Trading on exchanges inside your very own wallet

studio1one

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Quote from: Refrumatrix on June 04, 2020, 08:58:38 AM

If traders and holders can trade on Exchange in their wallet that they own the private keys it will reduce exchange hacks, I'm not talking about dex because this idea is better than DEX, I know some wallets like coinomi and atomic support insta swap using external platforms like shapeshift or uniswap kinda but just think about it

This is something I'm looking forward to, while many might think it's impossible I think it's damn possible, what do you think

Anything centralized is prone to hacks and what your describing is basically a DEX exchange. Also right now you can use trust wallet to trade inside the app while controlling your private keys.

Retainly_Collie

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Quote from: WalkerIVIV on June 05, 2020, 01:16:01 AM

Quote from: Python Master on June 05, 2020, 12:08:35 AM

You're talking about DEX, no CEX can do that because CEX need to meet the compliance of regulator where the CEX is registered, especially about money money laundering. So it will not all low you to trade anonymity and you get control your wallet on CEX.

It looks like you didn't understand that. It's CEX and it's not dex. he means about there was a wallet that already combined with hybrid exchange site that can be used in that wallet at the same time.
Some people mentioned eidoo and it can be the best choice for him.

That's right, eidoo wallet will meet his ideas and needs. But I think it is not really necessary at the moment, we are fine with the old way of trading and not having any problems with it.

WalkerIVIV

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Quote from: Python Master on June 05, 2020, 12:08:35 AM

You're talking about DEX, no CEX can do that because CEX need to meet the compliance of regulator where the CEX is registered, especially about money money laundering. So it will not all low you to trade anonymity and you get control your wallet on CEX.

It looks like you didn't understand that. It's CEX and it's not dex. he means about there was a wallet that already combined with hybrid exchange site that can be used in that wallet at the same time.
Some people mentioned eidoo and it can be the best choice for him.

Python Master

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You're talking about DEX, no CEX can do that because CEX need to meet the compliance of regulator where the CEX is registered, especially about money money laundering. So it will not all low you to trade anonymity and you get control your wallet on CEX.

MCobian

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Your idea regarding trading on exchanges inside your own wallet has been done by many people, I also do it, it's safer from hackers.
So the idea is not new, but there are some obstacles that we have to face. Like a choice of coins that are few for trading, usually only
a few top altcoins are available. Then when we intend cashout or transferred to another wallet can also be the target of hackers.
Although there are still many shortcomings and risks, but it is still worth to doing it.

qazgroup

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Quote from: Refrumatrix on June 04, 2020, 08:58:38 AM

If traders and holders can trade on Exchange in their wallet that they own the private keys it will reduce exchange hacks, I'm not talking about dex because this idea is better than DEX, I know some wallets like coinomi and atomic support insta swap using external platforms like shapeshift or uniswap kinda but just think about it

This is something I'm looking forward to, while many might think it's impossible I think it's damn possible, what do you think

I think various new wallets have this option of swapping and exchanging that you are talking about even trust wallet has that option but yes there are not many coins listed for this option so may be they need to work on that and add as many coins as possible, the ideal case scenario would be to add all coins and tokens that are tradable but then again it can not be as easy as it seems because not all coins have buyers and the wallet service has to sellthe coins to someone too.

chanc3r

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Quote from: erep on June 04, 2020, 10:44:35 AM

Trading on the wallet market itself has a limited exchange and usually only listed top coins. If you are worried about hacking the wallet, then use the metamask because it has been integrated with several DEX exchanges.

It's not and that depends on how much coins that supported by the wallet and I guess the wallet like eidoo has already supported a lot of coins. The problem is the exchange site in the wallet is not yet ready to implement the trade based on the contract.

posi

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Quote from: Refrumatrix on June 04, 2020, 08:58:38 AM

If traders and holders can trade on Exchange in their wallet that they own the private keys it will reduce exchange hacks, I'm not talking about dex because this idea is better than DEX, I know some wallets like coinomi and atomic support insta swap using external platforms like shapeshift or uniswap kinda but just think about it

This is something I'm looking forward to, while many might think it's impossible I think it's damn possible, what do you think

I love your opinion but i dont see an exchange operating in that pattern except the DEX exchange and the coinomi, atomic etc mostly pattern with swap exchange provider like uniswap and there security level is not concrete but it will be nice if we have an exchsnge site which will allow it users to use their personal wallet or be the holder of wallet private informations.

agf

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Quote from: Mianae on June 04, 2020, 10:12:15 AM

Hacks will still occur. As there's a shift to a more enhanced level of security, the hackers are also advancing their skills to bypass the security shift and as such I wish to say that even if there's an exchange functioning like Uniswap and Atomic swap, they will always be hacks on individual wallets. Everyone should learn to stay safe.

I agree, and if this became a prominent thing then large balance wallets would be constantly attacked and hacked, which would reduce customer confidence unless much higher security is put in place. It's a brave new world, but the risks are higher.

Convery

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Well, atomic swaps, but personally I think that many people do not use it. Probably maybe they want protect themselves against pairing two diffrent altcoin´s holdings together?

Febo

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Quote from: Refrumatrix on June 04, 2020, 08:58:38 AM

If traders and holders can trade on Exchange in their wallet that they own the private keys it will reduce exchange hacks, I'm not talking about dex because this idea is better than DEX, I know some wallets like coinomi and atomic support insta swap using external platforms like shapeshift or uniswap kinda but just think about it

This is something I'm looking forward to, while many might think it's impossible I think it's damn possible, what do you think

DEX is always better. Insta exchanges are centralised. Exchange have Bitcoin for you to exchange for Monero. In DEX 2 random persons exchange Monero for Bitcoin. No centralised figure.

adzino

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Quote from: Refrumatrix on June 04, 2020, 08:58:38 AM

If traders and holders can trade on Exchange in their wallet that they own the private keys it will reduce exchange hacks, I'm not talking about dex because this idea is better than DEX, I know some wallets like coinomi and atomic support insta swap using external platforms like shapeshift or uniswap kinda but just think about it

This is something I'm looking forward to, while many might think it's impossible I think it's damn possible, what do you think

No matter what way you use, hackers will always find out alternative path to breach everything. Don't trust any exchange saying that they are 100% secured.
That is why, as soon as you are done trading, move your funds to your own secured wallet! Don't keep it anywhere near an exchange or a wallet that is connect to the exchange.

cabron

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Quote from: Eco_111 on June 04, 2020, 11:29:04 AM

Quote from: cabron on June 04, 2020, 11:08:28 AM

EIDOO is one of the projects that has the hybrid exchange which like you said is a non-custodial exchange. This is why EIDOO token skyrockets too and this is because bitcoin users right now is concern more of the security and privacy. This kind of exchanges doesn't ask for KYC as well which is good for anyone concern of privacy.

I've never used EIDOO wallet before but if this is true then congratulations to the wallet team, that use case is very rare, most wallet like trust wallet or coinomi only swap coins and tokens which sometimes ends up pretty bad but trading inside your wallet? That's new my friend.

Also Luno wallet supports in trade in their wallet since Luno is an exchange on its own but it works like coinbase which means you have no access to your private keys.

There are many similar projects like this not just sitting on the Ethereum platform like Luno but also in EOS and TRON. One that I have in mind particularly is the Volentix Ecosystem that has a wallet called VERTO with also a hybrid decentralized exchange within it. Not a very popular project but they started last year as far as I know and only listed on few exchanges https://www.volentix.io/

Eco_111

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Quote from: cabron on June 04, 2020, 11:08:28 AM

EIDOO is one of the projects that has the hybrid exchange which like you said is a non-custodial exchange. This is why EIDOO token skyrockets too and this is because bitcoin users right now is concern more of the security and privacy. This kind of exchanges doesn't ask for KYC as well which is good for anyone concern of privacy.

I've never used EIDOO wallet before but if this is true then congratulations to the wallet team, that use case is very rare, most wallet like trust wallet or coinomi only swap coins and tokens which sometimes ends up pretty bad but trading inside your wallet? That's new my friend.

Also Luno wallet supports in trade in their wallet since Luno is an exchange on its own but it works like coinbase which means you have no access to your private keys.

cabron

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EIDOO is one of the projects that has the hybrid exchange which like you said is a non-custodial exchange. This is why EIDOO token skyrockets too and this is because bitcoin users right now is concern more of the security and privacy. This kind of exchanges doesn't ask for KYC as well which is good for anyone concern of privacy.

Ucy

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Compare rates on different exchanges & swap.

What makes it better than real decentralized exchange if it's centralized? I would be careful with such exchanges if it's not transparent, safe/secure, immutable, trustless/permissionless, privacy-friendly, censorship resistant, decentralized and consensus driven. Community consensus matters alot too otherwise nothing stops the owners from making secret harmful/harmless changes whenever they want.
By the way, what you described can be done very well & efficiently with decentralized exchange.

erep

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Trading on the wallet market itself has a limited exchange and usually only listed top coins. If you are worried about hacking the wallet, then use the metamask because it has been integrated with several DEX exchanges.

Rodeo02

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Quote from: Mianae on June 04, 2020, 10:12:15 AM

Hacks will still occur. As there's a shift to a more enhanced level of security, the hackers are also advancing their skills to bypass the security shift and as such I wish to say that even if there's an exchange functioning like Uniswap and Atomic swap, they will always be hacks on individual wallets. Everyone should learn to stay safe.

Hackers will always find a way to hack people's account even how we tHink how secured the exchange is.

It's a good idea but there are also possible breach like when its transferring to other wallet how exchange can secured that no one Wil be hacked the moment they transfer the funds and exchange to other currency. Many trials needed before launching it to public if someone plan to create that kind of exchange.

Yudhisthir

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Quote from: Refrumatrix on June 04, 2020, 08:58:38 AM

If traders and holders can trade on Exchange in their wallet that they own the private keys it will reduce exchange hacks, I'm not talking about dex because this idea is better than DEX, I know some wallets like coinomi and atomic support insta swap using external platforms like shapeshift or uniswap kinda but just think about it

This is something I'm looking forward to, while many might think it's impossible I think it's damn possible, what do you think

The wallets are using centralized exchanges to make the exchange happen and they take the rates involved. They are just automating the task which you could have personally done. Implementing the same with DEX would be cheaper but there are still no good cross platform solutions.
Most of the wallet that provide you your private key and choice of tx fees are non profit project or an open source project. If a wallet need to do that, they should also be an exchange.

semobo

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Quote from: Refrumatrix on June 04, 2020, 08:58:38 AM

If traders and holders can trade on Exchange in their wallet that they own the private keys it will reduce exchange hacks, I'm not talking about dex because this idea is better than DEX, I know some wallets like coinomi and atomic support insta swap using external platforms like shapeshift or uniswap kinda but just think about it

This is something I'm looking forward to, while many might think it's impossible I think it's damn possible, what do you think

You need to understand how these exchanges are happening, it is not happening inside your wallet its like sending the coins to shapeshift and receiving another coin which will reduce the hack but its not possible for everyone to trade in that manner because there is huge difference in the price value and also high transaction fee.

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