CEX deserves all criticism but not the hate

[royalfestus]

For CEX to reduce the reoccurrence of scams and mismanagement of user funds, a lot of regulations and policing are needed. This will apply to all countries, including the United States. As a result of the bear market and CEX trend, the direction of the coming market is likely to take a different direction. Hence, startup/IEO might have had their day, manipulation in the market will be on the rise. It is essential that team and exchange stay away from active politicking and public relations with politicians

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[ilovealtcoins]

CEX deserves all the hates it getting now but doesn't mean it has also not been helpful to bitcoin and crypto space.
I know that most issues that affected bitcoin and crypto space as a whole was mainly from Centralise exchange in 2022 but that can't just make us stop using it  instead we should be more cautious on the centralise exchange we use and since the whole issues happened , Government are going to strengthen the regulation of centralise and there will be more transparency from the exchange to their customers, especially with regards to custody of customers assets and proof of reserves .
Apart from the from this issues CEX has really helped in increasing bitcoin and crypto investors because most investors are not scared of buying coins from them because they are too many crypto scammers online and I myself got scammed last year,After that I come to the conclusion that if not CEX am not buying any coin.
Though I buy from CEX but I am always careful on the one's I use and I also use binance p2p. Some of the trusted one's are :
Binance
Coinbase
Kucoin
Kraken
Bybit
There are definitely others and they may be better than this I listed but this are the ones I have used
After the whole issues of FTX my advice is though buying from CEX is safer but storing all your funds there should be avoided and for holders just stick with DEX.

You rest assured, those who always say give up CEX, against CEX still silently use CEX because the truth is we don't have a better choice. Those guys are just trying to present themselves as decentralization loyalists, but then they still use CEX daily. Forums are anonymous, so we shouldn't just believe what they say because we don't know what they're doing. How would they trade without CEX?

[Ayers]

I've used a few of the exchanges you mentioned above and so far, I do not encounter any issues and everything is still working fine. I still use CEX over DEX due to the convenience factor of trading and I haven't tried using DEX yet.

But it's true what you suggest that we don't keep all our funds in CEX because we don't know what will happen later. We should anticipate all the things that might happen than regret it later.

I have used DEX, but to be honest, I still prefer CEX, CEX provides more services and utilities than DEX. And I like you, never had a problem with CEX, I think we shouldn't hate all CEX just because FTX crashes. Cryptocurrency is a market that is always risky all around us, so whether CEX or DEX, never put too much trust in them, don't leave assets on CEX or DEX, they are all unreliable. We can continue to use CEX as long as we never leave money on it we will have no problem.

Same here, I am uncomfortable using DEXes, maybe because I am used in the interface of a CEX.  Besides CEX makes it easy to trade different cryptocurrencies without the trouble of opening different kinds of wallets due to different networks.  No matter how we see it, CEX makes trading different cryptocurrencies more comfortable and easier.  Even though it is easier to trade in CEX, it is not advisable to use it as a safe to keep our funds in it since it is not designed that way.

I think the people who hate CEX are people who only invest in bitcoin, and they think that using CEX has taken away the decentralization and anonymity of bitcoin. In general, we can't blame those people, they have their reasons, and they're not wrong. But the truth is that most people enter the market for profit, not for technology. So they will invest in bitcoin and altcoin, and for the convenience of making money, centralized exchanges are indispensable. As long as we use it wisely, we will always be safe.

[Darker45]

Let's give credit where credit is due. And we cannot deny the fact that centralized exchanges have also contributed to the adoption of Bitcoin. Centralized exchanges has made Bitcoin more accessible to everybody. But are they the only way? I don't think so. Are they necessary? I don't think so either.

However, the issues with centralized exchanges are not just locking of accounts, censorship, freezing of funds, branding of dirty coins, compulsory KYC, hacks, leaking of personal information, among many others; it also involves fundamental principles. For example, one of the reasons why Bitcoin was created was to remove third parties. Centralized exchanges betrayed this. Another is the removal of trust which is often abused. When you use centralized exchanges, you need to trust a lot of things.

[Moeda]

CEX deserves all the hates it getting now but doesn't mean it has also not been helpful to bitcoin and crypto space.
I know that most issues that affected bitcoin and crypto space as a whole was mainly from Centralise exchange in 2022 but that can't just make us stop using it  instead we should be more cautious on the centralise exchange we use and since the whole issues happened , Government are going to strengthen the regulation of centralise and there will be more transparency from the exchange to their customers, especially with regards to custody of customers assets and proof of reserves .
Apart from the from this issues CEX has really helped in increasing bitcoin and crypto investors because most investors are not scared of buying coins from them because they are too many crypto scammers online and I myself got scammed last year,After that I come to the conclusion that if not CEX am not buying any coin.
Though I buy from CEX but I am always careful on the one's I use and I also use binance p2p. Some of the trusted one's are :
Binance
Coinbase
Kucoin
Kraken
Bybit
There are definitely others and they may be better than this I listed but this are the ones I have used
After the whole issues of FTX my advice is though buying from CEX is safer but storing all your funds there should be avoided and for holders just stick with DEX.

Indeed, all exchanges have advantages and disadvantages, both centralized and decentralized exchanges. Centralized exchanges are not only frequently hacked, but also often face legal authorities. Another thing that makes someone worry about centralized exchanges is when the platform developers commit fraud, so we don't have the opportunity to transfer assets from the exchange.
Last year, the problems that occurred with the FTX exchange made crypto users experience losses, I didn't even have time to move some coins from the FTX exchange. Even though it's not a large amount, it's painful when the results of our efforts just disappear.
But decentralized exchanges have had issues too, maybe you can check out the Dex related topics. But another problem is that exchange fees are also high, or slippage fees. In addition, if we want to buy Bitcoin, of course it is not available on the Dex exchange, only duplicates of the main coin are available. If we buy Bitcoin, we can only buy WBTC, and that's not using the Bitcoin network. To me, such a coin is not interesting to hold.
This means that we are very dependent on centralized exchanges, even though there are many problems that occur. It's just that we don't store large amounts of assets on one exchange.

[dothebeats]

The bottomline is this: CEX is great for buying/selling your coins but they are not to be trusted with holding your funds for a long time. That's where things go south fast. We trust these entities too much to not pull some shit that can potentially be a reason to lose our funds just because they are registered and we can legally go after them. They are named 'exchange' for a reason; they primarily facilitate exchanges between currencies, and they're not supposed to keep your funds for an extended period of time. If anything happens, you are partly liable because you left your funds there in the first place.

[teosanru]

This is true CEX are great if you want to quickly exchange any of your assets for less fees and swiftly especially when the volumes are high because DEX can take a long time as it doesn't have a lot of AMM. But obviously you cannot store your coins on it because it is risky as hell. It's like giving your coins to someone else for holding them for a while.

[erep]

The bottomline is this: CEX is great for buying/selling your coins but they are not to be trusted with holding your funds for a long time. That's where things go south fast. We trust these entities too much to not pull some shit that can potentially be a reason to lose our funds just because they are registered and we can legally go after them. They are named 'exchange' for a reason; they primarily facilitate exchanges between currencies, and they're not supposed to keep your funds for an extended period of time. If anything happens, you are partly liable because you left your funds there in the first place.

The main advice is don't trust anyone to manage your funds other than yourself, many cases of hacking happen to exchanges although some exchanges have reserve funds to recover losses due to hacks, but there is no guarantee that the exchange will be responsible for your assets in the long term, so there is no reasons to trust exchanges and preferably keep assets in your wallet or cold wallet. The worst case of FTX has hurt the trust and security factor of the exchange and it will not be the last case, so increase the safety of your assets to transfer them to your personal wallet immediately.

[Synchronice]

Today, bitcoin wouldn't be able to attract and manage current number of users, traders and investors without the help of CEX, but simultaneously, CEX is the damaging the core basis and idea of bitcoin. Bitcoin and CEX look like a symbiote where one makes another stronger and capable to do more while slowly kills and abandons it during the process.

Government are going to strengthen the regulation of centralise and there will be more transparency from the exchange to their customers, especially with regards to custody of customers assets and proof of reserves .

Since it's inevitable to expect the expand of bitcoin and crypto usage and since it's foolish to ban it, they have found a solution and it's called regulation. Some may found it good when the government is involved and may feel extra secure while some may feel alert because prefers to stay anonymous and don't wanna become the part of their collective statistics.

After the whole issues of FTX my advice is though buying from CEX is safer but storing all your funds there should be avoided and for holders just stick with DEX.

Every company wants to look safe when you are spending money on their platform. It becomes the problem when your money is stored in their wallets.

[alastantiger]

CEX are great and no one can say otherwise. There have been a few bad eggs but we know how hard the most popular and trusted ones have worked have to keep their integrity and transparency. CEX are an important part of bitcoin's journey. They made it super easy for newbies and non-techies to get into crypto. It would have been such a hassle trading, investing, selling one's crypto without them. My stance on taking out most of your coins off CEX still stands. Even CZ would advise this too because he knows the truth. No hate but it is just people wanting to be fully in charge of their coins.

[AmoreJaz]

CEX are great and no one can say otherwise. There have been a few bad eggs but we know how hard the most popular and trusted ones have worked have to keep their integrity and transparency. CEX are an important part of bitcoin's journey. They made it super easy for newbies and non-techies to get into crypto. It would have been such a hassle trading, investing, selling one's crypto without them. My stance on taking out most of your coins off CEX still stands. Even CZ would advise this too because he knows the truth. No hate but it is just people wanting to be fully in charge of their coins.

whether we like it or not, we need CEX in order for the crypto users to conduct their transaction purposes. exchanging to other coins or their fiat. just secure your funds in your own wallet. but the existence of CEX is needed in this market.
there are so many financial services that CEX are offering, and many crypto users are enjoying such services. if you will remove such services, people will find it hard to look for the use case of crypto.

[Fiatless]

I am not doubting that centralized exchanges have contributed to a large extent to the bitcoin environment because it has made bitcoin popular. Most popular sporting clubs have endorsed exchanges like Binance and Ftx which have led to public awareness. They have also assisted to make the buying and selling of cryptocurrencies easy. But they have made people lose their funds and they have also made the government see bitcoin and others as a scam. Nobody is disrespecting them, they are just getting the criticism they deserve.

[Kakmakr]

We have to understand why people store their coins in centralized exchanges, before we judge them. We know that before Bitcoin came onto the scene, many people only had one option to store their money, namely Banks. Then Satoshi Nakamoto gave us an alternative option to store our wealth.... away from any centralized financial intermediary services, but the private sector profit hunters..quickly saw an opportunity to make some more profits and they created Exchanges.

People being human... looked for easy methods to buy and sell and store coins.... so they opted for using these centralized exchanges ... so it was their choice to use centralized services again. If anything goes wrong with Crypto Exchanges... people must blame themselves for storing their coins there.  

[Leviathan.007]

CEX deserves all the hates it getting now but doesn't mean it has also not been helpful to bitcoin and crypto space.
I know that most issues that affected bitcoin and crypto space as a whole was mainly from Centralise exchange in 2022 but that can't just make us stop using it  instead we should be more cautious on the centralise exchange we use and since the whole issues happened , Government are going to strengthen the regulation of centralise and there will be more transparency from the exchange to their customers, especially with regards to custody of customers assets and proof of reserves .
Apart from the from this issues CEX has really helped in increasing bitcoin and crypto investors because most investors are not scared of buying coins from them because they are too many crypto scammers online and I myself got scammed last year,After that I come to the conclusion that if not CEX am not buying any coin.
Though I buy from CEX but I am always careful on the one's I use and I also use binance p2p. Some of the trusted one's are :
Binance
Coinbase
Kucoin
Kraken
Bybit
There are definitely others and they may be better than this I listed but this are the ones I have used
After the whole issues of FTX my advice is though buying from CEX is safer but storing all your funds there should be avoided and for holders just stick with DEX.

If you ask me, I don't personally hate any CEX and that's the same for most the people if you know how to use these exchanges you won't have any problem and you won't hate these exchanges at all. If you use the exchanges only for exchanging assets and then withdraw the funds without of holding anything here you won't have any problem if you choose a legit change, otherwise holding assets and bitcoin on the CEX will harm you and you may face the same cases as FTX.

[worle1bm]

What's the difference exactly between both? If something is being criticised then it must have bad consequences so we should also not have any reasons to love it right? The centralised exchanges are bad for storing your funds as we have seen lot of examples but only good if you are into trading line.So for me it's not good at all to use any exchange for safety of your funds.

[Henrobakkara]

CEX deserves all the hates it getting now but doesn't mean it has also not been helpful to bitcoin and crypto space.
I know that most issues that affected bitcoin and crypto space as a whole was mainly from Centralise exchange in 2022 but that can't just make us stop using it  instead we should be more cautious on the centralise exchange we use and since the whole issues happened , Government are going to strengthen the regulation of centralise and there will be more transparency from the exchange to their customers, especially with regards to custody of customers assets and proof of reserves .
Apart from the from this issues CEX has really helped in increasing bitcoin and crypto investors because most investors are not scared of buying coins from them because they are too many crypto scammers online and I myself got scammed last year,After that I come to the conclusion that if not CEX am not buying any coin.
Though I buy from CEX but I am always careful on the one's I use and I also use binance p2p. Some of the trusted one's are :
Binance
Coinbase
Kucoin
Kraken
Bybit
There are definitely others and they may be better than this I listed but this are the ones I have used
After the whole issues of FTX my advice is though buying from CEX is safer but storing all your funds there should be avoided and for holders just stick with DEX.

If you ask me, I don't personally hate any CEX and that's the same for most the people if you know how to use these exchanges you won't have any problem and you won't hate these exchanges at all. If you use the exchanges only for exchanging assets and then withdraw the funds without of holding anything here you won't have any problem if you choose a legit change, otherwise holding assets and bitcoin on the CEX will harm you and you may face the same cases as FTX.

True that and the thing is people still seem to forget that vital aspect of using the CEXs. I personally don't have any hate for CEXs as well, I have used many of the services from trading, p2p, direct bank deposit, and withdrawal, etc but we must understand that leaving all your crypto assets in the exchange wallet comes with that risk of losing them should anything happens.

[meanwords]

CEX deserves all the hates it getting now but doesn't mean it has also not been helpful to bitcoin and crypto space.
I know that most issues that affected bitcoin and crypto space as a whole was mainly from Centralise exchange in 2022 but that can't just make us stop using it  instead we should be more cautious on the centralise exchange we use and since the whole issues happened , Government are going to strengthen the regulation of centralise and there will be more transparency from the exchange to their customers, especially with regards to custody of customers assets and proof of reserves .
Apart from the from this issues CEX has really helped in increasing bitcoin and crypto investors because most investors are not scared of buying coins from them because they are too many crypto scammers online and I myself got scammed last year,After that I come to the conclusion that if not CEX am not buying any coin.
Though I buy from CEX but I am always careful on the one's I use and I also use binance p2p. Some of the trusted one's are :
Binance
Coinbase
Kucoin
Kraken
Bybit
There are definitely others and they may be better than this I listed but this are the ones I have used
After the whole issues of FTX my advice is though buying from CEX is safer but storing all your funds there should be avoided and for holders just stick with DEX.

Bro, FTX is an isolated case where it abused the users funds by transferring money to their other company, and many more shady things. It's a single company that is getting hated, not the entire CEX. I don't think anyone hate CEX because of FTX.

[kamvreto]

What's the difference exactly between both? If something is being criticised then it must have bad consequences so we should also not have any reasons to love it right? The centralised exchanges are bad for storing your funds as we have seen lot of examples but only good if you are into trading line.So for me it's not good at all to use any exchange for safety of your funds.

The op seems to have explained earlier about using an exchange as a store of funds which is certainly not safe and should not be recommended. Safer storage is to store in a non-custodial wallet that you can manage yourself, but will it always be safe? of course not, because the main security is in the users themselves.
CEX is currently a bridge to connect trades and several investments to be made, as well as to convert Crypto to Fiat or vice versa. Must be selective in choosing a CEX that provides asset security and provides guarantees for assets to remain safe and intact.

[posi]

CEX deserves all the hates it getting now but doesn't mean it has also not been helpful to bitcoin and crypto space.
I know that most issues that affected bitcoin and crypto space as a whole was mainly from Centralise exchange in 2022 but that can't just make us stop using it  instead we should be more cautious on the centralise exchange we use and since the whole issues happened , Government are going to strengthen the regulation of centralise and there will be more transparency from the exchange to their customers, especially with regards to custody of customers assets and proof of reserves .
Apart from the from this issues CEX has really helped in increasing bitcoin and crypto investors because most investors are not scared of buying coins from them because they are too many crypto scammers online and I myself got scammed last year,After that I come to the conclusion that if not CEX am not buying any coin.
Though I buy from CEX but I am always careful on the one's I use and I also use binance p2p. Some of the trusted one's are :
Binance
Coinbase
Kucoin
Kraken
Bybit
There are definitely others and they may be better than this I listed but this are the ones I have used
After the whole issues of FTX my advice is though buying from CEX is safer but storing all your funds there should be avoided and for holders just stick with DEX.

Bro, FTX is an isolated case where it abused the users funds by transferring money to their other company, and many more shady things. It's a single company that is getting hated, not the entire CEX. I don't think anyone hate CEX because of FTX.

Yes, FTX is an isolated case and it is not worth comparing with other exchanges. But many people have taken advantage of the collapse of FTX to spread and slander CEX, and they think that CEX should not be trusted and exist in this market. But I also agree that storing assets on CEX is not advisable, and not only CEX, but we should absolutely not put our trust in anyone in market. This is finance, and people take each other's money to survive, so don't expect to find trust or tolerance in this market.

[BlackHatCoiner]

What I still find amusing about CEX, is that there are people who still have no damn clue of what they're buying. I mean, they know it's an Internet currency, and they know theoretically that there are miners and so on, but even science can't explain their behavior; they still decide to leave coins to strangers rather than hold them themselves. That deserves criticism for sure.