CEX deserves all criticism but not the hate - page 2.

Moeda

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Quote from: I_Anime on January 25, 2023, 01:55:45 PM

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.

Indeed, all exchanges have advantages and disadvantages, both centralized and decentralized exchanges. Centralized exchanges are not only frequently hacked, but also often face legal authorities. Another thing that makes someone worry about centralized exchanges is when the platform developers commit fraud, so we don't have the opportunity to transfer assets from the exchange.
Last year, the problems that occurred with the FTX exchange made crypto users experience losses, I didn't even have time to move some coins from the FTX exchange. Even though it's not a large amount, it's painful when the results of our efforts just disappear.
But decentralized exchanges have had issues too, maybe you can check out the Dex related topics. But another problem is that exchange fees are also high, or slippage fees. In addition, if we want to buy Bitcoin, of course it is not available on the Dex exchange, only duplicates of the main coin are available. If we buy Bitcoin, we can only buy WBTC, and that's not using the Bitcoin network. To me, such a coin is not interesting to hold.
This means that we are very dependent on centralized exchanges, even though there are many problems that occur. It's just that we don't store large amounts of assets on one exchange.

Darker45

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Let's give credit where credit is due. And we cannot deny the fact that centralized exchanges have also contributed to the adoption of Bitcoin. Centralized exchanges has made Bitcoin more accessible to everybody. But are they the only way? I don't think so. Are they necessary? I don't think so either.

However, the issues with centralized exchanges are not just locking of accounts, censorship, freezing of funds, branding of dirty coins, compulsory KYC, hacks, leaking of personal information, among many others; it also involves fundamental principles. For example, one of the reasons why Bitcoin was created was to remove third parties. Centralized exchanges betrayed this. Another is the removal of trust which is often abused. When you use centralized exchanges, you need to trust a lot of things.

Ayers

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Quote from: serjent05 on January 27, 2023, 05:44:34 PM

Quote from: Ayers on January 27, 2023, 10:16:52 AM

Quote from: maydna on January 26, 2023, 04:32:09 AM

I've used a few of the exchanges you mentioned above and so far, I do not encounter any issues and everything is still working fine. I still use CEX over DEX due to the convenience factor of trading and I haven't tried using DEX yet.

But it's true what you suggest that we don't keep all our funds in CEX because we don't know what will happen later. We should anticipate all the things that might happen than regret it later.

I have used DEX, but to be honest, I still prefer CEX, CEX provides more services and utilities than DEX. And I like you, never had a problem with CEX, I think we shouldn't hate all CEX just because FTX crashes. Cryptocurrency is a market that is always risky all around us, so whether CEX or DEX, never put too much trust in them, don't leave assets on CEX or DEX, they are all unreliable. We can continue to use CEX as long as we never leave money on it we will have no problem.

Same here, I am uncomfortable using DEXes, maybe because I am used in the interface of a CEX. Besides CEX makes it easy to trade different cryptocurrencies without the trouble of opening different kinds of wallets due to different networks. No matter how we see it, CEX makes trading different cryptocurrencies more comfortable and easier. Even though it is easier to trade in CEX, it is not advisable to use it as a safe to keep our funds in it since it is not designed that way.

I think the people who hate CEX are people who only invest in bitcoin, and they think that using CEX has taken away the decentralization and anonymity of bitcoin. In general, we can't blame those people, they have their reasons, and they're not wrong. But the truth is that most people enter the market for profit, not for technology. So they will invest in bitcoin and altcoin, and for the convenience of making money, centralized exchanges are indispensable. As long as we use it wisely, we will always be safe.

ilovealtcoins

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Quote from: I_Anime on January 25, 2023, 01:55:45 PM

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.

You rest assured, those who always say give up CEX, against CEX still silently use CEX because the truth is we don't have a better choice. Those guys are just trying to present themselves as decentralization loyalists, but then they still use CEX daily. Forums are anonymous, so we shouldn't just believe what they say because we don't know what they're doing. How would they trade without CEX?

royalfestus

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For CEX to reduce the reoccurrence of scams and mismanagement of user funds, a lot of regulations and policing are needed. This will apply to all countries, including the United States. As a result of the bear market and CEX trend, the direction of the coming market is likely to take a different direction. Hence, startup/IEO might have had their day, manipulation in the market will be on the rise. It is essential that team and exchange stay away from active politicking and public relations with politicians

serjent05

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Quote from: Ayers on January 27, 2023, 10:16:52 AM

Quote from: maydna on January 26, 2023, 04:32:09 AM

I've used a few of the exchanges you mentioned above and so far, I do not encounter any issues and everything is still working fine. I still use CEX over DEX due to the convenience factor of trading and I haven't tried using DEX yet.

But it's true what you suggest that we don't keep all our funds in CEX because we don't know what will happen later. We should anticipate all the things that might happen than regret it later.

I have used DEX, but to be honest, I still prefer CEX, CEX provides more services and utilities than DEX. And I like you, never had a problem with CEX, I think we shouldn't hate all CEX just because FTX crashes. Cryptocurrency is a market that is always risky all around us, so whether CEX or DEX, never put too much trust in them, don't leave assets on CEX or DEX, they are all unreliable. We can continue to use CEX as long as we never leave money on it we will have no problem.

Same here, I am uncomfortable using DEXes, maybe because I am used in the interface of a CEX. Besides CEX makes it easy to trade different cryptocurrencies without the trouble of opening different kinds of wallets due to different networks. No matter how we see it, CEX makes trading different cryptocurrencies more comfortable and easier. Even though it is easier to trade in CEX, it is not advisable to use it as a safe to keep our funds in it since it is not designed that way.

Scripture

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Quote from: I_Anime on January 25, 2023, 01:55:45 PM

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.

There are a lot of issues with CEX, this is why you need to choose the best option and never hold any crypto with CEX, you have to learn from what happen to many exchanges. I still not suggest to hold on DEX, better if you are planning for long term holding do it on your hard wallet, it is more safe and you have the control over your crypto. CEX is good for liquidity and trading, maximize that option and be wise.

TimeTeller

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Quote from: Odusko on January 27, 2023, 03:22:07 PM

In as much as we have trusted centralized exchanges we should not get carried away with the trust slogans since cex is in the hands of the CEO and no matter what the level of regulations are centralized exchange is still not the best choice for storing your coins.
But exchanges have been a helpful connection point for various crypto traders and help in the area of adoption.

Centralized exchanges are here to offer various services to crypto users, which for me, I can appreciate their existence.
But certainly, we should not store our coins to these platforms but to your own wallet to ensure that you always have full control of your funds.
Even if the trading platform is reputable and top in this industry, we can never be sure what will happen next.
So better safeguard your funds rather than rely on third party wallets. You can't get out your funds fast if the platform encounter any problem.

Odusko

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In as much as we have trusted centralized exchanges we should not get carried away with the trust slogans since cex is in the hands of the CEO and no matter what the level of regulations are centralized exchange is still not the best choice for storing your coins.
But exchanges have been a helpful connection point for various crypto traders and help in the area of adoption.

lionheart78

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I agree taht CEX plays a major part in cryptocurrency adoption. Without them to have a market for Bitcoin and other cryptocurrencies, only a few will take an interest in Bitcoin since there is no place for profit and people are highly motivated by profit. With the presence of exchanges, people are able to put a flow of supply and demand.

CEX is just taking advantage of the business on top of the Bitcoin and cryptocurrency ecosystem. Although there are exchanges that are cheating their client, there are still several CEX that gives a good and honest service to its client, so I agree that CEX may probably deserve the criticism but not hate because of their help in spreading Bitcoin adoption.

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Trading platforms provide important services to crypto communities. And since the whole field is newly formed, it is obvious that you will find loopholes for each system. This is what stimulates critical thinking that helps users choose among many service providers, and helps platforms to further develop and update.

When you are forced to use a certain thing despite all its defects because there are no alternatives to compensate for some of its bad characteristics, you will surely hate it.

Issa56

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Quote from: I_Anime on January 25, 2023, 01:55:45 PM

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 don't have any problem with CEX exchange, but I always advice people not to ever leave their coin on exchange, immediately you purchase your coin on CEX exchange, make sure you transfer all your coin to your non custodial wallet. You are advicing people not to leave all their funds on CEX exchange, you are encouraging people to leave some of their money on CEX exchange which I think is wrong, make sure you move all your funds from CEX exchange.

Quote from: 348Judah on January 25, 2023, 05:28:49 PM

Don't you think Bitcoin could be more better without centralized exchanges than when we have them since all they could contribute is adding up alot of altcoins to pile up the whole crypto space and get people distracted towards investing on some of these coins at the end of their look for Bitcoin, to the best of my knowledge Bitcoin will be more under best of interest without them which will encourage having personal wallet that could be non custodial.

If we are to be honest, we all know both CEX and DEX exchange contribute to pile up of altcoins in Cryptocurrency space, we shouldn't blame only CEX for that. Am sure anyone that's really dedicated won't be distracted by altcoins, their are lot's of altcoins currently but people are still investing in bitcoin, anybody investing in altcoins those not have any excuse to give. I notice most people investing in altcoins are the once looking for fast money.

Cantsay

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I don't see how anyone is going to have issues with exchanges if they all finally decide to treat exchanges as exchange and not wallet then they'll all be fine.
Choosing to neglect exchange because we had issue with one of them is not logical is same thing as one saying he/she will never use a train/bus because they was an accident that lead to some people losing their lives. At one time I also thought of never using an exchange but it turned out that I will only end up just causing harm to myself.

Yatsan

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If people would choose to be mad towards Exchangers for what happened in FTX, then that would be their loss and not towards exchangers' end. It will be wrong to generalize just because an individual or team of a project mismanaged handling of money or being responsible with their funds. Think of how good the reputations are of other exchangers especially with Binance which won't be popular for no reason. Also, if you'd stay with what happened your actions will be affected as well so atleast tey to jist forget what happened as a professional consent. Sometimes letting go of it would be a better idea to be able to focus on oneself.

dimonstration

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Quote from: I_Anime on January 25, 2023, 01:55:45 PM

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.

Correction, CEX is always been the reason for crypto problems since the day CEX introduced to crypto space. Starting from Mt. Gox, Cryptopia and other popular exchange that got hack every year that result to there bankruptcy. CEX itself is really helpful because it helps people to trade easily anytime. The only problem was the security on their technology is very and some of them do an inside job to stole users money since exchange that operating outside US and UK is not fully regulated by the law.

CEX will be reliable if this exchange is audited frequently for user safety.

jrrsparkles

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When we actually use those platform only for the intended purpose then no one will be hating it when it turns out to be scam or hacked, because we used their service to get our cryptos and we are supposed to move it to where it should be stored so called wallet.

I do agree that centralized exchanges helped the bitcoin adoption to great extend but in a wrong way cause if there is not such convenient then probably we will have less people speculating about crypto currencies so it can be used for actual creation so called transaction instead of trading.

Ayers

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Quote from: maydna on January 26, 2023, 04:32:09 AM

I've used a few of the exchanges you mentioned above and so far, I do not encounter any issues and everything is still working fine. I still use CEX over DEX due to the convenience factor of trading and I haven't tried using DEX yet.

But it's true what you suggest that we don't keep all our funds in CEX because we don't know what will happen later. We should anticipate all the things that might happen than regret it later.

I have used DEX, but to be honest, I still prefer CEX, CEX provides more services and utilities than DEX. And I like you, never had a problem with CEX, I think we shouldn't hate all CEX just because FTX crashes. Cryptocurrency is a market that is always risky all around us, so whether CEX or DEX, never put too much trust in them, don't leave assets on CEX or DEX, they are all unreliable. We can continue to use CEX as long as we never leave money on it we will have no problem.

Nwada001

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Quote from: I_Anime on January 25, 2023, 01:55:45 PM

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 .

Before you talk about government regulation making exchanges more transparent,Let's look at what centralized government is and then reference it to a centralized exchange. When you say something is centralized, it simply means there are a few authorities who have power over everything (minority), they make decisions without minding what the people will think, they always view and teach their decisions as the best, bringing this to centralized exchanges, they take control over users' assets and privacy, and they make decisions when ever they want to with their hidden terms and conditions (T&C) that almost 80% of users don't have time to read, which gives them the right to do what they want, when they want, with their hidden terms and With or without the intervention of government over centralized exchanges, centralized exchanges will always be what they are. All that we need them for is to trade our assets, and when we are done buying or exchanging any crypto that we intend to hold, it should be moved to a non-custodial wallet, either a hardware wallet or anyone at the users' reach.

Henrobakkara

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Quote from: I_Anime on January 25, 2023, 01:55:45 PM

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.

Truth be told, I don't even have any problem with any of the exchanges be it CEXs or DEXs because the main issue as you rightly mentioned is not to hold your crypto assets in the exchanges but again this has limits as well cus people have to trade and this means you need to have it in the change for trading and anything can happen while people have those coins/token in the exchange. Crypto investment is Risky and you must agree to that if you want to get involved, people can even lose access to their own private wallets.

Outhue

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People losing their assets and funds to centralized platforms due to selfish reasons or lack of good security isn't helping crypto space in any way, do not store your funds on centralised exchanges either big or small, it's as simple as this, centralised exchanges are good for crypto trading but when it comes to security of funds they are weak and unreliable, centralized exchanges have caused too much problem in this space already, I only keep using Binance exchange because they have emergency funds for reimbursement if anything goes wrong but, still I don't recommend trust them because of this.

Topic: CEX deserves all criticism but not the hate - page 2. (Read 484 times)