I don't see this changing anytime soon

[Z390]

When the FTX scandal got exposed I am one of those saying it's over for centralized exchanges, now people will have no choice but to stay away from centralised exchanges because of this, I went to get a few DEX tokens for long term hold but I was damn wrong.

I don't see people leaving centralised exchange because of what happened with FTX, some moved their funds out of exchanges but after all the bad news cool off they go back, it seems centralised exchanges will always be people's favorite, they are doing very well. Look at Binance, after the FUD cleared deposits start coming in, look at Crypto.com, the FUD is no more and people are screaming the name.

Am I evil for wanting to see CEX go or at least become less important?

[NeuroticFish]

Am I evil for wanting to see CEX go or at least become less important?

You are not evil. But unfortunately I don't think that this will (ever!) happen. I have a feeling that sooner or later the CEX will be bought or replaced by our "beloved friends", the banks themselves.
Most people are driven by greed, not by the desire to get free from the system...

[Obari]

You're not evil mate just as the first poster said and I really don't see CEX going anytime soon but rather it might be bought by banks and this also shows a very high rate of greed which isn't supposed to be so.
People are truly still using private exchanges and to be frank, I'm also a victim of this and I try as much as possible to be smart enough to pull out my coins rather than just letting it sit over there in my wallet. I also understand that we humans at some points are the majors reasons to our problems and despite all the warning and recent happenings with the FTX, people are still using centralized exchanges and this is because the centralized exchanges are been simplified for easy usuage I guess and people want things easier at all cost.

[Asiska02]

OP, you are not evil in any way. When people have faith in a platform or someone, they will never doubt that person or platform, even if others pose a significant risk to them. People's attention has been drawn to those exchanges, and they are completely comfortable using it. Some people are too lazy to keep their keys safe with them, so they entrust their keys to someone or a platform they trust based on their first impression and how far they’ve built themselves. I'm also confident that if FTX resumes full operations, people will continue to save their money with them. They've invented a trademark that can't be changed or broken.

[coupable]

Am I evil for wanting to see CEX go or at least become less important?

Unfortunately, there are no alternatives to these platforms. Trading services in digital currencies are provided by private companies, and governments have not yet organized an attempt to fully supervise one of these platforms, even as an experiment. Apart from governments, I do not see a more reliable broker to make the process of change in the current market situation after the collapse of ftx.
There are those who advocate the use of decentralized platforms, but these platforms also have their drawbacks. Centralized platforms are not within the reach of all users' capabilities. The current decentralized platforms cannot meet the global demand for trading.

[crzy]

Binance leaving the market? Can you imagine this it will be a big panic and of course people will be more hesitant to start their crypto journey because big exchanges are leaving the market.

You’re not that evil but you’re just over thinking, CEX will stay and will continue to compete with DEX like it or not. What happened to FTX can still happen though and this is a reminder that we should not store any crypto for long term on ang exchanges.

[Raflesia]

But even though it's like that, I think now it will make a lot of people rethink when they still exist.
It is true that centralized exchanges will always be of interest to many people but with what has happened to them and with such a reputation is it possible that many people still believe? Some may still be able to do it but for me, I will never touch it again even if there are some changes later still in the end the owner is the closest person or has a relationship with the previous owner.

[TimeTeller]

Binance leaving the market? Can you imagine this it will be a big panic and of course people will be more hesitant to start their crypto journey because big exchanges are leaving the market.

You’re not that evil but you’re just over thinking, CEX will stay and will continue to compete with DEX like it or not. What happened to FTX can still happen though and this is a reminder that we should not store any crypto for long term on ang exchanges.

A good example why CEX won't be leaving anytime soon in this market.
Binance is one of the top trusted CEXs among crypto community, so even if we had FTX fallout, it won't affect customers.
Maybe the thought of pulling out their funds from CEXs and transferring it to their own wallets,
but still people will use the services offered by centralized exchanges.
Just an example is that you can't get a lot of trading pairs from DEXs. Most top alts are still available from CEX trading platforms.

[o48o]

-cut-
Am I evil for wanting to see CEX go or at least become less important?

I don't understand what that has to do with being evil. Even CZ himself has said that ee should live towards Dexes. I perfectly understand need for both. Maybe at some point there would be a dex with soulbound identity or something like that. But for now i see that free dexes in their current form could even die away at some point. This i don't see happening to regulated cexes

[stompix]

When the FTX scandal got exposed I am one of those saying it's over for centralized exchanges, now people will have no choice but to stay away from centralised exchanges because of this, I went to get a few DEX tokens for long term hold but I was damn wrong.

Almost anyone who knew about MtGox also knew FTX won't stop users from using CEXs.

Look at Binance, after the FUD cleared deposits start coming in, look at Crypto.com, the FUD is no more and people are screaming the name.

I'm tempted to bet that if ever FTX comes back online as rumors say there will still be users depositing and trading there, but I also think that there won't be anyone to bet against as we all know this will definitely happen. A bit of promo, a FTX 2.0 token, a giveaway and they are back in business.

But unfortunately I don't think that this will (ever!) happen. I have a feeling that sooner or later the CEX will be bought or replaced by our "beloved friends", the banks themselves.

I have a feeling that they are not going to be replaced by banks and more likely become banks if they haven't already
- you need an ID to open an account, you need to go through KYC, and even Proof of Funds
- you have your wallet's addresses, like an IBAN
- you can get a card in your name from them, linked to your account, and you can do internal payments between users, completely off-chain
- you have "Earn" accounts just like some banks do
- you get your account frozen even easier than with a bank with nobody to talk about, this is a bonus

So, what really are the differences, other than one is using BTC and the other $ ?

[uneng]

It's not going to change because most people look for the easiest way to deal with bitcoin. They simply want to access their devices, login into their accounts (which already have the password and email memorized), so they can buy, sell or transact their bitcoins.

If they have to download or buy a wallet, store keys safely, and do every further procedure needed for self-custody, they lose interest, because it becomes too complicated on their views. And if it wasn't for the services offered by exchanges, many adopters wouldn't ever have invested in bitcoin.

[Hamphser]

When the FTX scandal got exposed I am one of those saying it's over for centralized exchanges, now people will have no choice but to stay away from centralised exchanges because of this, I went to get a few DEX tokens for long term hold but I was damn wrong.

I don't see people leaving centralised exchange because of what happened with FTX, some moved their funds out of exchanges but after all the bad news cool off they go back, it seems centralised exchanges will always be people's favorite, they are doing very well. Look at Binance, after the FUD cleared deposits start coming in, look at Crypto.com, the FUD is no more and people are screaming the name.

Am I evil for wanting to see CEX go or at least become less important?

Lets just face up the reality on which no matter how issues of CEX do pop out in the market, they would be still mainly be supported by the community or lots of users.Why? The main reason is that this is the

platform on which you could trade up your crypto into stablecoins or simply make out conversions to fiat which is something that you cant be able to do on DEX.Yes, it does really sacrifice when it comes to overall

anonymity or totally opposing up its real essence but we dont have any choice unless if you do hold for long term and dont make out some active trading then this wont really be that much of an issue.
Thing here is that we should not put up all of our assets on these centralized platforms which we do know that risk is always there.It would be an endless cycle i would say.

[KingsDen]

Am I evil for wanting to see CEX go or at least become less important?

You are not evil. But unfortunately I don't think that this will (ever!) happen. I have a feeling that sooner or later the CEX will be bought or replaced by our "beloved friends", the banks themselves.
Most people are driven by greed, not by the desire to get free from the system...

I can say that you are evil for wanting another person's business to crash and end. What will be the percentage of your joy if you hear the CZ's Binance is down and CZ who is worth billions of dollars is now struggling.
What will be the percentage of your joy if you understand that 5 out of 10 of your friends lost their fund in Binance, Crypto.com etc?

I don't have any problems with exchanges. I only advice that exchanges should be used as exchanges and not as wallets. Live and let live

[Saisher]

When the FTX scandal got exposed I am one of those saying it's over for centralized exchanges, now people will have no choice but to stay away from centralised exchanges because of this, I went to get a few DEX tokens for long term hold but I was damn wrong.

I don't see people leaving centralised exchange because of what happened with FTX, some moved their funds out of exchanges but after all the bad news cool off they go back, it seems centralised exchanges will always be people's favorite, they are doing very well. Look at Binance, after the FUD cleared deposits start coming in, look at Crypto.com, the FUD is no more and people are screaming the name.

Am I evil for wanting to see CEX go or at least become less important?

You're not the only one, between the two, I prefer the decentralized exchange, but not all investors are fully educated on how to do cross-chain trading, a centralized exchange is too easy and there are no complications just deposit your coin whatever chain it is being hosted and you can trade it from one chain to the other, and if you run on issues you have the support to rely upon to help you weed out any issues that you encounter, it's different on Decentralized exchange you are on your own, majority of us here are comfortable on platforms with support instead of doing things all by themselves.

[Oilacris]

When the FTX scandal got exposed I am one of those saying it's over for centralized exchanges, now people will have no choice but to stay away from centralised exchanges because of this, I went to get a few DEX tokens for long term hold but I was damn wrong.

I don't see people leaving centralised exchange because of what happened with FTX, some moved their funds out of exchanges but after all the bad news cool off they go back, it seems centralised exchanges will always be people's favorite, they are doing very well. Look at Binance, after the FUD cleared deposits start coming in, look at Crypto.com, the FUD is no more and people are screaming the name.

Am I evil for wanting to see CEX go or at least become less important?

You're not the only one, between the two, I prefer the decentralized exchange, but not all investors are fully educated on how to do cross-chain trading, a centralized exchange is too easy and there are no complications just deposit your coin whatever chain it is being hosted and you can trade it from one chain to the other, and if you run on issues you have the support to rely upon to help you weed out any issues that you encounter, it's different on Decentralized exchange you are on your own, majority of us here are comfortable on platforms with support instead of doing things all by themselves.

One of the things that we do really want is to have that security because not all transactions we are dealing on would be perfect on which there would really be errors which we do need up some support and this is where people do really find out themselves to be comfortable with centralized exchangers on which they do know that they could reach up someone if ever there are really some problems that arise up in regarding into their transactions.Decentralization is best but we know that not all people would really be that tech savy or likes complicated things specially in cross chain transactions.
I could honestly say that it is really that hassle and complicated.

[hatshepsut93]

I don't see people leaving centralised exchange because of what happened with FTX, some moved their funds out of exchanges but after all the bad news cool off they go back, it seems centralised exchanges will always be people's favorite, they are doing very well. Look at Binance, after the FUD cleared deposits start coming in, look at Crypto.com, the FUD is no more and people are screaming the name.

Am I evil for wanting to see CEX go or at least become less important?

CEX vs DEX is the same competition as Bitcoin vs fiat/banks. Most people are using whichever is all-around best for them. Which is CEX and fiat/banks. Some people have different priorities so DEX and Bitcoin works for them.

Traders want to be able to do many trades per day instantly and with low fees. If DEX requires onchain + bank transaction for each trade, it's going to take a lot of time and have high fees. Most people who are into crypto are only interested in making profits, not getting off the grid.

[adzino]

When the FTX scandal got exposed I am one of those saying it's over for centralized exchanges, now people will have no choice but to stay away from centralised exchanges because of this, I went to get a few DEX tokens for long term hold but I was damn wrong.

I don't see people leaving centralised exchange because of what happened with FTX, some moved their funds out of exchanges but after all the bad news cool off they go back, it seems centralised exchanges will always be people's favorite, they are doing very well. Look at Binance, after the FUD cleared deposits start coming in, look at Crypto.com, the FUD is no more and people are screaming the name.

Am I evil for wanting to see CEX go or at least become less important?

Nope, it won't change anytime soon. An average joe would always prefer centralized exchange over decentralized exchange. Even though using DEX might seem easy and simple to us, for most that are new to crypto currencies, and those that aren't interested in the technology, but only in making profit, they will always prefer using a centralized exchange. All they have to do is send money, buy crypto and hold. The FTX incident won't also change anything. Perhaps more people will be cautious, but like you said, after things cooled down, most people are back and using CEX again.

[Zaguru12]

First thing isn’t taking centralized exchanges away just yet is the more features they offer than the DEX. no matter how we talk about security and privacy on decentralized platforms, many investors prioritizes profits and could swap there privacy to get that. And with features like spot and margin trading people easily ditch CEX for DEX. Another reason why centralized exchanges will be hard to get people off it is the fact that the government easily leans towards them since they could easily be regulated and this helps spreads its popularity in such a way that this is probably one of first things new investors know a thing about. Take Binance for instance, we could see or read about them offering scholarships in some countries in blockchain and this helps them to create the popularity they need. Liquidity which is more in CEX than DEX is also another reason to why people still use them.

I don't have any problems with exchanges. I only advice that exchanges should be used as exchanges and not as wallets. Live and let live

Definitely the only advice to be given on centralized exchanges. Just take out your funds after trading and store them on wallets. Sadly if this big exchanges should fall or anything of such it might have an impact on bitcoin price and quicker adoption process even it is for a short time.

[mk4]

Centralized exchanges and custodial wallets are simply too convenient to use for it to lose market share. It's as simple as that.

As for buying DEX tokens, most of them are crap(at least the spot exchange DEXs). The ones that have been great investments are tokens of futures/options DEXs.

[xSkylarx]

Its because most of the newbie wants a simple life, like imagine they just need their most commonly used email and password to log in and now have access to their bitcoin. I also noticed that when the FTX news came in a lot of people now panicking to get their bitcoin in the exchanges but now a lot of them getting back because those kinds of news died and they are not scared anymore. It is like after getting vaccinated in Covid people are now starting to party.