Will there ever be any safe centralised exchange ? - page 4.

panganib999

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Quote from: mk4 on November 22, 2022, 12:41:57 PM

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.

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Quote from: CryptSafe on November 22, 2022, 12:28:38 PM

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.

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

Funny that you mentioned unhacked, these two remaining centralized exchanges receive hacks and security breaches amounting to millions of dollars for breakfast. So all things considered they are pretty vulnerable to say the least. However, what assures me that these two exchanges are secure enough is how they remain operational even after massive attacks like this. FTX received two consecutive hacks and they literally broke down, Binance receives hacks and even then they remain operational, with a few times of contingency plan initiations but never to the extent of what happened to FTX. So when choosing your exchange, make sure you find one that could save your assets when push comes to shove, although of course, at the end of the day always consider owning a self-custodial wallet for maximum security.

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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.

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Quote from: Outhue on December 24, 2022, 06:54:54 AM

Just because Binance have CZ doesn't mean CZ will keep his cool forever, remember that change is the only thing constant in a humans life, anybody can change at any time when it comes to money matter, I like CZ but not when it comes to money so my answer is no single centralized exchange can be trusted.

Apparently that's what it is but, its never an issue until it becomes an issue. FTX never possed a threat until the CEO exercised his right by using the coins left in his charge for his own selfish interest. That's the risk centralised exchanges pose and will continue to pose every other day. One of the first rule of cryptocurrency is being in charge of your own affairs and that's exactly what centralisation takes from you. Centralised exchanges can never be a safe means and that's why, its got a rule to its usage that implores you not to leave majority of your hodlings but that which, you wish to trade.

Quote from: borovichok on December 24, 2022, 06:24:57 PM

Changpeng Zhao doing a great job at a top level and we shouldn't blame him for losses on the Binance. CZ and his team are working effortlessly to keeping their exchange moving. There are many things surrounding the insolved problem of CEX, there countless numbers of Fraudsters online tracking to take down CEX with self unknown goals. Binance is the only exchange that weren't affected although hackers tried their best to break the fire wall but not lucky enough due to the strong fire wall the Binance team has.

That's some of the reasons why Binance stays top evey other day. There approach to solving issues and they render quality service to its users. You get to resolve a fault before taking any other trade. There are a lot of benefits Binance offers and CZ continues to I.prove the site still.

borovichok

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Quote from: Outhue on December 24, 2022, 06:54:54 AM

Just because Binance have CZ doesn't mean CZ will keep his cool forever, remember that change is the only thing constant in a humans life, anybody can change at any time when it comes to money matter, I like CZ but not when it comes to money so my answer is no single centralized exchange can be trusted.

Changpeng Zhao doing a great job at a top level and we shouldn't blame him for losses on the Binance. CZ and his team are working effortlessly to keeping their exchange moving. There are many things surrounding the insolved problem of CEX, there countless numbers of Fraudsters online tracking to take down CEX with self unknown goals. Binance is the only exchange that weren't affected although hackers tried their best to break the fire wall but not lucky enough due to the strong fire wall the Binance team has.

wahyuagung26

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Quote from: Victorik on December 21, 2022, 09:20:05 AM

I do not think there's any centralized exchange that can boast of being 100% safe.

I don't know for sure in the future, maybe there is, maybe not.
from the past until now I am still very safe using the Coinbase exchange, and also Binance both are centralized exchanges, maybe here I am not the only one who feels the level of comfort and security of these two centralized exchanges, so far the centralized exchange that I have used is still very safe just.

Quote from: Victorik on December 21, 2022, 09:20:05 AM

That an exchange appears to be safe today doesn't mean it is invincible to hacking.

In the future, as long as the centralized exchange is still running well without any problems, I'm sure it will still be safe to use, but I don't know in the future. Hopefully centralized exchanges now won't have crashes and freezes like the huge Mtgox centralized exchange experienced back in 2014, it would be a shame if this happened.

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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.

Outhue

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Just because Binance have CZ doesn't mean CZ will keep his cool forever, remember that change is the only thing constant in a humans life, anybody can change at any time when it comes to money matter, I like CZ but not when it comes to money so my answer is no single centralized exchange can be trusted.

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Quote from: Victorik on December 21, 2022, 09:20:05 AM

I do not think there's any centralized exchange that can boast of being 100% safe. No matter how well they work hard to ensure safety, there are also people working tirelessly and round the clock to ensure that they find a loophole to hack their system.

In the past few years there have been several centralized exchanges that can be relied on very well, one of which is coinbase and binance, I like the two but this is a market we don't know for the development of centralized exchanges for the future it could crash and it could get better , anything can happen in the market only we will not be able to guess. a few years ago there was one very good exchange and unexpectedly this exchange crashed and crashed one of them was Mtgox and this exchange was the biggest exchange of its time.

Quote from: Victorik on December 21, 2022, 09:20:05 AM

That an exchange appears to be safe today doesn't mean it is invincible to hacking.

Yes, nowadays there are indeed a number of centralized exchanges that are safe and still very good enough to rely on, but this matter of hacking is also very threatening to the security of these exchanges, but in the future I don't know how, but the point is Centralized exchanges are still very safe.

nullama

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Quote from: redsun114 on December 21, 2022, 04:32:40 AM

Yes, there are. How about; Binance, Kucoin, Houbi and there are exchanges that are much older than them but are still trusted up to this date. Exchanges like Bittrex, Poloniex, Coinbase, and many more. People shouldn't be paranoid and think that every other known and trusted exchange can turn out to be a scam because that can only make them crazy. What if those exchanges don't have that intention?

But, those exchanges are only trying their best to improve their security and deliver a great service to their customer, in order to become the best in this field. Okay for their confidence, they can also store funds which they can afford to lose easily.

Well, most exchanges look fairly safe, trusted, and secure until something happens overnight and then all your money is gone.

It can be an external hack, an accident, or just evil CEOs, or a combination of those. You never know really.

The beauty of Bitcoin is that you don't need to trust anyone, so there's no need to keep your money in an exchange.

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Quote from: Cantsay on December 21, 2022, 07:33:39 PM

Quote from: Thuy Anh on December 21, 2022, 04:29:05 AM

Centralized exchanges are already working hard to improve their security defenses. But the security of the exchange has been attacked by hackers all the time.
Don't think of exchanges as banks, they are not a match.
The "absolutely safe" centralized exchange should not have appeared yet.

I still don't get why people still treat exchanges as wallet.
The name "exchange" clearly tells us what it should be used for but still yet you will still see those that still leave their funds there even after they are done with their trade or whatever it is that they used they exchange for.
Now my question is how hard can it be for someone to withdraw from an exchange? Is that they're scared of non-custodial wallet or what? I just don't get it.

I like that explanation! Exchange already has the right name. So does a wallet. Haha.
Regarding your question: Well, I think it's the simple fact that (most) people still have no clue about money and are just used to store their few EUR/Dollars/whatevers in their bank account. They are not sued to taking responsibility for their funds at all.
Now, when it comes to crypto it's exactly the same. Plus many people are already scared off by the crypto addresses and things like transaction fee, passphrase etc.
So yeah, people coming into crypto just to get rich quick are probably the most likely to keep their funds on a ~~bank~~ exchange.

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Quote from: TechnoX_X on December 23, 2022, 09:17:05 AM

Simple answer. Do not put your funds in any centralized exchange, trust your own private wallet. Centralized exchanges may be fine right now but some incidents that have occurred can be used as concrete examples of securing your own funds in a more secure wallet.

No centralized exchange is secure.

Can't fully trust with centralized exchange nowadays after scamming happen with FTX exchange, better trust with private wallet for saving our fund than use exchange market account. Indeed have many exchange become scam from Cryptopia, Hoo.com until the largest exchange market FTX collapse.

Securing assets in own private wallet is good priority nowadays and several trusted exchange exist right now, I think Binance is most securing without any problem yet after running last several years and become most experience from several exist exchange right now, but own private wallet is most securing place for saving fund and have own controlling with our assets.

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Simple answer. Do not put your funds in any centralized exchange, trust your own private wallet. Centralized exchanges may be fine right now but some incidents that have occurred can be used as concrete examples of securing your own funds in a more secure wallet.

No centralized exchange is secure.

Quote

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.

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Quote from: CryptSafe on November 22, 2022, 12:28:38 PM

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?

To me, the main cause of lost of funds on centralized exchanges is as a result of poor management system and greed. Moreover, Binance is the only current centralized exchange that have proven has what it takes to safeguard our funds at the moment, but you never can justify such till the next 5years from now, because that's the same way other exchanges which have gone into extinction lured people into believing in them and later ran away with peoples money. So it's always good to be careful while saving our crypto assets on decentralized wallets

CryptSafe

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Quote from: nullama on December 21, 2022, 07:54:50 PM

Quote from: CryptSafe on November 22, 2022, 12:28:38 PM

~snip~
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.

Given that a centralized exchange has full power over the coins you send to them, there's always the possibility that they choose not to give them back to you. They can lose your coins, or they can simply decide to keep them for whatever reason, maybe the government wants to freeze your account, or whatever.

Bitcoin allows you to have full control of your own money. There's no need to give it to 3rd parties, as it defeats the purpose.

So, to answer the question, no. It's never safe to give away your coins to a third party because you need to trust them. Bitcoin was designed to be a trust-less system.

The initial design for bitcoin was for p2p trading but unfortunately it was highjacked by the high and mighty turning it into a means of investment which later became the trend. Since then bitcoin is seen as an investment not a p2p means of payment which the current generation coming in is convinced it's all about investing and taking profit.

Third parties also facilitate this idea of taking profit after investing hence the idea of they holding your bitcoin as a third secured party exchange which in the real life they are not what you think they are. Exchanges are government arm of regulatory bodies on blockchain that's what I see them as. Their policies are mostly against the initial plan of bitcoin hence, the kyc and lots more.

nullama

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Quote from: CryptSafe on November 22, 2022, 12:28:38 PM

~snip~
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.

Given that a centralized exchange has full power over the coins you send to them, there's always the possibility that they choose not to give them back to you. They can lose your coins, or they can simply decide to keep them for whatever reason, maybe the government wants to freeze your account, or whatever.

Bitcoin allows you to have full control of your own money. There's no need to give it to 3rd parties, as it defeats the purpose.

So, to answer the question, no. It's never safe to give away your coins to a third party because you need to trust them. Bitcoin was designed to be a trust-less system.

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Quote from: Cantsay on December 21, 2022, 07:33:39 PM

Quote from: Thuy Anh on December 21, 2022, 04:29:05 AM

Centralized exchanges are already working hard to improve their security defenses. But the security of the exchange has been attacked by hackers all the time.
Don't think of exchanges as banks, they are not a match.
The "absolutely safe" centralized exchange should not have appeared yet.

I still don't get why people still treat exchanges as wallet.
The name "exchange" clearly tells us what it should be used for but still yet you will still see those that still leave their funds there even after they are done with their trade or whatever it is that they used they exchange for.
Now my question is how hard can it be for someone to withdraw from an exchange? Is that they're scared of non-custodial wallet or what? I just don't get it.

Totally non-sense,right?

Its been recommended on not to make use of these centralized exchange or platforms to be served as their main wallet which is something that very risky to do so.
They would really be just ending up on regretting when things do already happen.

Safe is not guaranteed on the time that you do touch up with any centralized things specially on platforms.It cant really be avoided on some circumstances
but as much as possible its better to pull out those funds anytime you are finish on doing trades.

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Quote from: Thuy Anh on December 21, 2022, 04:29:05 AM

Centralized exchanges are already working hard to improve their security defenses. But the security of the exchange has been attacked by hackers all the time.
Don't think of exchanges as banks, they are not a match.
The "absolutely safe" centralized exchange should not have appeared yet.

I still don't get why people still treat exchanges as wallet.
The name "exchange" clearly tells us what it should be used for but still yet you will still see those that still leave their funds there even after they are done with their trade or whatever it is that they used they exchange for.
Now my question is how hard can it be for someone to withdraw from an exchange? Is that they're scared of non-custodial wallet or what? I just don't get it.

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Quote from: Victorik on December 21, 2022, 09:20:05 AM

I do not think there's any centralized exchange that can boast of being 100% safe. No matter how well they work hard to ensure safety, there are also people working tirelessly and round the clock to ensure that they find a loophole to hack their system.

That an exchange appears to be safe today doesn't mean it is invincible to hacking.

Still it could be safe if the bitcoins would be insured by a trusted institution. But that would be one more step away from the goal of bitcoin which is why I would not support it.

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Quote from: Victorik on December 21, 2022, 09:20:05 AM

I do not think there's any centralized exchange that can boast of being 100% safe. No matter how well they work hard to ensure safety, there are also people working tirelessly and round the clock to ensure that they find a loophole to hack their system.

That an exchange appears to be safe today doesn't mean it is invincible to hacking.

Exactly. And even though it's nice to *maybe* see some improvements in exchange security and transparenty because the spotlight is currently shining on them - after FTX happening this year - I wish people wouldn't worry too much about this topic.
Instead just take your coins into your own custody.
You can start by creating your own cold-storage paper-wallets for cheap (maybe use some more duarable materials than real paper and normal laser-jet ink - but you get the point) or go with a Trezor, Keepkey or some budget version like the Ballet-wallet.

And don't worry too much about trading: Unless you are into -EV gambling or belong to the less-than-5% of top-tier traders you would lose money longterm anyway. So really no reason to keep your corn on an exchange.

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I do not think there's any centralized exchange that can boast of being 100% safe. No matter how well they work hard to ensure safety, there are also people working tirelessly and round the clock to ensure that they find a loophole to hack their system.

That an exchange appears to be safe today doesn't mean it is invincible to hacking.

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