Quote from: DrDoctor1234 on May 08, 2019, 12:40:27 PM

This breach is massive, and shows why we need decentralized exchanges (just like we love decentralized coins) right NOW. I'd like to know what these advanced 'unforeseen' security vulnerabilities are that Binance is talking about (but of course any explanation will be vague). The fact that they were thinking about a rollback, which could question the independence and integrity of the entire Bitcoin ecosystem just shows they've got too much power.

Lets not forget that Ethereum forked (creating Ethereum, and leaving behind Ethereum Classic) because of a $50 million hack. It isn't good enough that a centralized exchange separate to Bitcoin could potentially impact the reputation of this leading decentralized cryptocurrency because of an almost $40 million hack. This amount is not insignificant, and the way Binance talks about it, its lucky they didn't lose more.

And now it'll be closed to deposits and withdrawals for a week (at least). Even my rubbish fiat bank doesn't stop me from accessing my funds for an entire week.

I'd expect this from Cryptopia, but not from Binance - the fastest startup to reach unicorn status, currently (or soon to be previously) coming in with a $2 billion valuation should have unrivalled security.

Anyone still thinking the centralized Binance chain is a good idea??

Yeah right - NAH

I've written about that before......

DEX suffer the same or more problems.

Quote from: xtraelv on November 12, 2018, 08:25:31 AM

https://www.financemagnates.com/cryptocurrency/regulation/sec-fines-etherdelta-founder-almost-400000/

Decentralized exchanges are still are subject to the law and may become more of a law enforcement target than centralized exchanges.

DEXs are now responsible for a higher percentage of money laundering of their total volume than centralized exchanges.

They are not really "decentralized" since the still has to be a team of people operating the exchange.

In the case of some DEXs they will still be vulnerable to hacks, 51% attacks and other coin network exploits.

It will be harder to hold the developers of decentralized exchanges liable since they may remain anonymous or live in a place other than where the prosecution occurs.

Waves Dex hacked. July 2018 https://cryptoslate.com/decentralized-exchange-waves-gets-hacked-after-6-million-debut/

Etherdelta hacked Dec 2017 https://mashable.com/2017/12/21/etherdelta-hacked/#LqdSbf4LJqqV

Bancor hacked July 2018 https://www.ccn.com/decentralized-crypto-exchange-bancor-hacked-12m-in-ether-stolen/

Newdex hacked September 2018 https://www.newsbtc.com/2018/09/18/newdex-decentralized-crypto-exchange-robbed-in-new-hacking-attack/