I agree with the OP, in as much as we criticize Centralized exchanges for several of their issues like lack of transparency and the likes, we still should not hate CEX, CEX have indeed contributed greatly to the adoption of bitcoin and cryptocurrencies in our societies, like its said, everything, even the good all have their pros and cons, and as we castigate CEXs for the roles they played in some or most of the major issues the cryptocurrency market in general have experienced over the years, we should not also fail to commend them for their effort in taking crypto to several people in the world .
CEX have played major role in the spread about cryptocurrencies. In specific only through CEX more number of people who hadn't got much knowledge about cryptocurrencies and technical skills have turned to be the part of cryptocurrency network. Often we used to see problems out of the CEX, for that we can't come to conclusion it isn't necessary for the cryptomarket. 
Topic: CEX deserves all criticism but not the hate (Read 484 times)
If only the CEX operator are honest. Does not use the users funds secretly and then improve their security at all times then I think users won't have a problem at using them even if they store their funds on it for a long time but also the user must ensure that they are also fair and follows the CEX rules so that no problems are going to happen.
Covertly using users' funds was an extremely condemned and unforgivable way, it became the starting point of their downfall. and the impact of course affects all CEXs which are currently operating properly. The reputation of every CEX is questionable and regarding the security of user's funds they will be very careful. Nothing is safer when we store in our own private wallet, have full control and no one can manipulate. but also need to be aware of the security of the wallet. Dishonest CEX will only be trashed and abandoned like FTX.
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What CEX can do, DEX can too. Which is like you said to connect traders, So it would be better if you can just say that a crypto exchange are the ones who connect traders all over the world. This forum is also another example where traders around the world can connect. They can talk here and exchange ideas other than coins.
The bitcointalk forum is a link for all crypto users to exchange ideas and discuss what is happening right now, such as the FTX crash and the bad security of CEX which misused user funds. it will all be discussed here and get a lot of criticism and condemnation, so CEX like that will be destroyed and all its users will leave it.
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I agree with the OP, in as much as we criticize Centralized exchanges for several of their issues like lack of transparency and the likes, we still should not hate CEX, CEX have indeed contributed greatly to the adoption of bitcoin and cryptocurrencies in our societies, like its said, everything, even the good all have their pros and cons, and as we castigate CEXs for the roles they played in some or most of the major issues the cryptocurrency market in general have experienced over the years, we should not also fail to commend them for their effort in taking crypto to several people in the world .
The op seems to have explained earlier about using an exchange as a store of funds which is certainly not safe and should not be recommended. Safer storage is to store in a non-custodial wallet that you can manage yourself, but will it always be safe? of course not, because the main security is in the users themselves.
CEX is currently a bridge to connect trades and several investments to be made, as well as to convert Crypto to Fiat or vice versa. Must be selective in choosing a CEX that provides asset security and provides guarantees for assets to remain safe and intact.
If only the CEX operator are honest. Does not use the users funds secretly and then improve their security at all times then I think users won't have a problem at using them even if they store their funds on it for a long time but also the user must ensure that they are also fair and follows the CEX rules so that no problems are going to happen.CEX is currently a bridge to connect trades and several investments to be made, as well as to convert Crypto to Fiat or vice versa. Must be selective in choosing a CEX that provides asset security and provides guarantees for assets to remain safe and intact.
What CEX can do, DEX can too. Which is like you said to connect traders, So it would be better if you can just say that a crypto exchange are the ones who connect traders all over the world. This forum is also another example where traders around the world can connect. They can talk here and exchange ideas other than coins.
CEX deserves all the hates it getting now but doesn't mean it has also not been helpful to bitcoin and crypto space.
I know that most issues that affected bitcoin and crypto space as a whole was mainly from Centralise exchange in 2022 but that can't just make us stop using it instead we should be more cautious on the centralise exchange we use and since the whole issues happened , Government are going to strengthen the regulation of centralise and there will be more transparency from the exchange to their customers, especially with regards to custody of customers assets and proof of reserves .
Apart from the from this issues CEX has really helped in increasing bitcoin and crypto investors because most investors are not scared of buying coins from them because they are too many crypto scammers online and I myself got scammed last year,After that I come to the conclusion that if not CEX am not buying any coin.
Though I buy from CEX but I am always careful on the one's I use and I also use binance p2p. Some of the trusted one's are :
Binance
Coinbase
Kucoin
Kraken
Bybit
There are definitely others and they may be better than this I listed but this are the ones I have used
After the whole issues of FTX my advice is though buying from CEX is safer but storing all your funds there should be avoided and for holders just stick with DEX.
I know that most issues that affected bitcoin and crypto space as a whole was mainly from Centralise exchange in 2022 but that can't just make us stop using it instead we should be more cautious on the centralise exchange we use and since the whole issues happened , Government are going to strengthen the regulation of centralise and there will be more transparency from the exchange to their customers, especially with regards to custody of customers assets and proof of reserves .
Apart from the from this issues CEX has really helped in increasing bitcoin and crypto investors because most investors are not scared of buying coins from them because they are too many crypto scammers online and I myself got scammed last year,After that I come to the conclusion that if not CEX am not buying any coin.
Though I buy from CEX but I am always careful on the one's I use and I also use binance p2p. Some of the trusted one's are :
Binance
Coinbase
Kucoin
Kraken
Bybit
There are definitely others and they may be better than this I listed but this are the ones I have used
After the whole issues of FTX my advice is though buying from CEX is safer but storing all your funds there should be avoided and for holders just stick with DEX.
Honestly, I never hated CEX, even if FTX's demise happened, FTX is just 1 small exchange, and it doesn't represent all other exchanges. I have been using coinbase for more than 7 years and I have never had a problem with it, and I have not heard from anyone about coinbase solidity, they just spread the demise of FTX. It's like someone hates CEX and intentionally spreads Fuds about it.
What I still find amusing about CEX, is that there are people who still have no damn clue of what they're buying. I mean, they know it's an Internet currency, and they know theoretically that there are miners and so on, but even science can't explain their behavior; they still decide to leave coins to strangers rather than hold them themselves. That deserves criticism for sure.
CEX deserves all the hates it getting now but doesn't mean it has also not been helpful to bitcoin and crypto space.
I know that most issues that affected bitcoin and crypto space as a whole was mainly from Centralise exchange in 2022 but that can't just make us stop using it instead we should be more cautious on the centralise exchange we use and since the whole issues happened , Government are going to strengthen the regulation of centralise and there will be more transparency from the exchange to their customers, especially with regards to custody of customers assets and proof of reserves .
Apart from the from this issues CEX has really helped in increasing bitcoin and crypto investors because most investors are not scared of buying coins from them because they are too many crypto scammers online and I myself got scammed last year,After that I come to the conclusion that if not CEX am not buying any coin.
Though I buy from CEX but I am always careful on the one's I use and I also use binance p2p. Some of the trusted one's are :
Binance
Coinbase
Kucoin
Kraken
Bybit
There are definitely others and they may be better than this I listed but this are the ones I have used
After the whole issues of FTX my advice is though buying from CEX is safer but storing all your funds there should be avoided and for holders just stick with DEX.
I know that most issues that affected bitcoin and crypto space as a whole was mainly from Centralise exchange in 2022 but that can't just make us stop using it instead we should be more cautious on the centralise exchange we use and since the whole issues happened , Government are going to strengthen the regulation of centralise and there will be more transparency from the exchange to their customers, especially with regards to custody of customers assets and proof of reserves .
Apart from the from this issues CEX has really helped in increasing bitcoin and crypto investors because most investors are not scared of buying coins from them because they are too many crypto scammers online and I myself got scammed last year,After that I come to the conclusion that if not CEX am not buying any coin.
Though I buy from CEX but I am always careful on the one's I use and I also use binance p2p. Some of the trusted one's are :
Binance
Coinbase
Kucoin
Kraken
Bybit
There are definitely others and they may be better than this I listed but this are the ones I have used
After the whole issues of FTX my advice is though buying from CEX is safer but storing all your funds there should be avoided and for holders just stick with DEX.
Bro, FTX is an isolated case where it abused the users funds by transferring money to their other company, and many more shady things. It's a single company that is getting hated, not the entire CEX. I don't think anyone hate CEX because of FTX.
Yes, FTX is an isolated case and it is not worth comparing with other exchanges. But many people have taken advantage of the collapse of FTX to spread and slander CEX, and they think that CEX should not be trusted and exist in this market. But I also agree that storing assets on CEX is not advisable, and not only CEX, but we should absolutely not put our trust in anyone in market. This is finance, and people take each other's money to survive, so don't expect to find trust or tolerance in this market.
What's the difference exactly between both? If something is being criticised then it must have bad consequences so we should also not have any reasons to love it right? The centralised exchanges are bad for storing your funds as we have seen lot of examples but only good if you are into trading line.So for me it's not good at all to use any exchange for safety of your funds.
The op seems to have explained earlier about using an exchange as a store of funds which is certainly not safe and should not be recommended. Safer storage is to store in a non-custodial wallet that you can manage yourself, but will it always be safe? of course not, because the main security is in the users themselves.
CEX is currently a bridge to connect trades and several investments to be made, as well as to convert Crypto to Fiat or vice versa. Must be selective in choosing a CEX that provides asset security and provides guarantees for assets to remain safe and intact.
CEX deserves all the hates it getting now but doesn't mean it has also not been helpful to bitcoin and crypto space.
I know that most issues that affected bitcoin and crypto space as a whole was mainly from Centralise exchange in 2022 but that can't just make us stop using it instead we should be more cautious on the centralise exchange we use and since the whole issues happened , Government are going to strengthen the regulation of centralise and there will be more transparency from the exchange to their customers, especially with regards to custody of customers assets and proof of reserves .
Apart from the from this issues CEX has really helped in increasing bitcoin and crypto investors because most investors are not scared of buying coins from them because they are too many crypto scammers online and I myself got scammed last year,After that I come to the conclusion that if not CEX am not buying any coin.
Though I buy from CEX but I am always careful on the one's I use and I also use binance p2p. Some of the trusted one's are :
Binance
Coinbase
Kucoin
Kraken
Bybit
There are definitely others and they may be better than this I listed but this are the ones I have used
After the whole issues of FTX my advice is though buying from CEX is safer but storing all your funds there should be avoided and for holders just stick with DEX.
I know that most issues that affected bitcoin and crypto space as a whole was mainly from Centralise exchange in 2022 but that can't just make us stop using it instead we should be more cautious on the centralise exchange we use and since the whole issues happened , Government are going to strengthen the regulation of centralise and there will be more transparency from the exchange to their customers, especially with regards to custody of customers assets and proof of reserves .
Apart from the from this issues CEX has really helped in increasing bitcoin and crypto investors because most investors are not scared of buying coins from them because they are too many crypto scammers online and I myself got scammed last year,After that I come to the conclusion that if not CEX am not buying any coin.
Though I buy from CEX but I am always careful on the one's I use and I also use binance p2p. Some of the trusted one's are :
Binance
Coinbase
Kucoin
Kraken
Bybit
There are definitely others and they may be better than this I listed but this are the ones I have used
After the whole issues of FTX my advice is though buying from CEX is safer but storing all your funds there should be avoided and for holders just stick with DEX.
Bro, FTX is an isolated case where it abused the users funds by transferring money to their other company, and many more shady things. It's a single company that is getting hated, not the entire CEX. I don't think anyone hate CEX because of FTX.
CEX deserves all the hates it getting now but doesn't mean it has also not been helpful to bitcoin and crypto space.
I know that most issues that affected bitcoin and crypto space as a whole was mainly from Centralise exchange in 2022 but that can't just make us stop using it instead we should be more cautious on the centralise exchange we use and since the whole issues happened , Government are going to strengthen the regulation of centralise and there will be more transparency from the exchange to their customers, especially with regards to custody of customers assets and proof of reserves .
Apart from the from this issues CEX has really helped in increasing bitcoin and crypto investors because most investors are not scared of buying coins from them because they are too many crypto scammers online and I myself got scammed last year,After that I come to the conclusion that if not CEX am not buying any coin.
Though I buy from CEX but I am always careful on the one's I use and I also use binance p2p. Some of the trusted one's are :
Binance
Coinbase
Kucoin
Kraken
Bybit
There are definitely others and they may be better than this I listed but this are the ones I have used
After the whole issues of FTX my advice is though buying from CEX is safer but storing all your funds there should be avoided and for holders just stick with DEX.
I know that most issues that affected bitcoin and crypto space as a whole was mainly from Centralise exchange in 2022 but that can't just make us stop using it instead we should be more cautious on the centralise exchange we use and since the whole issues happened , Government are going to strengthen the regulation of centralise and there will be more transparency from the exchange to their customers, especially with regards to custody of customers assets and proof of reserves .
Apart from the from this issues CEX has really helped in increasing bitcoin and crypto investors because most investors are not scared of buying coins from them because they are too many crypto scammers online and I myself got scammed last year,After that I come to the conclusion that if not CEX am not buying any coin.
Though I buy from CEX but I am always careful on the one's I use and I also use binance p2p. Some of the trusted one's are :
Binance
Coinbase
Kucoin
Kraken
Bybit
There are definitely others and they may be better than this I listed but this are the ones I have used
After the whole issues of FTX my advice is though buying from CEX is safer but storing all your funds there should be avoided and for holders just stick with DEX.
If you ask me, I don't personally hate any CEX and that's the same for most the people if you know how to use these exchanges you won't have any problem and you won't hate these exchanges at all. If you use the exchanges only for exchanging assets and then withdraw the funds without of holding anything here you won't have any problem if you choose a legit change, otherwise holding assets and bitcoin on the CEX will harm you and you may face the same cases as FTX.
What's the difference exactly between both? If something is being criticised then it must have bad consequences so we should also not have any reasons to love it right? The centralised exchanges are bad for storing your funds as we have seen lot of examples but only good if you are into trading line.So for me it's not good at all to use any exchange for safety of your funds.
CEX deserves all the hates it getting now but doesn't mean it has also not been helpful to bitcoin and crypto space.
I know that most issues that affected bitcoin and crypto space as a whole was mainly from Centralise exchange in 2022 but that can't just make us stop using it instead we should be more cautious on the centralise exchange we use and since the whole issues happened , Government are going to strengthen the regulation of centralise and there will be more transparency from the exchange to their customers, especially with regards to custody of customers assets and proof of reserves .
Apart from the from this issues CEX has really helped in increasing bitcoin and crypto investors because most investors are not scared of buying coins from them because they are too many crypto scammers online and I myself got scammed last year,After that I come to the conclusion that if not CEX am not buying any coin.
Though I buy from CEX but I am always careful on the one's I use and I also use binance p2p. Some of the trusted one's are :
Binance
Coinbase
Kucoin
Kraken
Bybit
There are definitely others and they may be better than this I listed but this are the ones I have used
After the whole issues of FTX my advice is though buying from CEX is safer but storing all your funds there should be avoided and for holders just stick with DEX.
I know that most issues that affected bitcoin and crypto space as a whole was mainly from Centralise exchange in 2022 but that can't just make us stop using it instead we should be more cautious on the centralise exchange we use and since the whole issues happened , Government are going to strengthen the regulation of centralise and there will be more transparency from the exchange to their customers, especially with regards to custody of customers assets and proof of reserves .
Apart from the from this issues CEX has really helped in increasing bitcoin and crypto investors because most investors are not scared of buying coins from them because they are too many crypto scammers online and I myself got scammed last year,After that I come to the conclusion that if not CEX am not buying any coin.
Though I buy from CEX but I am always careful on the one's I use and I also use binance p2p. Some of the trusted one's are :
Binance
Coinbase
Kucoin
Kraken
Bybit
There are definitely others and they may be better than this I listed but this are the ones I have used
After the whole issues of FTX my advice is though buying from CEX is safer but storing all your funds there should be avoided and for holders just stick with DEX.
If you ask me, I don't personally hate any CEX and that's the same for most the people if you know how to use these exchanges you won't have any problem and you won't hate these exchanges at all. If you use the exchanges only for exchanging assets and then withdraw the funds without of holding anything here you won't have any problem if you choose a legit change, otherwise holding assets and bitcoin on the CEX will harm you and you may face the same cases as FTX.
We have to understand why people store their coins in centralized exchanges, before we judge them. We know that before Bitcoin came onto the scene, many people only had one option to store their money, namely Banks. Then Satoshi Nakamoto gave us an alternative option to store our wealth.... away from any centralized financial intermediary services, but the private sector profit hunters..quickly saw an opportunity to make some more profits and they created Exchanges.
People being human... looked for easy methods to buy and sell and store coins.... so they opted for using these centralized exchanges ... so it was their choice to use centralized services again. If anything goes wrong with Crypto Exchanges... people must blame themselves for storing their coins there.
People being human... looked for easy methods to buy and sell and store coins.... so they opted for using these centralized exchanges ... so it was their choice to use centralized services again. If anything goes wrong with Crypto Exchanges... people must blame themselves for storing their coins there.
I am not doubting that centralized exchanges have contributed to a large extent to the bitcoin environment because it has made bitcoin popular. Most popular sporting clubs have endorsed exchanges like Binance and Ftx which have led to public awareness. They have also assisted to make the buying and selling of cryptocurrencies easy. But they have made people lose their funds and they have also made the government see bitcoin and others as a scam. Nobody is disrespecting them, they are just getting the criticism they deserve.
CEX are great and no one can say otherwise. There have been a few bad eggs but we know how hard the most popular and trusted ones have worked have to keep their integrity and transparency. CEX are an important part of bitcoin's journey. They made it super easy for newbies and non-techies to get into crypto. It would have been such a hassle trading, investing, selling one's crypto without them. My stance on taking out most of your coins off CEX still stands. Even CZ would advise this too because he knows the truth. No hate but it is just people wanting to be fully in charge of their coins.
whether we like it or not, we need CEX in order for the crypto users to conduct their transaction purposes. exchanging to other coins or their fiat. just secure your funds in your own wallet. but the existence of CEX is needed in this market.
there are so many financial services that CEX are offering, and many crypto users are enjoying such services. if you will remove such services, people will find it hard to look for the use case of crypto.
CEX are great and no one can say otherwise. There have been a few bad eggs but we know how hard the most popular and trusted ones have worked have to keep their integrity and transparency. CEX are an important part of bitcoin's journey. They made it super easy for newbies and non-techies to get into crypto. It would have been such a hassle trading, investing, selling one's crypto without them. My stance on taking out most of your coins off CEX still stands. Even CZ would advise this too because he knows the truth. No hate but it is just people wanting to be fully in charge of their coins.
Today, bitcoin wouldn't be able to attract and manage current number of users, traders and investors without the help of CEX, but simultaneously, CEX is the damaging the core basis and idea of bitcoin. Bitcoin and CEX look like a symbiote where one makes another stronger and capable to do more while slowly kills and abandons it during the process.
Government are going to strengthen the regulation of centralise and there will be more transparency from the exchange to their customers, especially with regards to custody of customers assets and proof of reserves .
Since it's inevitable to expect the expand of bitcoin and crypto usage and since it's foolish to ban it, they have found a solution and it's called regulation. Some may found it good when the government is involved and may feel extra secure while some may feel alert because prefers to stay anonymous and don't wanna become the part of their collective statistics.After the whole issues of FTX my advice is though buying from CEX is safer but storing all your funds there should be avoided and for holders just stick with DEX.
Every company wants to look safe when you are spending money on their platform. It becomes the problem when your money is stored in their wallets.The bottomline is this: CEX is great for buying/selling your coins but they are not to be trusted with holding your funds for a long time. That's where things go south fast. We trust these entities too much to not pull some shit that can potentially be a reason to lose our funds just because they are registered and we can legally go after them. They are named 'exchange' for a reason; they primarily facilitate exchanges between currencies, and they're not supposed to keep your funds for an extended period of time. If anything happens, you are partly liable because you left your funds there in the first place.
The main advice is don't trust anyone to manage your funds other than yourself, many cases of hacking happen to exchanges although some exchanges have reserve funds to recover losses due to hacks, but there is no guarantee that the exchange will be responsible for your assets in the long term, so there is no reasons to trust exchanges and preferably keep assets in your wallet or cold wallet. The worst case of FTX has hurt the trust and security factor of the exchange and it will not be the last case, so increase the safety of your assets to transfer them to your personal wallet immediately.
This is true CEX are great if you want to quickly exchange any of your assets for less fees and swiftly especially when the volumes are high because DEX can take a long time as it doesn't have a lot of AMM. But obviously you cannot store your coins on it because it is risky as hell. It's like giving your coins to someone else for holding them for a while.
The bottomline is this: CEX is great for buying/selling your coins but they are not to be trusted with holding your funds for a long time. That's where things go south fast. We trust these entities too much to not pull some shit that can potentially be a reason to lose our funds just because they are registered and we can legally go after them. They are named 'exchange' for a reason; they primarily facilitate exchanges between currencies, and they're not supposed to keep your funds for an extended period of time. If anything happens, you are partly liable because you left your funds there in the first place.
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