Binance DEX, Decentralized nga ba?

[Sanitough]

Binance DEX Website Will Geoblock Users From 29 Countries, Including the US

The message appearing on the platform states that accessing the website from certain countries will be restricted starting on July 1:

“It seems you are accessing www.binance.org from an IP address belonging to one of the following countries:

USA, Albania, Belarus, Bosnia, Burma, Central African Republic, Democratic Republic of Congo, Democratic People’s Republic of Korea, Cote D’Ivoire, the Crimea region of Ukraine, Croatia, Cuba, Herzegovina, Iran, Iraq, Kosovo, Lebanon, Liberia, Libya, Macedonia, Moldova, Serbia, Somalia, Sudan, South Sudan, Syria, Venezuela, Yemen, or Zimbabwe.”

Website - https://www.binance.org
Twitter -   https://twitter.com/binance_dex
Telegram - https://t.me/BinanceDEXchange

Full report source- https://cointelegraph.com/news/binance-dex-will-geoblock-users-from-29-countries-including-the-us


Let's discuss, is it really the Decentralized exchange that would serve based on purpose?

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[crairezx20]

Sa pag kakaalam ko decentralized ang binance DEX at hawak mo talaga ang private keys ng wallet mo base sa mga nakalap kong balita galing sa mga ibang trader dito sa forum.

Check mo tong thread na to https://bitcointalk.org/index.php?topic=5112978.0

Ang meaning ng DEX is decentralized so it means na decentralized ang dex binance.

[mk4]

Decentralized? Not so sure. Bitcoin is decentralized dahil, walang single point of failure. Meaning, ang bitcoin:

• Walang Bitcoin CEO
• Pretty much kelangan i-shutdown ang buong internet para ma-shutdown ang bitcoin network

Binance "DEX" though? Maybe only partly decentralized.

• Owned and led by ChangPeng Zhao
• Binance "DEX" is still running on their servers to some degree, meaning pwedeng pwede i-shutdown ito

A better definition would be non-custodial; dahil, while hindi ito decentralized, hawak mo parin ang keys mo hence ikaw lang ang may control sa funds mo. Hindi kagaya ng centralized custodial exchanges whereas hawak ng exchange lahat ng funds ng mga tao.


A Tweet by ChangPeng Zhao(Binance CEO) himself:



Source: https://twitter.com/cz_binance/status/1098917213321408512?lang=en

[blockman]

Sa tweet na yan ni CZ, confirmation yan na hindi talaga fully decentralized ang Binance DEX.

[serjent05]

Binance "DEX" though? Maybe only partly decentralized.

• Owned and led by ChangPeng Zhao
• Binance "DEX" is still running on their servers to some degree, meaning pwedeng pwede i-shutdown ito

In addition ang BNB chain kung saan ang Binance DEX ay patatakbuhin ay centralized din.  Ang BNB ay gagamit ng 4th edition tendermint consensus.  Gagamitin nila ang Cosmos SDK sa ibabaw ng tendermint to utilize a bank module na responsable sa paghandle ng multi-asset transaction.  Ang BNB ay POS na kung saan gagamit sila ng predetermined validator node na ang may-ari ay Binance din.  
Narito ang image ng chart kung paano nakasetup ang POS at validator ng BNB

Iclick ang image para sa paliwanag.
Source

Nakakatawa lang isipin bakit ginamit ni CZ ang DEX na terms samantalang sa kanya mismo nanggaling na hindi ito talaga DEX .

[ice18]

Decentralized? Not so sure. Bitcoin is decentralized dahil, walang single point of failure. Meaning, ang bitcoin:

• Walang Bitcoin CEO
• Pretty much kelangan i-shutdown ang buong internet para ma-shutdown ang bitcoin network

Binance "DEX" though? Maybe only partly decentralized.

• Owned and led by ChangPeng Zhao
• Binance "DEX" is still running on their servers to some degree, meaning pwedeng pwede i-shutdown ito

A better definition would be non-custodial; dahil, while hindi ito decentralized, hawak mo parin ang keys mo hence ikaw lang ang may control sa funds mo. Hindi kagaya ng centralized custodial exchanges whereas hawak ng exchange lahat ng funds ng mga tao.


A Tweet by ChangPeng Zhao(Binance CEO) himself:



Source: https://twitter.com/cz_binance/status/1098917213321408512?lang=en

Ayos thanks dito boss @mjglqw at hindi tlaga siya pure dex so kung sakin ang itatawag ko nalang sa kanya e semi-dex pero atleast hawak mo pa rin sa wallet mo direkta yung mga coins mo while trading mas less vulnerable compared to centralised exchange incase of hacking.

[mk4]

Ayos thanks dito boss @mjglqw at hindi tlaga siya pure dex so kung sakin ang itatawag ko nalang sa kanya e semi-dex pero atleast hawak mo pa rin sa wallet mo direkta yung mga coins mo while trading mas less vulnerable compared to centralised exchange incase of hacking.

Yes. That's what mostly matters, security of funds. Very inaccurate lang talaga ung pangalan in the first place. "Binance DEX". Kumbaga sumabay lang talaga sila sa hype dahil sa mga nagsisi labasan na "DEX". Pag pinangalan nilang "Binance non-custodial exchange" sigurado ako hindi ganun ka magiging hyped up ung bagong platform nila.

[GreatArkansas]

Nakakatawa lang isipin bakit ginamit ni CZ ang DEX na terms samantalang sa kanya mismo nanggaling na hindi ito talaga DEX .

Easy pump and dump para jan, ez money (parang Justin Sun lang din )

Kumalat talaga yan na may gagawing Decentralized Exchange ang Binance at madami din nagtaka at nagbash sa DEX na sinasabi ng founder ng Binance. Dito ko lang na thread nalaman ang tunay na "DEX" kuno ng Binance, yun pala ibang klaseng exchange lang ang ginagawa nila. All in all, centralized parin  

[rosezionjohn]

Not a pure DEX. Totoo na hawak mo private keys mo pero may centralized servers pa din.

Malamang yung geoblocking ay para maiwasan ang mga awtoridad sa mga bansang yan na habulin ang Binance pagdating sa money laundering. S. Korea and US for example ay strikto sa mga ganyan kaya dapat lahat ng users mula sa bansa nila ay pumasa sa KYC verification. Meron kasi yung notion na kapag decentralized, wala dapat KYC o kahit ano mang verification. Ayaw siguro nila magaya sa nangyari sa Etherdelta (SEC Charges EtherDelta Founder With Operating an Unregistered Exchange)

[Bttzed03]

May paglilinaw na si CZ tungkol sa IP Ban, applicable lang yun sa official site ng Binance. Hindi kasama ang DEX dun.


Reply niya sa isang tweet: https://twitter.com/cz_binance/status/1135434923970457601

The messages being passed is wrong.

(link: http://www.binance.org) binance.org (the website) blocks certain countries; DEX (the blockchain) does not, it can't.

And there are plenty of wallets support trading on DEX directly.

Additional article: https://beincrypto.com/binance-ceo-ip-ban-dex/

[blockman]

Nakakatawa lang isipin bakit ginamit ni CZ ang DEX na terms samantalang sa kanya mismo nanggaling na hindi ito talaga DEX .

May dagdag siyang sinabi sa tweet niya na bahala na tayo kung anong gusto nating i-tawag sa DEX niya. Kung saan daw tayo masaya kasi sa bandang huli market parin daw ang mag-dedecide.

(https://twitter.com/cz_binance/status/1098917496369733632)

[bigatenz]

Binance "DEX" though? Maybe only partly decentralized.

• Owned and led by ChangPeng Zhao
• Binance "DEX" is still running on their servers to some degree, meaning pwedeng pwede i-shutdown ito

In addition ang BNB chain kung saan ang Binance DEX ay patatakbuhin ay centralized din.  Ang BNB ay gagamit ng 4th edition tendermint consensus.  Gagamitin nila ang Cosmos SDK sa ibabaw ng tendermint to utilize a bank module na responsable sa paghandle ng multi-asset transaction.  Ang BNB ay POS na kung saan gagamit sila ng predetermined validator node na ang may-ari ay Binance din.  
Narito ang image ng chart kung paano nakasetup ang POS at validator ng BNB

Iclick ang image para sa paliwanag.
Source

Nakakatawa lang isipin bakit ginamit ni CZ ang DEX na terms samantalang sa kanya mismo nanggaling na hindi ito talaga DEX .

Gusto ko lang idagdag dito,  ang Binance DEX ay ginamit lang upang i-promote ang Binance Chain na ginawa nila mismo sa Cosmos SDK. Ang mga coin na lumipat sa Binance Chain ay pwedeng malista at maging tradeable sa  Binance DEX , Tama naman talaga sabi ni CZ na hindi talaga ito DEX  

Dito mo makikita ang ibang coin na ginamit na ang Binance Chain na tradeable na sa Binance DEX: https://www.binance.org/en

At marami pang coin na migrated at supported ang Binance Chain tulad ng Enjin atbp.

[GDragon]

Una palang naman hindi na DEX ang binance dahil meron itong sapat na volume na natatanggap sa mga devs. Kung ang pagiging decentralized ay diyan ibabase sa pagbabawal ng gamit sa mga bansa na nabanggit, sa tingin ko ay hindi decentralized ang tawag don. Tinignan ko ang platform ng Binance DEX at mukhang hindi naman ito katulad nung mga naunang DEX na nakikita ko dati.

[EastSound]

Sa mga dex exchanges na talaga ako mag tratrade. Hindi muna alam kung sino ang next sa listahan ng hack

$10 Million in XRP Stolen - GateHub Hack.

[mk4]

Sa mga dex exchanges na talaga ako mag tratrade. Hindi muna alam kung sino ang next sa listahan ng hack

$10 Million in XRP Stolen - GateHub Hack.

Okay lang magtrade sa centralized exchanges, dahil malayong mas ok parin ang liquidity sa centralized exchanges; as long as pagkatapos mo magtrade, withdraw na agad. Wag nang iiwan pa ang funds sa exchange para hindi ka madadamay pag nahack.

[Remainder]

Sa mga dex exchanges na talaga ako mag tratrade. Hindi muna alam kung sino ang next sa listahan ng hack

$10 Million in XRP Stolen - GateHub Hack.

Okay lang magtrade sa centralized exchanges, dahil malayong mas ok parin ang liquidity sa centralized exchanges; as long as pagkatapos mo magtrade, withdraw na agad. Wag nang iiwan pa ang funds sa exchange para hindi ka madadamay pag nahack.

That would not be convenient if you withdraw right away, if you do that on a daily basis, that would costs you a lot of transaction fee and it's very costly.
Most of the hack exchanges are from centralized since they have the volume, maybe trusting Binance is a good decision as they was once hacked but the users funds were not affected by the hack, big exchanges also we cannot say secured, but as Binance said, they have the SAFU funds, that's already a guarantee.

[mk4]

Sa mga dex exchanges na talaga ako mag tratrade. Hindi muna alam kung sino ang next sa listahan ng hack

$10 Million in XRP Stolen - GateHub Hack.

Okay lang magtrade sa centralized exchanges, dahil malayong mas ok parin ang liquidity sa centralized exchanges; as long as pagkatapos mo magtrade, withdraw na agad. Wag nang iiwan pa ang funds sa exchange para hindi ka madadamay pag nahack.

That would not be convenient if you withdraw right away, if you do that on a daily basis, that would costs you a lot of transaction fee and it's very costly.
Most of the hack exchanges are from centralized since they have the volume, maybe trusting Binance is a good decision as they was once hacked but the users funds were not affected by the hack, big exchanges also we cannot say secured, but as Binance said, they have the SAFU funds, that's already a guarantee.

Binance was able to compensate for the lost funds because only their hot wallet funds got stolen. While more unlikely, what if their cold storage gets hacked? Their SAFU funds would definitely not be able to cover the lost cold storage funds(if ever it happens, though I hope not).

While DEXs aren't that good right now in terms of liquidity, our only choice for trading is to use centralized exchanges, but make sure to limit the funds stored on the exchange, for the losses to not be catastrophic when something bad happens to the exchange.