Blocknet is a "truly" decentralized exchange: https://bitcointalksearch.org/topic/annblocknet-truly-decentralized-exchange-token-ecosystem-infrastructure-829576
What do you mean "truly? I havent heard of it before but i have to learn more about it.
Topic: Centralized Exchanges are Bad! - page 2. (Read 1251 times)
Blocknet is a "truly" decentralized exchange: https://bitcointalksearch.org/topic/annblocknet-truly-decentralized-exchange-token-ecosystem-infrastructure-829576
What do you mean "truly? I havent heard of it before but i have to learn more about it.
no argument there. but you can never find a perfect system that is un-hackable. every system has its flaws that can be exploited and used for hacking purposes.
the important thing is how the owners react to such incidents and how can they recover from it.
the important thing is how the owners react to such incidents and how can they recover from it.
But you can reduce the risk by orders of magnitude if you decentralize it.
We already know that the middleman design is very unsafe from hacks to scams to accidents, all things could happen.
In a dencetralize mode like bitsquare you store all your coins and orderbook, and the exchange happens with escrow. It is a way superior trust model than: " hold the coins with me because I promise to store them safely".
Okay, I sure about your title of this topic the centralized exchange are very bad, but I have questions for you can you give a scheme about the working system of bitsquare? or giving short explained about it.
Just read the faq, it's a very good design with local coin storage and local orderbooks and escrow system. It is trustless escrow-based P2P trading online basically.
https://bitsquare.io/faq/
Blocknet is a "truly" decentralized exchange: https://bitcointalksearch.org/topic/annblocknet-truly-decentralized-exchange-token-ecosystem-infrastructure-829576
no argument there. but you can never find a perfect system that is un-hackable. every system has its flaws that can be exploited and used for hacking purposes.
the important thing is how the owners react to such incidents and how can they recover from it.
the important thing is how the owners react to such incidents and how can they recover from it.
But you can reduce the risk by orders of magnitude if you decentralize it.
We already know that the middleman design is very unsafe from hacks to scams to accidents, all things could happen.
In a dencetralize mode like bitsquare you store all your coins and orderbook, and the exchange happens with escrow. It is a way superior trust model than: " hold the coins with me because I promise to store them safely".
Okay, I sure about your title of this topic the centralized exchange are very bad, but I have questions for you can you give a scheme about the working system of bitsquare? or giving short explained about it.
Just read the faq, it's a very good design with local coin storage and local orderbooks and escrow system. It is trustless escrow-based P2P trading online basically.
https://bitsquare.io/faq/
How many more hacks does it take for people to realize that the centralized control models are vulnerable. Almost every centralized bitcoin exchange got hacked, if they didn't they probably will be in the future. And who knows how many of these hacks were actually inside jobs?
MTGox
BTER
Cryptsy
BTC-E
Shapeshift (althought shapeshift's model is stil safer, because they dont store customer funds)
Bitfinex
.... list goes on
Now everyone pays for this by bitcoin losing value, MTGOX crashed the price 80%, Bitfinex crashed the price 20%. Everyone pays for the stupidity and negligence of a few...
How many more hacks does it take for people to wake up and start storing their bitcoins on their own, and use decentralized exchanges like Bitsquare?
Okay, I sure about your title of this topic the centralized exchange are very bad, but I have questions for you can you give a scheme about the working system of bitsquare? or giving short explained about it. MTGox
BTER
Cryptsy
BTC-E
Shapeshift (althought shapeshift's model is stil safer, because they dont store customer funds)
Bitfinex
.... list goes on
Now everyone pays for this by bitcoin losing value, MTGOX crashed the price 80%, Bitfinex crashed the price 20%. Everyone pays for the stupidity and negligence of a few...
How many more hacks does it take for people to wake up and start storing their bitcoins on their own, and use decentralized exchanges like Bitsquare?
A hack is a hack, who knows if it will repeat again. If it happened once, it can happen twice...
no argument there. but you can never find a perfect system that is un-hackable. every system has its flaws that can be exploited and used for hacking purposes.
the important thing is how the owners react to such incidents and how can they recover from it.
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Tell that to mainstream media shills and pundits. If they have an agenda against bitcoin they will find every weakness it has and magnify it and over-exxagerate it.
this is nothing new, it has been going on for years starting with the day bitcoin was introduced to us. i agree that if it wasn't like this bitcoin could be in a better place but where we are now is not bad either.
https://btc-e.com/news/81
apparently they have lost 4500BTC (i think about $50,000) from their own pocket and paid their users in full
and they are still active today and giving service to many users so it is not like other hacks.
apparently they have lost 4500BTC (i think about $50,000) from their own pocket and paid their users in full
and they are still active today and giving service to many users so it is not like other hacks.
A hack is a hack, who knows if it will repeat again. If it happened once, it can happen twice...
Quote
still it doesn't justify mentioning it among hacked exchange services. lots of scams, and hacks happen every day and people lose their money in many different ways.
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again, this hack was also out of the owner's pocket not the users because you can not keep coin in there because there is no place to keep!
Some shifts take a while to wait for confirms and who knows how many funds are stuck in limbo if a hack happens during that time, so customer fund loss is limited but still possible with shapeshift.
Quote
that is just not right at all.
people have accidents with cars and die every day, does the rest stop using cars?
Tell that to mainstream media shills and pundits. If they have an agenda against bitcoin they will find every weakness it has and magnify it and over-exxagerate it.
1) when did btc-e get hacked? i can't find anything on the internet except newbie accounts on bitcointalk complaining about losing their account because of having week password.
can you give a reference?
https://bitcointalksearch.org/topic/list-of-major-bitcoin-heists-thefts-hacks-scams-and-losses-old-83794can you give a reference?
https://btc-e.com/news/81
apparently they have lost 4500BTC (i think about $50,000) from their own pocket and paid their users in full
and they are still active today and giving service to many users so it is not like other hacks.
2) Bitcoin Savings and Trust was a ponzi scheme in other words a scammy place to invest. why are you mentioning it among list of exchange services that got hacked, for a longer list?
Still people invested in it, and 4000 BTC vanished...
still it doesn't justify mentioning it among hacked exchange services. lots of scams, and hacks happen every day and people lose their money in many different ways.
3) shapeshift is not that kind of exchange service that you are thinking of. you don't keep anything there to get hacked. the hack was the owner's supply since people receive their money right after they click change.
Yes shapeshift is much better than the others, but you still have to trust them to give your money. A completely decentralized one is much superior.
again, this hack was also out of the owner's pocket not the users because you can not keep coin in there because there is no place to keep!
Quote
Bitcoin loses legitimacy because of a few people, and it's not good. I know it's not bitcoin's fault, but just expect 2 months of mainstream media bashing of bitcoin....
that is just not right at all.
people have accidents with cars and die every day, does the rest stop using cars?
1) when did btc-e get hacked? i can't find anything on the internet except newbie accounts on bitcointalk complaining about losing their account because of having week password.
can you give a reference?
https://bitcointalksearch.org/topic/list-of-major-bitcoin-heists-thefts-hacks-scams-and-losses-old-83794can you give a reference?
2) Bitcoin Savings and Trust was a ponzi scheme in other words a scammy place to invest. why are you mentioning it among list of exchange services that got hacked, for a longer list?
Still people invested in it, and 4000 BTC vanished...
3) shapeshift is not that kind of exchange service that you are thinking of. you don't keep anything there to get hacked. the hack was the owner's supply since people receive their money right after they click change.
Yes shapeshift is much better than the others, but you still have to trust them to give your money. A completely decentralized one is much superior.
4) can you explain about this, like a link to their announcement or how long they have been operating and how does it work?
Bitsquare is about 1-2 months old, it is still a fairly new software, but it's completely decentralized. It will take more time until it becomes established but I think it will become an inevitability with all these nasty hacks going on.
Just read more here:
https://bitsquare.io/community/
https://bitsquare.io/faq/
Bitcoin loses legitimacy because of a few people, and it's not good. I know it's not bitcoin's fault, but just expect 2 months of mainstream media bashing of bitcoin....
Yeah, hopefully this will push users to migrate trading action to truly decentralised exchanges like bitsquare or shapeshift to take out the middle man risk
1) when did btc-e get hacked? i can't find anything on the internet except newbie accounts on bitcointalk complaining about losing their account because of having week password.
can you give a reference?
2) Bitcoin Savings and Trust was a ponzi scheme in other words a scammy place to invest. why are you mentioning it among list of exchange services that got hacked, for a longer list?
3) shapeshift is not that kind of exchange service that you are thinking of. you don't keep anything there to get hacked. the hack was the owner's supply since people receive their money right after they click change.
4) can you explain about this, like a link to their announcement or how long they have been operating and how does it work?
Customer: Should I store my bitcoins in your exchange?
Exchange Owner: Yes, our exchange is ultra-secure, impenetrable, unhackable.
Customer: Why?
Exchange Owner: Because we said so!
Customer: Ok.
[Hack happens]
Exchange Owner: Yes, our exchange is ultra-secure, impenetrable, unhackable.
Customer: Why?
Exchange Owner: Because we said so!
Customer: Ok.
[Hack happens]
How many more hacks does it take for people to realize that the centralized control models are vulnerable. Almost every centralized bitcoin exchange got hacked, if they didn't they probably will be in the future. And who knows how many of these hacks were actually inside jobs?
MTGox
BTER
Cryptsy
BTC-E
Shapeshift (althought shapeshift's model is stil safer, because they dont store customer funds)
Bitfinex
.... list goes on
Now everyone pays for this by bitcoin losing value, MTGOX crashed the price 80%, Bitfinex crashed the price 20%. Everyone pays for the stupidity and negligence of a few...
How many more hacks does it take for people to wake up and start storing their bitcoins on their own, and use decentralized exchanges like Bitsquare?
MTGox
BTER
Cryptsy
BTC-E
Shapeshift (althought shapeshift's model is stil safer, because they dont store customer funds)
Bitfinex
.... list goes on
Now everyone pays for this by bitcoin losing value, MTGOX crashed the price 80%, Bitfinex crashed the price 20%. Everyone pays for the stupidity and negligence of a few...
How many more hacks does it take for people to wake up and start storing their bitcoins on their own, and use decentralized exchanges like Bitsquare?
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