they just get hacked very easily because their code is horrific. This is really not about defi or cefi or anything like that, there has been plenty of projects that got hacked in the centralized world as well, I remember clearly few myself because I was affected.
However the thing that usually doesn't get hacked is the blockchain and coins, if you create a project but have a website or a system on top of it, that could get hacked. Just to give example UNI token is a token with a blockchain, that probably won't be hacked but UNISWAP is a website where people trade, that could get hacked know the differences.
However the thing that usually doesn't get hacked is the blockchain and coins, if you create a project but have a website or a system on top of it, that could get hacked. Just to give example UNI token is a token with a blockchain, that probably won't be hacked but UNISWAP is a website where people trade, that could get hacked know the differences.
I'd go with centralized projects and exchanges right now, they are more reliable and safer than all these so called decentralized projects, the ideas behind DEFI is cool though but projects claiming to be DEFI are all not living up to their standards, centralized projects have their flaws too but DeFi are suppose to be better
Many new projects using the name decentralized aren't capable to be fully decentralized because what they offer are more like centralized ideas, it's shocking that many DeFi projects got hacked in 2020, this will forever be remembered in crypto history, why are DeFi projects easily getting breached by hackers ? Are centralized projects and platform a more reliable option right now? Why DeFi?
Yes it seems like centralized projects are more stable, more secure and more profitable at the moment.DeFi is a great concept but i think it will take some time to stabilize and mature.
Many new projects using the name decentralized aren't capable to be fully decentralized because what they offer are more like centralized ideas, it's shocking that many DeFi projects got hacked in 2020, this will forever be remembered in crypto history, why are DeFi projects easily getting breached by hackers ?
There are too many DeFi projects, and most of these stem from amateurs re-using and re-purposing of the same free-source code. You can imagine that without a proper audit how that code could be liable to hacking. It is true some project despite being advertised as decentralised, this only represents the minority of the project runs and maintenance where the majority is still somewhat centralised. But does that mean centralisation is better than decentralisation??? In my opinion, of course not. Centralisation was the main 'enemy' of independent financial services and history has shown that this is not the best way. This is why I side with 'real' decentralisation.
Quote
Are centralized projects and platform a more reliable option right now? Why DeFi?
Just because XRP has done insanely well, I do not think it is a true representation of a centralised crypto. I think, what really helped was the wide adoption but I do not think it would be a wise strategy to copy the XRP centralisation system and hope for the same return. However, I do think this is only a phase, though.
I think the lack of resources and knowledge has led those projects into their graves. Cant blame them. Just think of them as start-ups which mostly failed after the first 3 months.
However, centralized projects are not as good as you think. If you like the centralization, just use Fiat and banks. They are more reliable because of their long existence. Would you risk your money for an unknown project?
However, centralized projects are not as good as you think. If you like the centralization, just use Fiat and banks. They are more reliable because of their long existence. Would you risk your money for an unknown project?
Why Defi. My opinion is talking about investment opportunities. For the current moment, the majority of developers/investors prefer Defi-based projects. This is very reasonable given the value of the technology being carried and the increase in participants and values so that Defi is the initial choice.
Where there are advantages there are always drawbacks and this is a challenge for providers to anticipate so those hacking incidents can be minimized.
Where there are advantages there are always drawbacks and this is a challenge for providers to anticipate so those hacking incidents can be minimized.
Many new projects using the name decentralized aren't capable to be fully decentralized because what they offer are more like centralized ideas, it's shocking that many DeFi projects got hacked in 2020, this will forever be remembered in crypto history, why are DeFi projects easily getting breached by hackers ? Are centralized projects and platform a more reliable option right now? Why DeFi?
The main goal of crypto is decentralization but unfortunately new crypto projects of today are pretending to be fully decentralized and they will go back and do some adjustments to something that was created never to be tampered with, my own advice for new devs is to let investors know where they start, it's not a must to be a decentralized project.
Decentralization is one of the goals of blockchain which is free from third parties or other parties who want to intervene, but when a platform has technology that only seems to "imitate" or copy-paste, believe that a centralized system will be better
Many new projects using the name decentralized aren't capable to be fully decentralized because what they offer are more like centralized ideas, it's shocking that many DeFi projects got hacked in 2020, this will forever be remembered in crypto history, why are DeFi projects easily getting breached by hackers ? Are centralized projects and platform a more reliable option right now? Why DeFi?
It's not very hard to see, we all want full decentralization but what works better in crypto space today is still centralized platforms, look at the whole crypto marketcap, centralized exchanges have the highest liquidity and volumes combined, DEX aren't even close and after UNISWAP ( presently the best DEX ) started losing its volume after DeFi hype slowly fades away, with the way I'm seeing things centralized projects are far more reliable Many new projects using the name decentralized aren't capable to be fully decentralized because what they offer are more like centralized ideas, it's shocking that many DeFi projects got hacked in 2020, this will forever be remembered in crypto history, why are DeFi projects easily getting breached by hackers ? Are centralized projects and platform a more reliable option right now? Why DeFi?
Don't trust those decentralized project most especially DeFi, they find it easy to change smart contract address for one reason or the other and they are still claiming to be fully decentralized, it's a trick to attract investors to their projects, I suggest you find ways to make money out of them and invest on better projects
The name DeFi is been used to take advantage of the hype months ago, don't rely on decentralized projects to keep your funds safe, even Scammers have their ways to scam DEX exchange users, both centralized and decentralized projects aren't 100% safe, the only place where your funds is safe is your wallet that you owned private keys
Decentralized finance became a fancy name to promote and attract investors. Some DeFi project that is meant to be Decentralized more like a centralized project. But the real DeFi project has a good future ahead of them especially Decentralized exchange. But they need to be more user friendly first. Security also something that needs to be improved in these sectors.
they are using the name decentralized because it was hot this year but they dont fix their product if what is it really meant to be .decentralized exchange has a higher success over the other decentralized projects because it will be used everyday by crypto traders .
exchange wont never be out of trend and its why we have many of them . it will be a tough business to venture if your not creative and introduce a new concept that will outsmart the others .
Almost everyone in crypto space have high hopes on decentralized projects, they believe that with decentralized ability they are safe from laws and government and other things that's only available through centralized projects and platforms but what they don't know is new DeFi projects are just using decentralized wrongly, most new projects today are from inexperienced team, decentralized isn't to be blame here
Just because decentralised project is not perfect yet centralised project is not the soul of crypto. Satoshi vision is to make decentralised system which is not only few people taking full control like Bank. Just support the dev by buying in legit ICO. Legit developer will create someyhing good someday.
Many new projects using the name decentralized aren't capable to be fully decentralized because what they offer are more like centralized ideas, it's shocking that many DeFi projects got hacked in 2020, this will forever be remembered in crypto history, why are DeFi projects easily getting breached by hackers ? Are centralized projects and platform a more reliable option right now? Why DeFi?
This case scenario borders many angles. First, I would say decentralized projects are more reliable because they bears the true idea/concept of the crypto space thus leading to more transparency and accountability, however there are a good number of projects just using that term "decentralization" while in reality, they are not, that is, they are just using it to attract people and nothing more. Secondly, centralized projects are also good but somewhat reliable and thus depends on the project and its team, a project like XRP has changed status quo, but can same be said of a whole lot of centralized projects coming up now? No. Thirdly, in the case of Defi projects, they are meant to be truly decentralized but with them getting hacked, it is a sign that something is actually wrong and I can't really fathom who to blame, but most likely the team.
Therefore with all these, my opinion is, there are good decentralized projects and good centralized projects as well, and in addition to this, choosing the project to invest should be based on the idea and use case as they are the most important deciding attributes.
Decentralized finance is nonsense, simply because they use cryptocurrency they call it a decentralized system with confidence. In fact, their financial circulation is centralized on the platform they make. To make matters worse, their platform was not really ready to use which triggered a hack.
It seems like there is no difference between decentralized and centralized projects anymore in crypto space, most especially those crappy DeFi projects that claim to have better features, telling investors that their funds are safe but they are all wrong, I started having a second though about DeFi projects when kucoin hack took place weeks back, many DeFi projects find it easy to switch their smart contract just like that, what is full decentralized in that?
Yes that's true, only DIA decide not to change their smart contract because doing so is practicing centralization, they cope with the situation and find other solution to control the loss fund from shrinking the whole volume, they block the available volume on uniswap somehow because that's the only way the scammer can sell the stolen fund, it's a smart move
It seems like there is no difference between decentralized and centralized projects anymore in crypto space, most especially those crappy DeFi projects that claim to have better features, telling investors that their funds are safe but they are all wrong, I started having a second though about DeFi projects when kucoin hack took place weeks back, many DeFi projects find it easy to switch their smart contract just like that, what is full decentralized in that?
Many new projects using the name decentralized aren't capable to be fully decentralized because what they offer are more like centralized ideas, it's shocking that many DeFi projects got hacked in 2020, this will forever be remembered in crypto history, why are DeFi projects easily getting breached by hackers ? Are centralized projects and platform a more reliable option right now? Why DeFi?
Well this is strictly for those who thinks that decentralized solveth all things in crypto space, the only true decentralized project I recognize is Bitcoin, it makes more sense that we don't know who the real Satoshi Nakamoto really is, he did this intentionally to follow the true decentralized idea
Probably we are all vulnerable to hackers and even those decentralized market are prone to that so don't over confident with those decentralized project. Anyway, you have to choose on what's best for you because DeFi is doing great right now despite of those incidents but there's no guarantee that they can be more safe compare to CeFi, so its your choice to make and a hard decisions to do.
Many new projects using the name decentralized aren't capable to be fully decentralized because what they offer are more like centralized ideas, it's shocking that many DeFi projects got hacked in 2020, this will forever be remembered in crypto history, why are DeFi projects easily getting breached by hackers ? Are centralized projects and platform a more reliable option right now? Why DeFi?
Jump to: