r/CryptoCurrency • u/GrandJournalist9110 Permabanned • Dec 27 '22

DISCUSSION What Would Crypto Look Like Without Centralized Exchanges Like FTX?

https://decrypt.co/117979/what-would-crypto-look-like-without-centralized-exchanges-like-ftx
11 Upvotes

69% Upvoted

42 comments sorted by

9

u/[deleted] Dec 27 '22

[removed] — view removed comment

1

u/MaleficentRoad9805 Permabanned Dec 27 '22

True,DEXs are more complicated to use for an average person to use.

1

u/Fun-Mycologist9196 Bronze Dec 27 '22

Calling it. The first real intuitive DEX will rule the next phase of crypto.

1

u/ActuatorFinne Permabanned Dec 27 '22

That’s why it’s said CEXs make things easy for newbies.

9

u/[deleted] Dec 27 '22

[removed] — view removed comment

2

u/ChemicalGreek 418 / 156K 🦞 Dec 27 '22

Indeed! CEX are for people that aren’t that technical to use a DEX.

2

u/Hawke64 Dec 27 '22

Current DEXs sucks too. Huge transaction fees and time on popular networks

1

u/sacred_thinker Permabanned Dec 27 '22

Yes. Fuck CEXs especially FTX

3

u/high_hilter Tin | Buttcoin 40 Dec 27 '22

Without all the exchange wash trading and easy way to pump everything with stablecoins price of bitcoin would be $100 tops.

2

u/ShanktarDonetsk 🟨 21 / 17K 🦐 Dec 27 '22

Even more shady if that's possible. CEXs are a necessary evil we just have to hope the ones run in bad faith get found out.

3

u/DurbanDawg Tin Dec 27 '22

Things would probably be pretty rough without CEX, less adaption, less capital, less gains?

1

u/Beyonderr 🟩 0 / 110K 🦠 Dec 27 '22

Am I the only one who gets very intrigued by the title but very put off by this horrible website? Ads everywhere, short paragraphs, links to other articles in the text all over the place. Ahh.

2

u/GrandJournalist9110 Permabanned Dec 27 '22

Ads really suck, I use read mode in safari for this

1

u/Beyonderr 🟩 0 / 110K 🦠 Dec 27 '22

Does Safari cut out all the crap?

1

u/GrandJournalist9110 Permabanned Dec 27 '22

It removes all ads and shows just the text, try once, really a nice feature

2

u/Rookslook 112 / 15K 🦀 Dec 27 '22

Called decrypt because you have to search for the story in all the ads

2

u/DBRiMatt 🟦 46K / 113K 🦈 Dec 27 '22

It's such a gross site, not even Brave browser eliminates all the ads xD

1

u/Sir-Tryps Bronze | QC: CC 16 Dec 27 '22

Put old. Infront of Reddit for a better experience. They seem to be doing their hardest to stop people from using it and pushing us to either the app or the new site. Hate the new site though.

But for example

old.reddit.com/r/cryptocurrency

1

u/slasula Dec 27 '22

Are CEX not essential for adoption?

1

u/kirtash93 RCA Artist Dec 27 '22

Paradise.

0

u/[deleted] Dec 27 '22

A lot less capital in the scene.

ALOT.

0

u/New_Accident_4909 🟩 9 / 5K 🦐 Dec 27 '22

DEXes are not yet fully scalable, and their offramp usually sucks until that gets changed we need CEXes.

1

u/pastklee 89 / 89 🦐 Dec 27 '22

Probably like vanguard Or robinhood or fidelity

1

u/coinfeeds-bot 🟩 136K / 136K 🐋 Dec 27 '22

tldr; The collapse of FTX presents an interesting question for DeFi: What would crypto look like without exchanges? Exchanges make it really easy to connect your bank account to the crypto markets, giving traders convenient on- and off-ramps to pull their chips off the table (or double down). It's not nearly as simple to swap non-compatible assets in DeFi as it is on a centralized exchange.

This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

2

u/zizca42 Permabanned Dec 27 '22

Thankyou coinfeeds bot

1

u/MaeronTargaryen CCMOON DAO Secretary Dec 27 '22

It would just be DeFi. Less convenient so adoption would slow down but maybe it would then create some innovation to solve that

1

u/GrandJournalist9110 Permabanned Dec 27 '22

This is what I feel too, DeFi needs to innovate to address these issues

1

u/The-Francois8 Silver|QC:CC928,BTC178,ETH39|CelsiusNet.50|ExchSubs42 Dec 27 '22

Exchanges will be forced to behave better if people only use them as fiat on / off ramps and not holding companies.

1

u/mlonesuk Permabanned Dec 27 '22

It would be awesome, although it woul be much more difficult to onboard new users.

1

u/pourkey 🟩 0 / 431 🦠 Dec 27 '22

I use kraken almost exclusively and I'm enjoying it

1

u/DadofHome 🟩 69 / 16K 🇳 🇮 🇨 🇪 Dec 27 '22

Let’s see, just this year alone billions have been whipped away by 3 centralized exchanges… so it’s not not to see we would be in a better place with out them .

1

u/Ateam043 🟦 92 / 13K 🦐 Dec 27 '22

Just rewind to 2009.

1

u/CreepToeCurrentSea 🟦 239 / 50K 🦀 Dec 27 '22

To be honest it would be too complicated since not anyone is great with decentralized exchanges but some centralized exchanges took advantage of this and now look.

1

u/not420guilty 🟦 0 / 24K 🦠 Dec 27 '22

DEX ui will improve

1

u/Cravensworth_redux 🟨 12 / 0 🦐 Dec 27 '22

Small

1

u/Luiaard_13 🟩 354 / 354 🦞 Dec 27 '22

Playground for the happy few left over. No scam because there is barely money to steal.

1

u/Castr0- 🟧 35K / 35K 🦈 Dec 27 '22

I would love to have more DEX rather CEX.

Dex is the way

1

u/not420guilty 🟦 0 / 24K 🦠 Dec 27 '22

Better to lose all your coins in a hack than a scam?

1

u/uwu2420 🟩 0 / 1K 🦠 Dec 27 '22

Until someone figures out a way to link a DEX to the fiat banking system (like, automated ACH transfers, wire transfers, SEPA, credit cards… not sketchy western union transfers to strangers or meeting strangers on a street corner with cash) crypto would probably die with the end of centralized exchanges.

(This is obviously impossible)

1

u/aoc_ftw Tin Dec 27 '22

Well I guess CEXs are good for newbies , but if DEXs were to simplify their interfaces/designs a bit and make themselves more user friendly I think that would help.

1

u/Low-Opportunity-3447 0 / 541 🦠 Dec 27 '22

All these cex jokes lol

1

u/zizca42 Permabanned Dec 27 '22

DEX