Burn In Hell Centralized Exchanges...!
Vitalik Buterin is a great fan of decentraliztion. Just recently he showed this once again in an interview as he called out all centralized exchanges, literally hoping they'll burn in hell:
“I definitely personally hope centralized exchanges burn in hell as much as possible.”
I think there's no discussion necessary that centralized exchanges are bad after all for the whole cryptosphere due to the power they have and the huge influence they can take on the market through their paid coin listings.
Decentralized exchanges aren't as restrictive and therefore promote the original spirit of cryptocurrency and financial freedom way more than the centralized ones. Besides that everyone is allowed to keep his/her private keys and hence full control over all coins even if a page should go down for good. Not quite the case on centralized exchanges, which regularly tend to freeze the funds of their users due to "maintenance" reasons...
Be smart, trade decentralized!
A Crypto Startup Revolutionizing Steem! |
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There is always undying debate between centralized and decentralized currency and this will also extend to exchanges. In our part, we are pro on decentralized for a very obvious reason thats why we are here, lol.
But for the government side and other businesses, they prefer more on centralized due to being unpredictable of crypto in the market and they are hesitant to engage in it. As for the government, they cant hold peoples money in decentralized same as what they are doing in centralized.
Interesting article!
I disagree that decentralized exchanges are hack proof. Technically they are, however people can still hack the website, and can fish for your funds. What we have seen multiple times with existing exchanges. In case of a centralized exchange people could ask their money back, while in a decentralized exchange the money is gone.
You mixed up DEX and p2p...
OpenLedger DEX(one of gateways to BitShares network) was domain hacked recently, and reimbursed people that were hurt in phishing attack. https://dex.openledger.io/openledger-dex-reimbursement-update/
I never tried p2p exchanges like localbitcoins, cuz it's blocked in my country and they ask more verification info than the centralized Kraken exchange that I have used to get some FIAT out without problems...p2p provide nothing extra, you overshare personal info, overpay on trades and might still get ripped off in the end...
Main benefit of DEX is anonymous trading if you want it and ways to verify everything, you can see my trades here: https://wallet.bitshares.org/#/account/robot-rager...
I wouldn't want Kraken to burn, cuz I haven't found another decent way of getting FIAT, but maybe I'll be able to pay directly with crypto soon, not even a single Bitcoin ATM yet :(
That is basically my feeling regarding everything centralized including governments. I really do believe the main challenge of our community is pushing the centralization versus decentralization idea. That is the thing we need to drive home.
Centralized systems allow for enslavement. They are also susceptible to being hacked.
Decentralized needs to be the future whether the masses realize it or not.