I'm finally saying goodbye to CEX and Centralised projects

Jon_Hodl

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Humble Bitcoin Stacktivist

Quote from: Crypt0Gore on November 30, 2022, 09:21:44 AM

Start Using the likes of Uniswap, DoDo, Biswap, Sushiswap and pancakeswap.

As far as I know, none of these platforms support bitcoin. If you want to buy/sell bitcoin with a DEX, your best options are Bisq, Robosats, HodlHodl, and a new service available in Europe called Peach.

erep

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Quote from: AakZaki on December 01, 2022, 04:38:27 PM

But even so, this is not the end of the CEX project, there are still many CEX that I think can be trusted, but not completely. Crypto will still have risks, whoever enters crypto will be ready for all the risks that occur.
Even DEX exchanges also have risks, there are several DEX scams disguised as Dex Official, this will be very dangerous because Dex will be connected directly to your wallet.
Nothing will be 100% safe, everything has risks, it's just how we do it right.

We have to use an alternative wallet to connect to the DEX to overcome the possibility that hacking can steal assets in our wallet, so there is no 100% guarantee as wallet to dex will be safe and not 100% guarantee safe holding funds on CEX even though it is the best exchange, but it is better to keep the assets in the hardware wallet will guarantee you control over the assets that you own.

TheStinger

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Quote from: Crypt0Gore on November 30, 2022, 09:21:44 AM

If you are been told in November of 2021 that Luna will go to zero will you believe it?

If you are been told in November of 2021 that FTX will go bankrupt and others like 3AC, Genesis and Voyager will be on the list too will you believe it?

It's crazy isn't it? But it happened , very fast.

I am using this short period of time to tell you how risky crypto projects can be, especially if they are fully centralized, there is nothing more reliable than Bitcoin and Decentralized exchanges.

Start Using the likes of Uniswap, DoDo, Biswap, Sushiswap and pancakeswap.

You like order book features? Yes few Dex have this already, e.g dYdX, Raydium, serum and Posi exchange.

Congratulations on this! It's not always the easiest but it is (imo) the safest.

Now we just need someone to figure out how to anonymously onramp fiat and we're good to go.

AakZaki

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But even so, this is not the end of the CEX project, there are still many CEX that I think can be trusted, but not completely. Crypto will still have risks, whoever enters crypto will be ready for all the risks that occur.
Even DEX exchanges also have risks, there are several DEX scams disguised as Dex Official, this will be very dangerous because Dex will be connected directly to your wallet.
Nothing will be 100% safe, everything has risks, it's just how we do it right.

Anguwa

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We should no longer use central exchanges as a result of these incidents, but I know some of us still take the risk. A word is enough for the wise; people here have made it clear and provided all the necessary advices needed to avoid these exchanges. We are aware that Bitcoin is the only option for investing in cryptocurrencies, but we chose to go for coins in exchanges that can perform more than 10x because we are aware that the price of Bitcoin cannot simply increase rapidly like that.

The Cryptovator

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Only Bitcoin is suitable for exiting a centralized project. All other projects are no longer truly decentralized. And I agree with and respect your decision. Yes, it is preferable if you can avoid centralized exchange as well. Even if you use it, don't keep your money there. If possible, use decentralized exchange and keep your assets in a hardware wallet.

Coyster

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Quote from: Sandra_hakeem on November 30, 2022, 06:50:16 PM

We don't even know if it's something they' all cahooted and agreed to fold up with people's fund in there (this infact, is what everyone normal person would be thinking but, who knows?)? ... If genuinely, it's due to management process (cus thos whole damn thing ain't easy), then it's not really Thier fault, but how bout the damages? Seee.... That's why I'd swirl gently to your perspective and adopt that idea and I'd also urge everyone to do so.

If your crypto funds are in your non-custodial wallet and you make the mistake of falling victim to scammers and lose it, or you click on malware/phishing links and you lose it, it is your fault that you lost your funds; that is exactly the same way it is an exchanges fault if you hand over your funds/keys to them and something happens to it, it is their fault, it doesn't matter if it was perpetrated by people working inside the exchange, or if it was due to the owners mismanaging funds, it remains a fault with their security system. That's why people should hodl their funds privately and bear the consequences of their own actions (if any arise), and not the actions of centralized exchanges and whoever is in charge there (should anything go wrong).

Dunamisx

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OP i wish your farewell to centralized exchanges and projects will actually be the last one indeed provided that you don't have greed and uncontempted spirit that could still present any other one to you in the near future, why is because once they get your attention knowing that everyone is in need of money and you could possibly make a huge amount within the shortest period, remember they have their live convincing testifiers, proofs and data backups for their past investments and the kinds of reviews gotten together with the liquidity amount in their project, they got all the skills to convince you except if your determination is indeed the final bus stop and end to anything that has to do with them.

rat03gopoh

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Quote from: Crypt0Gore on November 30, 2022, 09:21:44 AM

If you are been told in November of 2021 that Luna will go to zero will you believe it?
If you are been told in November of 2021 that FTX will go bankrupt and others like 3AC, Genesis and Voyager will be on the list too will you believe it?

If they are centralized services then yes, it's all very possible to make them collapse. It just depends on how they play influence let alone start offering benefits that seem very strange to users. But that doesn't mean I'm anti-CEX at all, they are quite flexible in some ways compared to DEX. Only place a small amount of money to enjoy trading.

dimonstration

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Dimon69

Quote from: Crypt0Gore on November 30, 2022, 09:21:44 AM

If you are been told in November of 2021 that Luna will go to zero will you believe it?

If you are been told in November of 2021 that FTX will go bankrupt and others like 3AC, Genesis and Voyager will be on the list too will you believe it?

It's crazy isn't it? But it happened , very fast.

Start Using the likes of Uniswap, DoDo, Biswap, Sushiswap and pancakeswap.

You like order book features? Yes few Dex have this already, e.g dYdX, Raydium, serum and Posi exchange.

Yes on all of this but I will not believe if someone gave an exact date. I assume any project in crypto might failed even on the stock exchange because there’s no company that is bankruptcy proof regardless if it’s decentralized or centralized. Your perception on loss free in business is not there’s no business that promise 100% safe from bankruptcy to there customer.

DEX is really the safest way to trade but it’s not advisable for day trading or regular trades because the price spread and slippage percentage per order is very high. The fee on some blockchain like Ethereum which has the most volume on DEX charge insane fee that’s why many pro traders choose CEX as there main trading platform to there trading.

Good to see that you are now shifting to the right platform to purchase crypto safely. I only suggest to avoid project that exposed to SBF because there’s a chance that they will suffer same fate with FTX in the future. Raydium and Serum are the project that I’m talking about.

hugeblack

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The lesson you should have learned is:

- Don't trust the centralized stuff: not just platforms, but altcoins and stablecoins.
- Do not trust any platform that claims to be decentralized as long as they have your keys.
- Do not trust any centralized blockchain (even if they give you your keys) as long as they can stop or suspend/halt the system.

Unfortunately, most of the altcoins apply to one of the conditions above, so there is no difference from using CEXs amd DEXs.

There are advantages to centralized platforms (which have higher liquidity volumes) but withdraw your coins as soon as you finish trading.

ice18

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Quote from: Crypt0Gore on November 30, 2022, 09:21:44 AM

If you are been told in November of 2021 that Luna will go to zero will you believe it?

If you are been told in November of 2021 that FTX will go bankrupt and others like 3AC, Genesis and Voyager will be on the list too will you believe it?

It's crazy isn't it? But it happened , very fast.

I am using this short period of time to tell you how risky crypto projects can be, especially if they are fully centralized, there is nothing more reliable than Bitcoin and Decentralized exchanges.

Start Using the likes of Uniswap, DoDo, Biswap, Sushiswap and pancakeswap.

You like order book features? Yes few Dex have this already, e.g dYdX, Raydium, serum and Posi exchange.

Unfortunately no one told us that LUNA will be a disaster same with FTX we are all focused on some projects calling it scam in early developments but there are already scam happening in market like this LUNA its too late for holders to sell early before it collapse really fast, btw I agree on you finally moving in Dex but the problem is fees and scalability issues on blockchain even layer1 cannot solve this at the moment still a lot of improvements to do compare to CEX with its fast and user-friendly UI, some are liquidity issues which CEX has no problem at all but I hope in the future DEX will totally dominate.

_act_

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Quote from: CryptopreneurBrainboss on November 30, 2022, 11:46:35 PM

If you were told in 2021 when Bitcoin was trading at its all time high of over $65k that it'll be trading this low, who you had believed as well? Though the two scenario above isn't the same still don't use because of this to start blindly investing in the so called decentralized projects as they can also fall to zero. The tokens of the decentralized exchanges that you mentioned above are also trading very low and cause lots of lost for investors They also don't have any guarantee of recovering and trading above their previous highs in the bull market.

The extent of bitcoin price fall has been the lowest in history if comparing the price using four years cycle, I expected $14000, though some people expected bitcoin to fall more than $14000. I expected $14000 because it would be closer to the extent of price fall in 2018 but not even up to that extent. But with the look of things, it is possible that $15400 could be the lowest price bitcoin if this month is followed by a slightly bull market with no FTX-like news again which could make people panic.

Quote from: CryptopreneurBrainboss on November 30, 2022, 11:46:35 PM

Any project that stop getting the support of the community due to some reason can crash irrespective of them been centralized or decentralized. A perfect reason you should stop patronizing centralized platforms should be because of their mode of operation that put them at risk of been hacked and you needing their permission to access your own funds.

Only what I know is decentralized about crypto is bitcoin, those DeFi, smart contract DEX and many others are not fully decentralized. If talking about decentralized exchanges, go for the ones like Bisq. People only use the name decentralized to let people think they are decentralized but not.

CryptopreneurBrainboss

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Quote from: Crypt0Gore on November 30, 2022, 09:21:44 AM

If you are been told in November of 2021 that Luna will go to zero will you believe it?

If you are been told in November of 2021 that FTX will go bankrupt and others like 3AC, Genesis and Voyager will be on the list too will you believe it?

If you were told in 2021 when Bitcoin was trading at its all time high of over $65k that it'll be trading this low, who you had believed as well? Though the two scenario above isn't the same still don't use because of this to start blindly investing in the so called decentralized projects as they can also fall to zero. The tokens of the decentralized exchanges that you mentioned above are also trading very low and cause lots of lost for investors They also don't have any guarantee of recovering and trading above their previous highs in the bull market.

Any project that stop getting the support of the community due to some reason can crash irrespective of them been centralized or decentralized. A perfect reason you should stop patronizing centralized platforms should be because of their mode of operation that put them at risk of been hacked and you needing their permission to access your own funds.

Sandra_hakeem

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Goodnight, ohh Leo!!! 🦅

Quote from: Crypt0Gore on November 30, 2022, 09:21:44 AM

If you are been told in November of 2021 that Luna will go to zero will you believe it?

If you are been told in November of 2021 that FTX will go bankrupt and others like 3AC, Genesis and Voyager will be on the list too will you believe it?

It actually happened and there's little or nothing they could do about that. Literally, it's seen as mismanagement of funds or tokens and that's what is taken as the "reason why any exchange goes down".
We don't even know if it's something they' all cahooted and agreed to fold up with people's fund in there (this infact, is what everyone normal person would be thinking but, who knows?)? ... If genuinely, it's due to management process (cus thos whole damn thing ain't easy), then it's not really Thier fault, but how bout the damages? Seee.... That's why I'd swirl gently to your perspective and adopt that idea and I'd also urge everyone to do so.

Sandra 🧑

dkbit98

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Quote from: Crypt0Gore on November 30, 2022, 09:21:44 AM

If you are been told in November of 2021 that Luna will go to zero will you believe it?

Yes I would, and I think the same way for almost all worthless shitcoins and similar ponzi schemes..

Quote from: Crypt0Gore on November 30, 2022, 09:21:44 AM

If you are been told in November of 2021 that FTX will go bankrupt and others like 3AC, Genesis and Voyager will be on the list too will you believe it?

Not exactly.
I never supported centralized exchanges, but we already saw Mt.Goc and other websites going down before , so it was not impossible for similar thing to happen with FTX and others.
Lending platforms are even worse because they never calculated what would happen in serious market crash, or some of them maybe they wanted to exit scam like this.

Quote from: Crypt0Gore on November 30, 2022, 09:21:44 AM

Start Using the likes of Uniswap, DoDo, Biswap, Sushiswap and pancakeswap.

You like order book features? Yes few Dex have this already, e.g dYdX, Raydium, serum and Posi exchange.

All of this things you mentioned are not really decentralized, and I won't support anything built on centralized blockchains.
Bisq is one real decentralized exchange, and there are also wallets that support atomic swaps if you want to swap between coins.

BIT-BENDER

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There is no bad time to start a new decision that’s wise, I don’t see the essence of Being in Crypto-currency and still riding with anything that’s centralized, so many projects in crypto-currency not only put your finances at risk it also puts your security and privacy at risk too and even worse when the project is centralized.

Centralized project, exchange has gone down a lot if we go by history and when a lot of people goes down with it. One of crypto-currency glorified value is its decentralization.

boyptc

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Although there's really no hundred percent safety in most of them but at least with dexes, you're the one that still holds your assets and you just have to connect whenever you want to trade.

And with these dexes, if you're using Metamask. Don't you forget that they're now collecting IP of their users.

--> https://coinculture.com/au/business/metamasks-temporary-ip-collection-sparks-crypto-communitys-uproar/

At the same time, you're better to just get off with exchanges.

hatshepsut93

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Quote from: Crypt0Gore on November 30, 2022, 09:21:44 AM

If you are been told in November of 2021 that Luna will go to zero will you believe it?

yes

Quote from: Crypt0Gore on November 30, 2022, 09:21:44 AM

If you are been told in November of 2021 that FTX will go bankrupt and others like 3AC, Genesis and Voyager will be on the list too will you believe it?

yes

Quote from: Crypt0Gore on November 30, 2022, 09:21:44 AM

It's crazy isn't it? But it happened , very fast.

Nothing surprising if you have spent a long time observing crypto markets

Quote from: Crypt0Gore on November 30, 2022, 09:21:44 AM

I am using this short period of time to tell you how risky crypto projects can be, especially if they are fully centralized, there is nothing more reliable than Bitcoin and Decentralized exchanges.

Start Using the likes of Uniswap, DoDo, Biswap, Sushiswap and pancakeswap.

You like order book features? Yes few Dex have this already, e.g dYdX, Raydium, serum and Posi exchange.

Do not equate Bitcoin with dexes. Dexes got hacked in the past. Perhaps some of the hacks were inside jobs. It's not enough to be decentralized and open source to be safe. A scam can be open source too. What makes Bitcoin different from "crypto" is that Bitcoin was reviewed by lots of professionals who didn't find anything malicious in its code. And it is being developed very carefully so most bugs get caught early. And still Bitcoin had some incidents in the past. But "crypto" is being developed very hastily, no one bothers reviewing it, so there's a big incentive for hackers to find exploits on live networks and steal millions.

gantez

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Quote from: Crypt0Gore on November 30, 2022, 09:21:44 AM

If you are been told in November of 2021 that Luna will go to zero will you believe it?

If you want to invest with peace in your heart buy decentralised coins and that is bitcoin. Bitcoin drop or crash will not cause that kind of panic with Luna or others, it only time for new investors to be happy going into the market and old hodlers too because they now buy cheap they know bitcoin price come to appreciate. It is the experience I have for now in cryptocurrency. In the past it happen bitcoin drop to below $5,000 but went back higher during the halving. The expectation is soon coming for another bull. Hodl your bitcoin in your personal wallet because many lose bitcoin in FTZ.

Topic: I'm finally saying goodbye to CEX and Centralised projects (Read 283 times)