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Author Topic: I'm finally saying goodbye to CEX and Centralised projects  (Read 224 times)
Coyster
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December 01, 2022, 07:25:37 PM
 #21

We don't even know if it's something they' all cahooted and agreed to fold up with people's fund in there (this infact, is what everyone normal person would be thinking but, who knows?)? ... If genuinely, it's due to management process (cus thos whole damn thing ain't easy), then it's not really Thier fault, but how bout the damages? Seee.... That's why I'd swirl gently to your perspective and adopt that idea and I'd also urge everyone to do so.
If your crypto funds are in your non-custodial wallet and you make the mistake of falling victim to scammers and lose it, or you click on malware/phishing links and you lose it, it is your fault that you lost your funds; that is exactly the same way it is an exchanges fault if you hand over your funds/keys to them and something happens to it, it is their fault, it doesn't matter if it was perpetrated by people working inside the exchange, or if it was due to the owners mismanaging funds, it remains a fault with their security system. That's why people should hodl their funds privately and bear the consequences of their own actions (if any arise), and not the actions of centralized exchanges and whoever is in charge there (should anything go wrong).

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December 01, 2022, 07:54:18 PM
 #22

Only Bitcoin is suitable for exiting a centralized project. All other projects are no longer truly decentralized. And I agree with and respect your decision. Yes, it is preferable if you can avoid centralized exchange as well. Even if you use it, don't keep your money there. If possible, use decentralized exchange and keep your assets in a hardware wallet.

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December 01, 2022, 08:22:25 PM
 #23

We should no longer use central exchanges as a result of these incidents, but I know some of us still take the risk. A word is enough for the wise; people here have made it clear and provided all the necessary advices needed to avoid these exchanges. We are aware that Bitcoin is the only option for investing in cryptocurrencies, but we chose to go for coins in exchanges that can perform more than 10x because we are aware that the price of Bitcoin cannot simply increase rapidly like that.

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December 01, 2022, 09:38:27 PM
 #24

But even so, this is not the end of the CEX project, there are still many CEX that I think can be trusted, but not completely. Crypto will still have risks, whoever enters crypto will be ready for all the risks that occur.
Even DEX exchanges also have risks, there are several DEX scams disguised as Dex Official, this will be very dangerous because Dex will be connected directly to your wallet.
Nothing will be 100% safe, everything has risks, it's just how we do it right.
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December 04, 2022, 09:30:59 PM
 #25

If you are been told in November of 2021 that Luna will go to zero will you believe it?

If you are been told in November of 2021 that FTX will go bankrupt and others like 3AC, Genesis and Voyager will be on the list too will you believe it?

It's crazy isn't it? But it happened , very fast.

I am using this short period of time to tell you how risky crypto projects can be, especially if they are fully centralized, there is nothing more reliable than Bitcoin and Decentralized exchanges.

Start Using the likes of Uniswap, DoDo, Biswap, Sushiswap and pancakeswap.

You like order book features? Yes few Dex have this already, e.g dYdX, Raydium, serum and Posi exchange.


Congratulations on this! It's not always the easiest but it is (imo) the safest.

Now we just need someone to figure out how to anonymously onramp fiat and we're good to go.
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December 04, 2022, 09:58:17 PM
 #26

But even so, this is not the end of the CEX project, there are still many CEX that I think can be trusted, but not completely. Crypto will still have risks, whoever enters crypto will be ready for all the risks that occur.
Even DEX exchanges also have risks, there are several DEX scams disguised as Dex Official, this will be very dangerous because Dex will be connected directly to your wallet.
Nothing will be 100% safe, everything has risks, it's just how we do it right.
We have to use an alternative wallet to connect to the DEX to overcome the possibility that hacking can steal assets in our wallet, so there is no 100% guarantee as wallet to dex will be safe and not 100% guarantee safe holding funds on CEX even though it is the best exchange, but it is better to keep the assets in the hardware wallet will guarantee you control over the assets that you own.

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December 05, 2022, 06:19:31 PM
 #27

Start Using the likes of Uniswap, DoDo, Biswap, Sushiswap and pancakeswap.


As far as I know, none of these platforms support bitcoin. If you want to buy/sell bitcoin with a DEX, your best options are Bisq, Robosats, HodlHodl, and a new service available in Europe called Peach.

I'm here to chew bubblegum and stack sats....and I'm all out of bubblegum. - Learn More About Bitcoin: What Is Bitcoin?
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