Personally I think it comes with the territory. Its like saying Bitcoin is better than fiat. Cryptos are decentralized and that's why we also promote decentralized exchange. It's funny though that the leading exchanges we have now are the centralized ones.
It is not really a surprise that centralized exchanges took over since developers had to struggle with the idea of how to create a decentralized exchange, while the road to create a centralized exchange has been explored and perfected long time ago, and those that took that route only needed to emulate what already existed in fiat exchanges while those that have created decentralized exchanges needed to develop new ideas and technologies. 
Topic: why there is so much fuss about decentralized exchanges (Read 660 times)
I suppose that DEX exchange like IDEX can be hacked. As when you want to trade, you need to transfer the token or ETH at the IDEX trading wallet. The IDEX trading wallet can be stolen if there is an inside job.
I don't know if other DEX exchanges work the same as IDEX. If the exchange is made from one wallet to another wallet directly without a middle man, then it is safe. But if there is a middle man, it can potentially be hacked.
I suppose that there is always some kind of middle man as the exchange needs to take the trading fees and validate the transactions. But DEX exchanges need more liquidity and they are more complicate to use.
I don't know if other DEX exchanges work the same as IDEX. If the exchange is made from one wallet to another wallet directly without a middle man, then it is safe. But if there is a middle man, it can potentially be hacked.
I suppose that there is always some kind of middle man as the exchange needs to take the trading fees and validate the transactions. But DEX exchanges need more liquidity and they are more complicate to use.
Why the fuss? Security and anonymity, both huge factors in the crypto equation. That is why we should welcome this step towards DEX adoption and support projects like Nash and Resistance. It will be tough to migrate traffic from CEX-es, but its definitely worth the try.
now decentralized exchanges are at the experimental stage and they constantly transform their code and become better, so that in the future they could not be hacked
If they are in the experimental stage, should we wait until everything is tried and tested or we should completely jump into these DEXs as they seems to be more promising than CEX?
Decentralized exchanges still have a lot of issues to solve but the most important is the volume that is so low, and in many coins you only need a couple hundred dollars to crash or pump the market but if you are willing to accept those inconveniences then you can use them without any problem.
Probably the whole thing is solely to use just a decentralized exchange today. I see that there are very big opportunities to use it, namely, decentralization should use this, because this is clearly our future.
Seriously that's the question, if dex can be hacked too, then we are not still safe. Buti believe that there is a way which the hack can be minimized
In my opinion, hacking can still occur anywhere in both the decentralized system and the centralized system. I only think that if indeed a decentralized system experiences many problems, especially the problem of price stability, it is better for crypto currencies to be made with a centralized system. I am sure that a centralized system will increase the level of trust of investors. Investors do not need to worry and are hesitant about hacking because everything is set up with a centralized system. Only one party will control the movement of the crypto currency.
Personally I think it comes with the territory. Its like saying Bitcoin is better than fiat. Cryptos are decentralized and that's why we also promote decentralized exchange. It's funny though that the leading exchanges we have now are the centralized ones.
I think the fuss about decentralized exchange comes when there are many bad things in regards with centralized exchange especially after some exchanges got hacked. People start to search for the better type of exchange to avoid such hack stuffs and things.
Personally I think it comes with the territory. Its like saying Bitcoin is better than fiat. Cryptos are decentralized and that's why we also promote decentralized exchange. It's funny though that the leading exchanges we have now are the centralized ones.
Recently I came across an article about the future of decentralized exchanges and how they are going to transform the centralized exchanges. One thing that clearly mentioned is that decentralized exchanges are secure and impossible (kind of) to hack as no central entity is running/controlling them. However, I heard about the security breach of Bancor and waves DEX. So what's the point of decentralized exchanges if they are still being hacked 
I see every and each exchange in the cryptocurrency community very liable to hack. All one need do is to be careful whether using centralised or decentralised exchanges.
The goal of all decentralized exchanges is to make funds of the users inaccessible to hackers. There are too many news about hacking centralize exchanges, so people are waiting for working DEXs like Binance DEX to feel their funds are in safe.
They may hack one or several wallets, however, each user has his own wallet and hack absolutely all users is very problematic. Therefore, decentralized exchanges are more resistant to hacker attacks than centralized ones.
Should give time to how products like Dapp or DEX gradually become better. As before, many banks around the world were stolen money by hackers, and gradually everything became safer after banks defended from hackers.
The fuss is intentionally created by whales and dumb developers. They never want to see a real development behind the decentralized exchanges so they can continue to do their shady job.
Where ones assets or funds is, there will his heart be. Most people or investors prefer decentralized exchanges because it is free from tasking KYC processes as well as cyber threats. So people trade there knowing they are safe.
but all the exchanges I think are good, but for decentralized exchanges it sometimes becomes insecure because the access process using personal wallets can be stolen by the exchange if they commit fraud. we have to be more careful not to get cheated.
From where I sit... one of these DEX salient features is the high level of their independence from regulatory actions, which are against structural change and technological innovation in financial sector. In that sector there is a high probability that strong official institution may acquire a dominant position when disputing about crypto and as result restrict centralized exchanges to obligations that serve government needs. DEXs are design to be immune to that.
We ought to compare the ratio between hacked centralized exchanges to those of decentralised exchanges, which I think will give us a reasonable conclusion on which is safer.
I have always used decentralized exchanges and despite all I have heard people said, I have not had any issue with them, but I believe our individual experiences and not about what people are saying should help us make decisions on which to use and which not to use.
I have always used decentralized exchanges and despite all I have heard people said, I have not had any issue with them, but I believe our individual experiences and not about what people are saying should help us make decisions on which to use and which not to use.
Recently I came across an article about the future of decentralized exchanges and how they are going to transform the centralized exchanges. One thing that clearly mentioned is that decentralized exchanges are secure and impossible (kind of) to hack as no central entity is running/controlling them. However, I heard about the security breach of Bancor and waves DEX. So what's the point of decentralized exchanges if they are still being hacked
The decentralized market is difficult for regulatory agencies and blockchain technology to still have many shortcomings that can best protect the account. Blockchain technology needs to be improved over the next few years so that large businesses can use it.
Exchange in a decentralized market is always at risk because there is no government intervention.
Where ones assets or funds is, there will his heart be. Most people or investors prefer decentralized exchanges because it is free from tasking KYC processes as well as cyber threats. So people trade there knowing they are safe.
Recently I came across an article about the future of decentralized exchanges and how they are going to transform the centralized exchanges. One thing that clearly mentioned is that decentralized exchanges are secure and impossible (kind of) to hack as no central entity is running/controlling them. However, I heard about the security breach of Bancor and waves DEX. So what's the point of decentralized exchanges if they are still being hacked
No one hacks decentralized exchanges. Because money is not stored in the same wallet of the exchange, and they are on the wallets of the bidders. Therefore, it is impossible to hack a decentralized exchange as well as a centralized exchange.
Jump to: