Will you trust the Code or Human?

[Gunday_07]

The drawback of Centralized projects in crypto space (CEFI) is fear of hacks, wallet address on top exchanges like binance aren't ours, we don't control the keys, so it's safer to always move funds back to your own private wallet but the DeFi ideas are different, you don't have to trust any entities but the DeFi Code itself but still any flaws in the system may bring huge damage, honestly what can you trust here?


Today DeFi projects are now hackers bedsheet, they sleep on DeFi projects like it's nothing, hack here and there, will you still trust DeFi code or rely on CeFi ?

[Phoenix_PROG]

What's happening around CeFi and DeFi presently looks alot like what happened between ICO and IEO.

ICO neutralize any third party involvement, it's always the project and the investors and scammers ruin everything for ICO but IEO came around and give something to rely on, top exchanges takes the responsibility, whatever happens is on them, that's true CEFI.


Decentralized projects are trying to work but for nothing to rely on, users are expose to more risks than CeFi, you only have the Code to blame, no regulations, nothing to fear, the freedom that decentralized projects give is what's haunting it's use case

[JHORN]

If binance exchange fucks up they can clean their mess and still make users or investors happy, they have to work to perfection without ruining their reputations, this is exactly why I trust centralized projects and Platforms more than decentralized projects, if anything goes wrong with decentralized projects you are on your own, no one to take the responsibility

[asriloni]

Will rely on CEFI if the situation will be even worse than before because defi is still experimental and there are so many vulnerable codes. So many hackers were taking the benefit from the vulnerability that available in the flash loan code.
I personally think that we can't 100% pegged with defi as it's just like a product that is not yet finished.
Despite all of its usefulness but sadly when it was getting hacked and all of volumes getting drowned instantly.

[Festac]

DeFi projects are of different levels, few are very strong and reliable and majority are nonsense projects from inexperienced developers, I believe that we have too many DeFi projects today that's why we keep seeing hacks, when DeFi hype came no one expected such huge success at the time and with weeks many new DeFi projects start coming, they are rushed DeFi projects that's why are they are easily hacked.

[kkaroul4]

From the start of the DeFi I was really curious to it but after some time reading I read too much about how many DeFi projects that now turns into a scam, right now I stop doing my research for a good DeFi project because I really not sure which one is legitimate and which is not.

[New_order]

There is different between DeFi and DEX, the security of DEX is not comparable to that of CEX, it works better IMO but DEFI (decentralized Finance) projects are suffering from imperfections, probably because DeFi is still new? Well right now it's better to give DeFi projects some space, I've invested in there DeFi projects so far and I don't tend on doing more than that, it's better to trust centralized projects more right now, DeFi isn't strong yet and maybe in near future things might turn around

[Reid]

There is different between DeFi and DEX, the security of DEX is not comparable to that of CEX, it works better IMO but DEFI (decentralized Finance) projects are suffering from imperfections, probably because DeFi is still new? Well right now it's better to give DeFi projects some space, I've invested in there DeFi projects so far and I don't tend on doing more than that, it's better to trust centralized projects more right now, DeFi isn't strong yet and maybe in near future things might turn around

You see that's the real problem.
Why release a project to the public without knowledge of strong security?
Postpone it and create something almost perfect.
I haven't invested in one DeFi project yet because I have learned my lessons during the ICO's hype.
I think this is just the same. Just changing how it's called or just scrambling how the system will work.

[bittick]

tbh, the fact that human has flaws means the code they produce also has flaws. There's just so much thing you don't expect could happen when it comes to security more specifically with programming and honestly I still don't really trust defi at this time. There's too much things need to be fixed but being cefi doesn't necessarily means have no flaw in code aswell. I know that with cefi atleast something could be prevented but still doesn't prevent us from losing money except they offer some sort of reimbursement if hacking occured.

[fridrix21]

The best way to preserve your money is to keep it in cold wallets that only belong to you. To be honest, I do not like the idea of DeFi at all, I would rather keep some of the money on well-known exchanges, for example, on binance.

[joseyphil82]

Atleast I have someone to blame if I'm using centralized projects and hack happens, they will have to pay users back, kucoin and binance did the same thing, it's why its a good move to use top exchanges only for trading, they can fix any problem but what ever happens with DeFi is none of the teams problem, you just have to accept your fate. Lol

[fileo]

Code not invented human but human invented code.Therefore I will trust both.
I guess whether we come up to DeFi nor CeFi, hacking scenario won't stop. Moreover, with regards to higher security and less crime, CeFi would be better than DeFi. CeFi will track users easily while DeFi remains Decentralized.

[sulis sudibyo]

The drawback of Centralized projects in crypto space (CEFI) is fear of hacks, wallet address on top exchanges like binance aren't ours, we don't control the keys, so it's safer to always move funds back to your own private wallet but the DeFi ideas are different, you don't have to trust any entities but the DeFi Code itself but still any flaws in the system may bring huge damage, honestly what can you trust here?


Today DeFi projects are now hackers bedsheet, they sleep on DeFi projects like it's nothing, hack here and there, will you still trust DeFi code or rely on CeFi ?

Are you sure it's hackers?
what if the defi developer is behind all the trouble?
What if the defi project was a scam from the start?
and what if the Cefi and Defi are the same, that is, they are easy to hack?

what will you believe
for me Cefi or Defi are the same, all can not be trusted. the only safest place is a private wallet.

before Defi became popular, Centralization became a prime target for hackers. there are many cases of hacks. market with the best security like Binance has experienced. and on the offline side, there are a lot of bank account hacks or even credit card hacks. all that happened because hackers targeted him. How about Defi? You can see that today DeFi is like a room without walls, hackers are very easy to break into.

so why should we believe in all of that. it's better to trust your personal wallet and keep using Defi or Cefi at the same time.

[Sled]

Ohh, CeFi has come already.
Well, I hope that these projects are better and more reliable than DeFI. There are a lot of regrets in the past being told as more on scams and worthless projects DeFI. That, I have to expect that CeFi will look different and more transparent so it helps to gain trust and attract investors otherwise, CeFi had made no change.

We can't blame people will think the same as with DeFi. This is a challenge and that CeFi must have to prove that they are wrong and worthy of their trust and money.

[cryptomaniac_xxx]

The drawback of Centralized projects in crypto space (CEFI) is fear of hacks, wallet address on top exchanges like binance aren't ours, we don't control the keys, so it's safer to always move funds back to your own private wallet but the DeFi ideas are different, you don't have to trust any entities but the DeFi Code itself but still any flaws in the system may bring huge damage, honestly what can you trust here?


Today DeFi projects are now hackers bedsheet, they sleep on DeFi projects like it's nothing, hack here and there, will you still trust DeFi code or rely on CeFi ?

Doesn't matter though, hackers, cyber threat actors, criminals will always be here, regardless if they target, exchanges, Defi, Cefi, etc. The problem with open source code is that the hackers can study the loopholes of every code that's why developer really need to step up the game as well. They should at least run iteration of their code so that it will be at least safe.

And those third party auditor should also do their job, looking for code exploits otherwise it will be a safe haven for criminals to make easy money here in crypto.

[xZork]

What's happening around CeFi and DeFi presently looks alot like what happened between ICO and IEO.

I think the Defi projects at this point are overblown too much, the majority of Defi projects are no different from ICOs in 2017.
Surely this madness will be over soon and people will start with other projects again.

[MCDev]

The drawback of Centralized projects in crypto space (CEFI) is fear of hacks, wallet address on top exchanges like binance aren't ours, we don't control the keys, so it's safer to always move funds back to your own private wallet but the DeFi ideas are different, you don't have to trust any entities but the DeFi Code itself but still any flaws in the system may bring huge damage, honestly what can you trust here?


Today DeFi projects are now hackers bedsheet, they sleep on DeFi projects like it's nothing, hack here and there, will you still trust DeFi code or rely on CeFi ?

Code or Human both have different advantages and disadvantages, at the moment I am involved in trading both.
Any type of transaction is safe if we know how to keep our assets safe.
However, I still appreciate the major exchanges like Binance or Houbi.

[Novatech8]

The drawback of Centralized projects in crypto space (CEFI) is fear of hacks, wallet address on top exchanges like binance aren't ours, we don't control the keys, so it's safer to always move funds back to your own private wallet but the DeFi ideas are different, you don't have to trust any entities but the DeFi Code itself but still any flaws in the system may bring huge damage, honestly what can you trust here?


Today DeFi projects are now hackers bedsheet, they sleep on DeFi projects like it's nothing, hack here and there, will you still trust DeFi code or rely on CeFi ?

Are you sure it's hackers?
what if the defi developer is behind all the trouble?
What if the defi project was a scam from the start?
and what if the Cefi and Defi are the same, that is, they are easy to hack?

what will you believe
for me Cefi or Defi are the same, all can not be trusted. the only safest place is a private wallet.

before Defi became popular, Centralization became a prime target for hackers. there are many cases of hacks. market with the best security like Binance has experienced. and on the offline side, there are a lot of bank account hacks or even credit card hacks. all that happened because hackers targeted him. How about Defi? You can see that today DeFi is like a room without walls, hackers are very easy to break into.

so why should we believe in all of that. it's better to trust your personal wallet and keep using Defi or Cefi at the same time.

I'm happy to see someone who's as curious as I am, the hacks happening around DeFi projects is growing higher and higher, I'm starting to have doubt about the hacks, maybe those projects team are behind the hacks themselves? They knew that if they blame hackers no one will look into it and moreover it's decentralized project

[jacafbiz]

You should not trust any, Humans write codes and it is what you garbage into it that it garbage out. The most important thing is who is writing these codes, just look at most ofthe DEFI projects that was hacked, some of them were Audited by well respected Audit firm in the space and ended up being hacked, there are some conspiracy theory that it is one of the staff of these firm that is hacking them, ones they know about the vulnerability, they will wait for some time and if the bug is not detected he/she will then decided to exploit it. Do not trust, Verify

[Ucy]

Both should work together.

Centralized finance(CeFi) are not even supposed to be in Crypto space in the first place. I think any company that wants to be seriously involved in Crypto space has to be "Well Decentralized and Safe". Centralized projects are Decentralized Crypto-space weak points.

If your codes/rules are not right or safe, your "DeFi" will have lots of problems. Make sure the codes of DeFi projects are right/safe before serious usage. That is how Bitcoin develops and it should be the standard for other "decentralized projects"

To qualify as a safe Decentralized crypto Project you have to be:

* Well decentralized
* Fully Transparent/Open-source
* Safe
* Immutable
* Based on Right Rules.
* Censorship Resistant
* Privacy-friendly/Anonymity-friendly
* Permissionless/Trustless
* Anyone should be able to easily run full nodes
* Consensus-driven (every human can participate)
* Have Deflationary Coin
Etc