Ok ive spome to btcdrak about getting via added to nxt mgw p2p trading. He has no problems with it being added as its a free market. He has concerns around the trust issues with such a service which is expected with something new like mgw but is happy for via to be added if people want it.
So does the via community want via to be added to mgw which illiminates 3rd party exchanges and provides a p2p exchanges within the nxt core? If the majority want it ill be able to make it happen.
So does the via community want via to be added to mgw which illiminates 3rd party exchanges and provides a p2p exchanges within the nxt core? If the majority want it ill be able to make it happen.
From the horses mouth:
I have say or control where or how viacoins are traded, it's a free market. It seems to me that MGW is not a trustless p2p trading environment because coins are just held in escrow by an intermediary and then duplicated as a NXT asset. This requires trust that the intermediary is honest and doesnt get hacked. While MGW may or may not be attractive (and I have no interest in discussing it's merits or problems), it's still a centralised system at the edges. Since coins do not actually enter the NXT asset exchange, but are "locked up" and "recreated" as NXT assets, you could just imagine the trouble that would be caused should the locked up assets escape without the NXT assets being equally destroyed.
A truly trustless p2p trading system is one where where cryptography and maths define the rules - for example the way sidechains would work.
It is not my intention to bash any other projects: I didn't want to make any public comment, but when I am quoted as saying something, after the last fiasco, I need to clarify exactly my opinion.
I realise there are many sides to this debate and trade-offs between using centralized exchanges. I favour trustless and fully decentralized solutions. I believe anything else is bandaid.
But back to my first statement. I am not in control of the markets and I believe people should use what they feel comfortable with. The free market will decide what wins and loses.
The multigateway uses multiple signature addresses. No single gateway server has all the private keys. So, while it isn't 100% trustless the service server owners would have to collude to get rid of the coin. Also, the NXT block chain still has you coin balance recorded.
While it isn't perfect, it still seems safer than a single entity having it... see MINT pal recent hack.
It certain is an interesting concept. Let's see how the markets reacts. I am very impressed with their marketing. Very slick, and obviously have put a lot of effort into it.
Even centralized exchanges should be making more use of multisig. Coinbase uses them for cold storage as far as I know.
