See What DEX Really Means - page 2. | Bitcointalksearch.org

o_e_l_e_o

legendary

Activity: 2268

Merit: 18748

Quote from: coupable on June 08, 2020, 10:21:01 AM

Search about CryptoBridge which was a well known Dex

They called themselves a DEX, but as mk4 says, they just used it a flashy marketing gimmick. There was nothing decentralized about CryptoBridge.

Quote from: coupable on June 08, 2020, 10:21:01 AM

It just requires a fork from the running code to forbidden a selected IPs or logs from a specific region to use the platform.

Sure, but if it is truly decentralized then there is nothing they can do to stop users from said countries running the old version of the platform and trading with each other or anyone else using the old version.

Quote from: coupable on June 08, 2020, 10:21:01 AM

Hacking : I can't tell it's impossible but, as far as i know, it's possible as an inside job within the Dev team behind.

So, a real DEX can't be hacked in the same way a centralized exchange can, because there is no central wallet, database, or servers for a hacker to attack in order to steal coins or personal data. There can, however, still be vulnerabilities in the code which can exploited.

coupable

hero member

Activity: 2338

Merit: 757

The four parameters you set wouldn't determine whether it's centralised or decentralised. After years of testing different crypto apps, we know now that what we have called "decentralised exchange" is a total bullshit :
Control : If they can freeze your balance or use it while you are logging in, then you are still under control and i remember some DEXs forbid users from withdrawing for several reasons or pretending that the token wallet is under maintenance.
KYC : Search about CryptoBridge which was a well known Dex and how they suddenly started asking users to submit their KYC docs in order to continue using the app.
Universal Ban : Of course they can ban users depends on many variables. It just requires a fork from the running code to forbidden a selected IPs or logs from a specific region to use the platform. We saw this with DEXs having legal issues with some countries.
Hacking : I can't tell it's impossible but, as far as i know, it's possible as an inside job within the Dev team behind.

Wenbing

member

Activity: 532

Merit: 36

There is gold in volatility..

Quote from: mk4 on June 08, 2020, 09:59:19 AM

Most of the "DEXs" were only riding the "DEX" hype, even though obviously they aren't decentralized to start with. At best, non-custodial, but definitely not decentralized. Even CZ himself admits it:

https://twitter.com/cz_binance/status/1098917213321408512

Sure "don't call it a DEX" even if you literally named it Binance "DEX".

That's for exchanges that are quasi decentralized that claims to be fully centralised

mk4

legendary

Activity: 2870

Merit: 3873

Paldo.io 🤖

Most of the "DEXs" were only riding the "DEX" hype, even though obviously they aren't decentralized to start with. At best, non-custodial, but definitely not decentralized. Even CZ himself admits it:

https://twitter.com/cz_binance/status/1098917213321408512

Sure "don't call it a DEX" even if you literally named it Binance "DEX".

Wenbing

member

Activity: 532

Merit: 36

There is gold in volatility..

What's our parameters of a decentralized exchange (DEX)

The general idea of decentralization is simply no central control and as such the market forces regulate the activities of such system.

Now, a DEX is an exchange that has no central control and as such can't be censored.

But, here are what will form the basis of this discussion.

Here are some of the things DEX means.

* no central control.
* can't be censored or banned completely.
* use a blockchin technology.
* no use of KYC or AML.
* its anonymous.

1. What are some other factors that make DEX an ideal one.
2. Hodl hodl and Bisq have been reputed to be DEX, are they really dex exchanges?

Keep your comments coming as we learn together.

Topic: See What DEX Really Means - page 2. (Read 665 times)