Topic: Nobody learned anything from MT.Gox it seems. (Read 117 times)

Before I had been using IDEX to exchange everything that is under ETH.
But now, I don't use it anymore.
Problems are volume and coins don't list there anymore for pre-listing.

They go to some unknown centralized exchange which needs KYC approval even though the project didn't need it at all.
We go with the flow and I think that is what happened. Even though DEX are far better they just ignore it.

Thats true. Maybe the experience on Mt. Gox will never be forgotten however the fact that the demand on trading on centralized exchange attract many investors. I am no fan of dex but I used it sometime to trade my other tokem from bounty. I remember where the famous dex before is etherdelta, its volume is overwhelming until few years after and no one uses or maybe small users still uses it. But only a hub for erc20 tokens dumpers. I like the idea that many tokens can easily be sell on dex versus the KYC process of cex but thinking over it. Centralized is really dangerous cause anytime this firm can close up without any announcement and maybe if were unlucky bo refundable for breached assets when got hacked.

People forget if ED and FD were the best DEXs so far with a very good security. All of DEXs other than it just sell the name of dex to gain popularity. As OP said above if even binance dex was one of the worst dex or i could say if that was a fake dex.

That's just one way of thinking. You shouldn't think centralized exchange as an intermediary. Rather you should consider that you have already sent coins to the buyer the moment you deposit coins on centralized exchange. In P2P trade, one party has to trust other first. It is quite impossible to trade digitally at the same time, one has to go first. Similarly, in case of centralized exchange, you are going first by depositing your coins on exchange and you should withdraw your coins as soon as possible once trade is complete.

Not all coins could be traded on DEX so it's a bitter truth that you have to use resources like centralized exchanges in order to maintain high liquidity between crypto/fiat and crypto/crypto.

A real DEX isn't breakable, as it's trustless - Seems like you need to do some fucking reasearch on your own, otherwise you wouldn't be posting this BS. 

A real DEX isn't owned by anyone, you don't "store" your coins on a DEX, you trade them straight from your wallet, since you're in complete control of your private keys of all times.

Binance could afford the losses this time, what about next time? What if they fail to find find the money to compensate everyone? You seem to be blinded by the fact that centralized exchanges ISN'T safe at all, and that no matter what happens exchanges will be able to compensate you.

How many exchanges have we seen hacked the past 3 years, with users NOT getting compensated as much as a dollar?

A centralized exchange beats the purpose of cryptocurrencies - We might as well trade stocks, it's really no different at this point. Cryptocurrencies was meant to be traded peer 2 peer (like on a DEX), not with a centralized entity inbetween.

What can we do about it?

A lot of traders have been pulled into centralized exchange during their hypes.
Without anyone advertising DEX it is a problem to get a real volume.
So it is like they are not given a choice but also to switch with those.

Some just want the assurance or insurance of their coins being kept in centralized exchange but I don't think that is the real reason behind it.
In the end, it is still the volume win which even small traders are getting dragged.

I know DEX are a better solution for trading, specially when it comes to spot trading but DEX does not provide as much feature as a centralized exchange as of yet. It's good if you can keep your crypto with it but no other services can provide trading with interest bearing wallets, staking, crypto backed loans, direct and exclusive investment on new IEOs like a centralized exchange.

Yes there's been series of centralized exchnage hacks and the fear of some exit scams has not left the minds of people. What people consider before choosing cex or Dex is the UI and liquidity depth. Cex has provided these two better than Dex currently. I will choose something simple and easy to use and be caucious of my security while at it than choosing a Dex with low liquidity depth as well as hard  UI. Hybrid exchanges should be advertised more to keep everyone safe or people should learn not to leave their funds on exchanges.

That should be at the back of everyone's mind, what happens with MT.Gox could easily happen again, more reason people shouldn't leave their assets on exchange, but in reality, that is very hard to do especially for day traders who need their money to be in the exchange to trade,
DeX on the other hand can't be compare to cex base on trading volume,  without volume traders can't trade satisfactory,
People want decentralization but they patronize more of centralized exchanges for now. Between not so many good dex around, plus most are not so user friendly.

I only see the fact that despite many complaints about CEXs, its user base is still overwhelming compared to DEX. This shows that the security advantages of DEX are not yet better than its limitations.

This will be the second time I'd ready a post created on this forum pointing towards binance exchange and Centralized exchanges, the fact is binance got hacked years back and they paid everyone.

Do you think that decentralized exchanges are 100% safe? You are damn wrong if you have that mindset, do your own research and you will see that dex are breakable too.

If a dex exchange get hacked who will you blame or arrest? None I guess but for centralized exchanges we have someone to point finger to atleast, the only advice I accept here is never to keep coins on exchanges because you have no control over the coins anymore

Don't you guys  think it's funny how everyone involved in crypto COMPLETELY disregards DEX's right now, and actually appraises exchanges like Binance, Coinbase, etc? Whenever they are involved in a scandal I see comments like "It's to be expected by such a big exchange" - Basically from people not giving a fuck about anything.

I understand most people are "in it for the money", but it's scary to see people "down play" DEX's when they actually solve a problem we've had for years!
I'm sure you've seen this sentence posted multiple places: "Not Your Keys, Not Your Coins" - Take it seriously next time you see it, because it's' true!

While centralized exchanges is "convenient" they are definitely not "safe" to use in any means.

DEX's only suffer from low volume because nobody seems to give a fuck about their privacy nor their safety, which results in centralized exchanges monopolising the entire markets.

We've got a TON of fake DEX's out there as well, which doesn't help either. Binance's DEX is just one of them (All the DEX nodes verifying transactions is owned and controlled by Binance themselves). We've got hybrids as well, the Waves DEX being one of them.

In the end we don't have a lot of TRUE DEX's - Yet. I can recommend the Blocknet DEX, which I recently discovered from reading around here, and on Reddit. It's truly decentralized, and the volume has been increasing lately, which is a nice thing to see.

Sorry about my small rant, just wanted to chime in and share my thoughts here.