Quote from: CryptopreneurBrainboss on Today at 05:31:56 PM

Quote from: Macoach on September 26, 2023, 01:14:09 PM

I am aware that KYC may reduce fraudulent activity, however dealing with hacking and security exploitation issues will need investing in the strengthening of security. Adoption could happen quickly with sufficient protection because safety will be assured.

We don't need centralized exchange or other platforms for adoption to happen. Bitcoin is a decentralized cryptocurency and we'll get adoption in a decentralized manner. Kyc might be said to reduced fraudulent activity but we know that's not the main reason behind all centralized exchange been asked to implement them. They're getting implemented so the government can easily monitor our transaction whenever they want by just requesting the exchange to provide them access. People shouldn't be worried about all the hacks that's happening because if they do things rightly, they won't become victme. Those that are becoming victims are those been ignorant to advice as they keep keeping their coins on exchange and other centralized platforms when it has been said many times to not store coins on exchange.

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Even though there are still very few trading platforms that have never experienced security exploitation, the recent incident with Houbi should serve as a reminder for everyone to remain attentive and prioritize their security.

They'll all have their share of the pie (hack) because they're centralized and just a copy of each other codes meaning if one can get exploited others too will get exploited. Don't trust any of them to store your coins on their platforms. If there's a need to use them, then just use them for the service they were created for which is to exchange and don't do any other things on the platforms. Ignore any juicy offering they're promising and keep your coin in a secured, open source, non custodial wallets and make the security of your investment your top priority instead of giving it to someone else who don't give a fuck about what happens to your coins but only giving fake promises to get more customers onto their exchange to make money.

So we do say that decentralized platforms would be the key on stopping this? I dont think so and just trying to look at on the other hand on what are the things lacking with these DEX'es which we do know that it

isnt something that could really be in line with fiat transactions or into those functions and benefits on what centralized platforms could give or deal with and this is why CEX would really be always that recommendable or really that being preferred due to this kind of reason. If you do really mind about being anonymous and decentralized then you could really be able to deal or make use with those current existing
decentralized platforms but of course it would really be having that kind of limited function and this is something that will really be that some people might not be that looking that it do really lacks with those
things that cex could be able to provide.

The most important thing that we should really bare in our mind is that we should not really make these platforms to act as our main wallets. On the time that hacking incident happens
then you wont really be losing all of your precious coins. We know that there's no such thing about 100% safe with our coins specially on platform wallets which we dont
able to have those PK access and with that alone then its impossible that you cant be able to assess on whats the right thing to be done.