Topic: Sec and EtherDelta (Read 541 times)

Security Exchange Commission(SEC) asking KYC in Decentralized Exchange https://bitcoinexchangeguide.com/idex-decentralized-crypto-exchange-finally-implements-kyc-and-aml-policies/ yeah, need to regulation in dex exchange. Because etherdela also other dex exchange is stolen money in several times i heard.

I totally agree, exchanges seeking expansion through ICOs expose themselves to future persecution as law enforcers can get to easily know who run these platforms as devs and their team leave info in public to prove their legitimacy. Which is why any crypto business wanting to survive long should not mingle with a centralized power as that's the first back door for law enforcers!

The government site is legit so probably this is true that maybe Etherdelta is not truly registered and not recognized by SEC. I did not know if Etherdelta was base in the USA so i guess with their popularity they could be easily trace their country of origin. We should wait for the update of this report so better we should not keep our crypto assets in Etherdelta wallet.

As far as I know there are no suspensions or cancellations that took place and if there is one it will only be temporary as it will depend if Zachary Coburn has paid the settlement the government has asked. So DEX will still be in operation and the only thing it has done was damaged his reputation as well as EtherDelta's so it will depend how their customers or investors view the news.

Of course they would have a case against him. If they don't they wouldn't have called a press conference to announce that or release a statement to that effect. The law is there and they expect everyone to comply with the law no matter who you are and whether you recognise the existence of the law. You will still be tried under the same law. This is largely what happen to the proponent of Liberty reserve sometimes in the past which is what led to the end of that at the time.

Its time to start thinking of the worst case scenario as one thing is sure, one of the condition of getting a plea is compliance with the request of shutting down the platform for good. This is the state exercising its power and there is nothing to do to stop it.

Lol...any recommendations on how DEX be setup?

Yeah they already have a case that is why he made a deal already, he already settled which means he doesn't want to continue any further legal action. Most likely people doing deals like this don't want to lose more money that is why he just settled. It is a smart way of getting away with a court appearance as he is neither confirming or denying the allegations they have brought to him. The sad thing about this one is it will cost him nearly 400,000$ in order to settle the case and let the SEC walk away from him.

But i think what triggers it was the ICO they had...i think so!

Yes sir...my thought too!...let see how it plays out...

yeah i've seen references to LN potentially being used for decentralized altcoin exchange, but i'm not sure how it works or if anyone is working on it. between shapeshift enforcing KYC and non-custodial exchanges either getting busted or implementing KYC themselves, it seems like options are really thinning out for traders.

Lol...thanks ! Seriously.....any recommendations on how Decentralised exchanges be setup?

Your thoughts sir!

This case is unique, even though it has been resolved because Zachary Coburn wants to fulfill the demands issued by the SEC. I realized that DEX was anonymous even though the IP log did not find strong evidence. Whereas the SEC assumes that Etherdelta is an exchange that must be subject to SEC rules no matter it's DEX. What is unique about the SEC's purpose? If it's a tax issue, how will they audit DEX, especially the KYC problem? Lol

Wow!.. thanks

Yes! Non-custodial is accurate for majority of "DEX". We got to wean off these terms. Took time to wean off "revolutionary" but I think we'll get there with "decentralised" - they have their places but they can be very misleading these days. Fully decentralised is a long way off, definitely agree, and may never be in fact what's desired even if possible. I do feel that we're closer than we think though, with atomic swapping, off-chain channels and 2nd layer stuff, if they can all inter-operate and every architecture is made open source and public domain, we can be close enough.


Yeah, Bisq is as good as it gets (in their own slightly words, doesn't get more decentralised than that, to again use the term!) and that's how I like doing my trades, strictly P2P. The hassle is still a pain point, and that's the hurdle most people (myself included) will spend the most time getting over. Bisq has been seeing growing volumes these past months though, especially BTC/XMR... most early users were probably forced there as their options dwindled on traditional exchanges. But it's picking up for sure.

There was a DEX project last year initially built on Maidsafe, then later abandoned and apparently moving in 2 different directions. I believe it was called NVO (there's a whole backstory to that). Think they (developers) eventually accepted that it was too technically complex for their abilities.

Lol....is true shall....meaning we as people are some how addicted to centralisation.....i believe with time, gradually the addictions will loose it's hold on us!

Can't say I've ever been on a website that claimed to have every aspect beyond centralisation. Are there sites built on Maidsafe and that type of thing yet?

If Bisq is as good as it gets, it's still better than anything that came before but its numbers show most people can't resist that whiff of centralisation.

....i see....any way forward?
How decentralise exchange should be setup?

Lol

Wow!...i agree with u sir!...just that i don't know anything about Bisq.... i will check it out!

I think Bisq is great, but it's never going to overtake traditional exchanges. It's strictly P2P -- no automatic orders, no order books. It's really inefficient for price discovery. It's basically a distributed LocalBitcoins.

What we need are decentralized websites, file storage and communications protocols for everything currently run on local servers. I wonder how feasible that is...