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Author Topic: After Binance have been compromised.  (Read 783 times)
Brainnin
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May 10, 2019, 05:05:32 PM
 #81

Decentralized exchanges is the best for now, deex is also cool but there are alot of issues with their volume, probably later if they get to fixed that, they can also make their own fame but currently nothing like decentralized exchanges.

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May 10, 2019, 05:39:43 PM
 #82

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.
In this kind of industry nothing is certain, we can't be assured whatever system we used hackers always present and always find ways to get in
and get everything insides victims wallet, it should take another big challenge to face from the owners of every exchange security needs to be
updated and add multiple precautions.

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OluwaTosin10
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May 10, 2019, 05:43:32 PM
 #83

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

It has been a year of more hacks on centralized exchanges and there’s no difference
Dex do not have volume; which makes it not always preferred

Even at that; when dex do get the recognition; does it mean it can’t be hacked  as well ?
I just feel like the Blockchain world is vulnerable
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May 10, 2019, 08:25:03 PM
 #84

Even though they had been compromised the users, did you know that the funds of the users are safe? So you got nothing to worry about the exchange.
Will they ever tell you that the funds of users are not safe, if the funds were safe, how did they allow such catastrophe to befall them, 7000 BTC is not a small money man, even if they promised to refund it, it will still have a very big impact on them, they will want to quickly recover it back, so I expect their transaction fee to increase now, because that is the only way they can recover the money back.

The reason why they probably promised the remaining user of safety of their coin is because; they would have gotten a very great security expert that would quickly look into the situation to prevent it from further occurring.

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Mrsparks
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May 10, 2019, 09:01:38 PM
 #85

And now what is your opinion about decentralized exchanges after this event? I think people will finally consider the DEXes more seriously.  Smiley
The trade volume on decentralized exchange is a joke... I miss the days Listing on etherdelta was enough to pump a  coin to the moon.. Today majority of the DEX are more or less dumping ground for bounty hunters loooking to earn peanuts...

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May 10, 2019, 10:12:04 PM
 #86

I do not think that this hacking of Binance will help to dex exchanges become more popular. since binance will cover all losses I think this event will not be interesting

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May 10, 2019, 10:30:15 PM
 #87

We all knew this could happen on the internet ambient, even if it was a Binance. If this happened to the best, there could be more for others. Binance pays back the money, I do not think there will be a big problem.
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May 10, 2019, 10:38:14 PM
 #88

And now what is your opinion about decentralized exchanges after this event? I think people will finally consider the DEXes more seriously.  Smiley
The trade volume on decentralized exchange is a joke... I miss the days Listing on etherdelta was enough to pump a  coin to the moon.. Today majority of the DEX are more or less dumping ground for bounty hunters loooking to earn peanuts...

I think that is because the crypto market cannot rise after it's at the down price so the decentralized exchange cannot rise too. It makes altcoin and tokens suffer for a long time, but I think this time, every altcoin and token still trying to increase again because bitcoin makes good moves and the altcoin and tokens can moves to a better price too.

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May 10, 2019, 11:55:06 PM
 #89

I do not think that this hacking of Binance will help to dex exchanges become more popular. since binance will cover all losses I think this event will not be interesting
binance indeed bears all losses and they use insurance that is available at binance so I don't think binance is too much loss when there are cases of burglary like this because all lost assets will recover.
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May 11, 2019, 03:58:07 AM
 #90

I honestly have a feeling that the whole thing was staged in order to promote Binance's DEX.. I wouldn't be surprised.
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May 11, 2019, 05:01:48 AM
 #91

I think there is no problem with binance. how they give investors and how they work very professionally, quickly. binance will be the first choice of investors. further development dex will make binance stronger
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May 11, 2019, 06:11:10 AM
 #92

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.
All of the exchanges are working very well especially the top 5 are performing extremely well and we as traders and investors should not ignore the importance of these exchanges. Now, many people are getting worried about the Binance as they are not sure for next time but they have to be sure. As said, not all the exchanges are 100% secure but these leading exchanges will now increase their security by 2x.
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May 11, 2019, 07:34:28 AM
 #93

And now what is your opinion about decentralized exchanges after this event? I think people will finally consider the DEXes more seriously.  Smiley
What I really want to know is what binance is doing about this issue. Do they plan on replacing everything that was lost, like paying those that lost their money back, since it's nobody's fault. If anyone is to be blamed, they are the ones that should be blamed for not being careful and taking their security serious. Ever since I got into crypto trading, I have never heard for once that Coinbase got hacked, but other exchanges be getting hacked at all times. Binance is a very big, and I believe they will be able to replace what was lost.
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May 11, 2019, 07:45:09 AM
 #94

And now what is your opinion about decentralized exchanges after this event? I think people will finally consider the DEXes more seriously.  Smiley
Do you really think that DEX is hack proved and free from any future attack from hacker's, one thing I have learn is that hackers are always searching for area of vulnerabilities and once they fine one they can penetrate any exchange. What happen to binance can equally happened on DEX the only thing is for the exchanges to see the weakness of other as an avenue to upgrade they on security. I don't really trust any other exchange trading volume apart from binance.
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May 11, 2019, 07:49:03 AM
 #95

Decentralized exchanges is the best for now, deex is also cool but there are alot of issues with their volume, probably later if they get to fixed that, they can also make their own fame but currently nothing like decentralized exchanges.
Changes are good but they take place very slowly and this is how things would go in the crypto market. The fact that Binance will cover the losses face by users will make people forget about or care less about the hack thing. But I think Binance will come back with the strong security system to make sure things like these never happen again. Decentralized exchanges are the best but you do not get things purely decentralized.
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May 11, 2019, 07:59:47 AM
 #96

Definitely crypto enthusiasts are going to look at conducting all their cryptocurrency trading on decentralized exchanges but let's also not forget that some decentralized exchanges have been hacked before just that they are not as numerous as that of centralized exchanges. Let's develop DEX to have more security features and they could be the future trading platform.

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May 11, 2019, 08:01:36 AM
 #97

People's interest in Binance will not fall, was it hacking or a cunning maneuver I don't know, but serious consequences will not be.

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May 11, 2019, 08:37:32 AM
 #98

People's interest in Binance will not fall, was it hacking or a cunning maneuver I don't know, but serious consequences will not be.

I am agree, people still trus on binance because they solve this with transparancy. Beside that, binance recover all investor losses and i think binance is trusted and have good reputation in crypto space. Dex is good but i think its need more time to grow and can compete with centralized exchange

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May 11, 2019, 01:46:27 PM
 #99

And now what is your opinion about decentralized exchanges after this event? I think people will finally consider the DEXes more seriously.  Smiley
That is right, i have never heard that decentralized exchange has been hacked. Many centralized exchanges has been hacked in the past.
Maybe centralized exchanges need to learn the security of decentralized exchanges like IDEX or Forkdelta.

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May 13, 2019, 04:06:23 PM
 #100

Nobody really hates decentralized exchanges, there is nothing wrong with them, they are fine and they are used by some people too. The problem with decentralized exchanges is that since there is no one really operating that website why would people actually go trade there ?

I mean what happens if there is a problem a bug in the code and then we get to face a problem? There is no operator so there is no customer support and there is no one you can complain to neither. That is why people still prefer centralized exchanges like binance (who literally saved this situation without hurting anyone so after the hack they are even stronger now) get to be our favorites because when we face an issue we complain to them and they fix it which is why they are the superior in peoples mind, not because dex exchanges suck but even if they are good they are not as good as binance.
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