Topic: WAVES. Ultimate crypto-tokens blockchain platform. - page 172. (Read 2389392 times)

Quote from: schnidl on May 29, 2017, 08:05:52 AM

Hi guys!

I send BTC, EUR, USD, ... to a gateway and get tokens wEUR, wUSD, wBTC ...
I have full controll of the tokens in a decentralised network, so everything is safe (the only weak point is myself --> password, trojans, virus, ...)
Sounds good so far.

But what if the original EUR, USD, BTC get stolen? What if the gateway gets hacked, or goes broke? My tokens are still here, wonderfull. But they aren't backed 1:1 anymore, they are worthless. I can't change my wBTC to BTC anymore.

So whats the advantage over a normal exchange like poloniex??? I don't get it, where is my mistake?

i wait for a good A. aswell.

It require a third party to convert fiat/BTC to Waves tokens. The guarantee depend of the gateway, as the safety of your coins on Polo depend of the service itself.

The advantage is that more gateway should join on the long term (nothing prevent you to create your own gateway service). So if one is compromised, you have all the others.
The eco-system is still building up.

I see no difference between a gateway and a normal exchange.
Only difference i can see is, that for example 2 EUR gateways will be live in short time. If both are used nearly the same and one gets hacked or runs away with our funds, the tokens aren't backed 1:1 anymore but 2:1. So if more than 50% of users wanna change tokens to cash, there'll be a problem. The more gateways the better, but in the long run 1:1 backing won't work.

Basically what you're pointing out is that gateways are exposed to a risk of fraud or theft. It's a good observation and as in any market where credit is being extended, or where purchasing power is being converted, gateways will have to charge a premium for their services that cover costs of service provision, and mitigate some risk of fraud. The 1:1 backing will still exist, but a gateway may lose funds in the case of fraud.

Similarly, if you convert fake dollar bills into real euros at a currency exchange business, the currency exchange business takes the hit and has to draw from their profits to cover the loss. This is possible in part because fiat monies aren't stablecoins. While the financial ecosystem is harmed, it remains functional, and nominal accounting remains integral in the broader economy.

What you're identifying is a risk to gateways, not a risk to the broader WAVES exchange economy. You're right to identify it, but it doesn't threaten 1:1 backing. If that threatened 1:1 backing, then so too would the taking of any profits by gateways.

Now everything makes sense to me. The comparison with usd bills is nice. And that the gateways earn fees is also a good point, so there will always be someone who'll run a gateway. You opened my mind, thanks!

canuck

member

Activity: 116

Merit: 10

Quote from: Mallyx on May 29, 2017, 07:53:27 AM

Quote from: Mallyx on May 29, 2017, 07:53:27 AM

Hi guys!

I send BTC, EUR, USD, ... to a gateway and get tokens wEUR, wUSD, wBTC ...
I have full controll of the tokens in a decentralised network, so everything is safe (the only weak point is myself --> password, trojans, virus, ...)
Sounds good so far.

But what if the original EUR, USD, BTC get stolen? What if the gateway gets hacked, or goes broke? My tokens are still here, wonderfull. But they aren't backed 1:1 anymore, they are worthless. I can't change my wBTC to BTC anymore.

So whats the advantage over a normal exchange like poloniex??? I don't get it, where is my mistake?

i wait for a good A. aswell.

It require a third party to convert fiat/BTC to Waves tokens. The guarantee depend of the gateway, as the safety of your coins on Polo depend of the service itself.

The advantage is that more gateway should join on the long term (nothing prevent you to create your own gateway service). So if one is compromised, you have all the others.
The eco-system is still building up.

I see no difference between a gateway and a normal exchange.
Only difference i can see is, that for example 2 EUR gateways will be live in short time. If both are used nearly the same and one gets hacked or runs away with our funds, the tokens aren't backed 1:1 anymore but 2:1. So if more than 50% of users wanna change tokens to cash, there'll be a problem. The more gateways the better, but in the long run 1:1 backing won't work.

Basically what you're pointing out is that gateways are exposed to a risk of fraud or theft. It's a good observation and as in any market where credit is being extended, or where purchasing power is being converted, gateways will have to charge a premium for their services that cover costs of service provision, and mitigate some risk of fraud. The 1:1 backing will still exist, but a gateway may lose funds in the case of fraud.

Similarly, if you convert fake dollar bills into real euros at a currency exchange business, the currency exchange business takes the hit and has to draw from their profits to cover the loss. This is possible in part because fiat monies aren't stablecoins. While the financial ecosystem is harmed, it remains functional, and nominal accounting remains integral in the broader economy.

What you're identifying is a risk to gateways, not a risk to the broader WAVES exchange economy. You're right to identify it, but it doesn't threaten 1:1 backing. If that threatened 1:1 backing, then so too would the taking of any profits by gateways.

Akboi

hero member

Activity: 686

Merit: 501

Blockchain Just Entered The Real World

So Euro Gateway is real now? This is a big step for WAVES but market doesn't price it yet. OR maybe they started priced it 2-3 weeks ago, we don't know for sure because at the same time all altcoins and Bitcoin were raised. I hope we can see another pump for this news. While the price is declining a little I'm buying more WAVES to get my stash bigger.

schnidl

full member

Activity: 164

Merit: 100

POS killed the POW-star

Hi guys!

I send BTC, EUR, USD, ... to a gateway and get tokens wEUR, wUSD, wBTC ...
I have full controll of the tokens in a decentralised network, so everything is safe (the only weak point is myself --> password, trojans, virus, ...)
Sounds good so far.

But what if the original EUR, USD, BTC get stolen? What if the gateway gets hacked, or goes broke? My tokens are still here, wonderfull. But they aren't backed 1:1 anymore, they are worthless. I can't change my wBTC to BTC anymore.

So whats the advantage over a normal exchange like poloniex??? I don't get it, where is my mistake?

i wait for a good A. aswell.

It require a third party to convert fiat/BTC to Waves tokens. The guarantee depend of the gateway, as the safety of your coins on Polo depend of the service itself.

The advantage is that more gateway should join on the long term (nothing prevent you to create your own gateway service). So if one is compromised, you have all the others.
The eco-system is still building up.

I see no difference between a gateway and a normal exchange.
Only difference i can see is, that for example 2 EUR gateways will be live in short time. If both are used nearly the same and one gets hacked or runs away with our funds, the tokens aren't backed 1:1 anymore but 2:1. So if more than 50% of users wanna change tokens to cash, there'll be a problem. The more gateways the better, but in the long run 1:1 backing won't work.

Mallyx

hero member

Activity: 1138

Merit: 574

Hi guys!

I send BTC, EUR, USD, ... to a gateway and get tokens wEUR, wUSD, wBTC ...
I have full controll of the tokens in a decentralised network, so everything is safe (the only weak point is myself --> password, trojans, virus, ...)
Sounds good so far.

But what if the original EUR, USD, BTC get stolen? What if the gateway gets hacked, or goes broke? My tokens are still here, wonderfull. But they aren't backed 1:1 anymore, they are worthless. I can't change my wBTC to BTC anymore.

So whats the advantage over a normal exchange like poloniex??? I don't get it, where is my mistake?

i wait for a good A. aswell.

It require a third party to convert fiat/BTC to Waves tokens. The guarantee depend of the gateway, as the safety of your coins on Polo depend of the service itself.

The advantage is that more gateway should join on the long term (nothing prevent you to create your own gateway service). So if one is compromised, you have all the others.
The eco-system is still building up.

22naru

hero member

Activity: 854

Merit: 501

Quote from: Scrooge McCrypto on May 29, 2017, 01:21:47 AM

Hi guys!

I send BTC, EUR, USD, ... to a gateway and get tokens wEUR, wUSD, wBTC ...
I have full controll of the tokens in a decentralised network, so everything is safe (the only weak point is myself --> password, trojans, virus, ...)
Sounds good so far.

But what if the original EUR, USD, BTC get stolen? What if the gateway gets hacked, or goes broke? My tokens are still here, wonderfull. But they aren't backed 1:1 anymore, they are worthless. I can't change my wBTC to BTC anymore.

So whats the advantage over a normal exchange like poloniex??? I don't get it, where is my mistake?

i wait for a good A. aswell.

schnidl

full member

Activity: 164

Merit: 100

POS killed the POW-star

Hi guys!

I send BTC, EUR, USD, ... to a gateway and get tokens wEUR, wUSD, wBTC ...
I have full controll of the tokens in a decentralised network, so everything is safe (the only weak point is myself --> password, trojans, virus, ...)
Sounds good so far.

But what if the original EUR, USD, BTC get stolen? What if the gateway gets hacked, or goes broke? My tokens are still here, wonderfull. But they aren't backed 1:1 anymore, they are worthless. I can't change my wBTC to BTC anymore.

So whats the advantage over a normal exchange like poloniex??? I don't get it, where is my mistake?

donatebitcointome

newbie

Activity: 48

Merit: 0

adress:
3PDxnbR1UTXrj84smhUP5m8WidRJjujfmCm

terms:
LPOS Payouts will be weekly every Friday.
100% of earned MRT will be distributed to lessors.

source:
https://www.wavescommunitynode.com/

==========

Is this node only distribute the MRT ?
or does LPOS payouts mean they also distribute the fee 100% to the leasors?

Thanks.

Mallyx

hero member

Activity: 1138

Merit: 574

Quote from: MaGNeT on May 29, 2017, 01:07:07 AM

Quote from: canuck on May 28, 2017, 11:11:10 PM

Quote from: minhduc134 on May 29, 2017, 03:06:15 AM

waves team take away the icoer's token.

1.cant login the page account after ico,then they say send to the wallet account.
2.after they send to the wallet, the passpord is not available.
3.they say change a account and transfer the tokes to,then the tokens be take away and nothing happen.
they can take away the tokens from any account i think

fuck the wave team here

see the mail record below,will post it until more people know this.

http://cglsq.img48.wal8.com/img48/570352_20170520192816/14952797558.jpg
http://cglsq.img48.wal8.com/img48/570352_20170520192816/149527975808.jpg
http://cglsq.img48.wal8.com/img48/570352_20170520192816/149527976028.jpg

Oh...MUH GAWD! Dude, you messed up. Accept it. You lost your seed and thus control of the address that you specifically told the team to send to. This is your fault. It sucks that you lost the coins, but it was you who lost the coins. You weren't conned by anybody,

He even started a topic about it:

https://bitcointalksearch.org/topic/m.19250644

Good. Maybe he can start a "pooped his pants" thread next and cry about his lack of T.P. Fuck Charmin! Cheesy

We all have your new seed now (http://cglsq.img48.wal8.com/img48/570352_20170520192816/149527976028.jpg).
You should never use that address and create a new one, else your coins will be stolen.

Turing

sr. member

Activity: 994

Merit: 277

Does anybody know if WAVES's token is limited within 100,000,000 stock or gonna be released in bigger quantity? Many thanks!

100 million Waves is the current and maximum amount of Waves ever in circulation, unlike ETH and Lisk.

minhduc134

newbie

Activity: 6

Merit: 0

Does anybody know if WAVES's token is limited within 100,000,000 stock or gonna be released in bigger quantity? Many thanks!

Scrooge McCrypto

full member

Activity: 186

Merit: 100

Quote from: MaGNeT on May 29, 2017, 01:07:07 AM

Quote from: canuck on May 28, 2017, 11:11:10 PM

Quote from: canuck on May 28, 2017, 11:11:10 PM

waves team take away the icoer's token.

1.cant login the page account after ico,then they say send to the wallet account.
2.after they send to the wallet, the passpord is not available.
3.they say change a account and transfer the tokes to,then the tokens be take away and nothing happen.
they can take away the tokens from any account i think

fuck the wave team here

see the mail record below,will post it until more people know this.

http://cglsq.img48.wal8.com/img48/570352_20170520192816/14952797558.jpg
http://cglsq.img48.wal8.com/img48/570352_20170520192816/149527975808.jpg
http://cglsq.img48.wal8.com/img48/570352_20170520192816/149527976028.jpg

Oh...MUH GAWD! Dude, you messed up. Accept it. You lost your seed and thus control of the address that you specifically told the team to send to. This is your fault. It sucks that you lost the coins, but it was you who lost the coins. You weren't conned by anybody,

He even started a topic about it:

https://bitcointalksearch.org/topic/m.19250644

Good. Maybe he can start a "pooped his pants" thread next and cry about his lack of T.P. Fuck Charmin! Cheesy

MaGNeT

legendary

Activity: 1526

Merit: 1002

Waves | 3PHMaGNeTJfqFfD4xuctgKdoxLX188QM8na

Quote from: B RAD LEE on May 28, 2017, 11:35:16 PM

waves team take away the icoer's token.

1.cant login the page account after ico,then they say send to the wallet account.
2.after they send to the wallet, the passpord is not available.
3.they say change a account and transfer the tokes to,then the tokens be take away and nothing happen.
they can take away the tokens from any account i think

fuck the wave team here

see the mail record below,will post it until more people know this.

http://cglsq.img48.wal8.com/img48/570352_20170520192816/14952797558.jpg
http://cglsq.img48.wal8.com/img48/570352_20170520192816/149527975808.jpg
http://cglsq.img48.wal8.com/img48/570352_20170520192816/149527976028.jpg

Oh...MUH GAWD! Dude, you messed up. Accept it. You lost your seed and thus control of the address that you specifically told the team to send to. This is your fault. It sucks that you lost the coins, but it was you who lost the coins. You weren't conned by anybody,

He even started a topic about it:

https://bitcointalksearch.org/topic/m.19250644

canuck

member

Activity: 116

Merit: 10

3 Wallet options, Nice! Android wallet, Chrome extension or app or whatever, and Github. Does anyone of them standout as the best? Actually, nevermind the Android one since I don't transact on my phone. So Github or Chrome?

Thx! And super stoked to be here!

Welcome!

Chrome plugin is probably your best bet if you're looking primarily at ease of use. Simple setup. Github download isn't bad but it's more for people who want to play with full nodes and the like.

B RAD LEE

member

Activity: 65

Merit: 10

3 Wallet options, Nice! Android wallet, Chrome extension or app or whatever, and Github. Does anyone of them standout as the best? Actually, nevermind the Android one since I don't transact on my phone. So Github or Chrome?

Thx! And super stoked to be here!

canuck

member

Activity: 116

Merit: 10