Topic: Bancor - Decentralized ? - page 2. (Read 348 times)
I think the platform/exchange is decentralized but clearly the token isn't. Won't go near any token that isn't decentralized personally. That's the whole point of crypto.
I had a lot of faith in Bancor because it was decentralized.
However, at present, it can freeze its own tokens, while other tokens are still out of control, so I think other tokens are still trading reliably.
However, at present, it can freeze its own tokens, while other tokens are still out of control, so I think other tokens are still trading reliably.
Etherdelta was decentralized too. But it was hacked by replacing domain address. There is nothing safe in the internet at all) You can be hacked everywhere.
Its decentralized but until now there are no perfect codes that written to be able to fully secure tokens its breakable, hackers are more intelligent than codes this kinds of decentralized exchanges must regularly conduct hacking rewards to break their system and to update security loopholes.
I think a decentralized exchange should be like what Charlie Lee said: "it can't lose customer funds nor freeze it". (https://twitter.com/SatoshiLite/status/1016499756158234624)
it is impossible to have a truly decentralized exchange.the logic that if the development team of a decentralized market does not have access to freeze its users 'funds, the development team's computers must be destroyed to prevent them from freezing their users' funds. I as a software engineering scholar was taught science to maintain the system I created. of course the development team of a decentralized exchange has that knowledge. they will not let their system run by itself without their access rights. this is reasonable in the world of software engineering.
It's not an impossible thing. A exchange that executes P2P trading after matching orders can be truly decentralized ones. It's not that difficult to achieve and would be faster and less heavy for the network. They can use their own token for the gas. The smart contract should be made to execute only when the matching happens.
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People say that if it was a completely decentralized exchange then it should have lost the funds.
Correct me if I'm wrong, but isn't Bancor the one who holds the control of the smart contract? If they control it, then, of course, they can change the code to make sure there is no transaction going in or out from their smart contract. AFAIK, in a decentralized exchange, your funds need to be sent to the contract address first before it went directly to other wallets.
actually the same as centralized exchange but less stricter. I wonder what if someone just found the hole to get through to the smart contract, what will happen by that.
I think a decentralized exchange should be like what Charlie Lee said: "it can't lose customer funds nor freeze it". (https://twitter.com/SatoshiLite/status/1016499756158234624)
it is impossible to have a truly decentralized exchange.the logic that if the development team of a decentralized market does not have access to freeze its users 'funds, the development team's computers must be destroyed to prevent them from freezing their users' funds. I as a software engineering scholar was taught science to maintain the system I created. of course the development team of a decentralized exchange has that knowledge. they will not let their system run by itself without their access rights. this is reasonable in the world of software engineering.
Bancor - a Kenya based exchanged which is known for its establishment of smart tokens got recently hacked. Bancor was said to be a decentralized exchanged but was recently compromised by hackers and suffered a huge loss of $23 million. People say that if it was a completely decentralized exchange then it should have lost the funds. Bancor said they were able to freeze a portion of amount in the hack which again raised the question as a decentralized exchange cannot be able to freeze the funds.
What are your thoughts on this ?
News on cointelegraph : https://cointelegraph.com/news/bancor-urges-industry-players-to-collaborate-after-23-5-million-hack
What are your thoughts on this ?
News on cointelegraph : https://cointelegraph.com/news/bancor-urges-industry-players-to-collaborate-after-23-5-million-hack
No matter where you go there will be hackers. And if you want to secure your funds, then you should secure them by yourselves and not letting any exchange control over it.
People say that if it was a completely decentralized exchange then it should have lost the funds.
Correct me if I'm wrong, but isn't Bancor the one who holds the control of the smart contract? If they control it, then, of course, they can change the code to make sure there is no transaction going in or out from their smart contract. AFAIK, in a decentralized exchange, your funds need to be sent to the contract address first before it went directly to other wallets.
Just like what has been reported here:
Quote
Nevertheless, on July 9, it became subject to a heist, during which the hackers managed to steal roughly $23.5 million worth of crypto — 3,200,000 BNT (worth $10 million), 24,984 ETH (worth approximately $12.5 million) and 229,356,645 NPXS (worth roughly $1 million). The Bancor team confirmed the theft on its Twitter and swiftly froze the stolen BNT tokens, as such an ability was built into the Bancor protocol “to be used in an extreme situation to recover from a security breach,” limiting the total damage to approximately $13.5 million.
Source: https://cointelegraph.com/news/bancor-urges-industry-players-to-collaborate-after-23-5-million-hackI think a decentralized exchange should be like what Charlie Lee said: "it can't lose customer funds nor freeze it". (https://twitter.com/SatoshiLite/status/1016499756158234624)
Bancor - a Kenya based exchanged which is known for its establishment of smart tokens got recently hacked. Bancor was said to be a decentralized exchanged but was recently compromised by hackers and suffered a huge loss of $23 million. People say that if it was a completely decentralized exchange then it should not have lost the funds. Bancor said they were able to freeze a portion of amount in the hack which again raised the question as a decentralized exchange cannot be able to freeze the funds.
What are your thoughts on this ?
News on cointelegraph : https://cointelegraph.com/news/bancor-urges-industry-players-to-collaborate-after-23-5-million-hack
What are your thoughts on this ?
News on cointelegraph : https://cointelegraph.com/news/bancor-urges-industry-players-to-collaborate-after-23-5-million-hack
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