I am trying to send funds to a friend in India and he is into crypto assets now. So, my question is...what would prevent a decentralized exchange to pull a "FTX" on assets in the firms wallets? Many crypto evangelists claim that this is the new "holy grrrail"... I currently have no crypto in coinbase or anywhere else. But prices seem cheap and ETH especially attractive. Edit; OK, I did not realize you use your OWN wallet with these exchanges...
Imagine starting a thread claiming peeps in DEX exchanges can lose their ass like w/FTX (w/an exclamation point no less) and not knowing you use your own wallets in DEX exchanges ? I'm embarrassed for you OP. You give me second-hand embarrassment.
How much did you lose in crypto so far, genius? You sad angry little man...pathetic! You were on my ignore list for a good reason. Edit, and YES, crypto ponzi can go to zero...these so called "wallets" are a nightmare to use anyway.
The primary reason I don't go too heavy into investing into traditional Boomer exchanges, is that they are already becoming obsolete and being replaced by DEXes. One argument that they will still be around longer than fiat banks, is that you still need to do KYC and therefor, traditional exchanges serve a purpose somewhere in the chain. My worry here, is that KYC will be pretty much automated like everything else, so again, where will that leave oldschool crypto exchanges? Every day that goes by, more companies are being built under the DAO structure, and they are still on the bottom of the S-curve. Using Porter's rule of 5-forces, the writing is already on the wall for who's next in line to go the way of buggy whips.
Here OP, some light reading: https://cointelegraph.com/news/mayb...o-markets-exploiter-arrested-on-fraud-charges