As a newbie I think decentralise poses more threat to investors, correct me if w

GreatArkansas

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Quote from: gunhell16 on November 07, 2022, 09:57:42 PM

Quote from: XEN_Protocol on November 06, 2022, 08:40:54 AM

(....)

(....)
But when hackers enter the DEXs, what turns out to be even more unfortunate is that its users have no fight to recover their assets, suddenly you can't open their platform and you have no recourse.
(...)

True, it's like.
Before: "Not your keys, not your coins"
Now: "Your keys, not your coins"
Hahahaha. The reasons here are because of recent hacks that happened on most decentralized projects like on wallets, exchanges, or some decentralized finance (DeFi) platforms.

gunhell16

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Quote from: XEN_Protocol on November 06, 2022, 08:40:54 AM

Crypto investors talk about how decentralisation will benefits all but all I saw is how cruel decentralisation in crypto space can be, hacks and theft have make decentralized projects the perfect target.

If its centralised there will always be someone to take the blame but that's not the case with decentralised projects

1. The team will easily blame the hacker, even if its an inside job.
2. Any form of reimbursement isn't going to happen.

We all want decentralise but it deals more damage to investors than centralise, the only thing decentralise does better is freedom but that freedom is also a huge weak point.

When I was new to the crypto industry I hated centralized exchanges and preferred to use decentralized exchanges because there was no KYC required to provide them compared to centralized platform exchanges.

But when hackers enter the DEXs, what turns out to be even more unfortunate is that its users have no fight to recover their assets, suddenly you can't open their platform and you have no recourse. Unlike the centralized exchange platform, even if it gets hacked by hackers, it is somehow immediately blocked by legitimate exchanges like Binance, which we know has been hacked several times, but binance still maintains its trust because it can resolve it. the issue in this matter is even if binance loses a few million.

Jawhead999

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Nope, centralization is more threat to investors since you wouldn't know what happen in the future about the developer of the team. They has a power to freeze your coins inside of your non custodial wallet, so if you convert most of your funds to that centralized coins and the coins get frozen, you don't have any way to trade that's coin. Are you want your coins get frozen when you're already hold the coins for around 5 years above?

In Bitcoin, there's no problem or need to worry if you hold on your non custodial wallet, even you hold for 10 years, the coins will be same and you can trade it.

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Quote from: ?? on ??

Quote from: XEN_Protocol on November 06, 2022, 08:40:54 AM

Crypto investors talk about how decentralisation will benefits all but all I saw is how cruel decentralisation in crypto space can be, hacks and theft have make decentralized projects the perfect target.

If its centralised there will always be someone to take the blame but that's not the case with decentralised projects

1. The team will easily blame the hacker, even if its an inside job.
2. Any form of reimbursement isn't going to happen.

We all want decentralise but it deals more damage to investors than centralise, the only thing decentralise does better is freedom but that freedom is also a huge weak point.

There are pros and cons on both sides. You mentioned about some disadvantages of decentralization, but skip its advantages. You will not see inside manipulation or misuse of power a decentralized environment. Centralized environment just takes away your freedom with unreasonable regulation. Like India implement a 30 % tax on all crypto gains. This is a threat to crypto.

Yes, there isn't a perfect system without flaws. Centralization theoretically has good points, but on practice they are almost inexistent. We can easily see this by how decentralization was broadly adopted by many people around the world since bitcoin was launched in 2009. They did it because the centralized system wasn't fulfilling their needs and demands as individuals, otherwise there wouldn't be any reason to adopt bitcoin and so many other products the decentralized crypto market offers. I believe to be extremist isn't healthy, so we need to find a balance between centralization and decentralization in order to enjoy the best both systems have to offer.

avikz

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Op is generalizing decentralised ecosystem. Every ecosystem has its own benefits and risks. What OP is saying is just one aspect to it. Hack and theft happens in every sector, crypto is no exception. But if we stop any new innovations just because of its risk factor, no new innovations will flow into the market.

Risk will always be there and we all need to learn how to minimise the risks while maximising the benefits. With time, the crypto community will master this.

lovesmayfamilis

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Quote from: odolvlobo on November 07, 2022, 04:23:17 AM

Quote from: XEN_Protocol on November 06, 2022, 08:40:54 AM

If its centralised there will always be someone to take the blame but that's not the case with decentralised projects

They may take the blame (or not), but you still won't get your money back.

OP is one of the examples of what the government achieves by zombifying and turning people into an obedient herd. Whatever happens, the government wants to completely control the people, giving them false promises of stability and, at the same time, fearing that if they do not obey, they will face constant deception and punishment. It is no wonder that people who receive information from social networks saturated with agitation and advertising stop developing and forget about the word "freedom," since it is convenient for them not to take any responsibility but to be, as it seems to them, obedient citizens, for whom the state always and everywhere decides.
From here, we see frequent conclusions like "I have nothing to hide."

cryptoaddictchie

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Compared to what happened to a lot of hacks and stolen funds. We cant put blame on either side. Decentralized has it purpose why it works like that. Thr problem is that those theft have managed to open a line to those loophole and make their business of stealing funds. Well, thats how it work even for centralized company, the best example is virus and anti virus. These company sells software to remove those but weve found out that they are really the one deploy those to harm computer so users were able to purchase an antidote they created. Its almost same on crypto space.

odolvlobo

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Quote from: XEN_Protocol on November 06, 2022, 08:40:54 AM

If its centralised there will always be someone to take the blame but that's not the case with decentralised projects

They may take the blame (or not), but you still won't get your money back.

Coyster

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Quote from: XEN_Protocol on November 06, 2022, 08:40:54 AM

1. The team will easily blame the hacker, even if its an inside job.
2. Any form of reimbursement isn't going to happen.

I do not know the decentralized project/coin you know that this happened to, you can write out the name if any, because as far as i am concerned Bitcoin is the only true decentralized and secure coin/project and a hacker/malicious miner cannot hack/gain control of the network/hash rate. There might be other coins posing as being decentralized when truly they are centralized, you have to take special cognizance of the security level of the coin, of which Bitcoin is the most secured of all cryptocurrencies, and the above isn't possible in the network.

Quote from: XEN_Protocol on November 06, 2022, 08:40:54 AM

We all want decentralise but it deals more damage to investors than centralise, the only thing decentralise does better is freedom but that freedom is also a huge weak point.

Well i want to know what you think: would you rather a tiny group of powerful people make decisions on important matters that affect you, or would you rather prefer that you and other member's of the said group/community/society be involved in coming up with decisions that favors your common goal, now relate that expression with centralized and decentralized coins and you have your answer in your palms.

Mr.right85

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Quote from: XEN_Protocol on November 06, 2022, 08:40:54 AM

Crypto investors talk about how decentralisation will benefits all but all I saw is how cruel decentralisation in crypto space can be, hacks and theft have make decentralized projects the perfect target.

If its centralised there will always be someone to take the blame but that's not the case with decentralised projects

Is it about someone getting to take the blame after it happens or its about being secured?
Even centralised systems gets hacked too don't you think?

Well I can agree with you that there is always a downside to every project and you don't expect decentralisation not to have one. It all becomes a matter of preference in the end but, you can't really blame it on decentralisation. It's the services it offers and it comes with an advantage that makes it a choice for some.

For these reasons, projects that follows this network has got some tight security that starts and ends with you.

Kingkongs

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First thing I would like to ask you is this, What's your own understanding of Decentralized, Is slavery now better than freedom,
How could you embrace Surferness over rest and peace of mind.

Lucius

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Quote from: XEN_Protocol on November 06, 2022, 08:40:54 AM

We all want decentralise but it deals more damage to investors than centralise, the only thing decentralise does better is freedom but that freedom is also a huge weak point.

Maybe you are under some specific influence of some projects that ended badly, but the vast majority of projects in the world of crypto currencies are centralized and that is exactly the biggest problem. If we take the example of Terra/Luna, tell me how centralized is better, or how is it better for one person to decide that POS is better than POW and steer the whole project in that direction?

I don't know what you see as the problem of Bitcoin decentralization and what exactly causes the damage you are talking about? Centralization is the real problem, because if one or two people decide on everything, are all those who participate in that project just pawns that someone can move around as they please?

Zaguru12

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Taking blame? How many centralized bodies have actually take the blame for every mistake. I would rather have myself take responsibility when I lose my coins than been giving excuses by some body. Nothing could be 100% perfect but with decentralization I can rely on many nodes to take charge rather than a single body restricting me when I wish to have access to my funds.

Decentralisation surely have its little cons but certainly its pros are greater than its cons. And with the everyday evolution of technology I only see it getting better.

Quote from: XEN_Protocol on November 06, 2022, 08:40:54 AM

the only thing decentralise does better is freedom but that freedom is also a huge weak point.

I would certainly like to know more from you why you wouldn't prefer freedom and why you think restriction does not poses more threat

Cantsay

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This is just an excused of someone who doesn't know the true meaning of freedom. if truly you know what it means to be in control of your funds then you won't be spitting out BS.

Quote from: https://wazirx.com/blog/what-is-centralization-risk/#How_is_centralization_risk_an_issue

Centralization risks are vulnerabilities that both unethical project developers and outside attackers may use to their advantage. They may be used in various attacks, including rug pulls, endless minting exploits and more.
https://wazirx.com/blog/what-is-centralization-risk/#How_is_centralization_risk_an_issue

you should read the whole article where I copied from to know the risk the centralized system truly poses.
Compare to the decentralized system the centralized system has more devastating disadvantage than the decentralized.

I think you might have to change the idea you have for the centralized system.

bitmover

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Quote from: XEN_Protocol on November 06, 2022, 08:40:54 AM

Crypto investors talk about how decentralisation will benefits all but all I saw is how cruel decentralisation in crypto space can be, hacks and theft have make decentralized projects the perfect target.

First of all, bitcoin is not about Investors. It is about freedom to individuals.

Decentralization is important not for investors, but for network users.

Investors focus and objective is the profit, returns, etc.

Users of the network are worried about privacy, censorship, freedom.

jackg

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What does the blame become though? One of the people who helped cause the 2008 financial crisis is now prime minister in the UK (although he was only elected by ~200 people). Since the crisis, no one was prosecuted either (this is just one example).

I've seen lots of examples where people actively doing good have ended up in much worse positions than those who do badly, this might not change with decentralisation but there's a hope it could change with society.

A decentralised economy, however, isn't a new thing. It's what most places would have had before imperialism (similar to colonialism) and is not something people aren't already used to. Protections like chargebacks are available with centralised authorities but they can also lead to scams and other problems. CBDCs may offer a helpful alternative for those who would lose money using crypto because of its lack.of a central authority, but you'll be waiting a while for that and bitcoin has better utility and probably will continue to.

XEN_Protocol

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Crypto investors talk about how decentralisation will benefits all but all I saw is how cruel decentralisation in crypto space can be, hacks and theft have make decentralized projects the perfect target.

If its centralised there will always be someone to take the blame but that's not the case with decentralised projects

1. The team will easily blame the hacker, even if its an inside job.
2. Any form of reimbursement isn't going to happen.

We all want decentralise but it deals more damage to investors than centralise, the only thing decentralise does better is freedom but that freedom is also a huge weak point.

Topic: As a newbie I think decentralise poses more threat to investors, correct me if w (Read 163 times)