Serious Question: there was a lot of hype about Decentralized exchanges when centralized exchanges got hacked. If centralized exchanges were insured, would there be any benefits to trading on a DEX?
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Replying to @cryptomanran
Absolutely. Besides hacks, having centralized exchanges custody user funds also means there can be issues with withdrawal limits, account freezes, additional requirements in order to pull your funds out, not being able to access funds when it's down, etc.
5 replies 5 retweets 107 likes -
Replying to @ljxie
I agree but in a competitive market all those will be resolved. Once KYC ‘d all limits are removed. Centralized exchanges will also have very limited downtime and can also offer support. I’m also an investor in 0x and many DEXS but am re questioning the thesis.
5 replies 0 retweets 7 likes -
Replying to @cryptomanran
It's an oversimplification to say once KYCed all limits are removed. There's varying levels of KYC (name, location, ID, proof of residence, etc) and different requirements by jurisdiction which can change e.g. BitLicense. Limits also exist for fraud purposes on fiat exchanges
1 reply 0 retweets 2 likes -
Replying to @ljxie @cryptomanran
There's pros and cons to centralized and decentralized exchanges. They will exist in parallel. Some users don't want to custody their own funds and want legal accountability while others want to custody their own funds and are okay making some tradeoffs. Either is completely okay
1 reply 1 retweet 4 likes
Look at @VerusCoin which will allow people to authenticate parts of their identity without giving up anon.
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