Topic: Will there ever be any safe centralised exchange ? - page 8. (Read 2236 times)

When you are using the word centralised exchange then you can't use word safe with them because you are trusting them for your funds but they could be gone anytime so how do you think it can be solved in the future? At this time major exchanges like FTX have been crashed taking out billion of dollars from the market and remaining one also have the possibility in future which is why we have not your keys not your coins statement which you need to understand as soon as possible.

As long as this exchanges are online there is always threats, hackers this days are smart enough to penetrate even the most secured websites like Binance, but the good thing in an exchange like Binance is they have reserve money to compensate users if something bad happened, but I still suggests not to store huge amount of money in most Cex, cant fully trust 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.

Don't try to differentiate centralized or decentralized exchange too much, it's all risky, don't trust anyone in the market completely. Use them normally as you would but never leave your money on it at the end of the day, you will always be safe. DEXs are also not as secure as many claims, they can still steal your assets if they do so intentionally.

This I can never forget, this same month year's back to 2018 when I had similar experience with one of the centralised exchanges. I had a little funds there though not as big as you think but to some extent reasonable. I remembered I did a little transaction via the exchange and I made a withdrawal after that leaving an amount of Bitcoin in my account with the exchange. I never knew that was the end of it all. The following day I had to do another transaction so as my usual routine of checking wallets before transfer of funds and tokens, needed to log in my account but to my greatest surprise, the exchange was no where to be found. It was just like a dream to me. I could still recall the event and how it happened. Since then, I never had trust on any centralised exchange anymore. I prefer saving my assets in my own wallet than sending it to the third party exchanges.

This post made me remembered about one lovely exchange i do use then and made name around 2017 to 2020 after which i have never heard about them anymore maybe have been deleted from cmc and their website could be nowhere to be found.
Biki.com (A centralized exchange) was a very good exchanger but after a while i never visited them and when i tried to login i couldn't do anymore, and i don't know if anyone here had about them or update concerning their operation. This simply shows if your funds where left or stores over there meaning all would have got missing and may not be restored.
Lot has been happening and they can't be trusted anymore to keep funds over there rather just trade or swap you coin and withdraw all to a self custodian wallet where you could have full access to it.
In my conclusion no exchanger could be trusted anymore via DEX or CEX, to minimize the risk involved always use a wallet you have the key and phrase.

If you are making this post in reference on what happened recently with FTX, First, I would want you to know that FTX was not hacked, rather the CEO mismanaged funds belonging to the investors and traders, the hack came much later after the exchange was already collapsing.

Now back to the general part of this discussion, the truth of the matter is that every centralized exchange out there is 100 percent safe(atleast, this is what they tell us) until they are hack or jam a rock, same way a criminal is a good citizen until he or she is caught red handed stealing.
Centralization is the same system the government uses, and it has never really favoured the ordinary citizens, centralization was not what Satoshi designed or desired for bitcoin or cryptocurrencies, but his absence in the space gave room for alot of changes and deviations from the plans he laid down on how get bitcoin and cryptocurrencies to mass adoption, the emergence of altcoins bright about the centralization in cryptocurrencies we experience today.

But then, it is good that everyone in the space is beginning to see the flaws in this system, and are beginning to realize that decentralization is the way, but another bothering question is How prepaid we are for decentralization?.

Majority of the exchange either centralized or decentralized exchange have experience hacked before now, except it's a situation whereby the exchange is a beginner for cryptocurrency or it's not influential per say. So i believe that no exchange we should rate hundred percent, because all of the exchange are risky dealing with them all.

There is always risk involved when we are using centralized platform.  Besides there is no absolute safety when dealing with online platform.  So we better exercise caution and always vigilant when dealing with centralized exchanges.  There are lots of exchanges hack recorded in the history of cryptocurrency.  So better not leave your fund on the exchange.

I will never again trust any exchange that is centralized, what I do is make serious transactions using binance and that xcahnge gives me a bad feeling, if I happen that to the famous exchange FTX that I stole from half the world, I don't want to lose money in an exchange that is bigger than that to then be looking for the way to get my money back and if the founders of those exchanges leave they will not respond to anyone, it is safer to put our money in a cold wallet , that they only manipulate our data, the exchanges of now are the most dangerous than the banks, I do not trust any bank now I am not going to trust an excahnge.

No one tells you to trust exchanges, you can still use them for your everyday purposes like buying, selling, exchanging...but always withdraw it all to your cold wallet when you're done, you'll be safe. Honestly, I don't think we will give up on centralized exchanges nor banks because they provide us with necessary services that are not available anywhere else. I will still use exchanges but of course will always be wary of them and never leave money when there is no need to use it.

I will never again trust any exchange that is centralized,

what I do is make serious transactions using binance and that xcahnge gives me a bad feeling, if I happen that to the famous exchange FTX that I stole from half the world,

the exchanges of now are the most dangerous than the banks, I do not trust any bank now I am not going to trust an excahnge.

I will never again trust any exchange that is centralized, what I do is make serious transactions using binance and that xcahnge gives me a bad feeling, if I happen that to the famous exchange FTX that I stole from half the world, I don't want to lose money in an exchange that is bigger than that to then be looking for the way to get my money back and if the founders of those exchanges leave they will not respond to anyone, it is safer to put our money in a cold wallet , that they only manipulate our data, the exchanges of now are the most dangerous than the banks, I do not trust any bank now I am not going to trust an excahnge.

Why should governments ban centralized exchanges when it's a great tool for them to control us as banks control us? vice versa: the centralized exchanges here will be upgraded and will probably be legalized as banks dedicated to the cryptocurrency market.