After Binance have been compromised.

[sukoyomi]

And now what is your opinion about decentralized exchanges after this event? I think people will finally consider the DEXes more seriously. 

I think Decentralized exchange won't guarantee that your coin will be safe if you using it.
Phishing in DEX website is still possible to happening, so both centralized and decentralized exchange still not safe 100%.
Binance hack case is the worst hacking case in this year i guess.

I agree, everything is have his vulnerable. The different is in DEX we are myself that secure our fund, so if it's loss it will totally our mistake. but in CEX we are take risk with give our fund to their security team, lucky if they want to return back the lost funds, because there are some who don't want to be responsible for that.

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[Tipstar]

And now what is your opinion about decentralized exchanges after this event? I think people will finally consider the DEXes more seriously. 

This signifies the urgent need of dex. DEX in reals sense, not just another CEX disguised as DEX like we had some in the past. DEX should not collect any personal info or store them. Only users should be responsible for there fund and DEX should act as an intermediate between two users.

[pinoy.bolanon]

And now what is your opinion about decentralized exchanges after this event? I think people will finally consider the DEXes more seriously. 

But binance handled it well, see, they shoulder all the loss rather than putting it to the traders, i think what they do is an eye opener for all of us, not to store funds in any exchanges.

[Avirunes]

If Binance really protects their users from any loss regard this hacking I think there isn't any problem with this exchange. They said the amount hacked is only 2% of the total btcs the exchange has on their control. They can keep their reputation and recover this loss really fast.
I don't think this story is going to compromise decentralized exchanges, they offer a good service and if something goes wrong, users can appeal to authorities to punish the exchange, what I suppose doesn't happen in peer to peer exchanges.

Maybe they were able to cover the loss from hacking but what if losses were made to a significant degree. Would binance would still be able to cover up the losses? Tricky isn't it?

There can be much more difficult situation like this and damage to a greater degree and in that scenario I hardly think they would be able to cover the losses completely.

I think there is a very low risk of huge losses happen. Exchanges are very cautious about their funds, the biggest part of it must be stored in a safe place (maybe cold wallet), or splitted among several places to reduce risk.
But if it happened, the exchange customers would want punishment for exchange owners at least. It wouldn't finish well for platform users, with irrecoverable losses, but it would finish even worse for platform owners. That is another reason why I think exchange owners wouldn't let it happen.

What happened to Quadriga who's owner died and no one had access to cold storage access except for that owner? Its same except the hacking part.

I agree that exchange always tries to provide a better security in their platform but then again there is a term "no system is uncrackable" which you can't stop even if you are trying hard to keep the breaches away. You also can't be so sure that the losses every time will be small.

[Cosbycoin]

And now what is your opinion about decentralized exchanges after this event? I think people will finally consider the DEXes more seriously. 

People are not really making use of DEX and I don't blame them for this, because most of the decentralized exchanges are not user friendly even to developers who were not involved in the development of the platform, I think if a company can come up with a user friendly decentralized exchange, then we might begin to see a lot of volume in this exchanges, for now the volume is so low and I won't advise anyone to make use of DEX for now until it has been modified in a way that guides won't be needed to trade.

[Nwagodno]

What happened to binance, in my opinion is not a big deal to think the way you do. It's what every exchange should expect even the mightiest and work towards fortifying their structure more.

[gabbie2010]

All this hacks are major threats in the crypto world and we need to attend to it urgently. It's now certain that's its not safe to store your funds on a centralised exchange. Individuals needs to equip themselves with hardware or paper wallet to be safe. You can also store your cryptocurrencies in wallet where you have the private key.

This is the biggest attack this year and Binance is too subjective in security. I believe that after this case is over, Binance will have more security processes and we will be safer in this market. Now the deposit and withdrawal in Binance is postponed but it will be back soon in the next week so don't worry too much because Binance has a great support policy for everyone.

Are you saying that binance with a huge finances and capital at their disposal could not secure their firewalls?  or its act of sabotage on their part to tarnish the image of cryptocurrencies to the world,  This is absolutely fishy and unbelievable, I believed the clamour for a decentralized exchange will see the light of the day so as to bring back the confidence of investors and sanity to decentralized exchanges.

[Burogh]

What happened to binance, in my opinion is not a big deal to think the way you do. It's what every exchange should expect even the mightiest and work towards fortifying their structure more.

I think its a big deal because its about the security. If about security of our coin or token, exchanger should take a big step to improve their security. Perhaps, exchangers using cold wallet to avoid from hacking but its take a time when investor want to withdraw their funds.

[TheClownSong]

And now what is your opinion about decentralized exchanges after this event? I think people will finally consider the DEXes more seriously. 

Decentralized Exchange always be good choice but the problem with DEX exchanges is on transaction volume. Its much bigger on centralized exchanger but with many hacking, i think exchanger will improve the security to secure investor funds

[CryptoLogo]

I have always liked decentralized exchanges, but they lack volume. This situation with Binance will not affect the trading volume on the DEX exchange.

[Clearstream]

all exchanges are not safe. Includes decentralized exchanges. we better not store too many coins at the exchange. it is just a place for exchange.

[iconoclast]

And now what is your opinion about decentralized exchanges after this event? I think people will finally consider the DEXes more seriously. 

I don't, people don't learn until it affects them personally. We have had dozens of large hacks were investors have lost millions over the last few years and people still stupidly keep their money on Centralised Exchanges. Even though it is well known that they prone to being hacked and if you lose your money there are no investors protections to bail you out for being stupid. 

[upsidedown75]

And now what is your opinion about decentralized exchanges after this event? I think people will finally consider the DEXes more seriously. 

Do you still think that cryptocurrency community really cares about some of these things, don’t be surprise that everyone will still go about their businesses as if nothing happened, provided it didn’t happen to them.

Can you tell me one big FUD news that you will say really had any effect on the market, when Binance came with the news of BSV delisting, majority of us thought that would be the end for BCV, the coin still has very high volume till date, I am sure that BNB value also will not go down as many people will simply just ignore the issue. Despite the news, I have been trading my coin on them since yesterday as if nothing happened.

[JuggSlash]

Even though Decentralized exchange also can be hacked, so you may not use any exchange :/. Everything is possible for centralized or decentralized, it just how we use it.

[Petchant]

Binance getting compromised means there's no exchange platform in the industry that's 100% secure so it's very important for us not to always keep our assets on those platforms because anytime can happen any time even in one of the most secured of them.

[Iyanu14]

And now what is your opinion about decentralized exchanges after this event? I think people will finally consider the DEXes more seriously. 

As centralized are vulnerable so are decentralized exchanges, dex like ED have been hacked many times, therefore i don't think it's time to consider dex but cex should work more on security of their exchange.

[BitcoinCazh]

binance is market exchange that is not wallet, what hacker do is moving bitcoin from binance to offline wallet, remember big market is target of hacker, if you want to invest for long term better save your coins in wallet

[shadowduck]

people are not ready yet to use decentralized exchanges because it is too difficult for them. people also are not ready to take responsibility for their funds

[disconnectme]

Dex is a good idea but the issue with them is volume, no one want to use an exchange with low liquidity, an again who said Dex can't b hacked, remember anything hackable would be hacked, if volumes goes to these exchanges then they will all become the honey pot for hackers

[aylabadia05]

The core value proposition of a decentralized exchange (DEX), and what makes them interesting, is allowing for counterparties to find each other and trade directly on-chain, thereby not being dependent on a centralized trading exchange and taking on the associated custody risks. By making trades that settle directly on-chain, you avoid moving your crypto into an exchange wallet and facing the risk of a hack or theft.