I'm finally saying goodbye to CEX and Centralised projects

[Crypt0Gore]

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.

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[Pmalek]

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?

Luna isn't the first asset that crashed and it's surely not the last one. The crypto graveyard has around 2000 dead coins and tokens. The users of Mt. Gox or Cryptopia also didn't believe anything could go wrong, but one morning they woke up to a nightmare. And those investors are still waiting for reimbursements. All centralized crypto exchanges are dangerous, and it's just a matter of time before the next one crashes, gets hacked, or exit scams.

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

Don' forget the likes of Bisq or AgoraDesk either. RoboSats is another service that has often been recommended on this forum.

[SquirrelJulietGarden]

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

They are not better than centralized exchanges if you consider about fee for slippage and risk of liquidity rug pull. If a token is available on DEX and CEX, what will you choose?

On these decentralized exchanges, each of your swap will need a fee for an on-chain transaction and for slippage. Fee you pay for slippage is higher than either taker or maker trading fee on centralized exchanges.

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

They are not perfect exchanges to use but are best DEX this time. Maybe we will see more growth and technical upgrades for DEX as consequences of FTX collapse.

[Accardo]

It's quite a good decision but, since you are not in control of the platforms you may face some difficulties in the future regarding changes in the Decentralized project. Always diversify your funds to stay safe.

[cryptoaddictchie]

Then good for you. Cex isnt that bad especially you are a trader, you just really need to have an extra careful like you should transfer your fund after you used the platform. In terms of trading, no doubt cex is very convenient and you can use a lot of indicators and trading parameters also the volume is really good. We cant deny its more advance than dex. But the issue only with cex is the kyc and its being centralized.

[Lucius]

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?

Bad projects led by incompetent people with hidden bad intentions will always fail, it's just a matter of time. Not only was it realistic that what you are talking about would fail, but a lot of other things that many believe in today would also fail. In any case, good for you if you decided not to trust centralized projects anymore, because it means that you finally understood why Bitcoin exists.

The users of Mt. Gox or Cryptopia also didn't believe anything could go wrong, but one morning they woke up to a nightmare. And those investors are still waiting for reimbursements. All centralized crypto exchanges are dangerous, and it's just a matter of time before the next one crashes, gets hacked, or exit scams.

Or maybe the Quadriga exchange, which few people mention these days, regardless of the fact that it still smells like a classic exit scam. Obviously, no one wants to remember their failures, but people who don't learn from the past are doomed to have even worse things happen to them in the future.

[jackg]

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

Using limits orders on these exchanges might lead you to be putting lots of your assets in centralised cryptos though which could be problematic and is worth remembering (usdc and usdt are both centralised).

[gantez]

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

If you want to invest with peace in your heart buy decentralised coins and that is bitcoin. Bitcoin drop or crash will not cause that kind of panic with Luna or others, it only time for new investors to be happy going into the market and old hodlers too because they now buy cheap they know bitcoin price come to appreciate. It is the experience I have for now in cryptocurrency. In the past it happen bitcoin drop to below $5,000 but went back higher during the halving. The expectation is soon coming for another bull. Hodl your bitcoin in your personal wallet because many lose bitcoin in FTZ.

[hatshepsut93]

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

yes

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?

yes

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

Nothing surprising if you have spent a long time observing crypto markets

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.

Do not equate Bitcoin with dexes. Dexes got hacked in the past. Perhaps some of the hacks were inside jobs. It's not enough to be decentralized and open source to be safe. A scam can be open source too. What makes Bitcoin different from "crypto" is that Bitcoin was reviewed by lots of professionals who didn't find anything malicious in its code. And it is being developed very carefully so most bugs get caught early. And still Bitcoin had some incidents in the past. But "crypto" is being developed very hastily, no one bothers reviewing it, so there's a big incentive for hackers to find exploits on live networks and steal millions.

[boyptc]

Although there's really no hundred percent safety in most of them but at least with dexes, you're the one that still holds your assets and you just have to connect whenever you want to trade.

And with these dexes, if you're using Metamask. Don't you forget that they're now collecting IP of their users.

--> https://coinculture.com/au/business/metamasks-temporary-ip-collection-sparks-crypto-communitys-uproar/

At the same time, you're better to just get off with exchanges.

[BIT-BENDER]

There is no bad time to start a new decision that’s wise, I don’t see the essence of Being in Crypto-currency and still riding with anything that’s centralized, so many projects in crypto-currency not only put your finances at risk it also puts your security and privacy at risk too and even worse when the project is centralized.

Centralized project, exchange has gone down a lot if we go by history and when a lot of people goes down with it. One of crypto-currency glorified value is its decentralization.

[dkbit98]

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

Yes I would, and I think the same way for almost all worthless shitcoins and similar ponzi schemes..

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?

Not exactly.
I never supported centralized exchanges, but we already saw Mt.Goc and other websites going down before , so it was not impossible for similar thing to happen with FTX and others.
Lending platforms are even worse because they never calculated what would happen in serious market crash, or some of them maybe they wanted to exit scam like this.

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.

All of this things you mentioned are not really decentralized, and I won't support anything built on centralized blockchains.
Bisq is one real decentralized exchange, and there are also wallets that support atomic swaps if you want to swap between coins.

[Sandra_hakeem]

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 actually happened and there's little or nothing they could do about that. Literally, it's seen as mismanagement of funds or tokens and that's what is taken as the "reason why any exchange goes down".
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.

Sandra 🧑

[CryptopreneurBrainboss]

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?

If you were told in 2021 when Bitcoin was trading at its all time high of over $65k that it'll be trading this low, who you had believed as well? Though the two scenario above isn't the same still don't use because of this to start blindly investing in the so called decentralized projects as they can also fall to zero. The tokens of the decentralized exchanges that you mentioned above are also trading very low and cause lots of lost for investors  They also don't have any guarantee of recovering and trading above their previous highs in the bull market.

Any project that stop getting the support of the community due to some reason can crash irrespective of them been centralized or decentralized. A perfect reason you should stop patronizing centralized platforms should be because of their mode of operation that put them at risk of been hacked and you needing their permission to access your own funds.

[_act_]

If you were told in 2021 when Bitcoin was trading at its all time high of over $65k that it'll be trading this low, who you had believed as well? Though the two scenario above isn't the same still don't use because of this to start blindly investing in the so called decentralized projects as they can also fall to zero. The tokens of the decentralized exchanges that you mentioned above are also trading very low and cause lots of lost for investors  They also don't have any guarantee of recovering and trading above their previous highs in the bull market.

The extent of bitcoin price fall has been the lowest in history if comparing the price using four years cycle, I expected $14000, though some people expected bitcoin to fall more than $14000. I expected $14000 because it would be closer to the extent of price fall in 2018 but not even up to that extent. But with the look of things, it is possible that $15400 could be the lowest price bitcoin if this month is followed by a slightly bull market with no FTX-like news again which could make people panic.

Any project that stop getting the support of the community due to some reason can crash irrespective of them been centralized or decentralized. A perfect reason you should stop patronizing centralized platforms should be because of their mode of operation that put them at risk of been hacked and you needing their permission to access your own funds.

Only what I know is decentralized about crypto is bitcoin, those DeFi, smart contract DEX and many others are not fully decentralized. If talking about decentralized exchanges, go for the ones like Bisq. People only use the name decentralized to let people think they are decentralized but not.

[ice18]

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.

Unfortunately no one told us that LUNA will be a disaster same with FTX we are all focused on some projects calling it scam in early developments but there are already scam happening in market like this LUNA its too late for holders to sell early before it collapse really fast, btw I agree on you finally moving in Dex but the problem is fees and scalability issues on blockchain even layer1 cannot solve this at the moment still a lot of improvements to do compare to CEX with its fast and user-friendly UI, some are liquidity issues which CEX has no problem at all but I hope in the future DEX will totally dominate.

[hugeblack]

The lesson you should have learned is:

 - Don't trust the centralized stuff: not just platforms, but altcoins and stablecoins.
 - Do not trust any platform that claims to be decentralized as long as they have your keys.
 - Do not trust any centralized blockchain (even if they give you your keys) as long as they can stop or suspend/halt the system.


Unfortunately, most of the altcoins apply to one of the conditions above, so there is no difference from using CEXs amd DEXs.

There are advantages to centralized platforms (which have higher liquidity volumes) but withdraw your coins as soon as you finish trading.

[dimonstration]

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.

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.

Yes on all of this but I will not believe if someone gave an exact date. I assume any project in crypto might failed even on the stock exchange because there’s no company that is bankruptcy proof regardless if it’s decentralized or centralized. Your perception on loss free in business is not there’s no business that promise 100% safe from bankruptcy to there customer.

DEX is really the safest way to trade but it’s not advisable for day trading or regular trades because the price spread and slippage percentage per order is very high. The fee on some blockchain like Ethereum which has the most volume on DEX charge insane fee that’s why many pro traders choose CEX as there main trading platform to there trading.

Good to see that you are now shifting to the right platform to purchase crypto safely. I only suggest to avoid project that exposed to SBF because there’s a chance that they will suffer same fate with FTX in the future. Raydium and Serum are the project that I’m talking about.

[rat03gopoh]

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?

If they are centralized services then yes, it's all very possible to make them collapse. It just depends on how they play influence let alone start offering benefits that seem very strange to users. But that doesn't mean I'm anti-CEX at all, they are quite flexible in some ways compared to DEX. Only place a small amount of money to enjoy trading.

[Dunamisx]

OP i wish your farewell to centralized exchanges and projects will actually be the last one indeed provided that you don't have greed and uncontempted spirit that could still present any other one to you in the near future, why is because once they get your attention knowing that everyone is in need of money and you could possibly make a huge amount within the shortest period, remember they have their live convincing testifiers, proofs and data backups for their past investments and the kinds of reviews gotten together with the liquidity amount in their project, they got all the skills to convince you except if your determination is indeed the final bus stop and end to anything that has to do with them.