Are centralized projects more reliable right now?

[New_order]

Many new projects using the name decentralized aren't capable to be fully decentralized because what they offer are more like centralized ideas, it's shocking that many DeFi projects got hacked in 2020, this will forever be remembered in crypto history, why are DeFi projects easily getting breached by hackers ? Are centralized projects and platform a more reliable option right now? Why DeFi?

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[Scripture]

Probably we are all vulnerable to hackers and even those decentralized market are prone to that so don't over confident with those decentralized project. Anyway, you have to choose on what's best for you because DeFi is doing great right now despite of those incidents but there's no guarantee that they can be more safe compare to CeFi, so its your choice to make and a hard decisions to do.

[Balladtony77]

Many new projects using the name decentralized aren't capable to be fully decentralized because what they offer are more like centralized ideas, it's shocking that many DeFi projects got hacked in 2020, this will forever be remembered in crypto history, why are DeFi projects easily getting breached by hackers ? Are centralized projects and platform a more reliable option right now? Why DeFi?

Well this is strictly for those who thinks that decentralized solveth all things in crypto space, the only true decentralized project I recognize is Bitcoin, it makes more sense that we don't know who the real Satoshi Nakamoto really is, he did this intentionally to follow the true decentralized idea

[Kvalentine]

It seems like there is no difference between decentralized and centralized projects anymore in crypto space, most especially those crappy DeFi projects that claim to have better features, telling investors that their funds are safe but they are all wrong, I started having a second though about DeFi projects when kucoin hack took place weeks back, many DeFi projects find it easy to switch their smart contract just like that, what is full decentralized in that?

[VDraci]

It seems like there is no difference between decentralized and centralized projects anymore in crypto space, most especially those crappy DeFi projects that claim to have better features, telling investors that their funds are safe but they are all wrong, I started having a second though about DeFi projects when kucoin hack took place weeks back, many DeFi projects find it easy to switch their smart contract just like that, what is full decentralized in that?

Yes that's true, only DIA decide not to change their smart contract because doing so is practicing centralization, they cope with the situation and find other solution to control the loss fund from shrinking the whole volume, they block the available volume on uniswap somehow because that's the only way the scammer can sell the stolen fund, it's a smart move

[rat03gopoh]

Decentralized finance is nonsense, simply because they use cryptocurrency they call it a decentralized system with confidence. In fact, their financial circulation is centralized on the platform they make. To make matters worse, their platform was not really ready to use which triggered a hack.

[Chuky92]

Many new projects using the name decentralized aren't capable to be fully decentralized because what they offer are more like centralized ideas, it's shocking that many DeFi projects got hacked in 2020, this will forever be remembered in crypto history, why are DeFi projects easily getting breached by hackers ? Are centralized projects and platform a more reliable option right now? Why DeFi?

This case scenario borders many angles. First, I would say decentralized projects are more reliable because they bears the true idea/concept of the crypto space thus leading to more transparency and accountability, however there are a good number of projects just using that term "decentralization" while in reality, they are not, that is, they are just using it to attract people and nothing more. Secondly, centralized projects are also good but somewhat reliable and thus depends on the project and its team, a project like XRP has changed status quo, but can same be said of a whole lot of centralized projects coming up now? No. Thirdly, in the case of Defi projects, they are meant to be truly decentralized but with them getting hacked, it is a sign that something is actually wrong and I can't really fathom who to blame, but most likely the team.
Therefore with all these, my opinion is, there are good decentralized projects and good centralized projects as well, and in addition to this, choosing the project to invest should be based on the idea and use case as they are the most important deciding attributes.

[fia_naila]

Just because decentralised project is not perfect yet centralised project is not the soul of crypto. Satoshi vision is to make decentralised system which is not only few people taking full control like Bank. Just support the dev by buying in legit ICO. Legit developer will create someyhing good someday.

[Greatchu]

Almost everyone in crypto space have high hopes on decentralized projects, they believe that with decentralized ability they are safe from laws and government and other things that's only available through centralized projects and platforms but what they don't know is new DeFi projects are just using decentralized wrongly, most new projects today are from inexperienced team, decentralized isn't to be blame here

[imstillthebest]

Decentralized finance became a fancy name to promote and attract investors. Some DeFi project that is meant to be Decentralized more like a centralized project. But the real DeFi project has a good future ahead of them especially Decentralized exchange. But they need to be more user friendly first. Security also something that needs to be improved in these sectors.

they are using the name decentralized because it was hot this year but they dont fix their product if what is it really meant to be .

 decentralized exchange has a higher success over the other decentralized projects because it will be used everyday by crypto traders .

exchange wont never be out of trend and its why we have many of them . it will be a tough business to venture if your not creative and introduce a new concept that will outsmart the others .

[Ken_terrance]

The name DeFi is been used to take advantage of the hype months ago, don't rely on decentralized projects to keep your funds safe, even Scammers have their ways to scam DEX exchange users, both centralized and decentralized projects aren't 100% safe, the only place where your funds is safe is your wallet that you owned private keys

[Byakuga]

Many new projects using the name decentralized aren't capable to be fully decentralized because what they offer are more like centralized ideas, it's shocking that many DeFi projects got hacked in 2020, this will forever be remembered in crypto history, why are DeFi projects easily getting breached by hackers ? Are centralized projects and platform a more reliable option right now? Why DeFi?

Don't trust those decentralized project most especially DeFi, they find it easy to change smart contract address for one reason or the other and they are still claiming to be fully decentralized, it's a trick to attract investors to their projects, I suggest you find ways to make money out of them and invest on better projects

[OasisDre]

Many new projects using the name decentralized aren't capable to be fully decentralized because what they offer are more like centralized ideas, it's shocking that many DeFi projects got hacked in 2020, this will forever be remembered in crypto history, why are DeFi projects easily getting breached by hackers ? Are centralized projects and platform a more reliable option right now? Why DeFi?

It's not very hard to see, we all want full decentralization but what works better in crypto space today is still centralized platforms, look at the whole crypto marketcap, centralized exchanges have the highest liquidity and volumes combined, DEX aren't even close and after UNISWAP ( presently the best DEX ) started losing its volume after DeFi hype slowly fades away, with the way I'm seeing things centralized projects are far more reliable

[nrvasquez]

Decentralization is one of the goals of blockchain which is free from third parties or other parties who want to intervene, but when a platform has technology that only seems to "imitate" or copy-paste, believe that a centralized system will be better

[Samayuki]

Many new projects using the name decentralized aren't capable to be fully decentralized because what they offer are more like centralized ideas, it's shocking that many DeFi projects got hacked in 2020, this will forever be remembered in crypto history, why are DeFi projects easily getting breached by hackers ? Are centralized projects and platform a more reliable option right now? Why DeFi?

The main goal of crypto is decentralization but unfortunately new crypto projects of today are pretending to be fully decentralized and they will go back and do some adjustments to something that was created never to be tampered with, my own advice for new devs is to let investors know where they start, it's not a must to be a decentralized project.

[Gayong88]

Why Defi. My opinion is talking about investment opportunities. For the current moment, the majority of developers/investors prefer Defi-based projects. This is very reasonable given the value of the technology being carried and the increase in participants and values so that Defi is the initial choice.

Where there are advantages there are always drawbacks and this is a challenge for providers to anticipate so those hacking incidents can be minimized.

[concept2]

I think the lack of resources and knowledge has led those projects into their graves. Cant blame them. Just think of them as start-ups which mostly failed after the first 3 months.

However, centralized projects are not as good as you think. If you like the centralization, just use Fiat and banks. They are more reliable because of their long existence. Would you risk your money for an unknown project?

[BALIK]

Many new projects using the name decentralized aren't capable to be fully decentralized because what they offer are more like centralized ideas, it's shocking that many DeFi projects got hacked in 2020, this will forever be remembered in crypto history, why are DeFi projects easily getting breached by hackers ?

There are too many DeFi projects, and most of these stem from amateurs re-using and re-purposing of the same free-source code. You can imagine that without a proper audit how that code could be liable to hacking. It is true some project despite being advertised as decentralised, this only represents the minority of the project runs and maintenance where the majority is still somewhat centralised.

But does that mean centralisation is better than decentralisation??? In my opinion, of course not. Centralisation was the main 'enemy' of independent financial services and history has shown that this is not the best way. This is why I side with 'real' decentralisation.

Are centralized projects and platform a more reliable option right now? Why DeFi?

Just because XRP has done insanely well, I do not think it is a true representation of a centralised crypto.

I think, what really helped was the wide adoption but I do not think it would be a wise strategy to copy the XRP centralisation system and hope for the same return. However, I do think this is only a phase, though.

[articlecity]

Many new projects using the name decentralized aren't capable to be fully decentralized because what they offer are more like centralized ideas, it's shocking that many DeFi projects got hacked in 2020, this will forever be remembered in crypto history, why are DeFi projects easily getting breached by hackers ? Are centralized projects and platform a more reliable option right now? Why DeFi?

Yes it seems like centralized projects are more stable, more secure and more profitable at the moment.
DeFi is a great concept but i think it will take some time to stabilize and mature.

[FireBallex]

I'd go with centralized projects and exchanges right now, they are more reliable and safer than all these so called decentralized projects, the ideas behind DEFI is cool though but projects claiming to be DEFI are all not living up to their standards, centralized projects have their flaws too but DeFi are suppose to be better