Topic: Will there ever be any safe centralised exchange ? - page 7. (Read 2134 times)

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.

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.

Just use centralized exchange to buy and sell your coins, then immediately withdraw it to your non custodial wallet. If your intention to find a safe centralized exchange to hold your coins on the exchange, you're stupid since exchange isn't for holding your coins for long term period.

Centralized cryptocurrency exchanges are like banks. There is no absolutely safe bank and no absolutely safe exchange. Because there are a large number of hackers attacking exchanges or banks all the time.
Several centralized exchanges have been hacked (equivalent to billions of dollars in cryptocurrency stolen) in the past.

The idea of a centralized exchange already tells you that it can't be safe forever. I mean there will always be attacks towards them so even if they are legit and not scamming website, they may get hacked eventually and that would be the problem for them.

I personally believe that DEX will grow bigger in the future because of this, because people can't really deal with this kind of behaviour forever, they need to realize that they can't make any problems with how it is and need to be a lot better in the long run and DEX is the way to go if you want to be more safe. That way, there is no funds in a centralized location to be hacked, and that's a better than right now.

For me, all trusted centralized exchanges are safe for trading --yes because they are trusted. But the thing that is not safe is when we store our funds for a long period of time. The FTX drama is not the worst here, because they are not running away from the user's funds, they refunded users and I think still a good example even though behind the company's bankruptcy they returned people's money. So as I see it, picking trusted centralized exchanges are safe but don't trust to put your fund there as treated your own wallet --that is a wrong practice.

There will be no safe exchanges as long as they are centralized. Yes, there might be unchacked and still reliable centralized exchanges for now but I don’t think they will always stay safe in the long run. Just think of those centralized exchanges that have been previously hacked, who would have thought that they would end just like that. So as much as we can still safekeep our funds, then never entrust it to centralized exchanges but keep it in our hardware wallet for high level of security.

For me, there will be no safe centralized exchanges anymore even before the scandalous event of FTX.
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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.

Never. Treat exchange as a marketplace where your money can get stolen every time so you don't rely too much on them. Using an exchange to store your funds is a bad idea even if they claim to offer insurance etc. Even those lending platforms are facing trouble and change their ToS regularly so they don't have to pay back the user funds. Use them to trade with the money you are willing to lose, move your funds asap after you make a decent profit.

No. The involvement of people, companies, organizations etc third parties only goes to show that it can never be safe. Remember the terms of service you agreed to when you first signed up on Binance, Coinbase. These guys can just decide to hold your assets and ain't nothing you can do about it. Since the whole FTX saga, I wouldn't trust any exchange one bit. Always put a CAVEAT at the back of your mind when you used a centralized exchange. 

No. The involvement of people, companies, organizations etc third parties only goes to show that it can never be safe. Remember the terms of service you agreed to when you first signed up on Binance, Coinbase.

These guys can just decide to hold your assets and ain't nothing you can do about it. Since the whole FTX saga, I wouldn't trust any exchange one bit. Always put a CAVEAT at the back of your mind when you used a centralized exchange. 

we can't give full trust to top exchanges even with binance and kucoin, as we can't say what will happen next.

what we can do is secure our funds on our own wallet that you can have your own keys. yes, we can always use these top exchanges but if you are not using their savings or staking services, much better to get out your funds once your done with 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.