why there is so much fuss about decentralized exchanges

[ceetoo224]

Recently I came across an article about the future of decentralized exchanges and how they are going to transform the centralized exchanges. One thing that clearly mentioned is that decentralized exchanges are secure and impossible (kind of) to hack as no central entity is running/controlling them. However, I heard about the security breach of Bancor and waves DEX. So what's the point of decentralized exchanges if they are still being hacked    

It is depends, if much of the hash power are controlled by a single or a group of entity, they can still penetrate the blockchain and the transactions that the blockchain has, I've just heard about some issues before and I can't recall it right now, but this sounds to be an inside job what do you think?

[ianj]

DEX's often don't have, but need: ease of use, liquidity, speed

They also benefit from other features but the most important feature is to keep custody of your own assets until they are exchanged

[tomahawk9]

There were a lot of exchanges hacked in the last year or so: Coincheck, Coinrail, Cryptopia, Bithumb (several times), Zaif, MapleChange, and two weeks ago, an exchange called 'DragonEx' was also hacked.

So there's clearly a demand for DEX in the crypto market, and not only because funds keep getting stolen, but also because most of the DEX don't require KYC which is a big turn off to a lot of people. Sure, some DEX haven't been able to avoid hacks, but the ratio of DEX getting hacked is smaller compared to centralized exchanges.

[Mrsparks]

The thing I like about Decentralised exchange is that one still have complete authority over the account. Even in the advent of hacks, users can still withdraw their funds but centralized exchanges  your fund is gone for ever.

[crzybilly]

The main advantage of a decentralised exchange is the fact that you are not losing control over your funds when you are transfering your tokens to an exchange. You still have control over your coins/tokens and not giving it to a third party.

[mrdeposit]

Recently I came across an article about the future of decentralized exchanges and how they are going to transform the centralized exchanges. One thing that clearly mentioned is that decentralized exchanges are secure and impossible (kind of) to hack as no central entity is running/controlling them. However, I heard about the security breach of Bancor and waves DEX. So what's the point of decentralized exchanges if they are still being hacked    

We can achieve point when there is a complete decentralization.But the only difference between centralized and decentralized is that you have a private key. It is possible to manage the accounts even in decentralized exchanges.

[shamc]

One benefit is that we won't have to go through these ridiculous kyc procedures to trade our coins and withdraw them. For some this is more important than being totally safu

[awakpane]

because exchanges are very valuable for people who hold coins to be exchanged in currency. moreover the decentralization exchange is where people make buying and selling transactions and invest in profits.

[wxa7115]

Recently I came across an article about the future of decentralized exchanges and how they are going to transform the centralized exchanges. One thing that clearly mentioned is that decentralized exchanges are secure and impossible (kind of) to hack as no central entity is running/controlling them. However, I heard about the security breach of Bancor and waves DEX. So what's the point of decentralized exchanges if they are still being hacked    

An exchange that is truly decentralized is never holding your coins which means that if you lose them the exchange was not hacked but the user, this puts the responsibility of protecting your coins once again in your shoulders which as we know is a good thing and also a bad thing, it is a good thing for all of those that are looking to have complete control over their money, but it is also a bad news for many people that are simply not prepared for taking that kind of responsibility as we see all the time in the forum when people expose the circumstances in which they lost their coins to hackers.

There are many more reasons of why people are excited about decentralized exchanges, one of them is that with decentralized exchanges you will not need to go through know your customer policies.

[okala]

Despite the fact that there have not been any form or record of any centralized exchange and most the security tokens are optioning to get listed on centralized exchange the fact still remains that the security of any exchange still remains with how effective the team is to secured there exchange. So in all I still believe in decentralized exchange because they represent the anonymous nature of the cryptocurrency industry.

[MakeMoneyBtc]

In the world we are living today nothing is unhackable and that's because everyone has acces to latest technology and hackers can use it to their advantage just as security companies use it to their advantage. Both centralized and decentralized exchanges can be hacked but the decentralized ones have some important advantages and features that are useful for most of the people and that's why they are so promoted.

[kindbtc]

I really like decentralized exchanges because they are not controlled even you can access the decentralized exchange without even transferring the tokens to exchange wallet you can access directly from your wallet also the importance of dex can be understood by studying the top exchange projects and we will come to know that almost all of them are working to develop their dex prime example is Binance which is very close to launch of their own decentralized exchange.

[baghdatis1990]

      Decentralized exchanges have many advantages. I prefer decentralized exchanges because they are not monitored and controlled by any entity. Also, in decentralized exchanges, KYC is not necessary, and anonymity is maintained.
      When we use a decentralized exchange, we must take great care of the security of our coins, because they can be lost quickly if we do not take care of private keys.

[davinchi]

Recently I came across an article about the future of decentralized exchanges and how they are going to transform the centralized exchanges. One thing that clearly mentioned is that decentralized exchanges are secure and impossible (kind of) to hack as no central entity is running/controlling them. However, I heard about the security breach of Bancor and waves DEX. So what's the point of decentralized exchanges if they are still being hacked    

There are no technology platforms that do not have their own loop holes, no matter how tight they think they have secured every angle, there will always be a loop hole that a hacker will see and use as their weakness against them, from there is when they become perfect, as they say, “once bitten, twice shy”.

Their weakness will eventually make them stronger as long as it does not kill them. It is when an exchange allows themselves to be bitten twice through same way that I so much frown at, it means they are just concerned about the profit they are making and not the security of its users.Whether decentralized or no decentralized, they still have a way of serving the needs of the public in their own way.

[coinplus]

Recently I came across an article about the future of decentralized exchanges and how they are going to transform the centralized exchanges. One thing that clearly mentioned is that decentralized exchanges are secure and impossible (kind of) to hack as no central entity is running/controlling them. However, I heard about the security breach of Bancor and waves DEX. So what's the point of decentralized exchanges if they are still being hacked    

Maybe you haven't been around for too long but there have been a lot of exchange "hacking" from day one of bitcoin world, it all started with mt.gox and than moved to crypsty and so forth and now we are here where even the biggest exchange binance is keep getting attacks so its not really that much of an option anymore to have security against these hacks.

When you have a decentralized exchange it means there is no self controlling mechanism that could benefit from a "hacking" situation, it could still get hacked literally but we will at least know that owners are not just saying hack and keeping the money, it must be really hacked. So all in all its just another layer of security put on top of all securities we had and that is why people prefer them over others.

[omi121]

I dont think that most of the people around the world would thinking if decentralized exchange is the future, since there are so many lacks about it.

That's my point as well. Ethereum's Vitalik, Binance CZ and many other influencers are embracing the decentralized exchanges but we are also hearing the news of security breaches. 

Not all of those DEX become the true decentralized exchange site. They are seeing the potential of DEX but this will need a lot of time. Remember there was no perfect exchange site and they are all having the same chance to get a problem in the security.

That makes sense. Let's see how it all goes.

[Andrey13101991]

now decentralized exchanges are at the experimental stage and they constantly transform their code and become better, so that in the future they could not be hacked

[omi121]

I really like decentralized exchanges because they are not controlled even you can access the decentralized exchange without even transferring the tokens to exchange wallet you can access directly from your wallet also the importance of dex can be understood by studying the top exchange projects and we will come to know that almost all of them are working to develop their dex prime example is Binance which is very close to launch of their own decentralized exchange.

I have the experienced of using Stellar X ( which is DEX) and I am looking forward to seeing the DEX of Binance, Vite and Resistance. It is great to know that exchange projects are shifting towards DEX.

[omi121]

now decentralized exchanges are at the experimental stage and they constantly transform their code and become better, so that in the future they could not be hacked

If they are in the experimental stage, should we wait until everything is tried and tested or we should completely jump into these DEXs as they seems to be more promising than CEX?

[Nolimitz84]

Recently I came across an article about the future of decentralized exchanges and how they are going to transform the centralized exchanges. One thing that clearly mentioned is that decentralized exchanges are secure and impossible (kind of) to hack as no central entity is running/controlling them. However, I heard about the security breach of Bancor and waves DEX. So what's the point of decentralized exchanges if they are still being hacked    

The meaning of decentralized exchanges is only one-they are not controlled by one firm.This is exactly what is needed for cryptocurrency.By and large, centralized exchanges are ordinary banks,with only one difference that they use cryptocurrencies instead of fiat money.