Quote from: isaac_clarke22 on December 17, 2022, 06:19:15 PM

Well there are different mindsets anyway. For starters, it would not really hurt to start first in relying your coins to a trusted third party. There would be factors such as KYC that would make people just stop using these centralized exchange and I gotta be honest that sometimes I just want to say "fuck it I'll hold it for now in a custodial wallet for its service offered as well".

There is no perfect security nor perfect safety, but we could help risking our money to strangers that would not think twice stealing our money. Back when I was day trading, I did not trade small amount but in the end I still withdrew it all.

It's so much easier to use a centralized exchange simply because someone else holds custody of your coins. You don't need to worry about securing your coins against hacks, theft, or many other undesired situations. Also, fees per trade are pretty cheap compared to those charged by a decentralized exchange. That's why I think people won't abandon CEXs altogether, even if the FTX collapse caused some distrust among traders and investors alike. These unfortunate series of events will force CEXs to provide some proof of reserves audited by a reputable entity or face serious consequences from the government.

Of course, that doesn't mean CEXs will become hack-proof or anything at all. We should always be careful when depositing coins in a CEX due to their highly-risky nature. As long as you don't put large amounts of money on them, you'll have nothing to worry about. Just my thoughts Grin