RealMalatesta
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November 26, 2022, 09:48:02 PM |
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I believe it is only a matter of time before government will forbid exchanges to convert bitcoin to fiat currency.
Why should governments ban centralized exchanges when it's a great tool for them to control us as banks control us? vice versa: the centralized exchanges here will be upgraded and will probably be legalized as banks dedicated to the cryptocurrency market. That is true, they are loving centralized exchanges because they could just ask the owners for KYC of people and check if there is anything wrong going on in there. I am sorry to say this but many people do not understand how much governments are involved, I had a friend who worked in a big local exchange for my nation, and they said there was basically a government person working with them at any point, because they keep on asking for data of the users and not just names and such, but also each trade too and scanned them for anything bigger than usual. That’s why it’s such a great thing for governments, they will always keep supporting them at all times.
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danadc
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![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
November 27, 2022, 09:54:42 PM |
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I will never again trust any exchange that is centralized, what I do is make serious transactions using binance and that xcahnge gives me a bad feeling, if I happen that to the famous exchange FTX that I stole from half the world, I don't want to lose money in an exchange that is bigger than that to then be looking for the way to get my money back and if the founders of those exchanges leave they will not respond to anyone, it is safer to put our money in a cold wallet , that they only manipulate our data, the exchanges of now are the most dangerous than the banks, I do not trust any bank now I am not going to trust an excahnge.
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Ayers
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Vave.com - Crypto Casino
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November 27, 2022, 10:43:49 PM |
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I will never again trust any exchange that is centralized, what I do is make serious transactions using binance and that xcahnge gives me a bad feeling, if I happen that to the famous exchange FTX that I stole from half the world, I don't want to lose money in an exchange that is bigger than that to then be looking for the way to get my money back and if the founders of those exchanges leave they will not respond to anyone, it is safer to put our money in a cold wallet , that they only manipulate our data, the exchanges of now are the most dangerous than the banks, I do not trust any bank now I am not going to trust an excahnge.
No one tells you to trust exchanges, you can still use them for your everyday purposes like buying, selling, exchanging...but always withdraw it all to your cold wallet when you're done, you'll be safe. Honestly, I don't think we will give up on centralized exchanges nor banks because they provide us with necessary services that are not available anywhere else. I will still use exchanges but of course will always be wary of them and never leave money when there is no need to use it.
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kawetsriyanto
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Up to 300% + 200 FS deposit bonuses
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November 27, 2022, 10:56:22 PM |
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I will never again trust any exchange that is centralized,
It is your right to not trust centralized exchanges. But personally, I'm still eager to use them for trading ( not for storing place) my coins as long as the centralized exchanges are reputable enough or never have bad issues. Binance is an example of a reputable centralized exchange and I think it is quite safe to use for trading any coins. However, if you totally can't trust centralized exchanges, you can use DEX (decentralized exchange). what I do is make serious transactions using binance and that xcahnge gives me a bad feeling, if I happen that to the famous exchange FTX that I stole from half the world,
To be honest, I don't get the point of this comment. Please make it clear, your comment looks messy. ![Huh](https://bitcointalk.org/Smileys/default/huh.gif) the exchanges of now are the most dangerous than the banks, I do not trust any bank now I am not going to trust an excahnge.
You don't trust banks, you don't trust exchanges. So what do you trust now? You are going to trade your coins and exchange your money through P2P? ![Huh](https://bitcointalk.org/Smileys/default/huh.gif)
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KennyR
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![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
November 27, 2022, 11:05:23 PM |
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I will never again trust any exchange that is centralized, what I do is make serious transactions using binance and that xcahnge gives me a bad feeling, if I happen that to the famous exchange FTX that I stole from half the world, I don't want to lose money in an exchange that is bigger than that to then be looking for the way to get my money back and if the founders of those exchanges leave they will not respond to anyone, it is safer to put our money in a cold wallet , that they only manipulate our data, the exchanges of now are the most dangerous than the banks, I do not trust any bank now I am not going to trust an excahnge.
No one tells you to trust exchanges, you can still use them for your everyday purposes like buying, selling, exchanging...but always withdraw it all to your cold wallet when you're done, you'll be safe. Honestly, I don't think we will give up on centralized exchanges nor banks because they provide us with necessary services that are not available anywhere else. I will still use exchanges but of course will always be wary of them and never leave money when there is no need to use it. Having your funds on Exchanges is same as that we have our funds on the Bank. We need to believe, it'll be secure. If something happens bad it is our fate. To avoid such situation, it is good to have our funds secured on cold wallets and deposit when required for trading needs. If not have a small amount on Exchanges and not the entire funds. Nowadays Binance have gained the trust, yet it isn't advised to hold funds on Exchanges.
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bitpotter
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![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
November 27, 2022, 11:10:01 PM |
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I will never again trust any exchange that is centralized, what I do is make serious transactions using binance and that xcahnge gives me a bad feeling, if I happen that to the famous exchange FTX that I stole from half the world, I don't want to lose money in an exchange that is bigger than that to then be looking for the way to get my money back and if the founders of those exchanges leave they will not respond to anyone, it is safer to put our money in a cold wallet , that they only manipulate our data, the exchanges of now are the most dangerous than the banks, I do not trust any bank now I am not going to trust an excahnge.
Apart from the FTX case, now it is very risky to put our money in an exchange and a cold wallet is indeed the best place for now. Now many people are starting to distrust exchanges, even though they have uploaded proof of the funds that each exchange has. This kind of problem will continue to exist every year and the possibility for other exchanges must also be considered.
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GeorgeJohn
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![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
November 27, 2022, 11:31:06 PM |
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There is always risk involved when we are using centralized platform. Besides there is no absolute safety when dealing with online platform. So we better exercise caution and always vigilant when dealing with centralized exchanges. There are lots of exchanges hack recorded in the history of cryptocurrency. So better not leave your fund on the exchange.
Majority of the exchange either centralized or decentralized exchange have experience hacked before now, except it's a situation whereby the exchange is a beginner for cryptocurrency or it's not influential per say. So i believe that no exchange we should rate hundred percent, because all of the exchange are risky dealing with them all.
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CryptSafe (OP)
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![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
November 28, 2022, 07:52:04 PM |
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There is always risk involved when we are using centralized platform. Besides there is no absolute safety when dealing with online platform. So we better exercise caution and always vigilant when dealing with centralized exchanges. There are lots of exchanges hack recorded in the history of cryptocurrency. So better not leave your fund on the exchange.
Majority of the exchange either centralized or decentralized exchange have experience hacked before now, except it's a situation whereby the exchange is a beginner for cryptocurrency or it's not influential per say. So i believe that no exchange we should rate hundred percent, because all of the exchange are risky dealing with them all. Very risky as you have said. I do not believe any third party exchanges are safe anymore because lots have unveiled itself for investors to learn lessons. You can not see a fire a put your hands in it otherwise it will get you roasted. This is just the situation of Crypto exchanges now. Do not put your trust in any of them anymore or you will one day regret it. Had I known is the sayings of an ignorant one. Remember " not your keys, not your wallet". How will you feel waking up to a news of your assets gone without any prior notice. Take actions to save you the stress of crying for your stolen funds and assets.
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Golfler
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November 29, 2022, 09:17:44 AM |
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If you are making this post in reference on what happened recently with FTX, First, I would want you to know that FTX was not hacked, rather the CEO mismanaged funds belonging to the investors and traders, the hack came much later after the exchange was already collapsing.
Now back to the general part of this discussion, the truth of the matter is that every centralized exchange out there is 100 percent safe(atleast, this is what they tell us) until they are hack or jam a rock, same way a criminal is a good citizen until he or she is caught red handed stealing. Centralization is the same system the government uses, and it has never really favoured the ordinary citizens, centralization was not what Satoshi designed or desired for bitcoin or cryptocurrencies, but his absence in the space gave room for alot of changes and deviations from the plans he laid down on how get bitcoin and cryptocurrencies to mass adoption, the emergence of altcoins bright about the centralization in cryptocurrencies we experience today.
But then, it is good that everyone in the space is beginning to see the flaws in this system, and are beginning to realize that decentralization is the way, but another bothering question is How prepaid we are for decentralization?.
Only after centralization has experienced a catastrophe will people start to think and start to wake up. Centralization is only a transitional period now, and finally moving towards decentralization is the other side. There are still many twists and turns in the middle.At least one more centralization catastrophe is needed to make the process of decentralization more firm.
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CryptSafe (OP)
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![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
November 29, 2022, 04:33:55 PM |
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This post made me remembered about one lovely exchange i do use then and made name around 2017 to 2020 after which i have never heard about them anymore maybe have been deleted from cmc and their website could be nowhere to be found. Biki.com (A centralized exchange) was a very good exchanger but after a while i never visited them and when i tried to login i couldn't do anymore, and i don't know if anyone here had about them or update concerning their operation. This simply shows if your funds where left or stores over there meaning all would have got missing and may not be restored. Lot has been happening and they can't be trusted anymore to keep funds over there rather just trade or swap you coin and withdraw all to a self custodian wallet where you could have full access to it. In my conclusion no exchanger could be trusted anymore via DEX or CEX, to minimize the risk involved always use a wallet you have the key and phrase. This I can never forget, this same month year's back to 2018 when I had similar experience with one of the centralised exchanges. I had a little funds there though not as big as you think but to some extent reasonable. I remembered I did a little transaction via the exchange and I made a withdrawal after that leaving an amount of Bitcoin in my account with the exchange. I never knew that was the end of it all. The following day I had to do another transaction so as my usual routine of checking wallets before transfer of funds and tokens, needed to log in my account but to my greatest surprise, the exchange was no where to be found. It was just like a dream to me. I could still recall the event and how it happened. Since then, I never had trust on any centralised exchange anymore. I prefer saving my assets in my own wallet than sending it to the third party exchanges.
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Lanatsa
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![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
November 29, 2022, 07:56:50 PM |
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This post made me remembered about one lovely exchange i do use then and made name around 2017 to 2020 after which i have never heard about them anymore maybe have been deleted from cmc and their website could be nowhere to be found. Biki.com (A centralized exchange) was a very good exchanger but after a while i never visited them and when i tried to login i couldn't do anymore, and i don't know if anyone here had about them or update concerning their operation. This simply shows if your funds where left or stores over there meaning all would have got missing and may not be restored. Lot has been happening and they can't be trusted anymore to keep funds over there rather just trade or swap you coin and withdraw all to a self custodian wallet where you could have full access to it. In my conclusion no exchanger could be trusted anymore via DEX or CEX, to minimize the risk involved always use a wallet you have the key and phrase. This I can never forget, this same month year's back to 2018 when I had similar experience with one of the centralised exchanges. I had a little funds there though not as big as you think but to some extent reasonable. I remembered I did a little transaction via the exchange and I made a withdrawal after that leaving an amount of Bitcoin in my account with the exchange. I never knew that was the end of it all. The following day I had to do another transaction so as my usual routine of checking wallets before transfer of funds and tokens, needed to log in my account but to my greatest surprise, the exchange was no where to be found. It was just like a dream to me. I could still recall the event and how it happened. Since then, I never had trust on any centralised exchange anymore. I prefer saving my assets in my own wallet than sending it to the third party exchanges. Bad experiences could really make out those realizations and learning along the way.People couldnt really be able to learn until they would really be experiencing for themselves about those losing money because they trusted up much with those centralized platforms.Most of the time people do really make this place as a main wallet which its never been recommended since you cant able to possess its keys. Speaking of safe then its never been safe, if we do count on how many exchangers had been hacked back in the past then you would be able to picture out that its never been safe or do make out assurance that those coins are really that secure.
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irhact
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![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
November 30, 2022, 05:42:33 AM |
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Don't try to differentiate centralized or decentralized exchange too much, it's all risky, don't trust anyone in the market completely. Use them normally as you would but never leave your money on it at the end of the day, you will always be safe. DEXs are also not as secure as many claims, they can still steal your assets if they do so intentionally.
Your asset on decentralized exchange can only be stolen when you mistakenly used a phishing site and not the main site. Decentralized exchange are more secure because your funds don't leave your wallet as with centralized exchange that for you to used them, you will have to send your coin from your exchange to that of the centralized exchange which lead to you losing ownership of your coins and now relying on the exchange to protect them for you which they're not usually good at. Not all platforms that sell themselves as decentralized exchanges are truly decentralized which is why we are having issue with decentralized exchanges. Just as you said, we are not to trust anything in the industry but we can trust bitcoin as it was the first to come out with clean intentions.
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worle1bm
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![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
November 30, 2022, 06:38:18 AM |
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When you are using the word centralised exchange then you can't use word safe with them because you are trusting them for your funds but they could be gone anytime so how do you think it can be solved in the future? At this time major exchanges like FTX have been crashed taking out billion of dollars from the market and remaining one also have the possibility in future which is why we have not your keys not your coins statement which you need to understand as soon as possible.
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yazher
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![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
November 30, 2022, 07:02:18 AM |
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Of course, people will still gonna be trust centralized exchanges but nowadays they are vigilant due to what happened with some of the biggest exchanges out there and everyone is considering having their own hard wallet when having huge amounts of cryptocurrencies or even not huge, just for safety and being private and have total control of your crypto assets. With these pasts scenarios, expect some major changes in the future, and to be safe, learn how to use a personal wallet that is totally safe for keeping BTC and other coins because "not your wallet, not your bitcoins".
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Cookdata
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![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
November 30, 2022, 02:29:56 PM |
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I was wondering if there could still be any safe centralised exchange in the blockchain industry. Of lately lots have been unveiling itself and centralisedexchanges are at the end of it all. Does it mean that these centralised exchanges that are in existence lacks the capability to safeguard assets and funds after attracting investors and traders to their platforms for engagement and activities? How do you explain these things to the people whom have entrusted their funds and assets to you for safe keeping hoping that what they gave to you is under safe care only to wake up to a sad news of their assets being stolen by hackers. How do you explain all these.
At first identifying the problem is a basic course for rendering solutions. If these problems are not identified immediately by the exchanges for quick remedy then who's to be blamed for it. Do they really do constant check on their service to know their lapses, if they do, do they identify it immediately with utmost attention? Do they do a constant check and evaluation on their staff and mechanisms.
With all these said, what are your opinions on this subject matter as I feel this needs to be looked into for possible measures to be taken for so as to further prevent or minimise the rate at which exchanges get hacked or being careless with investors and traders funds.
This is not the first time centralized exchanges have been a threat to the growth of bitcoin but so many people forgot Mt.Gox very quickly than it occur or perhaps new corners haven't been victim but people who have been there over past 8 years knows how it feel to leave coin on an exchange and becomes unable to have access to them, now that FTX has taught everyone a big lessons, it will be a history that we will all find hard to forget, I wasn't affect but the mistakes all made us to have unrelaise loss(if you have not sold). Recently, I have seen so many exchanges all making a merklle tree by publishing their proof of reserves but the solutions remain the same, not your keys, not your coins. What is a proof of reserve without liabilities, what are the coins that belong to users and the ones they owed and their personal investments, buy whatever you want to buy if you must use centralise exchange to buy bitcoin but don't live your coin on any exchange. it is as simple as that.
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ice18
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![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
November 30, 2022, 03:16:36 PM |
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As long as this exchanges are online there is always threats, hackers this days are smart enough to penetrate even the most secured websites like Binance, but the good thing in an exchange like Binance is they have reserve money to compensate users if something bad happened, but I still suggests not to store huge amount of money in most Cex, cant fully trust them.
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South Park
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![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
November 30, 2022, 06:35:12 PM |
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As long as this exchanges are online there is always threats, hackers this days are smart enough to penetrate even the most secured websites like Binance, but the good thing in an exchange like Binance is they have reserve money to compensate users if something bad happened, but I still suggests not to store huge amount of money in most Cex, cant fully trust them.
What people need to understand is that there is not really a system that is completely secure, and this is because even if such a thing was possible hackers could always bribe a person inside the exchange or get hired themselves and then give complete access to their partners to try to hack the exchange, as such the best way to deal with an exchange is to only use it when you want to make a trade and then immediately withdraw your coins once you are done.
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lixer
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![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
November 30, 2022, 08:55:24 PM |
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When you are using the word centralised exchange then you can't use word safe with them because you are trusting them for your funds but they could be gone anytime so how do you think it can be solved in the future? At this time major exchanges like FTX have been crashed taking out billion of dollars from the market and remaining one also have the possibility in future which is why we have not your keys not your coins statement which you need to understand as soon as possible.
Why not? What about binance and kucoin? These two are the worlds leading centralized exchanges for cryptocurrency. For now, they are still safe because there are no major problems that occurred with them. Binance have also done an action to prove that what happened with ftx can be avoided and people can now monitor how much funds they have, only to give them a peace of mind. I am not saying that being decentralized is not good anymore but we must also support it because this is the true concept of cryptos. Decentralize exchanges are still more convenient because they don't have KYC and other hassles that are usually felt on a cex. This is what I like about them.
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AmoreJaz
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Leading Crypto Sports Betting & Casino Platform
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November 30, 2022, 09:54:48 PM |
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When you are using the word centralised exchange then you can't use word safe with them because you are trusting them for your funds but they could be gone anytime so how do you think it can be solved in the future? At this time major exchanges like FTX have been crashed taking out billion of dollars from the market and remaining one also have the possibility in future which is why we have not your keys not your coins statement which you need to understand as soon as possible.
Why not? What about binance and kucoin? These two are the worlds leading centralized exchanges for cryptocurrency. For now, they are still safe because there are no major problems that occurred with them. Binance have also done an action to prove that what happened with ftx can be avoided and people can now monitor how much funds they have, only to give them a peace of mind. I am not saying that being decentralized is not good anymore but we must also support it because this is the true concept of cryptos. Decentralize exchanges are still more convenient because they don't have KYC and other hassles that are usually felt on a cex. This is what I like about them. we can't give full trust to top exchanges even with binance and kucoin, as we can't say what will happen next. what we can do is secure our funds on our own wallet that you can have your own keys. yes, we can always use these top exchanges but if you are not using their savings or staking services, much better to get out your funds once your done with them.
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Sanitough
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November 30, 2022, 09:55:12 PM |
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I'd say the exchanges that currently remained to be unhacked are pretty "safe"; probably Binance and Coinbase. But that doesn't mean I'll recommend leaving funds on these platforms. The developers can make the platform as secure as possible, but never secure enough to the point that it's impossible to hack. Exploits will always be a risk. Not because these "unhacked" exchanges remained unhacked for years doesn't automatically mean it'll stay the same forever. https://NotYourKeys.org How do you explain these things to the people whom have entrusted their funds and assets to you for safe keeping hoping that what they gave to you is under safe care only to wake up to a sad news of their assets being stolen by hackers. How do you explain all these.
That's why you don't let other people entrust their funds to you. You have not much to gain but everything to lose. There will be no safe exchanges as long as they are centralized. Yes, there might be unchacked and still reliable centralized exchanges for now but I don’t think they will always stay safe in the long run. Just think of those centralized exchanges that have been previously hacked, who would have thought that they would end just like that. So as much as we can still safekeep our funds, then never entrust it to centralized exchanges but keep it in our hardware wallet for high level of security.
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