Sec and EtherDelta - page 2. | Bitcointalksearch.org

jseverson

hero member

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Quote from: bosta20 on November 09, 2018, 04:24:24 AM

Lol...i agree sir!...any recommendations on how Decentralise Exchnages should operete in the future?

Not who you're asking, but Bisq seems like the closest thing to a truly decentralized exchange right now:

Quote from: https://docs.bisq.network/intro.html#how-bisq-resists-censorship

How Bisq resists censorship
Bisq’s network is a fully distributed P2P network, and thus difficult to shut down

Bisq’s network is built on top of Tor, and thus inherits Tor’s own censorship resistance

Bisq is code, not a company; it is not incorporated, and it cannot be disincorporated

If nothing else, like Bitcoin, it has no single point of failure unlike EtherDelta.

gentlemand

legendary

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Welt Am Draht

Quote from: bosta20 on November 09, 2018, 04:24:24 AM

Lol...i agree sir!...any recommendations on how Decentralise Exchnages should operete in the future?

Be actually decentralised. This has set a precedent no matter what the outcome. If you're an indentifiable person operating something like this then you should stop right now and find something else to do. You will get nailed. I can't imagine these places in their current form are going to last. No one will want to get burnt. We'll need to wait for the real deal.

figmentofmyass

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Quote from: buwaytress on November 09, 2018, 01:50:11 PM

And that's why people shouldn't be throwing around the phrase "decentralised" as they please. The fact that the exchange had a founder, who ran, managed, and operated it, should immediately have made the use of DEX terminology erroneous. The only good thing I suppose was that funds were never centralised but imagine what else he shared with prosecutors (the story claims his fines were actually reduced because he cooperated)? IP addresses? Emails (I don't know if ED uses it)?

Course they had a case. And made it well.

i'm starting to like the distinction between "non-custodial" and "decentralized". fully decentralized trading is a long ways off. every DEX today depends on various forms of centralized administration. Undecided

i suppose they do have IP address logs, don't they? but weren't users pushing trade transactions to public ethereum nodes anyway? no emails or other account details on etherdelta.

bosta20

jr. member

Activity: 106

Merit: 1

Quote from: 1Referee on November 09, 2018, 03:14:19 PM

Quote from: buwaytress on November 09, 2018, 01:50:11 PM

And that's why people shouldn't be throwing around the phrase "decentralised" as they please. The fact that the exchange had a founder, who ran, managed, and operated it, should immediately have made the use of DEX terminology erroneous. The only good thing I suppose was that funds were never centralised but imagine what else he shared with prosecutors (the story claims his fines were actually reduced because he cooperated)? IP addresses? Emails (I don't know if ED uses it)?

Course they had a case. And made it well.

And yet people keep hyping up Binance's attempt to have a "truly" DEX operational in the near future, lol. I wouldn't even be surprised if Binance ends up using people's funds to artificially keep their market liquid. It's an attack factor people will easily take for granted if they are being paid out tokens or whatever for their contributions.

Once more a hint towards how we with LN don't need anything other than our clients to exchange funds from chain to chain without the need of a DEX. We will be our own DEX.

Bitcoin's LN adoption will surely motivate other coins to follow one way or another, and eventually you'll have a wide variety of coins that people can exchange. It will take time, but we have that, and plenty of it.

Wow! Nice one boss...am looking forward to that future!
Thanks for your contributions!

1Referee

legendary

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Quote from: buwaytress on November 09, 2018, 01:50:11 PM

And that's why people shouldn't be throwing around the phrase "decentralised" as they please. The fact that the exchange had a founder, who ran, managed, and operated it, should immediately have made the use of DEX terminology erroneous. The only good thing I suppose was that funds were never centralised but imagine what else he shared with prosecutors (the story claims his fines were actually reduced because he cooperated)? IP addresses? Emails (I don't know if ED uses it)?

Course they had a case. And made it well.

And yet people keep hyping up Binance's attempt to have a "truly" DEX operational in the near future, lol. I wouldn't even be surprised if Binance ends up using people's funds to artificially keep their market liquid. It's an attack factor people will easily take for granted if they are being paid out tokens or whatever for their contributions.

Once more a hint towards how we with LN don't need anything other than our clients to exchange funds from chain to chain without the need of a DEX. We will be our own DEX.

Bitcoin's LN adoption will surely motivate other coins to follow one way or another, and eventually you'll have a wide variety of coins that people can exchange. It will take time, but we have that, and plenty of it.

bosta20

jr. member

Activity: 106

Merit: 1

Quote from: buwaytress on November 09, 2018, 01:50:11 PM

And that's why people shouldn't be throwing around the phrase "decentralised" as they please. The fact that the exchange had a founder, who ran, managed, and operated it, should immediately have made the use of DEX terminology erroneous. The only good thing I suppose was that funds were never centralised but imagine what else he shared with prosecutors (the story claims his fines were actually reduced because he cooperated)? IP addresses? Emails (I don't know if ED uses it)?

Course they had a case. And made it well.

Lol...thanks buddy! They don't collect e-mail address!

Any recommendations on how Decentralised exchanges be setup?

buwaytress

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Join the world-leading crypto sportsbook NOW!

And that's why people shouldn't be throwing around the phrase "decentralised" as they please. The fact that the exchange had a founder, who ran, managed, and operated it, should immediately have made the use of DEX terminology erroneous. The only good thing I suppose was that funds were never centralised but imagine what else he shared with prosecutors (the story claims his fines were actually reduced because he cooperated)? IP addresses? Emails (I don't know if ED uses it)?

Course they had a case. And made it well.

runam0k

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Touchdown

Quote from: bosta20 on November 08, 2018, 11:20:16 AM

"Washington D.C., Nov. 8, 2018 —
The Securities and Exchange Commission today announced settled charges against Zachary Coburn, the founder of EtherDelta, a digital "token" trading platform. This is the SEC's first enforcement action based on findings that such a platform operated as an unregistered national securities exchange."

Do you guys really think sec has any case against EtherDelta founder?

https://www.sec.gov/news/press-release/2018-258

He provided a platform for trading (mostly) unregistered securities--he didn't merely write and deploy smart contract code; he maintained a website (UI) and order book and he took fees from each trade. The servers were central points of control/weakness. Open and shut case, I would say.

The SEC might have more difficulty charging the current owners of EtherDelta (which is chugging along just fine!), who I believe are based in China.

We'll probably see anon operators of DEX websites, with devs (if not themselves anon) positioning themselves as sufficiently far 'removed' from the operation of the exchange. Servers positioned in jurisdictions where enforecement is more difficult, etc.

bosta20

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Quote from: Gershonxer on November 09, 2018, 01:57:31 AM

Why do DEXes need ICO?
In my opinion if dexes really want to succeed, its developets should remain anonymous and also dont conduct ICO because it attracts gov. regulations

Anyone can share his thoughts here

Yes..we are on same page sir!

bosta20

jr. member

Activity: 106

Merit: 1

Quote from: Kemarit on November 09, 2018, 12:04:53 AM

Quote from: jseverson on November 08, 2018, 10:49:30 PM

Quote from: bosta20 on November 08, 2018, 11:20:16 AM

Do you guys really think sec has any case against EtherDelta founder?

Does it matter at this point? Coburn already settled. This sets a dangerous precedent for decentralized exchanges though. The SEC has been very busy with crypto.

Exactly, the hammer is slowly closing in, first Shapeshift and not EtherDelta, but the sad news is that its only the American crypto enthusiast will be affected isn't it? I also forget that even one of the hated exchanges, HitBTC are requiring KYC now so probably we will see DEX platform slowly succumbing to the pressures of government bodies. So it doesn't matter at this point if they have a case or not, remember its US and we all know the power they can wield. (BTC-e is one example).

Lol...i agree sir!...any recommendations on how Decentralise Exchnages should operete in the future?

squatter

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Activity: 1666

Merit: 1196

STOP SNITCHIN'

Quote from: jseverson on November 08, 2018, 10:49:30 PM

Quote from: bosta20 on November 08, 2018, 11:20:16 AM

Do you guys really think sec has any case against EtherDelta founder?

Does it matter at this point? Coburn already settled. This sets a dangerous precedent for decentralized exchanges though. The SEC has been very busy with crypto.

We're still waiting for a precedent to be set by the courts. Coburn didn't admit or deny the findings. He agreed to pay because the SEC offered him a slap on the wrist.

It'll be interesting if any DEX owners try to fight these kinds of charges in court. Etherdelta was one of the first of these kinds of exchanges. I doubt they'll be the last to be charged.

Gershonxer

jr. member

Activity: 237

Merit: 4

Why do DEXes need ICO?
In my opinion if dexes really want to succeed, its developers should remain anonymous and also dont conduct ICO because it attracts gov. regulations

Anyone can share his thoughts here

bosta20

jr. member

Activity: 106

Merit: 1

Quote from: jseverson on November 08, 2018, 10:49:30 PM

Quote from: bosta20 on November 08, 2018, 11:20:16 AM

Do you guys really think sec has any case against EtherDelta founder?

Does it matter at this point? Coburn already settled. This sets a dangerous precedent for decentralized exchanges though. The SEC has been very busy with crypto.

Thanks

Kemarit

legendary

Activity: 3080

Merit: 1353

Quote from: jseverson on November 08, 2018, 10:49:30 PM

Quote from: bosta20 on November 08, 2018, 11:20:16 AM

Do you guys really think sec has any case against EtherDelta founder?

Does it matter at this point? Coburn already settled. This sets a dangerous precedent for decentralized exchanges though. The SEC has been very busy with crypto.

Exactly, the hammer is slowly closing in, first Shapeshift and not EtherDelta, but the sad news is that its only the American crypto enthusiast will be affected isn't it? I also forget that even one of the hated exchanges, HitBTC are requiring KYC now so probably we will see DEX platform slowly succumbing to the pressures of government bodies. So it doesn't matter at this point if they have a case or not, remember its US and we all know the power they can wield. (BTC-e is one example).

jseverson

hero member

Activity: 1834

Merit: 759

Quote from: bosta20 on November 08, 2018, 11:20:16 AM

Do you guys really think sec has any case against EtherDelta founder?

Does it matter at this point? Coburn already settled. This sets a dangerous precedent for decentralized exchanges though. The SEC has been very busy with crypto.

bosta20

jr. member

Activity: 106

Merit: 1

"Washington D.C., Nov. 8, 2018 —
The Securities and Exchange Commission today announced settled charges against Zachary Coburn, the founder of EtherDelta, a digital "token" trading platform. This is the SEC's first enforcement action based on findings that such a platform operated as an unregistered national securities exchange."

Do you guys really think sec has any case against EtherDelta founder?

https://www.sec.gov/news/press-release/2018-258

Topic: Sec and EtherDelta - page 2. (Read 556 times)