Topic: Will there ever be any safe centralised exchange ? - page 3. (Read 2134 times)

Absolutely.

One of the main key points of Bitcoin is the decentralization of it.

Anything that is centralized should not be seen as beneficial for Bitcoin or the people using it.

I think it's just the fact that most people just want the convenience that comes with centralization, but that's a bad trade off.

As long as they are centralized there's no way anyone should be advised on keeping their assets worth good amount with them cause anything can happen. Binance for example is really holding up hard to prevent any intrusion for the pasts years since it's inception but that doesn't make it reliable to leave your big sum under their hand. For any centralized exchanges, I'll advise you Just do your business and leave that's all I can say!

I was wondering if there could still be any safe centralised exchange in the blockchain industry. Of

The problem with centralized exchanges is that you will always have to rely on the people behind it to store your money safely. The threat of being scammed will be constant and there won't be peace of mind for the individual storing his funds there, especially if in large chunks. Unfortunatelly regulations have proved to not protect investors efficiently after so many scams that have been seen this year. Scammers CEOs are able to escape from the jail with stolen money on their pockets which is ironically used to pay their lawyers and the bail. Somehow regulations even contribute to those scammers, as we can see. The system is made to favour them.

It makes me think it's very unlikely to have a safe centralized exchange.

Exchanges should be used to exchange, not to store your Bitcoin.

Buy bitcoin there, then send to your own wallet, that's the only way to truly known you just bought real Bitcoin, and not some fake IOU

People that keep their "bitcoin" in exchanges are always in a position in which they can lose all that money overnight.

Exchanges should be used to exchange, not to store your Bitcoin.

Buy bitcoin there, then send to your own wallet, that's the only way to truly known you just bought real Bitcoin, and not some fake IOU

People that keep their "bitcoin" in exchanges are always in a position in which they can lose all that money overnight.

I was wondering if there could still be any safe centralised exchange in the blockchain industry. Of lately lots have been unveiling itself and centralisedexchanges are at the end of it all.  Does it mean that these centralised exchanges that are in existence lacks the capability to safeguard assets and funds after attracting investors and traders to their platforms for engagement and activities?
 How do you explain these things to the people whom have entrusted their funds and assets to you for safe keeping hoping that what they gave to you is under safe care only to wake up to a sad news of their assets being stolen by hackers. How do you explain all these.

At first identifying the problem is a basic course for rendering solutions. If these problems are not identified immediately by the exchanges for quick remedy then who's to be blamed for it. Do they really do constant check on their service to know their lapses, if they do, do they identify it immediately with utmost attention? Do they do a constant check and evaluation on their staff and  mechanisms.

With all these said, what are your opinions on this subject matter as I feel this needs to be looked into for possible measures to be taken for  so as to further prevent or minimise the rate at which exchanges get hacked or being careless with investors and traders funds.

Mt Gox was deemed the safest in 2013. So many forum posts here saying so and even recommendations. Same was said about FTX, big stars came on TV ads and told everyone it was the best and the bomb. Now a lot of people say Binance but they have been hacked before, no reason to think they'll never be hacked again..

There will never be a safe exchange, DEX or CEX. But you can always limit your risk by not keeping crypto on exchanges if you don't want to trade them.

I was wondering if there could still be any safe centralised exchange in the blockchain industry. Of lately lots have been unveiling itself and centralisedexchanges are at the end of it all.  Does it mean that these centralised exchanges that are in existence lacks the capability to safeguard assets and funds after attracting investors and traders to their platforms for engagement and activities?
 How do you explain these things to the people whom have entrusted their funds and assets to you for safe keeping hoping that what they gave to you is under safe care only to wake up to a sad news of their assets being stolen by hackers. How do you explain all these.

At first identifying the problem is a basic course for rendering solutions. If these problems are not identified immediately by the exchanges for quick remedy then who's to be blamed for it. Do they really do constant check on their service to know their lapses, if they do, do they identify it immediately with utmost attention? Do they do a constant check and evaluation on their staff and  mechanisms.

With all these said, what are your opinions on this subject matter as I feel this needs to be looked into for possible measures to be taken for  so as to further prevent or minimise the rate at which exchanges get hacked or being careless with investors and traders funds.

As many users before me have said, centralized exchange are not completely secure, whatever their promises to their customers. Don't trust all your funds to an exchange, it should be in your wallet in the long term. Even though we believe in some exchanges, but basically we have to remain responsible for our assets there. This means that we accept any consequences that may occur, good or bad are the consequences.
~snip~

There is no way centralized exchanges can be safe. Although some reputable ones are safer than we think, but we don’t know how the future holds for them. The reason why people should never entrust their coins in centralized exchanges in the first place, but it should be decentralized ones. But it’s always certain, the only way people will learn is to experience first the mistakes and losses before they start to realize that it’s not always safe having centralized exchanges around.

There is no way centralized exchanges can be safe. Although some reputable ones are safer than we think, but we don’t know how the future holds for them.

I'd say the exchanges that currently remained to be unhacked are pretty "safe"; probably Binance and Coinbase. But that doesn't mean I'll recommend leaving funds on these platforms. The developers can make the platform as secure as possible, but never secure enough to the point that it's impossible to hack. Exploits will always be a risk. Not because these "unhacked" exchanges remained unhacked for years doesn't automatically mean it'll stay the same forever.

https://NotYourKeys.org


That's why you don't let other people entrust their funds to you. You have not much to gain but everything to lose.

I was wondering if there could still be any safe centralised exchange in the blockchain industry. Of lately lots have been unveiling itself and centralisedexchanges are at the end of it all.  Does it mean that these centralised exchanges that are in existence lacks the capability to safeguard assets and funds after attracting investors and traders to their platforms for engagement and activities?
 How do you explain these things to the people whom have entrusted their funds and assets to you for safe keeping hoping that what they gave to you is under safe care only to wake up to a sad news of their assets being stolen by hackers. How do you explain all these.

At first identifying the problem is a basic course for rendering solutions. If these problems are not identified immediately by the exchanges for quick remedy then who's to be blamed for it. Do they really do constant check on their service to know their lapses, if they do, do they identify it immediately with utmost attention? Do they do a constant check and evaluation on their staff and  mechanisms.

With all these said, what are your opinions on this subject matter as I feel this needs to be looked into for possible measures to be taken for  so as to further prevent or minimise the rate at which exchanges get hacked or being careless with investors and traders funds.

As much as it pains me to say it, I think Coinbase is a safe exchange to use. They have a ton of money from going public and for that reason are also highly scrutinized by regulations. Companies like Binance that are built on tokens are very dangerous, but I don’t think Coinbase falls into this category. I believe their financials are solid and people are overestimating the odds of bankruptcy. That being said, I hate Coinbase.