Stop glorifying centralized exchanges. - page 2.

serjent05

legendary

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I could have used DEX if there is a service in my country that convert Fiat to cryptocurrency or vice versa and deposit it to my bank. the fact is there is none that i known. Remember this world is not ruled by bitcoin but rather by centralized financial institution, Bitcoin is just taking part of the pie, though I hope little by little this whole pie will be consumed by cryptocurrency alone. Though I like the thoughts of not going for KYC and any other thing that this centralized exchanges do, but let us be realistic for now. There is no perfect DEX since DEX is also a platform that is created by a certain company or group.

Quote

Bisq trading is currently decentralized, but its revenue distribution and decision-making are not.

It is critical that Bisq be resistant to censorship, and the trade protocol and P2P network achieve this—for traders.

What about Bisq's developers? With a traditional legal structure, project decision-making and revenue distribution would be centralized, and this would create vulnerabilities.

Artemis3

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CLEAN non GPL infringing code made in Rust lang

Quote from: samdan777712 on July 07, 2019, 12:06:37 PM

The main response people give me is that the technology doesn't exist to make a fully functional DEX, that atomic swap are too slow. It was never true and now that Ren VM has a prototype for running decentralized server functions to process the functions of the exchange it definitely isn't true. If bitcoin can use hash to verfiy the network, then hashing power can be used to run distributed servers and virtual machines as a virtual network, along with atomic swaps and regular distributed liquidity pools.

Centralized exchanges are quite literally evil. They are a failure point for cryptocurrency. If everyone has to do KYC and store their funds with state and corporate servers and give away their financial information to a financial system that is already responsible for predatory finance capitalism, then the very purpose of bitcoin has failed.

Without a working exchange that is immutable you do not have immutable money.

If the *exchange* is not immutable, then your *money* is not immutable.

Start building immutable exchange software, and for the love of god don't put your name or address on it. Do what Satoshi did.

Technology DOES exist, it only needs to be fixed so it can be used in more countries (their bundled tor has problems in countries with tor banned):

Quote from: http://bisq.network/

Exchange, Decentralized.

Bisq is an open-source, peer-to-peer application that allows you to buy and sell cryptocurrencies in exchange for national currencies. No registration required.

Features

No Identity Verification
Instantly Accessible. No need for registration or approval from a central authority.

Decentralized
Trading takes place on a global P2P network of users running Bisq on their own machines.

Safe
Bisq never holds your funds. Security deposits and multisig trade wallets encourage safe, successful trades.

Private
No one except trading partners exchange personally identifying data. All personal data is stored locally.

Open
Code is open source, and project strategy is discussed openly on Slack and GitHub.

Easy to Use
We've made all this sophistication simple—make your first trade in under 10 minutes!

The Bisq DAO
Decentralized governance for a decentralized exchange. Learn more here.

The_Voice

newbie

Activity: 13

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If you want ETH and ERC20 Tokens then there are many pseudo decentralized exchanges for you!

But if you are a COIN holder, not a Token holder then you have some ability to empower yourself with peer to peer possibilities.

Use something like Blocknet DX

If I meet you here and you want an ALT Coin that I have and you have and ALT Coin I want(or you can trade bitcoin or litecoin)

We totally don't even need to trust each other using Blocknet DX - NO ESCROW is needed for OTC trades.

You are completely protected with the Blocknet DX and related protocols Xbridge.

You want QTUM and I have QTUM, I want DASH and you have DASH - we can trade!

Together!

Be your own exchange - and you don't need to KYC anyone Grin

bitcoin-shark

hero member

Activity: 3066

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i have a great time with decentralized exchanges (in particular with forkdelta), they can seem cumbersome to use but you just have to get carried away, i use little centralized exchanges just to go out in fiat...

unusualfacts30

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Merit: 500

Quote from: samdan777712 on July 07, 2019, 12:06:37 PM

The main response people give me is that the technology doesn't exist to make a fully functional DEX, that atomic swap are too slow. It was never true and now that Ren VM has a prototype for running decentralized server functions to process the functions of the exchange it definitely isn't true. If bitcoin can use hash to verfiy the network, then hashing power can be used to run distributed servers and virtual machines as a virtual network, along with atomic swaps and regular distributed liquidity pools.

Centralized exchanges are quite literally evil. They are a failure point for cryptocurrency. If everyone has to do KYC and store their funds with state and corporate servers and give away their financial information to a financial system that is already responsible for predatory finance capitalism, then the very purpose of bitcoin has failed.

Without a working exchange that is immutable you do not have immutable money.

If the *exchange* is not immutable, then your *money* is not immutable.

Start building immutable exchange software, and for the love of god don't put your name or address on it. Do what Satoshi did.

I can agree with your perspective but in current environment it's quite impossible for most people to escape centralized exchange. Even if you can ignore slow process time, you still need to convert your crypto to fiat and vice versa since you can't do it through dex. On top of that people prefer things that is easy to use and cex have been here for a long time which means people will have to give up their old ways which most people aren't willing to do.

NeuroticFish

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Quote from: samdan777712 on July 07, 2019, 12:06:37 PM

Centralized exchanges are quite literally evil.

Yes they are. Unfortunately the vast majority of people go by convenience over safety.
Centralized exchanges are easy to use, they are "established"; unless there's something greatly better, they will stick to them.

Also don't forget about those that keep some bots and buy and sell and buy and sell all day long small amounts for small gains, which, at the end, add up. This is possible because of the off-chain exchanges where they pay some small fee based on the volume, as opposite of DEX where I guess that they'd have to pay the tx fee for each and every transaction (or at least only half of them - either the sell, either the buy). I used only one decentralized exchange, long ago and not for Bitcoin, so I may not be 100% accurate in this, but the idea stands.

prehisto

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Your Data Belongs To You

Quote from: samdan777712 on July 07, 2019, 12:06:37 PM

Centralized exchanges are quite literally evil. They are a failure point for cryptocurrency. If everyone has to do KYC and store their funds with state and corporate servers and give away their financial information to a financial system that is already responsible for predatory finance capitalism, then the very purpose of bitcoin has failed.

You say that the biggest disadvantage of centralized exchanges are the KYC, I dont . If there will be no KYC at centralized exchanges there will be very hard legislation on every user.

In any case I think that centralized exchanges are bad for other reasons - fake volume and hacks.

jakelyson

legendary

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Quote from: NathanJB on July 07, 2019, 08:03:06 PM

Decentralized exchanges are always preferable than centralized ones.

This is not very evident at the moment. I seldom see anyone who is constantly trading or using a DEX platform. Most traders flock in on popular centralized exchanges mostly because of convenience and volume. Unless there is an upgrade in Dex UI and volume, we will not see traders patronizing dex.

Quote from: Kakmakr on July 08, 2019, 01:28:18 AM

When I ask people why they want to use Bitcoin, most responses comes down to speculation and profit and not what freedom this technology would offer them

This can also be one reason dex is not popular. Most traders care only for profit, not about bitcoin itself. So, they will not care if the exchange contradicts the basics of bitcoin. They only see that it caters to their needs, fast and have volume.

Johnzky

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Quote from: Bitcoinqubit on July 07, 2019, 02:41:06 PM

Quote from: samdan777712 on July 07, 2019, 12:06:37 PM

~snip~

hell mate i waited for guys like you.....we must get rid of centralized exchanges how much account locked up with huge money inside....it will chnage soon yet how much horrible stories out there

bisq exchange grow nice and we have bots that spread bots all over the place

Same reason why I am asking most of the time ,Centralized exchange has done a lot and more cryptonians suffers from locking account and until now the issues wasn’t resolved

I don’t support centralization and for that I hate centralize exchanges.if we don’t use them for sure they will gone so better lets stand together against them

Kakmakr

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The facts is most DEX platforms are simply too difficult to use and the majority of Bitcoin users could care less about immutability. Roll Eyes

When I ask people why they want to use Bitcoin, most responses comes down to speculation and profit and not what freedom this technology would offer them. Sad

I have always criticized centralized exchanges in the past, because they rape the building blocks of Bitcoin, but I also saw how adoption was boosted with the introduction of user-friendly centralized exchanges. Tongue

samdan777712

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https://www.b0x.network

https://dydx.exchange

ethfinex.com

LuckyBtc

legendary

Activity: 1288

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Quote from: ?? on ??

But there re not so many good DEXes btw..

You only need one. There's one coming out soon called AtomicDEX, It's still in beta. I have signed up.. Waiting to get accepted to try it out. What's cool is you can do Atomic swaps on your phone.

samdan777712

member

Activity: 88

Merit: 11

And what I'm saying is that technology is here now. Look at Ren VM, Zelnode.

The key to server processing for order matching and liquidity aggregation are blockchain node based virtual machines made up by many distributed computation power and cross chain liquidity features being formed by Ren and Komodo/Antara.

Even without these there are three margin based DAPP, Nuo, ZBX, and DYDX. Kyber network already has a good precedent for liquidity.

pooya87

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Quote from: samdan777712 on July 07, 2019, 12:06:37 PM

The main response people give me is that the technology doesn't exist to make a fully functional DEX, that atomic swap are too slow.

actually the main reason that i have seen is lack of popularity of decentralized exchanges plus not having same features. traders, specially those who are doing day trading and also the whales, will require high liquidity and certain features to communicate fast with an order book and be able to buy and sell within seconds. it is not yet possible with any of the DEXs. and since they remain less popular their volume is going to remain low so nobody goes there so they remain unpopular (like a circular cause and effect!)

so the alternative is to stick to the centralized ones and accept their evil because of the convenience that usage of them gives traders.

crypto1987

newbie

Activity: 39

Merit: 0

I share your opinion, the problem of the centralized Exchange is that they affect an essential point of the spirit of the cryptocurrency and it is the intermediation, in addition there are considerable risks of losing the investment if these sites are attacked by Hackers. Let's see how the market is behaving in the years to come.

Dreamchaser21

full member

Activity: 686

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Quote from: ?? on ??

But there re not so many good DEXes btw..

exaclty , so how can we not talk about the centralized ones Cheesy

i dont i even know a dex i would put my money in to be honest.

Indeed, there's no much trust on DEX because of low volume on trades so many investors wants a centralized exchange which provides good services. Even if Binance is a centralized exchange I feel the security on that exchange and I can't sacrifice my money putting on a Decentralized exchange which are not working well in the past months.

jseverson

hero member

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Quote from: ?? on ??

Unfortunately, most people don't care about decentralization and all possible traits (freedom, privacy, uncensorable, etc.) comes from decentralized system or simply prefer convenience.

This. People routinely pay for convenience, and this case is no different. I'm sure there will always be a market for decentralized exchanges, but until they're better in every way than their centralized counterparts, they will never get the lion's share.

If the mainstream cared about that much about decentralization, privacy, etc., they'd be hopping on the Bitcoin train by now. The harsh reality is that not many see the importance behind them.

NathanJB

sr. member

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Decentralized exchanges are always preferable than centralized ones. I always choose the hassle-free option. KYC is a big hassle for me. However, as of this point in time, there are both advantages and disadvantages with DEX. People here are making mention of low liquidity in DEX. That is one. Another huge problem is the lack fiat/card-to-crypto option. That is another huge stumbling block for DEX.

waynechong1995

full member

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swing!

DEX is still lacking in terms of liquidity though, without centralisation there would be lacking in terms the PR, marketing activities and incentives systems to keep interest in place, still these pitfalls can be improved overtime on existing DEX like waves and stellar onces, centralised business well, you are complied with laws so does your money

Cryptopher

legendary

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Keep it dense, yeah?

Centralised exchanges provide a service which literally prop up the price of Bitcoin (and other key cryptos) that most hold so dear.

Of course we must sacrifice varying degrees of anonymity to utilise their services, but each to their own...

Topic: Stop glorifying centralized exchanges. - page 2. (Read 750 times)