I don't see this changing anytime soon - page 3.

Z390

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Quote from: coupable on February 03, 2023, 05:47:57 PM

Quote from: Z390 on February 03, 2023, 03:43:14 PM

Am I evil for wanting to see CEX go or at least become less important?

Unfortunately, there are no alternatives to these platforms. Trading services in digital currencies are provided by private companies, and governments have not yet organized an attempt to fully supervise one of these platforms, even as an experiment. Apart from governments, I do not see a more reliable broker to make the process of change in the current market situation after the collapse of ftx.
There are those who advocate the use of decentralized platforms, but these platforms also have their drawbacks. Centralized platforms are not within the reach of all users' capabilities. The current decentralized platforms cannot meet the global demand for trading.

Then this is the problem, why can't decentralised platforms work on their trading features to meet the standard of centralised exchanges? What are the developers doing? Why is this hard to built? I can see that your point is very valid because I haven't seen any dex that operates so well like binance, huobi, okex, kraken, I think the problem of DEX is the trading features only, other features are working perfectly.

vv181

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Centralized exchanges have their own target market, and it won't go down just because obscure companies are having an issue. I know that FTX is widely popular and its downfall becomes a contagion, but do note that it is only because of lack of transparency and regulation, that is why I said them as obscure.

The convenience that centralized exchanges have given won't make regular joe migrate to the current imperfect decentralized exchange. The barrier to entry for mainstream or simply because of reasons, won't make a majority of them use DEX. Instead of hating it until you hope CEX is obliterated, we should know that people have their own choice in regard to crypto usage.

Doan9269

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Quote from: Z390 on February 03, 2023, 03:43:14 PM

When the FTX scandal got exposed I am one of those saying it's over for centralized exchanges, now people will have no choice but to stay away from centralised exchanges because of this, I went to get a few DEX tokens for long term hold but I was damn wrong.

You aren't that wrong, you took a right step rather in taking heed which others have failed from realising, there's nothing that can be changed from what centralized exchanges are.

Quote from: Z390 on February 03, 2023, 03:43:14 PM

I don't see people leaving centralised exchange because of what happened with FTX, some moved their funds out of exchanges but after all the bad news cool off they go back

Don't get it wrong mate, people were not moving out because of FTX collapse, they just used that avenue to realize the mistake they have been through while using a centralized exchange all these while, there's this one thing you need to know about centralized exchanges, you can use them to buy your cryptos but avoid using them to store those asset, buy and move to your own wallet.

Pejoh Asu

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Centralized exchange will indeed be a problem and it will happen often, it's time we switch to DEX exchange so all the assets we keep are independent from exchanges, I've had problems with kucoin, after more than 3 years not logging in then they moved all assets, when the login system refuses and when asking for help it turns out I'm like registering a new account so the assets I once saved are gone, I check at the address that all assets have been transferred.

Yatsan

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Problem is that many people generalized the incident even if there are many other exchangers which are trustworthy. Not because such case occured, same thing will happen with other options. Remember how many times cases of such occured; just a few right? Simply because their negligence will never represent this industry. Many exchangers are still there which has a better support, and reputation than with FTX. You just need to find the right one.

Quote from: Minecache on February 04, 2023, 08:58:02 AM

Honestly, I don't have a grudge against centralized exchanges either and I've never had a problem with them in my years of use. I disagree with some of the comments that just because of the demise of FTX we say they should all be scrapped or ostracized. FTX's demise is like a shitcoin project disappearing, and just because a project dies doesn't mean the crypto industry is a scam. Centralized exchange is where we exchange coins with each other, P2P...not where you hold your assets for long. If you lose money because of that then it's your fault, don't try to blame them.

That's just how panicking works I guess. The industry have been dragged by the incident which is a consequent effect of it. There's more in this industr; an investor could engage with reputable decentralized exchange or simply move to other centralized. This would simply be unending if people of such won't stop relating it to every scenario we would see from this industry.

crunck

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Quote from: Z390 on February 03, 2023, 03:43:14 PM

When the FTX scandal got exposed I am one of those saying it's over for centralized exchanges, now people will have no choice but to stay away from centralised exchanges because of this, I went to get a few DEX tokens for long term hold but I was damn wrong.

I don't see people leaving centralised exchange because of what happened with FTX, some moved their funds out of exchanges but after all the bad news cool off they go back, it seems centralised exchanges will always be people's favorite, they are doing very well. Look at Binance, after the FUD cleared deposits start coming in, look at Crypto.com, the FUD is no more and people are screaming the name.

Am I evil for wanting to see CEX go or at least become less important?

If you become eviler than that, you don't need to worry too much because no one will care what you think. Give me a reason to leave CEX, I have been using coinbase since 2013 till now, and I have not had any problem with it. You can't say I should leave Coinbase because FTX has collapsed.

Minecache

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Honestly, I don't have a grudge against centralized exchanges either and I've never had a problem with them in my years of use. I disagree with some of the comments that just because of the demise of FTX we say they should all be scrapped or ostracized. FTX's demise is like a shitcoin project disappearing, and just because a project dies doesn't mean the crypto industry is a scam. Centralized exchange is where we exchange coins with each other, P2P...not where you hold your assets for long. If you lose money because of that then it's your fault, don't try to blame them.

Solosanz

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I personally I never expect decentralized exchange will take over centralized exchange sooner or later because most people already enjoy about the centralization, it's started from their local government who have a rules and regulations where many people need to obey. If most countries are less centralized and let their citizens to choose what they want for their freedom, decentralized exchange would take over centralized exchange.

Darker45

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You're not evil for wanting decentralized exchanges over centralized exchanges. The former is generally better. But if you secretly wished for these centralized exchanges to suffer the same fate as FTX, you must be evil. The collapse of FTX also means people's money is gone. That's sad.

But with the details you shared here, it seems you are a bit evil. It seems you didn't simply want decentralization over centralization. You had ulterior motives. It seems you simply wanted to make money. You must have thought the fall of FTX and the FUD against the rest of the centralized exchanges are a cue to buy DEx tokens and make money. You must have thought it's the perfect time for DExes to shine. And when you saw the CExes continue to thrive, you were disappointed not because centralization prevailed over decentralization but because you didn't make the money you imagined. I hope my interpretation is wrong, though.

Lastly, if it's a DEx and it issues tradeable tokens, it's something I don't really like. DExes don't have to make their own tokens to function as such.

lionheart78

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Quote from: Z390 on February 03, 2023, 03:43:14 PM

When the FTX scandal got exposed I am one of those saying it's over for centralized exchanges, now people will have no choice but to stay away from centralised exchanges because of this, I went to get a few DEX tokens for long term hold but I was damn wrong.

FTX is not so big that its downfall will make the centralized exchange incapacitated. FTX is just one of the many exchanges that are operating in the cryptocurrency sphere. I agree that it is one of the big exchanges out there but there are more centralized exchanges that are bigger than FTX and will certainly operate and gain users' trust.

Quote from: Z390 on February 03, 2023, 03:43:14 PM

I don't see people leaving centralised exchange because of what happened with FTX, some moved their funds out of exchanges but after all the bad news cool off they go back, it seems centralised exchanges will always be people's favorite, they are doing very well. Look at Binance, after the FUD cleared deposits start coming in, look at Crypto.com, the FUD is no more and people are screaming the name.

People will never leave centralized exchanges for the mere reason of convenience. With centralized exchanges, people can buy and sell different cryptocurrencies without moving from one wallet to another due to network differences.

Quote from: Z390 on February 03, 2023, 03:43:14 PM

Am I evil for wanting to see CEX go or at least become less important?

It's fine, I think. Everyone has their own belief, you can express your thought and feelings and try to convince others to accept your belief as long as you don't force it and create misunderstanding and hate between users that believe in centralized exchanges and decentralized exchanges, i think it is not evil at all.

maydna

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Everyone who is a victim of FTX would never have thought that the FTX case could turn out to be this big and make them all suffer huge losses too. This will be another lesson for us: we must be very careful in using centralized or decentralized exchanges because we don't know how it will turn out in the future. Maybe after the FTX incident, many people will move to decentralized exchanges, but centralized exchanges will exist with other traders.

lovesmayfamilis

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OP, why are you even doing this? So be it. Bitcoin is meant to be its own bank. What do you care about other people? You can't save the whole world from stupidity; you always have to start with yourself. When an airplane crashes, you must fasten your seat belts first, and only then the seat belts of your children and others. If people want to be deceived, they will get it anyway, one way or another.
Your own awareness is enough; don't do it yourself. Not everyone learns from the mistakes of others; let people make their own mistakes to gain their own experience.

Kakmakr

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The centralized exchanges are never going to go away, because people are attracted to the comfort and also the profits that can be made from the trades that they are doing on these Exchanges. Roll Eyes

I hope the people who came back to the remaining exchanges, learnt a lesson...namely not to store your coins on these centralized exchanges. If you do not trade on a regular basis, you only need to buy tokens.... withdraw it from the exchange and store it on external media. This way ..you are in control of your own private keys and you reduce the risk of those centralized exchanges getting hacked Roll Eyes

and you losing all your tokens.

Oasisman

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Quote from: Z390 on February 03, 2023, 03:43:14 PM

Am I evil for wanting to see CEX go or at least become less important?

Nope, we all have our own preferences, but I think most people especially the new ones are more inclined in using convenience rather than having full control over your asset but are complex to use. Volume and liquidity speaks more about this reality.
Therefore, CEX will never gonna go nowhere, especially when we see a lot of users patronising it.

mindrust

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Quote from: Z390 on February 03, 2023, 03:43:14 PM

When the FTX scandal got exposed I am one of those saying it's over for centralized exchanges, now people will have no choice but to stay away from centralised exchanges because of this, I went to get a few DEX tokens for long term hold but I was damn wrong.

I don't see people leaving centralised exchange because of what happened with FTX, some moved their funds out of exchanges but after all the bad news cool off they go back, it seems centralised exchanges will always be people's favorite, they are doing very well. Look at Binance, after the FUD cleared deposits start coming in, look at Crypto.com, the FUD is no more and people are screaming the name.

Am I evil for wanting to see CEX go or at least become less important?

Centralized exchanges are not going anyway just like the banks. People need these entities so they will continue to exist. I don't want to burst your bubble but bitcoin also won't replace USD. USD is here to stay. USD might get replaced by something else but it is just going to be another FIAT probably. The gene is out of the bottle. The moment Nixon removed the gold/USD peg in 1971, the era of limited supply FIAT was over. The US went bankrupt in 1971. You won't read this in the history books but that's what happened. The US got rekt by the financial system they invented and then they changed the rules without admitting defeat. Now every country can freely print FIAT and I can't see how Bitcoin can change this behavior.

Additional note: The US actually goes bankrupt almost every year since 1971. (I said almost but is there a year that they didn't the raise the ceiling?) We can say that because every year the US government raises the debt ceiling. They raise the ceiling because they are financing their debt with more debt. Which means without raising the ceiling they are not able to pay their debts = bankruptcy.

libert19

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I have used cexes in past, and I continue to use it for coins that aren't found anywhere else or ones that have better liquidity on cex. I don't trade actively, once purchase/sell is done I just withdraw them to personal wallet.

posi

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Whether you are evil or not, it doesn't matter because you will not be able to change the fact that CEX will never go away and will always be an important part of the market. FTX is just an exchange in the ecosystem of CEX, FTX does not represent the entire CEX, so just because it collapses does not mean all other CEXs will collapse.

I don't store my assets on CEX, but I still use it and I believe that without the existence of CEX, the market would never have developed as it is today.

ethereumhunter

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People will still use centralized exchanges to trade because they have found a suitable place and centralized exchanges will still operate normally.

The FTX case is a case that has been going on for a long time but uses a different motive, even though the essence is the same. So in the future, we will also see the same cases again because the pattern is always repeated and some people will get scammed again.

You can only ensure that your assets are safe and avoid fraud cases like with FTX. You must have another wallet to store all your assets.

Wexnident

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Quote from: Z390 on February 03, 2023, 03:43:14 PM

I don't see people leaving centralised exchange because of what happened with FTX, some moved their funds out of exchanges but after all the bad news cool off they go back, it seems centralised exchanges will always be people's favorite, they are doing very well. Look at Binance, after the FUD cleared deposits start coming in, look at Crypto.com, the FUD is no more and people are screaming the name.

I don't think they ever will. They can be considered as a sort of marketplace at this point really, so at that part they won't leave, I do hope that people will stop using exchanges as their wallet permanently, and hope the FTX scare isn't a temporary thing. CEXs are just too convenient for the average person and to any new traders really, and once they grow they'd simply stick to what they learned first rather.

Quote from: Z390 on February 03, 2023, 03:43:14 PM

Am I evil for wanting to see CEX go or at least become less important?

Not really no. But it definitely won't go away, it may become less relevant possibly (but I doubt it), but it'll never disappear.

adaseb

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Basically we will always need centralized exchanges. If you want to buy crypto from fiat or vice versa you got no choice but to use a centralized exchange. The goal is to keep a small amount on the exchange at a time so if something does happen you are not fully exposed.

Most traders on FTX traded with 10x leverage and just kept 10% of their trading capital on the exchange. This was to reduce counterparty risk. So your position is pretty much the same, if you run the risk of liquidation you just send more margin.

Topic: I don't see this changing anytime soon - page 3. (Read 527 times)