Topic: Will there ever be any safe centralised exchange ? (Read 2236 times)
The concept of a "safe" centralized exchange is relative and evolving. While centralized exchanges have made significant strides in enhancing security, they still carry certain risks, including the potential for hacks.That's why I prefer using my OneKey open-source wallet for added control over my crypto assets.
Sure you know that CEX play key role in the crypto industry and cannot easily be sidelined despite some sad incidences like you've rightly pointed out. No one prays for those sad occurances, I guess. Some are now actively putting measures in place to optimize the security of their platform. For example, Binance and Bitget have huge User's protection fund in place to compensate users whose account gets affected in any occasion aside the security reserves. Meanwhile I recently read about Bitget's partnership with Cobo SuperLoop, a digital asset security institution to boost their platform security. It's we users that should take more precautions not to leave huge amount of assets in one Exchange.
I really do not think CEX would cease to exist irrespective of what would happen in their nearest future. Although the Crypto space is unpredictable but I believe there is always an alternative to getting things done than pushing the CEX out of market or existence. The CEX played a great role in the speedy spread of Crypto currencies globally irrespective of the location and laws governing it. Without the CEX, Crypto or blockchain would not have gone this far.
If the government choose to trade their CBDCs on CEX platforms, that's alright as it would give a boast to the cex for their credibility and reliability. This would keep the market moving.
If the government choose to trade their CBDCs on CEX platforms, that's alright as it would give a boast to the cex for their credibility and reliability. This would keep the market moving.
That's a vaild argument. Without CEXs, crypto wouldn't had been as popular as it is right now. It's "Wall Street" that made crypto a multi-trillon dollar industry. It's very likely CEXs will survive in the long run, since they're the only means through which the government can collect taxes from you. Without them, I fail to see how mainstream governments will be able to succeed in their efforts to put crypto "under control".
While there's no such thing as a "safe" centralized exchange, you can follow the necessary security precautions to help protect your crypto from hacks, theft, or other undesired events. Just deposit a small amount of the type of cryptocurrency you're willing to trade, and you're good to go. Who knows if CEXs will reinforce their security methods after what happened with FTX? Just my opinion
That's how it goes. At the end of the day, it's like these exchanges at the mercy of the government but not anymore today. Just like how the known centralized exchanges have been moving from country to country and building their headquarters. There's a problem on them that they can't comply with what the government is asking. It could be a personal attack on them with the requirements and rules set and these governments know that big money is gonna flow on them but if these exchanges decide not to get onto their markets, they'll lose a huge part of the market that they own on these regions.
The government knows that allowing the CEX do things by themselves would cause a boycott of activities that were meant to be a normal procedure hence they got themselves fully involved in CEX activities so as to monitor and keep watch on them.
CEX generates huge amount of money from transactions which git the government poped eyes into their activities and making sure they pay tax and.all other levied bill on them by virtue of their presence on their jurisdiction.
-snip-
If not stringent rules from the government what else do they do? They are always up to forcefully imposing rules on organizations under them so as to cajole them in doing their biddings. The government knows that her citizens would never do whatever ever they insist on them doing freely without being strict. If the citizens are given free will, me n of them would patronize anything that comes from the government but rather, they will prefer to do things with the private sector and individual organizations rather than doing it having anything with the government.
The government knows that allowing the CEX do things by themselves would cause a boycott of activities that were meant to be a normal procedure hence they got themselves fully involved in CEX activities so as to monitor and keep watch on them.
CEX generates huge amount of money from transactions which git the government poped eyes into their activities and making sure they pay tax and.all other levied bill on them by virtue of their presence on their jurisdiction.
-snip-
If not stringent rules from the government what else do they do? They are always up to forcefully imposing rules on organizations under them so as to cajole them in doing their biddings. The government knows that her citizens would never do whatever ever they insist on them doing freely without being strict. If the citizens are given free will, me n of them would patronize anything that comes from the government but rather, they will prefer to do things with the private sector and individual organizations rather than doing it having anything with the government.
I really do not think CEX would cease to exist irrespective of what would happen in their nearest future. Although the Crypto space is unpredictable but I believe there is always an alternative to getting things done than pushing the CEX out of market or existence. The CEX played a great role in the speedy spread of Crypto currencies globally irrespective of the location and laws governing it. Without the CEX, Crypto or blockchain would not have gone this far.
As long as they've been established already and maintains to be liquid, they'll continue to stay. And the only reason that they'll be out on the market or they'll be forced to their closure when there's a pressure from the government. With that, it'll create a fear to the users and from being liquid, that will decrease over time until they're no longer liquid. I think in the near future, there will only be less of them and the ones that are established will remain. Having these news that there have been CEX on development made or supported by the government is gonna be another game changer but we will see the result of it once it's fully operational and everyone gets a touch of it.If the government choose to trade their CBDCs on CEX platforms, that's alright as it would give a boast to the cex for their credibility and reliability. This would keep the market moving.
And that's gonna make another demand for them and it's very likely that these CBDCs have no other way of increaseing their demand aside from forcefully making laws to be used by citizens but also to get into these markets of CEX's.If not stringent rules from the government what else do they do? They are always up to forcefully imposing rules on organizations under them so as to cajole them in doing their biddings. The government knows that her citizens would never do whatever ever they insist on them doing freely without being strict. If the citizens are given free will, me n of them would patronize anything that comes from the government but rather, they will prefer to do things with the private sector and individual organizations rather than doing it having anything with the government.
I really do not think CEX would cease to exist irrespective of what would happen in their nearest future. Although the Crypto space is unpredictable but I believe there is always an alternative to getting things done than pushing the CEX out of market or existence. The CEX played a great role in the speedy spread of Crypto currencies globally irrespective of the location and laws governing it. Without the CEX, Crypto or blockchain would not have gone this far.
As long as they've been established already and maintains to be liquid, they'll continue to stay. And the only reason that they'll be out on the market or they'll be forced to their closure when there's a pressure from the government. With that, it'll create a fear to the users and from being liquid, that will decrease over time until they're no longer liquid. I think in the near future, there will only be less of them and the ones that are established will remain. Having these news that there have been CEX on development made or supported by the government is gonna be another game changer but we will see the result of it once it's fully operational and everyone gets a touch of it.If the government choose to trade their CBDCs on CEX platforms, that's alright as it would give a boast to the cex for their credibility and reliability. This would keep the market moving.
And that's gonna make another demand for them and it's very likely that these CBDCs have no other way of increaseing their demand aside from forcefully making laws to be used by citizens but also to get into these markets of CEX's. The thing is that exchanges will be needed as long as people keep getting paid in fiat for their goods and services.
But yeah, centralized exchanges might be stopped by the government when they start putting out the CBDCs.
But yeah, centralized exchanges might be stopped by the government when they start putting out the CBDCs.
Even worse, CEXs might become the trading platform for CBDCs after launch. That is if governments are planning to make CBDCs extensible. Sort of like a stablecoin which is programmable and can be used on smart contracts ("De-Fi"). Fiat (either physical or digital) is still the dominating force of the mainstream economy, so don't expect crypto to take over anytime soon. Exchanges (particularly CEXs) will be relavant as long as the world is stuck with the Fiat standard.
Once BTC becomes the standard unit of account (like a reserve currency), CEXs will either cease to exist or switch to crypto-only trading. The crypto world is highly unpredictable, so expect the unexpected. Who knows where the future will lead us? Just my opinion
I really do not think CEX would cease to exist irrespective of what would happen in their nearest future. Although the Crypto space is unpredictable but I believe there is always an alternative to getting things done than pushing the CEX out of market or existence. The CEX played a great role in the speedy spread of Crypto currencies globally irrespective of the location and laws governing it. Without the CEX, Crypto or blockchain would not have gone this far.
If the government choose to trade their CBDCs on CEX platforms, that's alright as it would give a boast to the cex for their credibility and reliability. This would keep the market moving.
The thing is that exchanges will be needed as long as people keep getting paid in fiat for their goods and services.
But yeah, centralized exchanges might be stopped by the government when they start putting out the CBDCs.
But yeah, centralized exchanges might be stopped by the government when they start putting out the CBDCs.
Even worse, CEXs might become the trading platform for CBDCs after launch. That is if governments are planning to make CBDCs extensible. Sort of like a stablecoin which is programmable and can be used on smart contracts ("De-Fi"). Fiat (either physical or digital) is still the dominating force of the mainstream economy, so don't expect crypto to take over anytime soon. Exchanges (particularly CEXs) will be relavant as long as the world is stuck with the Fiat standard.
Once BTC becomes the standard unit of account (like a reserve currency), CEXs will either cease to exist or switch to crypto-only trading. The crypto world is highly unpredictable, so expect the unexpected. Who knows where the future will lead us? Just my opinion
~snip~
Of course. Without KYC, I fail to see how centralized exchanges would be able to survive in the long run. Governments will just close their operations for good. With decentralized exchanges, that's another story. There's really no such thing as an exchange (either centralized or decentralized) that's 100% safe and secure. You'd need to protect your crypto by following the necessary security precautions.
Flaws/vulnerabilities will always exist, but if you properly secure your crypto, it'll be almost impossible for malicious actors to rob you. With the FTX collapse, it's likely centralized exchanges will cede control of private keys and/or seeds to customers in the near future. Who knows if this will make CEXs bigger and stronger than ever? Just my thoughts
Of course. Without KYC, I fail to see how centralized exchanges would be able to survive in the long run. Governments will just close their operations for good. With decentralized exchanges, that's another story. There's really no such thing as an exchange (either centralized or decentralized) that's 100% safe and secure. You'd need to protect your crypto by following the necessary security precautions.
Flaws/vulnerabilities will always exist, but if you properly secure your crypto, it'll be almost impossible for malicious actors to rob you. With the FTX collapse, it's likely centralized exchanges will cede control of private keys and/or seeds to customers in the near future. Who knows if this will make CEXs bigger and stronger than ever? Just my thoughts
The thing is that exchanges will be needed as long as people keep getting paid in fiat for their goods and services.
But yeah, centralized exchanges might be stopped by the government when they start putting out the CBDCs.
If I am not mistaken, I guess you were trying to say "as long as people keep getting paid in Crypto for their goods and services" Well what you have said is not bad because as long as it is so, people would definitely look for where to exchange their token or coin so as to buy more goods to stuck up their various shops and businesses. Hence exchange is very much important and appreciated to keep existing so that there would always be a medium for third party conversations.
Lastly, centralised exchanges are operational and functional at the mercies and supervision of the government and therefore would do accordingly and everything possible to remain relevant in the mainstream. I see no reasons why centralised exchange would be stopped by the government even if they got theirs. They earn revenue from the centralised exchange and Crypto enthusiast would prefer them more than the government own which I believe the government knows very much alright so why would they the government think of closing the centralised exchange. I think that would not be feasible.
~snip~
Of course. Without KYC, I fail to see how centralized exchanges would be able to survive in the long run. Governments will just close their operations for good. With decentralized exchanges, that's another story. There's really no such thing as an exchange (either centralized or decentralized) that's 100% safe and secure. You'd need to protect your crypto by following the necessary security precautions.
Flaws/vulnerabilities will always exist, but if you properly secure your crypto, it'll be almost impossible for malicious actors to rob you. With the FTX collapse, it's likely centralized exchanges will cede control of private keys and/or seeds to customers in the near future. Who knows if this will make CEXs bigger and stronger than ever? Just my thoughts
Of course. Without KYC, I fail to see how centralized exchanges would be able to survive in the long run. Governments will just close their operations for good. With decentralized exchanges, that's another story. There's really no such thing as an exchange (either centralized or decentralized) that's 100% safe and secure. You'd need to protect your crypto by following the necessary security precautions.
Flaws/vulnerabilities will always exist, but if you properly secure your crypto, it'll be almost impossible for malicious actors to rob you. With the FTX collapse, it's likely centralized exchanges will cede control of private keys and/or seeds to customers in the near future. Who knows if this will make CEXs bigger and stronger than ever? Just my thoughts
The thing is that exchanges will be needed as long as people keep getting paid in fiat for their goods and services.
But yeah, centralized exchanges might be stopped by the government when they start putting out the CBDCs.
There is no way a centralised exchange would operate without a government approval in their locality. KYC is what the government uses to keep track of exchange activities so they could know the flow of funds and assets. Although the essence of blockchain was for anonymity. One could remain anonymous while carrying out a transaction but the fear of sponsoring terrorist, money laundering and lots more have made the government interface into the system making the centralised exchange the arm of government on blockchain to monitor financial flows onchain.
it's likely centralized exchanges will cede control of private keys and/or seeds to customers in the near future. Who knows if this will make CEXs bigger and stronger than ever? Just my thoughts This would be a good idea if given a thought about it but I doubt if the centralised exchange would agree to this idea because if they do, they stand the chance to a sudden collapse because investors would withdraw their funds at anytime they want irrespective of the fact that the exchange created the wallet and handed over the private keys to them . If this happens, there would like be no control of how funds move in and out of exchange because there is no more verification or approval to withdraw and deposit and this would cause a lot of unwarranted activities which the exchange can not control and would definitely cause a fall out between the government and the exchange.
This can be possible if there is a two way sign in by both parties. If the possibility arises, the owner of the wallet when making withdrawals would sign out while the exchange verifies the reasons for withdrawal then sign out as well giving the investors access to their assets and funds.
There is no way a centralised exchange would operate without a government approval in their locality. KYC is what the government uses to keep track of exchange activities so they could know the flow of funds and assets. Although the essence of blockchain was for anonymity. One could remain anonymous while carrying out a transaction but the fear of sponsoring terrorist, money laundering and lots more have made the government interface into the system making the centralised exchange the arm of government on blockchain to monitor financial flows onchain.
Of course. Without KYC, I fail to see how centralized exchanges would be able to survive in the long run. Governments will just close their operations for good. With decentralized exchanges, that's another story. There's really no such thing as an exchange (either centralized or decentralized) that's 100% safe and secure. You'd need to protect your crypto by following the necessary security precautions.
Flaws/vulnerabilities will always exist, but if you properly secure your crypto, it'll be almost impossible for malicious actors to rob you. With the FTX collapse, it's likely centralized exchanges will cede control of private keys and/or seeds to customers in the near future. Who knows if this will make CEXs bigger and stronger than ever? Just my thoughts
There is no way a centralised exchange would operate without a government approval in their locality. KYC is what the government uses to keep track of exchange activities so they could know the flow of funds and assets. Although the essence of blockchain was for anonymity. One could remain anonymous while carrying out a transaction but the fear of sponsoring terrorist, money laundering and lots more have made the government interface into the system making the centralised exchange the arm of government on blockchain to monitor financial flows onchain.
I really think it is a direct one because the government from onset wants to control the blockchain which has been their main aim or goal since it is not possible for them, they resolved in getting sway of the centralised exchange to do their bidding which they successful achieved and as well taking task and issuance of license to operate.
When they see they exchanges were bent on being adamant, the insist on KYC policies and it was near difficult for them to resist because they are within their jurisdiction and if they do otherwise, they are likely facing the risk of losing out so in that case they had no option than accepting the KYC policy for customer.
Snip...
KYC makes a hacker's life easier by putting all of your personal information in a single place. This makes centralized exchanges less safer to use than decentralized exchanges. Besides, KYC greatly defeats crypto's original purpose of eliminating the middleman. It's like going back to the era of traditional banking.
For crypto/Blockchain tech to achieve its full potential, KYC must be eliminated for good. Unfortunately, there's nothing we can do about it if we want governments to support crypto. No KYC, means a hostile environment for crypto/Blockchain tech from governments and banks alike. At least, we have many options to choose from. It's up to you to act responsibly by never putting large amounts of crypto in a centralized exchange. Who knows how far will the industry go? Just my opinion
There is no way a centralised exchange would operate without a government approval in their locality. KYC is what the government uses to keep track of exchange activities so they could know the flow of funds and assets. Although the essence of blockchain was for anonymity. One could remain anonymous while carrying out a transaction but the fear of sponsoring terrorist, money laundering and lots more have made the government interface into the system making the centralised exchange the arm of government on blockchain to monitor financial flows onchain.
I really think it is a direct one because the government from onset wants to control the blockchain which has been their main aim or goal since it is not possible for them, they resolved in getting sway of the centralised exchange to do their bidding which they successful achieved and as well taking task and issuance of license to operate.
When they see they exchanges were bent on being adamant, the insist on KYC policies and it was near difficult for them to resist because they are within their jurisdiction and if they do otherwise, they are likely facing the risk of losing out so in that case they had no option than accepting the KYC policy for customer.
Snip...
KYC makes a hacker's life easier by putting all of your personal information in a single place. This makes centralized exchanges less safer to use than decentralized exchanges. Besides, KYC greatly defeats crypto's original purpose of eliminating the middleman. It's like going back to the era of traditional banking.
For crypto/Blockchain tech to achieve its full potential, KYC must be eliminated for good. Unfortunately, there's nothing we can do about it if we want governments to support crypto. No KYC, means a hostile environment for crypto/Blockchain tech from governments and banks alike. At least, we have many options to choose from. It's up to you to act responsibly by never putting large amounts of crypto in a centralized exchange. Who knows how far will the industry go? Just my opinion
There is no way a centralised exchange would operate without a government approval in their locality. KYC is what the government uses to keep track of exchange activities so they could know the flow of funds and assets. Although the essence of blockchain was for anonymity. One could remain anonymous while carrying out a transaction but the fear of sponsoring terrorist, money laundering and lots more have made the government interface into the system making the centralised exchange the arm of government on blockchain to monitor financial flows onchain.
KYC is not in not safe in any way. KYC is a tool and process set up by the government through the centralised exchange to checkmate Crypto trading activities which before you sign up with any centralised exchange, you will need to agree to their terms and conditions which includes them giving your details to any third party by law when the needs arises. So therefore upon giving them consent, you already agreed to them using your details for any thing and I will not be surprised if they trade people's details for Money because they have it full in their possession and come to talk of it, you as a client don't know what is going on with your details your shared with them all in the name of kyc which makes it very risky. Initially, this was not the plans of Satoshi Nakamoto for bitcoin but the government which we have been avoiding has made their way in by including kyc which they are in for. With kyc on exchanges I do not think there is anything anonymous anymore and this is not safe.
KYC makes a hacker's life easier by putting all of your personal information in a single place. This makes centralized exchanges less safer to use than decentralized exchanges. Besides, KYC greatly defeats crypto's original purpose of eliminating the middleman. It's like going back to the era of traditional banking.
For crypto/Blockchain tech to achieve its full potential, KYC must be eliminated for good. Unfortunately, there's nothing we can do about it if we want governments to support crypto. No KYC, means a hostile environment for crypto/Blockchain tech from governments and banks alike. At least, we have many options to choose from. It's up to you to act responsibly by never putting large amounts of crypto in a centralized exchange. Who knows how far will the industry go? Just my opinion
There is no way a centralised exchange would operate without a government approval in their locality. KYC is what the government uses to keep track of exchange activities so they could know the flow of funds and assets. Although the essence of blockchain was for anonymity. One could remain anonymous while carrying out a transaction but the fear of sponsoring terrorist, money laundering and lots more have made the government interface into the system making the centralised exchange the arm of government on blockchain to monitor financial flows onchain.
KYC is not in not safe in any way. KYC is a tool and process set up by the government through the centralised exchange to checkmate Crypto trading activities which before you sign up with any centralised exchange, you will need to agree to their terms and conditions which includes them giving your details to any third party by law when the needs arises. So therefore upon giving them consent, you already agreed to them using your details for any thing and I will not be surprised if they trade people's details for Money because they have it full in their possession and come to talk of it, you as a client don't know what is going on with your details your shared with them all in the name of kyc which makes it very risky. Initially, this was not the plans of Satoshi Nakamoto for bitcoin but the government which we have been avoiding has made their way in by including kyc which they are in for. With kyc on exchanges I do not think there is anything anonymous anymore and this is not safe.
KYC makes a hacker's life easier by putting all of your personal information in a single place. This makes centralized exchanges less safer to use than decentralized exchanges. Besides, KYC greatly defeats crypto's original purpose of eliminating the middleman. It's like going back to the era of traditional banking.
For crypto/Blockchain tech to achieve its full potential, KYC must be eliminated for good. Unfortunately, there's nothing we can do about it if we want governments to support crypto. No KYC, means a hostile environment for crypto/Blockchain tech from governments and banks alike. At least, we have many options to choose from. It's up to you to act responsibly by never putting large amounts of crypto in a centralized exchange. Who knows how far will the industry go? Just my opinion
As long as anything that exists on the internet, that is not safe. And you are giving your funds to someone and also exposing your private information. I don't know how safe are they. They manually verify your identity in order to approve the KYC application. So they do have access to your information. Your info is not encrypted and stored in their system, they are open and available.
there are a lot of things that could be said here. But for now, I will stick to this. And the answer is this, No there will never be any safe centralized exchange.
sometimes it is the availabilities in their region that brings them to no choice but to use internet base to trade, and also Lack of knowledge to how the proper handling of funds brings them to losing their money.there are a lot of things that could be said here. But for now, I will stick to this. And the answer is this, No there will never be any safe centralized exchange.
maybe this is depending on what kind of person and where is the person that will lead to either gaining or losing?
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