Are centralized projects more reliable right now?

[sana54210]

The problem is not with the idea but more with the project. There are defi projects that are horrible and not really doing any important changes to defi world so they just get hacked very easily because their code is horrific. This is really not about defi or cefi or anything like that, there has been plenty of projects that got hacked in the centralized world as well, I remember clearly few myself because I was affected.

However the thing that usually doesn't get hacked is the blockchain and coins, if you create a project but have a website or a system on top of it, that could get hacked. Just to give example UNI token is a token with a blockchain, that probably won't be hacked but UNISWAP is a website where people trade, that could get hacked know the differences.

[btcltcdigger]

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?

Reliable? No.
Easier to manage and scalable (to an extend), yes.
Many projects have good ideas, but don't have knowledge or infrastructure to make it happen as they want

[Psynthax]

Even centralized project could easily get hacked. I mean, forget about these small half-assed project remember the exchanges breaches. I'm pretty sure those exchange invested heavily for their security but see? they still got breached by the hackers.

With that logic it's only normal that these defi projects which supposedly have lower funding will have exploit or hole in every corner although that's not a reason to justify the hacking or security breach.

[JHORN]

Reliable in what way? If doing their job right is what you meant then i totally agreed but don't play with your funds on Centralized exchanges just because they offer the best customer services, you can't trust centralized exchanges with your funds, but every other things apart from funds ( no access to wallet keys ) Centralized exchanges performs better than DEX

[JHORN]

Even centralized project could easily get hacked. I mean, forget about these small half-assed project remember the exchanges breaches. I'm pretty sure those exchange invested heavily for their security but see? they still got breached by the hackers.

With that logic it's only normal that these defi projects which supposedly have lower funding will have exploit or hole in every corner although that's not a reason to justify the hacking or security breach.

The only way to lose funds on DEX is buying the wrong or fake tokens but if hacks happens on top centralized exchanges you will get your money back, that's the power of top exchanges, they have a backed up funds just incase something bad happens, binance exchange for example, I trust centralized exchanges more right now

[Tomiwa_akin]

Alot of decentralized project are called so but they are innerly centralized. Hacking is a part of our entity and it happens everywhere. But the DeFi hacking is not a surprise, I just hope they get more secure because if it continues its dangerous.

[KaratX]

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?

I understand you perfectly and what you said is true but still there are strong DeFi projects out there, let's use Chainlink for an example, there are better DeFi projects in crypto space, some have been in existence since 2018, the reason why we have too many failures from DeFi projects this year is because of the DeFi hype, new developers rushed to build their own DeFi projects to take advantage of DeFi hype and this is the end result, more hacks

[robattfield]

At this now i think if you have enough knowledge about the market, but wait i just noticed here that the safety level has been an issue in every area, so i don't want to compare which one is safer than the other, instead of thinking about this stage, people need to learn more about this market. What has happened in the market over the past few years has been the clearest testament that both decentralization and decentralization in crypto need to be further upgraded.

[Anonylz]

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 has been a thing of concern in the defi platform, like you pointed out, for quite some time now defi platfoem has witness continous hack on different ocassions which left me also thinking how vulnerabloe the defi platform have been, to me, the security level is very weak,
centralize project has also witness hacks in recent times but not as frequent as what is happening on ht e defi project, it is a worrisome situation.

[mikelpol]

Now many new projects are called decentralized for the sake of hype, because it attracts more people, although they may not be entirely decentralized. Personally, I think that decentralization is not so good, it should be in moderation.

[joseyphil82]

Centralized projects are just doing it better than decentralized projects, we have faith in Decentralized projects because they are the true definition of crypto and blockchain, there shouldn't be anything centralized about crypto but unfortunately the so called decentralized projects that investors trust better and relied on are mostly complete failure, it's sad but true 

[Entei]

Not necessarily and I believe that the great demand at this moment is for utility and updates of the project, that is, the project that has been active until now can be rewarded by the recognition. On the other hand, centralization generates a movement of scarcity and supply and demand, generating great demand in the bull market. However, it's a relative theme and with several points for reflection.