Topic: DEX's with MILLIONS in volume, COULD make you stinking rich, here's why. - page 2. (Read 1178 times)

Cancelled orders happens when the maker cancels, just like any other centralized exchange. The beautiful thing about DEX's is:

1) They will never shut down
2) They cannot be taken down even by law enforcements, as the DEX is owned by no one
3) Your keep your privacy
4) All trading is trustless, you do not need to TRUST anyone.

There are many more benefits, but these are just the main ones.

Well,,, he may be one of many who do not really understand what a DEX is but he does have a point in that many of them are quite annoying.

And I definitely understand DEXs that cancel orders it has happened to me a lot too -- the only difference in most DEX vs CEX is that they do not have control of your funds.

You clearly hardly know what a DEX is, because they are completely the opposite of your claims.

A DEX is a trustless, low fee exchange, with NO GEO-blocking, restrictions, or any other bullshit.

True, adoption takes time, but luckily the average volume on the DEX itself has 10x'ed over the past year, so it's definitely improving. Their Litewallet is also soon going to be released, which is a multi currency wallet with the DEX inbuilt, making it easier for newbies to get started trading. Requires no sync time.

Of course that would be possible, but the question is if people are going to adopt the DEX like Blocknet plaform.
I can always see this in some of the post here in bitcoin,  I'm wondering if this project is already successful and running, sorry, I haven't been trading in DEX for a long time, but if this is what you are talking (https://coinmarketcap.com/currencies/blocknet/), I think the volume is still small, it needs to improve.

ALL exchanges has fees, prove me wrong. DEX's is no expeption  to this, the difference is that the fees is collected by investors owning nodes on the network, and not a centralized entity such as Coinbase, or Binance.

If you run a node on the Blocknet plaform, you can take parts in thousands of dollars worth of fees every month. If we talk millions in volume, and only 200-400 active nodes on the network (due to a high entry barrier) it could be EXTREMELY profitable long term.

Capitalist? They are quite the opposite man. I don't think you know THAT much about DEX's at all. Go do some research on your own, you can read about Blocknet's here: https://blockdx.com/

Some DEX's runs on a layer of masternodes to enhance decentralization, which benefits all parties. The node owner can make thousands of dollars monthly with a enough volume. Coinbase, Binance etc takes a LOT of fees, in this case the fees are shared among way more people, investors actually, which is pretty smart.


Which DEX's have you tried? Because typically DEX's has lower fees than CEX's as far as I know.

I don't particularly like DEX exchanges, they are capitalist and annoying. They ask for a lot of costs to make sales, deposits, cancel orders and make withdrawals. This costs me a lot. 

Decentralized exchanges are non profitable exchanges so users trade between themselves without any third party like service provider so you are not going to pay any fees but do you think which could make you a millionaire?

And many newbies shilling for Blocknet recently.

I believe a lot of people look at Uniswap and other ETH-based DEXs with tons of volume disregarding real DEX's which allows BTC as the main trading pair. Next question is, how are they reading their data? Probably using Etheruems centralized Infura solution, which Blocknet is trying to improve by making it completely decentralized.

So many improvements on decentralization, yet nobody seems to care, just yet.. Once they start parterning up with big corporations, things will surely change.

Quite fun to speculate into the future. 600x would be insane, even for a low cap project like this. I've seen people say that the next bull run is likely to be 3x the last one, which sounds absolutely crazy. That would make a lot of people wealthy in a very short time.

Blocknet made the very first DEX in the world - I'm sure they'll do well, haha. They are constantly working on improvements, and the project itself has so much potential that it's crazy how low it's value is right now.
They are building their own Infura solution, their own oracle network among other things.

Here's a scenario:

ETH charges gas per tx on the chain, giving it utility. ETH gas price right now is around $0.12 and there are about 900,000 tx's/day which brings us to $108,000/day paid in gas. Now let's toss in ICO buy pressure which raised $371M in 2019 (and let's assume it's all on ETH)... that's $1M/day, bringing total pressure to $1.11M/day on ETH. As a result (among other obvious things that don't need to be explained for the sake of the example) ETH is currently at a $22B market cap

Now let's conservatively talk Blocknet usage throwing in some fun numbers. Infura sees about 15 Billion calls per day. Checking out their pricing this comes to about $3.75M/day. Let's say we're able to do only 5% of that, that's $187,500. Now let's say the DX will do only $25M/day at 0.15% (not official, just using as an example), that's $37,500. Combine the 2 and that brings us to $225,000/day or about 20% the "pressure" of ETH (and $563/day income per Service Node assuming there's 400 running.). If you slash ETH's current cap by 20% you get $4.4B... which is $647/BLOCK

In other words 600x your investment.

it seems that it will be difficult for them to become competitors of both of the Big DEX. when they do not have more profitable features for traders, it will be difficult for them to take members from other exchanges. because most who play with DEX are traders not big investors.

You cannot compare an apple with an orange.

IDEX And the Binance "DEX" is NOT a DEX. Not a real one to be exact. Why?

IDEX enforced KYC - KYC = Not a real DEX.

The Binance DEX and it's nodes is ran and operated by Binances themselves, which makes it centralized

Blocknet's nodes is owned by the investors in the project. There are more than 200 nodes online, which can handle all the transactions on the network itself. These nodes will earn on the trading fees associacted while people trade, the same cannot be said about either IDEX or Binance.

See the difference?  

In other words, you can profit passively off Blocknet's DEX trading fees, including their upcoming oracle network and Infura solution which will beat Ethereums by a long shot.

Reputation is key, I get it, so is volume on the DEX itself. Volume will without a doubt increase as Blocknet is soon releasing their Litewallet, which will have their DEX integrated, so you don't have to download any blockchains in order to trade. Convenience is key.

All is the theory that you are giving to compare with other DEXs. But now I want you to think of IDEX, which is one of the oldest DEXs of crypto market and huge volume. What do you think could make Blocknet different and beat IDEX soon in the future? most people now only use IDEX and Binance DEX because of its reputation and I see very few people mention Blocknet. So, do you have any plans for future marketing?

True.. Most people in crypto are way too short sighted though.

Nobody believed in Bitcoin when it first launched, except a few clever people (The winklevoss twins is a good example).

Nobody seem to believe that DEX's will ever take off, considering that:

They are 100% trustless
NO KYC/AML
Will NEVER go down
Cannot be shut down, even by authorities
No GEO-Blocking

And the list goes on, and on. DEX's can be SO powerful, and will be which is why Binance decided to make their own. They KNOW DEX's is the future, and only made their own to beat the competition short term.

Taking a position in a few DEX's this early on and being able to profit from them, might be the wisest thing anyone can do at this point, but who knows, lol.

That's a good question, that can be answered in a very simple way actually: Security.

Loads of exchanges has been hacked the past 10 years, more than I can count actually. Even top exchanges like Binance has been victim of this, cryptopia which was in the game for YEARS went down from one day to the other, leaving people empty handed.
If you use a CEX, I'd advice you to ONLY do quick trades, and then remove your coins from the exchange again.

As for Blocknet, they've got their Litewallet ready soon, which basically makes you hold, and trade trustlessly (again, without trusting a centralized exchange) from the same application.
This will make it more convenient for the average guy to use, and certainly provide node owners with more passive income from their Blocknet nodes processing transactions on the network.

I thought this is another interesting topic to discuss with but again an advertisement from Blocknet I never used this and I really dont know this dex what a trader wants is a platform that you can use it easily, trade instantly with high volumes , not interested is some installation setups, why use this dex if we can use cex easily. 

Any "DEX" that requires you to TRUST them, isn't truly decentralized. It's basically the same with a tokenized BTC. You need to TRUST a central place to hold your BTC, while you trade a tokenized BTC on an ethereum based platform, such as Uniswap.

It completely ruins the decentralized aspect of the DEX itself, which is why I refuse to even use these "DEX's". Relying on ONE chain (Ethereum) is not very scalable.

Blocknet and other traditional exchanges uses atomic swaps, which is the ideal solution for anything needing to be decentralized without any compromises.