Atomic Swap | Bitcointalksearch.org

feinter

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Quote from: sarannah on September 22, 2017, 11:41:22 PM

Is it possible to use Atomic Swap in near future to dump exchanges like Poloniex?

So i could sell bitcoins when price is high to another coin which price have been for long staying same and later when bitcoin price is low i could change another coin back to bitcoin. Or it would be better if i could use something like usdt not some random coin.

This have sens only one way, to beneficial for BTC. But maybe in future it will be otherwise

JaredStein

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Atomic Swaps are neat, but are beneficial for altcoins. I guess they're beneficial for BTC if you can sell your altcoins for BTC. Nonetheless, innovations like these are great for the network.

HeRetiK

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Quote from: 24Kt on September 23, 2017, 05:36:13 PM

trust is a huge factor in anything crypto

Having to trust is the very thing you want to get rid of in crypto. You store your own private keys so you don't have to trust exchanges. You have consensus mechanisms such as PoW so you don't have to trust miners.

The moment you have to trust a third party, such as the USDT issuers, you left one of the most important features of crypto behind.

24Kt

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trust is a huge factor in anything crypto

odolvlobo

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Quote from: sarannah on September 22, 2017, 11:41:22 PM

Is it possible to use Atomic Swap in near future to dump exchanges like Poloniex?

The basic function of an exchange is to provide a marketplace. Even with atomic swaps, you will still need a way to get people together to make the trades. In the future, there still will be exchanges though they might be decentralized.

Quote from: sarannah on September 22, 2017, 11:41:22 PM

So i could sell bitcoins when price is high to another coin which price have been for long staying same and later when bitcoin price is low i could change another coin back to bitcoin. Or it would be better if i could use something like usdt not some random coin.

Using USDT requires the trust in the company that issues it.

Quote

Every tether is always backed 1-to-1, by traditional currency held in our reserves. So 1 USD₮ is always equivalent to 1 USD.

Oh, really?

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There is no contractual right or other right or legal claim against us to redeem or exchange your Tethers for money. We do not guarantee any right of redemption or exchange of Tethers by us for money.

I don't use USDT because I don't trust it.

mk4

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Quote from: Nalbo on September 23, 2017, 07:01:19 AM

You might be talking about automatic swap. And that is the future of exchange.
But current exchanges would also continue as they also offers a lot of hot wallet except the exchange.

Nope. Atomic swap is actually a thing. Though automatic swap, the closest we have would be via ShapeShift.

Some links about atomic swap:
http://www.newsbtc.com/2017/09/21/atomic-swaps-litecoin-vertcoin-works/
https://twitter.com/satoshilite/status/911328252928643072

Nalbo

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You might be talking about automatic swap. And that is the future of exchange.
But current exchanges would also continue as they also offers a lot of hot wallet except the exchange.

HeRetiK

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Quote from: sarannah on September 22, 2017, 11:41:22 PM

Is it possible to use Atomic Swap in near future to dump exchanges like Poloniex?

So i could sell bitcoins when price is high to another coin which price have been for long staying same and later when bitcoin price is low i could change another coin back to bitcoin. Or it would be better if i could use something like usdt not some random coin.

The way I understand it atomic cross-chain swaps could indeed be used to enable decentralized crypto-currency trading. However amongst other technical limititations the logic for atomic swaps would need to be implemented for each respective currency so you'll probably have only a handful of alts available for trading -- if atomic cross-chain swaps ever come to full fruition.

Btw, USDT is running on top of the BTC blockchain via OMNI, so by definition you won't see any atomic cross-chain swaps for BTC / USDT. Other technical solutions may be viable though.

In other words: long term we may be able to decentrally trade some alts, but it will take a while to get there.

mk4

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I don't think it will dump exchanges, but it will be a good alternative as you wouldn't need all those verifications like exchanges requires. One of the reasons people use exchanges is to convert their cryptocurrencies to fiat or vice versa. We can't do that via atomic swap (currently). Then again, I don't completely know the technical aspects of atomic swaps as I haven't read much about it and I personally haven't used it as it is still very new.

sarannah

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Is it possible to use Atomic Swap in near future to dump exchanges like Poloniex?

So i could sell bitcoins when price is high to another coin which price have been for long staying same and later when bitcoin price is low i could change another coin back to bitcoin. Or it would be better if i could use something like usdt not some random coin.

Topic: Atomic Swap (Read 528 times)