EBC22 | Exchanges as the portal to crypto

three two one [Music] hello everybody and thank you uh the abc again for for this opportunity um today we will speak about a really hot topic actually and this is uh crypto exchanges um is it really secure to have my cryptos in in exchange that's why we're going to speak about today okay so um we are here to highlight the importance of exchanges um without exchanges actually you cannot buy crypto right so you need um with your fiat you need this kind of uh platforms to actually uh buy crypto so just to make it a really quick introduction uh about this panel let's give first you okay okay i am jesus ortoza i am an investor in the cryptocurrency market a consultant in the application of blockchain technology for companies actually investing in early stage startups in a web3 and leading my own blockchain project related to education certification and portal job in all related to crypto blockchain and web3 thank you now well my name is gijem may be known in the social media script boy i create content science 2020 all related with crypto market my my mission is to give all the opportunity to all the people to understand this market in an easiest way all the opportunities and also educate them to not to to avoid to avoid making mistakes that's very common here next we have carlos please hello everyone my name is carlos lozano i'm economist in the health sector and pharmacoeconomics sector i've been educating people thousands of people since one year and a half approximately i'm a data preneur i am a entrepreneuring in data science and blockchain and also like as a business developer working with some blockchains thank you carlos and jacob please hi hey my name is jacob maximiliano but people knows me like jack neves know i am working on bitket in the academy in the trading club group i am professional trader and i have my own trading academy for machine inversion and i would like to express any doubt that you have about trading we are here okay so let's throw some questions to the table right now um for example carlos um what do you think about centralized and decentralized exchanges uh what do you think are the main advantages and disadvantages to have like a or to use a decentralized or centralized exchange okay so first we need to think which type of user are we for example if i'm a trader maybe i would like to use a centralized exchange uh depending of what i'm gonna trade i need to look the asset it's not the same trading tokenized asset of commodities or trading crypto or trading forex so that's why we need to choose the pair and the place normally centralized if you are a defy user as the name is said you are going to use amms that are automated market makers basically decks advantages and disadvantages okay so the first thing we need to know is that if you are using a centralized exchange not your keys not your coins if you are using adex at the centralized exchange all the movements only are gonna then are gonna be done using a smart contract that's why the coins are gonna be uh yours always is gonna be in your wallet problems in the amm liquidity was trading from the running that is when people see your transaction and bet with higher fees in the gas and then he can make the transaction and sell that transaction to you later on and the centralized exchange the good thing and the bad thing good thing you have a lot of liquidity depending on the exchange you are going to use but the bad thing not only because not your keys not your coins is that you can be wrecked with market makers yes i have to say that a related to sex is the gate for everyone to enter to the crypto market it's our gate everyone here i think that our first buy in crypto it has been in some sex so i think dex has very good utilities but thanks to steps we are all here i think exactly yeah i think they're on the same bro so yeah let's go with you again um based on your experience i know we know uh join a high quality athlete you came from that uh field right so based on your experience uh how do crypto change your life and uh actually what do you think why do you think uh it be educated in web3 for example is is important uh in this in this industry okay um so i told before what i am actually doing in the western sector but what most people don't know is that i came i come from a professional sport i have been a world champion european champion and i have been to i have qualified for two olympic games watch out for that in in taekwondo so i am 24 years old so nowadays i am still not competing so my retirement has been really soon so thanks to been educating crypto for more than three years been educating in the blockchain technology i was able to quickly find my new way is in a professional career and a new way in the this web3 sector so in relation to the question of why i think it's important education this is the first answer because thanks to my education now i'm i can be here talking to everyone and secondly i think that we are living very very difficult moments uh very difficult economic moments we are entering into a major recession caused by inflation and caused by a debt crisis where the traditional labor market is going to suffer a lot and i think that we need people with new brains in west 3 that will emerge and will create new business models that will create new job and they will rebalance economy again like it has happened a long time ago and thirdly i think that also education is important because here in the this convention we have seen a lot of good projects with good services and good products but we have a big problem that the people that understand those products and those services we are here the retail people that are outside uh don't understand what they are doing what they are buying so we need someone to know how to do the basic things what is a transaction have a wallet or understand how blockchain moves so i think when we achieve that we will get the the big mass adoption so do you think this has to be a different approach with this kind of people like for example uh the retailer that you're talking about do you think in in universities we need to mainly or we need to teach them how to to do this in the universities or this kind of uh educational discussions yes yes of course as the other guy that talked before blockchain is not only speculative trading we need also people that understand the technology create new things create innovation and new solutions and that is why we need education education in all levels since the beginning to a professional level and we need also the regulation in universities i think the same and actually i worked for for getting for bitcoin i never said that before and in bitcoin we are trying to also uh trying to educate our all users to to make uh good trading and with the with us with the skills and the and the tools that they need so i think it's really really important you do came this up so um let's move on with uh gm um what do you think or in your mind what's the cash flow we need to to do in this kind of what's the optimal cash flow we need to do in this kind of uh bear markets and do maybe you can you can point out uh what's the importance of using an exchange in this um in cash flow that you have in your mind yeah that changes uh it's the main point in the in the cash flow i mean uh i use in general terms the cash flow is the same in a bear market than in our market with a few specifications i mean uh your first entrance in the crypto war is by exchange the ramp between fiat and crypto and there you keep the amount of money that you need for a futures maybe spot trading the just money that you move in a short term then if you are as carlos said if you are a defy lover you have to move or the other part of the money like other wallets uh decentralized wallets like metamask phantom or whatever and then use that money for d5 platforms landing gear farming or whatever and then also if you want it's not uh mandatory of course i use like hold them hole for bitcoin ethereum or whatever your coin is and then storage it in the in a cold wallet because in metamask or phantom they are exposed 24 7 in the internet so they are more riskier for um hacks or whatever and then alcohol wallets is safer for that money that you won't use for a long for a long time i mean i in every market you can make staking or lock your money for a certain period of time but in a world market it's better than not because it's all uh really explosive uh everything is going like super super fast and if you lock your money in staking for example in cosmos polk out or whatever the deep lock period it's like 14 days 28 days so you need your your you need your money liquid to sell it fast okay that's a a good answer so uh let's go with uh jacob or better known best known as jack nieves jack snow in your experience as a trader you said uh you're a pro trader as well you work for bitkit and the marketing department but what's the advice you give to these uh people that wants to uh get into the trading uh world and they want to learn how to trade because in this bear market uh we know that not just but holding a token you are going to be uh profitable and they want you to to know how to how to trade um what's the advice you give to those people and also what do you think in our experience because we were in bitcoin why do you think bitket is a good answer or a good platform for this kind of practice in the third way trading is a very complicated a way and very riskful because it's very easy to win a operation to win money fast but you can lost your money very fast too in my opinion the first things the first advice is for my for formation i don't know the possibilities of each one to to take a good qual a good information in a school or on the academy bitcoin is a good option because we have an academy i am in charge of the academy and i am very very focused on the people that is starting for me and maybe it's because the first year were very very difficult i started with the sport sport a bet i was trading in on bedfair tennis i like the tennis and and it was very hard and i was very frustrated with the results the first years and in my opinion it's very important to say the truth trading is very complicated and you have to to try to save the users a lot of friends of mine i want to be like you because you can win money in fast way yes but i can lose two in the same time so it's very important to say trading is a work it's a word you need tools you need time you need to organize you need a cash flow you need to learn a lot of things and only you have in mind that it's a work and the capital is your main tools to to to win money only in if you think in that way you can you can be a in the future you can win money on bit get the big difference are we try to to see the the user like real person not numbers i know it's difficult we know the yeah and it seems like we are getting like um i don't know marketing or a branding thing but now is is that's for sure i i can i can tell i was working in in another exchange okay is the second in the volume after finance is the first one everyone here i think knows finance opinions in latin is a string but edgar and me knows in andorra and he he talked with me and he present to me bitket and say i want you in my team because you feel the trading you feel the things in another way you think a first in the customer in the client you want to do the thing right and i think it's because in my first year it was very complicated and i tried to say that you said because you have a lot of options you can start in future with only ten dollars start with ten dollar or demo trading with not morning real so this is my my way try to say the user become learn read a lot article start trading in them on demo and after proof your strategy and after it trade with capital in more or less or less money but this is my thank you thank you very much for for your opinion jacob and okay we are speaking about exchanges right so let's throw some questions uh out there um do you think guys it is safe to have your assets in a centralized or decentralized exchange this question goes for whichever wants to to answer do you really think we have like the right uh processes to uh secure uh the tokens and do you know something about maybe um proof of reserve and this kind of things that uh all people is talking about because in this kind of times you know when um cell shoes terror you know all these kind of things happen do you think it's really secure to have your tokens in exchange uh okay i'll take i'll take this i think well we are in a really early stage for sex and then for decks but well these months ago we have lived very difficult moments in d5 so i think a 100 percent nowadays in this sector we don't have nothing but we need to look and educate ourselves to select the best options and we need to know what exchanges have the best security the best liquidity and the best protocols to protect our money in case that someone can install it because hackers can steal our money but if the exchange can respond and defend the users i will select that exchange because we have to trust in exchanges like big companies that are behind us in d5 we know that is our own business so we we have to understand it that's something that we were talking about between advantages and disadvantages of centralized and centralized exchanges that uh if you go to d5 of course it's that's the word says decentralized finance right but uh we don't have like um we have our own control of the things so if that things if that platform or system get that's a hug so maybe we have a problem right yes of course if some defy protocol get hugged we will have a big problem nobody will tell us nothing it's our responsibility but also in sex we know that what carlos told before not your keys not your coins so there is a big gap between them and each user has to decide what the he prefers i think you have sorry i need you need you need to diversify in some in different exchange and different centralized wallets uh different crypto actives include inclusive um some different stable coins as we've seen with ust and one important thing that um i think it's a good advantage for some exchange that they have a good coverage i mean if they got hot like um crypto.com i think a few months ago they have uh some coverage that um covers all the losses for um from the from the users and this in some decks you don't have it in you can buy you can yeah you can buy uh some coverage for decentralized protocols but it's not so common and i think it's an advantage for exchanges and one thing that you said together that it's really interesting it's um well i don't know the the word in english but uh you some exchange don't keep all the funds uh interchange same in spanish and i will say [Music] and that's the problem with celsius that they use money from users to speculate and have a huge um leverage in one in a make it out and that stuff and that's what happened and did they have bad consequences you know in a bear market you know in a bull run it's everything very happy and all flowers and that stuff and then when all goes down you see the shady stuff i think that you need to know what changes have all the reserve or maybe most of them and they're well well saved that's for sure actually here what the the main message i think is uh dior do your own research actually index changes so you can see uh the exchanges work in different ways and all the exchanges has like a different approach with the people for example you use uh kucoin for the little gyms you'll use binance for for the payments and you use bitkit for trading and there's a lot of things you need to to to make some research first um before you get into the exchange so let's move to to cargo for example uh do you think it's uh it's uh it's safe to to have your your assets or for example tell us uh in your experience what's your strategy do you invest in in in crypto and what's your strategy what do you do with the with exchange speaking about exchanges do you have your assets right there you have like code wallet what do you do okay first of all we need to think how smart are smart contracts smart contracts are like you remember the mobile phone in the early 20s it's like that that is a smart contract it's gonna evolutionate of course like dynamic nfts and things like that but we are in the first part of the movie the other thing about secure things we have a lot of risk involved we have a systematic risk risk the blockchain can fail every transaction doesn't matter the exchange also the coin the coin we are going to transact maybe the the team go away with the money and then we have the risk of smart contracts smart contracts can be manipulated inside an internal way as a developer i can leave a gap there a hole but then also can be manipulated in an oracle we can manipulate oracles and the information that is going to be in that smart contract is not it's not going to be correct so maybe they can they can they can liquidate your position if you're in a lending or borrowing so okay if we need to talk about secure manner imagine we are an institution what is going to do an institution need to do a really good due diligence a really good pro a process of study things normally a lot of institutions are going to start working with regulated products instrument products finance instruments because are the way they can create transactions because they cannot explain to a regulatory organism that they have been wrecked that's why personally i use exchange centralized decentralized i prefer it but depending on the volume and the coin and the chain i don't like bridges are really dangerous i think so that's why i think layer zeros are important because l ones are gonna connect to l0 to have all the interoperabi interoperability and that is gonna make them a scale and of course we need to use a cold wallets of course we need to use it because your private key is gonna you're gonna store it and that is the the main conclusion remember guys this uh our personal opinions and of course you have always uh have to make your own research so just finally to to finalize this uh this panel jacob please tell us a little bit um what do you think about also um having your assets because actually for example me i have my assets 50 60 percent of my assets in exchanges what do you think about that it's really secure what do you do i think a logical way you have to think in logical way in the life you cannot put all your things in one place because if this place disappear doesn't matter the the oxygen will disappear maybe a fire or maybe a stall you lost everything in crypto market or maybe in investment i i don't i don't like to differentiate in between my access crypto market or traditional market i have my portfolio a quantity important that in a traditional access in mobility and everything and crypto market so in my opinion you have to think always the bad situation people on trading too only see the best way the green line the the sky the star only only only see the the money that is going to to win but in the life you have to think opposite opposite of that you have to think okay if i open a position for example i can win 10 okay i can win 10 if everything is okay but in the way you can lose maybe 10 5 you have to know how much you can lose and you have to know how long the position could be open in a normal way because it's not you will suffer a lot when the position is open maybe you win the money but in the process maybe you suffer a her accident yes because the life is that you have to take the control in the access in the security i can tell you a lot of situations i love a lot of money with different situations the last one the last one it was three years ago i take 1000 ect from finance to kraken and i choose the the wrong protocol the wrong network yes there are networks marching and cracking me is the competence we are not never use finance matching but two weeks each two weeks three weeks i go to the wallet and i can see my 1000 uct this morning is in a wallet but it's not operative in kraken so it's i i think it's sleeping money sometimes maybe i recover i don't know this is a good experience that resume what happened in critical if you are not a if you don't know something that yes could be so the conclusion is you don't have to put all the thing 1000 for me thanks to god is money that i don't need to leave yeah don't put all the eggs in the same bucket that other person put no 1000 in the in the place maybe 1000 hundred thousand and this be a big problem just to conclude with this uh with this panel um we would like to say that exchanges decentralized or centralized exchanges are an essential part of this ecosystem of this industry because without them we cannot enter to crypto actually so this is like the main message we would like to um to give to you and well let's start with uh some questions if you have some questions of course i i've seen people already leaving but it doesn't matter yeah it doesn't matter do you have any questions guys what is your question [Laughter] do you understand anything that we said no yeah okay right there uh thank you for the nice presentation everybody so i agree with the on the left the trading is uh not just like a dream you know you don't just put money and then you start thinking that you will make money immediately etc and we have to be for we have to stop being formal so just to the story behind is the only one who is making money is the market maker so whatever you are doing you are a centralized exchange or decentralization the only one who is doing money is the market maker because at the same time he is the one who is honoring all the orders to much either buy or sell especially in future if you are doing leveraged trading and who is the one who is lending the money to users to do to do the trades um so just to get back to the question that was what's your strategy to protect your asset and the whole answer was a little bit uh floating i mean we didn't get a real answer how you protect your assets i think there is no way i i think there's it's scaring today to see that we are in a decentralized world and no one is able to assure a clear protection for a transaction who are completely supposed to be crypto graphic encryption we saw a polygon we saw solana we saw ape many hacks happened this is not exchanges i mean those are either protocols or networks how this can still happen today in a decentralized world where we are supposed not having any human interference or intervention on those type of transactions and we saw i know a lot of people who left those transaction and they are like collapsing because they lost a lot of money either in a protocol or so what is the okay key you don't own you you don't have your key you don't have your coins but how come that still people or exchanges are still owning keys of of users or even in centralized exchange well what do you think there will be will be the best solution for this in a decentralized world yeah i think first of all uh we all have the the willing or the decision where our assets are stored that's the first thing and the second thing is decentralized you we we have all heard the advantages and disadvantages but centralized exchanges at the end have to respond for that assets that's why we are trying to make it as transparent as possible and we are trying to make this proof of reserves and uh all your assets are backed up it's it's not different from other um industries it's not different from blockchain it's not different from other industries it's the same you can always get hot right now we are really focused on exchanges and and blockchain but at the end all the companies can get hacked all companies and you you have lost a lot of information a lot of really compromised information we have several examples of that so right now is your own decision um we are living in a world in this blockchain world that uh you always have the the the last decision where do you put your assets centralized or decentralize you have you know the advantages a disadvantage is there a way to avoid this kind of hacks no there's no way because there's a lot of hackers around the world and it can happen in any kind of field any kind of industry so that's my answer i don't think that we will get at the point that no one could hack but one thing that we can do and will happen is that regulation will come and the security will come and they will freeze those wallets that they they will know that they hack the people i think that that is the evolution hacking will not disappear because people are very smart in the world for good things and for bad things but what is a regulation can do can freeze those wallets well it's really happening they can track the wallets that are from hackers and freeze and some of the of the funds then you have protocols that can cover your your funds if you have any laws for hacking or whatever and decentralize and decentralize protocols and then for cover your your losses you can have stop loss always if it makes either it's it's uh it's a fact that market makers are the only ones that at the end make make profit so you can cover your your positions with stop loss futures and also spot spot buys hello um it seems clear that trading and education are the main services on on exchange but thinking on the following two years what kind of services must provide an exchange to be competitive and to beat the chosen one well first of all the exchanges need to show that academy know that the education part because it's like the entrance for the new consumers also the exchange uh need to show some type of guarantees some type of higher the fractional reserve of the exchanges normally are under under correlated collateralize we need to like level an equilibrium there also we need some analytics because blockchains need data science because we need to we can trust but we need to control and we need to find the answers when someone hacks a wallet we need to find the answer when a chain is being really stressed we need to find why and that is for example what type a different type of analytics we can we can give also the user experience i think that we need to focus on the user experience i cannot be making a swap in uni swap then if i want to go to polygon i can use quick swap i need to do a bridge it's like what's happening here yeah i i agree with you a new product maybe the tokenized products of other companies or in other sectors oil and commodities what i think that there is a long way we are at the beginning and the same at that we have the banks and they offer other financing products exchanges will do the same but in tokenized versions yeah i think we are with them but thank you very much everybody and thank you for your attention [Applause]