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Alternate cryptocurrencies => Altcoin Discussion => Topic started by: Gunday_07 on December 03, 2020, 06:54:08 AM



Title: Will you trust the Code or Human?
Post by: Gunday_07 on December 03, 2020, 06:54:08 AM
The drawback of Centralized projects in crypto space (CEFI) is fear of hacks, wallet address on top exchanges like binance aren't ours, we don't control the keys, so it's safer to always move funds back to your own private wallet but the DeFi ideas are different, you don't have to trust any entities but the DeFi Code itself but still any flaws in the system may bring huge damage, honestly what can you trust here?


Today DeFi projects are now hackers bedsheet, they sleep on DeFi projects like it's nothing, hack here and there, will you still trust DeFi code or rely on CeFi ?


Title: Re: Will you trust the Code or Human?
Post by: Phoenix_PROG on December 03, 2020, 06:59:16 AM
What's happening around CeFi and DeFi presently looks alot like what happened between ICO and IEO.

ICO neutralize any third party involvement, it's always the project and the investors and scammers ruin everything for ICO but IEO came around and give something to rely on, top exchanges takes the responsibility, whatever happens is on them, that's true CEFI.


Decentralized projects are trying to work but for nothing to rely on, users are expose to more risks than CeFi, you only have the Code to blame, no regulations, nothing to fear, the freedom that decentralized projects give is what's haunting it's use case


Title: Re: Will you trust the Code or Human?
Post by: JHORN on December 03, 2020, 07:50:07 AM
If binance exchange fucks up they can clean their mess and still make users or investors happy, they have to work to perfection without ruining their reputations, this is exactly why I trust centralized projects and Platforms more than decentralized projects, if anything goes wrong with decentralized projects you are on your own, no one to take the responsibility


Title: Re: Will you trust the Code or Human?
Post by: asriloni on December 03, 2020, 07:52:15 AM
Will rely on CEFI if the situation will be even worse than before because defi is still experimental and there are so many vulnerable codes. So many hackers were taking the benefit from the vulnerability that available in the flash loan code.
I personally think that we can't 100% pegged with defi as it's just like a product that is not yet finished.
Despite all of its usefulness but sadly when it was getting hacked and all of volumes getting drowned instantly.


Title: Re: Will you trust the Code or Human?
Post by: Festac on December 03, 2020, 07:56:26 AM
DeFi projects are of different levels, few are very strong and reliable and majority are nonsense projects from inexperienced developers, I believe that we have too many DeFi projects today that's why we keep seeing hacks, when DeFi hype came no one expected such huge success at the time and with weeks many new DeFi projects start coming, they are rushed DeFi projects that's why are they are easily hacked.


Title: Re: Will you trust the Code or Human?
Post by: kkaroul4 on December 03, 2020, 08:19:20 AM
From the start of the DeFi I was really curious to it but after some time reading I read too much about how many DeFi projects that now turns into a scam, right now I stop doing my research for a good DeFi project because I really not sure which one is legitimate and which is not.


Title: Re: Will you trust the Code or Human?
Post by: New_order on December 03, 2020, 08:27:42 AM
There is different between DeFi and DEX, the security of DEX is not comparable to that of CEX, it works better IMO but DEFI (decentralized Finance) projects are suffering from imperfections, probably because DeFi is still new? Well right now it's better to give DeFi projects some space, I've invested in there DeFi projects so far and I don't tend on doing more than that, it's better to trust centralized projects more right now, DeFi isn't strong yet and maybe in near future things might turn around


Title: Re: Will you trust the Code or Human?
Post by: Reid on December 03, 2020, 08:41:13 AM
There is different between DeFi and DEX, the security of DEX is not comparable to that of CEX, it works better IMO but DEFI (decentralized Finance) projects are suffering from imperfections, probably because DeFi is still new? Well right now it's better to give DeFi projects some space, I've invested in there DeFi projects so far and I don't tend on doing more than that, it's better to trust centralized projects more right now, DeFi isn't strong yet and maybe in near future things might turn around
You see that's the real problem.
Why release a project to the public without knowledge of strong security?
Postpone it and create something almost perfect.
I haven't invested in one DeFi project yet because I have learned my lessons during the ICO's hype.
I think this is just the same. Just changing how it's called or just scrambling how the system will work.


Title: Re: Will you trust the Code or Human?
Post by: bittick on December 03, 2020, 08:54:53 AM
tbh, the fact that human has flaws means the code they produce also has flaws. There's just so much thing you don't expect could happen when it comes to security more specifically with programming and honestly I still don't really trust defi at this time. There's too much things need to be fixed but being cefi doesn't necessarily means have no flaw in code aswell. I know that with cefi atleast something could be prevented but still doesn't prevent us from losing money except they offer some sort of reimbursement if hacking occured.


Title: Re: Will you trust the Code or Human?
Post by: fridrix21 on December 03, 2020, 09:23:41 AM
The best way to preserve your money is to keep it in cold wallets that only belong to you. To be honest, I do not like the idea of DeFi at all, I would rather keep some of the money on well-known exchanges, for example, on binance.


Title: Re: Will you trust the Code or Human?
Post by: joseyphil82 on December 03, 2020, 09:24:50 AM
Atleast I have someone to blame if I'm using centralized projects and hack happens, they will have to pay users back, kucoin and binance did the same thing, it's why its a good move to use top exchanges only for trading, they can fix any problem but what ever happens with DeFi is none of the teams problem, you just have to accept your fate. Lol


Title: Re: Will you trust the Code or Human?
Post by: fileo on December 03, 2020, 09:29:06 AM
Code not invented human but human invented code.Therefore I will trust both.
I guess whether we come up to DeFi nor CeFi, hacking scenario won't stop. Moreover, with regards to higher security and less crime, CeFi would be better than DeFi. CeFi will track users easily while DeFi remains Decentralized.


Title: Re: Will you trust the Code or Human?
Post by: sulis sudibyo on December 03, 2020, 09:37:12 AM
The drawback of Centralized projects in crypto space (CEFI) is fear of hacks, wallet address on top exchanges like binance aren't ours, we don't control the keys, so it's safer to always move funds back to your own private wallet but the DeFi ideas are different, you don't have to trust any entities but the DeFi Code itself but still any flaws in the system may bring huge damage, honestly what can you trust here?


Today DeFi projects are now hackers bedsheet, they sleep on DeFi projects like it's nothing, hack here and there, will you still trust DeFi code or rely on CeFi ?

Are you sure it's hackers?
what if the defi developer is behind all the trouble?
What if the defi project was a scam from the start?
and what if the Cefi and Defi are the same, that is, they are easy to hack?

what will you believe
for me Cefi or Defi are the same, all can not be trusted. the only safest place is a private wallet.

before Defi became popular, Centralization became a prime target for hackers. there are many cases of hacks. market with the best security like Binance has experienced. and on the offline side, there are a lot of bank account hacks or even credit card hacks. all that happened because hackers targeted him. How about Defi? You can see that today DeFi is like a room without walls, hackers are very easy to break into.

so why should we believe in all of that. it's better to trust your personal wallet and keep using Defi or Cefi at the same time.


Title: Re: Will you trust the Code or Human?
Post by: Sled on December 03, 2020, 09:43:05 AM
Ohh, CeFi has come already.
Well, I hope that these projects are better and more reliable than DeFI. There are a lot of regrets in the past being told as more on scams and worthless projects DeFI. That, I have to expect that CeFi will look different and more transparent so it helps to gain trust and attract investors otherwise, CeFi had made no change.

We can't blame people will think the same as with DeFi. This is a challenge and that CeFi must have to prove that they are wrong and worthy of their trust and money.


Title: Re: Will you trust the Code or Human?
Post by: cryptomaniac_xxx on December 03, 2020, 09:46:00 AM
The drawback of Centralized projects in crypto space (CEFI) is fear of hacks, wallet address on top exchanges like binance aren't ours, we don't control the keys, so it's safer to always move funds back to your own private wallet but the DeFi ideas are different, you don't have to trust any entities but the DeFi Code itself but still any flaws in the system may bring huge damage, honestly what can you trust here?


Today DeFi projects are now hackers bedsheet, they sleep on DeFi projects like it's nothing, hack here and there, will you still trust DeFi code or rely on CeFi ?
Doesn't matter though, hackers, cyber threat actors, criminals will always be here, regardless if they target, exchanges, Defi, Cefi, etc. The problem with open source code is that the hackers can study the loopholes of every code that's why developer really need to step up the game as well. They should at least run iteration of their code so that it will be at least safe.

And those third party auditor should also do their job, looking for code exploits otherwise it will be a safe haven for criminals to make easy money here in crypto.


Title: Re: Will you trust the Code or Human?
Post by: xZork on December 03, 2020, 10:04:28 AM
What's happening around CeFi and DeFi presently looks alot like what happened between ICO and IEO.
I think the Defi projects at this point are overblown too much, the majority of Defi projects are no different from ICOs in 2017.
Surely this madness will be over soon and people will start with other projects again.


Title: Re: Will you trust the Code or Human?
Post by: MCDev on December 03, 2020, 10:11:23 AM
The drawback of Centralized projects in crypto space (CEFI) is fear of hacks, wallet address on top exchanges like binance aren't ours, we don't control the keys, so it's safer to always move funds back to your own private wallet but the DeFi ideas are different, you don't have to trust any entities but the DeFi Code itself but still any flaws in the system may bring huge damage, honestly what can you trust here?


Today DeFi projects are now hackers bedsheet, they sleep on DeFi projects like it's nothing, hack here and there, will you still trust DeFi code or rely on CeFi ?
Code or Human both have different advantages and disadvantages, at the moment I am involved in trading both.
Any type of transaction is safe if we know how to keep our assets safe.
However, I still appreciate the major exchanges like Binance or Houbi.


Title: Re: Will you trust the Code or Human?
Post by: Novatech8 on December 03, 2020, 10:11:28 AM
The drawback of Centralized projects in crypto space (CEFI) is fear of hacks, wallet address on top exchanges like binance aren't ours, we don't control the keys, so it's safer to always move funds back to your own private wallet but the DeFi ideas are different, you don't have to trust any entities but the DeFi Code itself but still any flaws in the system may bring huge damage, honestly what can you trust here?


Today DeFi projects are now hackers bedsheet, they sleep on DeFi projects like it's nothing, hack here and there, will you still trust DeFi code or rely on CeFi ?

Are you sure it's hackers?
what if the defi developer is behind all the trouble?
What if the defi project was a scam from the start?
and what if the Cefi and Defi are the same, that is, they are easy to hack?

what will you believe
for me Cefi or Defi are the same, all can not be trusted. the only safest place is a private wallet.

before Defi became popular, Centralization became a prime target for hackers. there are many cases of hacks. market with the best security like Binance has experienced. and on the offline side, there are a lot of bank account hacks or even credit card hacks. all that happened because hackers targeted him. How about Defi? You can see that today DeFi is like a room without walls, hackers are very easy to break into.

so why should we believe in all of that. it's better to trust your personal wallet and keep using Defi or Cefi at the same time.
I'm happy to see someone who's as curious as I am, the hacks happening around DeFi projects is growing higher and higher, I'm starting to have doubt about the hacks, maybe those projects team are behind the hacks themselves? They knew that if they blame hackers no one will look into it and moreover it's decentralized project


Title: Re: Will you trust the Code or Human?
Post by: jacafbiz on December 03, 2020, 10:14:23 AM
You should not trust any, Humans write codes and it is what you garbage into it that it garbage out. The most important thing is who is writing these codes, just look at most ofthe DEFI projects that was hacked, some of them were Audited by well respected Audit firm in the space and ended up being hacked, there are some conspiracy theory that it is one of the staff of these firm that is hacking them, ones they know about the vulnerability, they will wait for some time and if the bug is not detected he/she will then decided to exploit it. Do not trust, Verify


Title: Re: Will you trust the Code or Human?
Post by: Ucy on December 03, 2020, 10:41:32 AM
Both should work together.

Centralized finance(CeFi) are not even supposed to be in Crypto space in the first place. I think any company that wants to be seriously involved in Crypto space has to be "Well Decentralized and Safe". Centralized projects are Decentralized Crypto-space weak points.

If your codes/rules are not right or safe, your "DeFi" will have lots of problems. Make sure the codes of DeFi projects are right/safe before serious usage. That is how Bitcoin develops and it should be the standard for other "decentralized projects"

To qualify as a safe Decentralized crypto Project you have to be:

* Well decentralized
* Fully Transparent/Open-source
* Safe
* Immutable
* Based on Right Rules.
* Censorship Resistant
* Privacy-friendly/Anonymity-friendly
* Permissionless/Trustless
* Anyone should be able to easily run full nodes
* Consensus-driven (every human can participate)
* Have Deflationary Coin
Etc


Title: Re: Will you trust the Code or Human?
Post by: aryana42 on December 03, 2020, 11:12:18 AM
The best way to preserve your money is to keep it in cold wallets that only belong to you. To be honest, I do not like the idea of DeFi at all, I would rather keep some of the money on well-known exchanges, for example, on binance.
Why did you only choose the Binance exchange? is it because the other exchanges are not good and good? And do you think the Binance exchange can't be hacked by irresponsible smart people? Then why don't you like the idea of DeFi, even though you are following the Emporium project which is also DeFi Liquidity.


Title: Re: Will you trust the Code or Human?
Post by: tyoA7X on December 03, 2020, 11:18:52 AM
It is better if when we have bought a coin at any exchanger it must be moved to a personal wallet address this can prevent hacking and losing the assets we have, I have until now always applied this to keep from suffer someday


Title: Re: Will you trust the Code or Human?
Post by: BITDV on December 03, 2020, 12:15:55 PM
The drawback of Centralized projects in crypto space (CEFI) is fear of hacks, wallet address on top exchanges like binance aren't ours, we don't control the keys, so it's safer to always move funds back to your own private wallet but the DeFi ideas are different, you don't have to trust any entities but the DeFi Code itself but still any flaws in the system may bring huge damage, honestly what can you trust here?


Today DeFi projects are now hackers bedsheet, they sleep on DeFi projects like it's nothing, hack here and there, will you still trust DeFi code or rely on CeFi ?


both of them have advantage and disadvantage. I will trust a code with some condition such as i can view source code/business logic it self. Using of DeFI demands its users to understand DeFi concept and not suitable for newbie, imo defi very useful for experience user


Title: Re: Will you trust the Code or Human?
Post by: awakpane on December 03, 2020, 12:59:42 PM
Indeed, in addition to the advantages that defi has, there are some deficiencies that must be considered such as smart protocol is open source so that when Defi has a large number of assets, this will attract hackers to break into the smart contract and steal the assets that are in it.


Title: Re: Will you trust the Code or Human?
Post by: VDraci on December 03, 2020, 01:07:05 PM
Are DeFi projects not build by humans? Are are you saying we can only rely on DeFi codes, if DeFi projects fail its the team fault too, they should stop using DeFi as a gateway to exiting scam, I think that's why DeFi projects team are talking about hacks only, I don't know if all those hacks are real hacks or they are responsible for hacking their own system to exit scam


Title: Re: Will you trust the Code or Human?
Post by: Atang Sulaeman on December 03, 2020, 01:54:35 PM
Whatever the project is, as long as it is still profitable and safe, it will definitely be called the best,
but if the project fails, even if we lose a lot, it will definitely be said to be a fraud or a scam, and it
would be nice if we want to testify with any altcoin we have to research beforehand so that we will
not incur losses, in essence, always do research first,


Title: Re: Will you trust the Code or Human?
Post by: RealMalatesta on December 05, 2020, 09:59:08 AM
Obviously the code. We are in a world where humanity is trying to do everything in their power to bring themselves out of the life they are living into a very rich and wealthy life and I am afraid people are willing to do anything they can for it.

We have seen plenty of people do exit scams, big sell offs and many other things that basically caused projects to get destroyed, but when you look at the situation in projects that doesn't care about the team at all, and have a very strong code base, they are doing awesome because nobody can destroy it, they do not have the power to destroy it, which results with the project to be trusted a lot more and used a lot more and that causes the price of that project to go a lot higher as well thanks to decentralization.


Title: Re: Will you trust the Code or Human?
Post by: Ryushin on December 06, 2020, 06:09:25 PM
The code part belongs to DEX right? But isn't DEX built by humans? What code are we talking about? There is no difference between centralized and decentralized exchanges because they are both managed by humans and they can both be tampered with in any way possible, do not be deceived by decentralized


Title: Re: Will you trust the Code or Human?
Post by: ekeh on December 06, 2020, 07:22:17 PM
The internet has made life sweet and less stressed of working, by passing information and communication, hence, the trust code or human authorization to login has been away of minimizing the level hacker to enter individual or company account, how ever, I prefer human code, by using a strong password.


Title: Re: Will you trust the Code or Human?
Post by: abel1337 on December 06, 2020, 07:56:47 PM
Well, I think both are needed. The recent hacks put doubt on the DeFI projects. Those DeFi projects aren't comparable to an established project/exchange whether if it is centralized or decentralized. The established project/exchange has layers of security so that the hacker can't hack them. New DeFi projects are the hacker's target today since it has a large amount of money in it and their security isn't buffed as established project/exchange has.


Title: Re: Will you trust the Code or Human?
Post by: Shasha80 on December 06, 2020, 09:36:47 PM
I think DeFi projects are a trend now, so I prefer DeFi projects to CeFi projects. Because something that is trending will be
easier to make a profit. Actually, both have strengths and weaknesses, depending on the developer team. If the project has
trusted developers, it is possible that the projects will be successful. So whether DeFi or CeFi we do have to do some research
first, to ascertain which projects have good potential.


Title: Re: Will you trust the Code or Human?
Post by: Altcoinsintel on December 06, 2020, 10:22:28 PM
As I recall code is made by humans and there is no perfect code so don't expect a anything to run independently from human participation. AI is also human made although it can fix the mistakes on its own. This will be interesting development.
All code has bugs and vulnerabilities and it requires updates and bug fixes. Trust the code means nothing, it is some bs someone thought about.


Title: Re: Will you trust the Code or Human?
Post by: 1l1l11ll1l on December 06, 2020, 10:29:58 PM
Hacking occurs because of a lack of precautions on the security system, but too much prevention is also not good for user convenience. and mistakes must occur even if only minor things and can result in losses. So I'm just going to look at an exchange of credibility and also their track record. I think Cefi is probably safer because they have more control over their platform, whereas dex doesn't. but if dex is able to build a hack-proof platform, that is, with strong security, it will definitely be very good


Title: Re: Will you trust the Code or Human?
Post by: icalical on December 07, 2020, 02:06:59 AM
The drawback of Centralized projects in crypto space (CEFI) is fear of hacks, wallet address on top exchanges like binance aren't ours, we don't control the keys, so it's safer to always move funds back to your own private wallet but the DeFi ideas are different, you don't have to trust any entities but the DeFi Code itself but still any flaws in the system may bring huge damage, honestly what can you trust here?


Today DeFi projects are now hackers bedsheet, they sleep on DeFi projects like it's nothing, hack here and there, will you still trust DeFi code or rely on CeFi ?

I don't think the answer to this question will make any changes, all of those codes are all written by a human, so you will still need to trust the man who makes the codes. The difference is that codes will not likely to make an error, while a human will. But after all as like you said, those codes will still might be manipulated by another human. So, in this case, I don't think you should trust anyone other than yourself, your research and always be careful handling your money and investment.


Title: Re: Will you trust the Code or Human?
Post by: nrvasquez on December 07, 2020, 03:03:00 AM
Defi still has many gaps, I don't believe in Cefi or defi, but it's better if we take our own precautions. rather than risking our own assets. set a strong password and activate the 2FA security system


Title: Re: Will you trust the Code or Human?
Post by: PerfectCircle on December 07, 2020, 05:55:18 AM
I believe that anything that was build by humans can be manipulated, instead of trusting my assets on a code that may be manipulated I'd trust myself instead and rely more on top old projects that have proven that they are different, relying on codes is same thing as relying on human


Title: Re: Will you trust the Code or Human?
Post by: XCANA on December 07, 2020, 06:19:54 AM
The drawback of Centralized projects in crypto space (CEFI) is fear of hacks, wallet address on top exchanges like binance aren't ours, we don't control the keys, so it's safer to always move funds back to your own private wallet but the DeFi ideas are different, you don't have to trust any entities but the DeFi Code itself but still any flaws in the system may bring huge damage, honestly what can you trust here?
There has been issue with the recent happenings in the world of defi, most hacks sometimes where been traced to inner security breach that lead to most hacks. Basically there are flaws in humans and in code but holistically i would choose code becasue their are less vulnerable in my honest opinion. Centralize cryptocurrency exchnage are good for those whom funds are not as much but little stash of coins, Binance exchnage has good security and can be trusted to some extent. 


Title: Re: Will you trust the Code or Human?
Post by: unusualfacts30 on December 07, 2020, 06:20:31 AM
Aren't codes written by humans?

People who trust the code are also putting their faith in humans. If you're speaking from defi and cefi perspective, I find that centralized exchanges are still more developed and there are people who can rely on if something goes wrong. With defi, there is no central authority and if things go bad or hacked due to fault in codes or anything else, no one is there to take responsibility.

Its best to keep your cryptocurrency with you if you want maximum security.


Title: Re: Will you trust the Code or Human?
Post by: Ken_terrance on December 07, 2020, 08:48:43 AM
Codes are created by men so they can be manipulated and coded projects like DeFi can escape any crime because you can't go after the code, you can't make code take full responsibility when things go wrong, even developers can manipulate the code themselves and out the blame on the code, this is why I will prefer CEX where I can put blame on human and if the humans have a reputation to protect they will refund any fund loses


Title: Re: Will you trust the Code or Human?
Post by: Psynthax on December 07, 2020, 09:59:41 AM
The code part belongs to DEX right? But isn't DEX built by humans? What code are we talking about? There is no difference between centralized and decentralized exchanges because they are both managed by humans and they can both be tampered with in any way possible, do not be deceived by decentralized
The difference sometimes DEX being open source meaning they could be inspected or reviewed by many open source community but doesn't necessarily means decentralized exchange is safer than CEX.

However, DEX usually runs automatically without the need of human intervention but some of modern exchange are automatic aswell but with exception that some transaction may undergo human review. It all depends on how we see it tho.


Title: Re: Will you trust the Code or Human?
Post by: Lorokan on December 07, 2020, 10:01:06 AM
I do not know any reason why you would trust anything, any code or any human in the blockchain space; always remember and always reiterate that when it involves crypto currency you should only worry and trust yourself, not the project, not the developers, not the market. The crypto currency market is a situation of one man for himself because a trader profit is another traders loss.

While doing your researches; do you trust your research and information processes? This are instances where  your trust are needed. Always do your own research


Title: Re: Will you trust the Code or Human?
Post by: Golftech on December 07, 2020, 10:08:05 AM
I do not know any reason why you would trust anything, any code or any human in the blockchain space; always remember and always reiterate that when it involves crypto currency you should only worry and trust yourself, not the project, not the developers, not the market. The crypto currency market is a situation of one man for himself because a trader profit is another traders loss.

While doing your researches; do you trust your research and information processes? This are instances where  your trust are needed. Always do your own research

That's right. Before doing anything assess if how you trust your own decison making, everything around
this sphere have risk, you just need to trust your own assessment and with every decision you take, coming
from your research and studies, it will depend only just from you and nothing should be involved.


Title: Re: Will you trust the Code or Human?
Post by: iTradeChips on December 07, 2020, 10:16:54 AM
Well, if you believe that humans are not perfect beings then of course human creations are not perfect either. Also you will think that if a system is secure it will be secure forever. Of course, many, many people with bad intentions will continue to create more and more ways to scam people and be able to corrupt any system that was created to make it secure. That is why there are hackers in our midst. They want to get money as anonymous as possible and in time they will be able to beat what ever system will be created in crypto. So do not trust the code, go with the flow, just invest on the best.


Title: Re: Will you trust the Code or Human?
Post by: aryana42 on December 07, 2020, 10:32:03 AM
I believe that anything that was build by humans can be manipulated, instead of trusting my assets on a code that may be manipulated I'd trust myself instead and rely more on top old projects that have proven that they are different, relying on codes is same thing as relying on human
Aren't those top old projects developed by humans through the code they play with, but if you don't believe in both, why would you trust old projects that were basically human-made too? give the reason.