Re: People are giving too much importance to exchanges

Quote from: Abiky on Today at 12:40:15 PM

Quote from: Blitzboy on June 23, 2023, 05:41:49 AM

Crypto-world is indeed flooded with centralized altcoins, isnt it? These newbies, clamoring for exchange stardom, ironically stray from crypto's original intent. Bitcoin, our founding father, aimed to bypass financial middlemen. But it seems that fresh coins care more about market monopoly and profits than preserving Satoshi's dream.

Even Ethereum's switch to Proof of Stake (PoS) has drawn flak, with fears that raising the staking minimum from 32 to 2048 ETH will concentrate power. The ascent of Centralized Exchanges (CEXs) over Decentralized Exchanges (DEXs) stirs debate. Yet, I contest its a sign of cryptos demise. Remember, Bitcoin, the decentralization lighthouse, still rules. Its soaring value could usher in more decentralized offshoots.

Exactly. Everything is heading off course. Crypto is slowly being taken to the hands of "Wall Street" players. Expect CEXs to become bigger and stronger than ever before. With centralization at stake, governments can do anything they want to control crypto use around the world. They can simply target CEXs and manipulate them for their own benefit. DEXs, and the other hand, are much difficult (or almost impossible) to control, rendering governments' efforts useless. However, these exchanges represent a small market share compared to their centralized counterparts.

You can still use crypto with a DEX even with government restrictions in place, but you won't get the same convenience as a CEX. I'm afraid the industry will move away from Satoshi's original vision in the long run. At least, not all hope is lost. As long as there's one decentralized cryptocurrency (mainly BTC), we should have nothing to worry about. Just my thoughts Grin

Time comes that every platforms that touches up fiat transactions would really be legalized. This is the main difference in between CEX and DEX is that the other side do engage up with fiat transactions on which it would be understandable that government would really be trying out to take advantage into that. Yes, its really that convenient on making use of these centralized platforms on which you could really be able to make out conversions of your coins to fiat and directly sent out into your bank account which undeniably that convenient for any traders or investors out there and this is why we do really touch up this area because of such reason.
This is why when it comes to risk management then it would really be that depending or according into your own approach on how you would really be handling your assets despite of this gradual dominance of government
on trying out to control on everything. Its inevitable i would say but its true that we could still get a hold of our Bitcoins without being known which this is the only thing we could really be that confident on.