FTX issue might be for the greater good

[hugeblack]

You speak as if it were the first time, if we take the past five years, many events will tell you the need to move away from the central platforms, why do we go away with memory, the Luna issue and the collapse of that stablecoin was a few weeks ago.

Even so, people still trust Binance and its central coins (BNB AND BUSD)

iF FTX issue might be for the greater good, then it will be a reason for more rules that govern those exchanges/

[Ayers]

Even so, people still trust Binance and its central coins (BNB AND BUSD)

I think we are all aware of the risks of using centralized exchanges but there may be no other choice. In case you are a day trader and your profits mainly come from trading, how will you make a profit if you don't use a centralized exchange while DEXs still can't provide these features fully?
Currently, it is not possible to completely stop using centralized exchanges but we hope that in the future DEX can offer better solutions and investors will have more solutions to choose from.

[kamvreto]

FTX was a centralized exchange that was trusted by everyone including many big investors. Just like that Binance is also trusted by many users including big investors and everyone can only trust when CZ says that funds are covered. In crypto there shouldn't be need to trust anyone and if you use DEX for trading, you really don't have to trust anyone. The only thing that need to be trusted is the smart contract code and that can be verified if you know how to read the code.

and you also have to be careful on DEX exchanges, there are many scam DEX exchanges that try to trick users into connecting their personal wallets so that the scammers can also drain all of your assets. indeed no one can be trusted. user caution is also very important to keep assets safe. the FTX problem and some hacked exchanges are cliché problems and it just keeps repeating themselves.

[slackovic]

FTX was a centralized exchange that was trusted by everyone including many big investors. Just like that Binance is also trusted by many users including big investors and everyone can only trust when CZ says that funds are covered. In crypto there shouldn't be need to trust anyone and if you use DEX for trading, you really don't have to trust anyone. The only thing that need to be trusted is the smart contract code and that can be verified if you know how to read the code.

and you also have to be careful on DEX exchanges, there are many scam DEX exchanges that try to trick users into connecting their personal wallets so that the scammers can also drain all of your assets. indeed no one can be trusted. user caution is also very important to keep assets safe. the FTX problem and some hacked exchanges are cliché problems and it just keeps repeating themselves.

I agree. But DEX users need to learn ti read requests for approval before they click the Approve button. That text can tell user what kind of approval does a smart contract requesting. Approval request is not classic Terms of service text we all are used to just accept. Accepting terms of service of some program you are installing won't drain your wallet, but with approving you can lose all your crypto.