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Topic: Prone to hacking: Should all exchanges be decentralized? (Read 176 times)

sr. member
Activity: 756
Merit: 252
Recently we saw bithumb getting hacked, following the predecessors case. Sholud all exchanges be decentralised to aboid hacking?
It is going to be impossible for every single exchange to become decentralized besides I do not see a great interest from centralized exchanges, they like the way things are, besides even if there are decentralized exchanges I do not see a single one that amazes me so it is not like the competition is too strong at the moment, just make sure to not leave your coins longer than necessary in the exchanges and your bitcoin and altcoins are going to be safe.
legendary
Activity: 3472
Merit: 10611
you can still lose your money whilst using a decentralized exchange. because even when you are not leaving your money with a third party when you use these exchanges you are still having your funds in a hot wallet and you are connected to the internet so you can get hacked. and there has been some cases of bugs and exploits in these platforms which is normal with any program that has led to losses.

i say decentralized exchanges aren't the solution for protecting against hacks. hacks do happen, we need to increase the security.

although the problem most exchange hack cases in the past has been the fact that there weren't any hacks. the exchange lied to scam its users.
staff
Activity: 2454
Merit: 1617
Crypto Swap Exchange
Recently we saw bithumb getting hacked, following the predecessors case. Sholud all exchanges be decentralised to aboid hacking?
Not all, but we should see more decentralized exchange and its development. The currently available decentralized exchanges are far inferior to the centralized one: the volume is low, can't trade between two different blockchains, and the most frustrating one is the latency issue. Even in a slow-moving market, it takes several minutes for an order to go through and gets executed. Not to mention that there's still a way to "hack" the supposedly hack-proof exchange by phishing, DNS hijacking, etc. like what happened to EtherDelta last year.

Hopefully, there'll be many improvements, especially in operation and user experience side, in decentralized exchange in the coming years as many projects are working on the field.
mk4
legendary
Activity: 2870
Merit: 3873
Paldo.io 🤖
Should all exchanges be decentralized? Nope. We still need exchanges that can accept and give out fiat. Though using decentralized exchanges is definitely recommended. I would always suggest using EtherDelta(even though the UI/UX is a nightmare). Good thing a few new decentralized exchanges are being developed right now, along with Binance's decentralized exchange.
sr. member
Activity: 854
Merit: 257
I think yes it should decentralized but, who will decentralize it and manage it because sure the fee will rise for the pay on another maintenance on the security and will anyone of the owner will trust someone to access their admin exchange since there are alot money involve in there.
newbie
Activity: 133
Merit: 0
It must be so, if all centralized exchangers are getting hacked each day then decentralized exchanges will be appropriate for traderstraders. Nevertheless dex is not outright free from hacking
full member
Activity: 504
Merit: 100
Yes it should be so, and all exchanges are very good if decentralized, and that will make a more positive impact for the future.
legendary
Activity: 1372
Merit: 1123
Decentralization is one of the main foundational principals of Bitcoin. It would seem imperative that any company, project or specifically exchange that plans to survive long-term would need to adopt a decentralized game-plan. I can't see any way around decentralization and being able to provide equally as much security. There is a reason why Bitcoin has survived so many large "hacks"; they were against individuals, exchanges and addresses being centralized in one way or another. If Bitcoin were centralized, a single hack would have killed it years ago, any exchange needs to acknowledge and adapt to this idea.

They get touchy about being able to control, manipulate, move and invest your funds as has been done traditionally in the financial sector. It's a power-play that is falling out of style.
newbie
Activity: 37
Merit: 0
Recently we saw bithumb getting hacked, following the predecessors case. Sholud all exchanges be decentralised to aboid hacking?
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