Topic: Why is there no distributed autonomous cryptocurrency exchange? (Read 305 times)
Watch etherdelta.github.io. It's decentralized ERC20 token exchange. It's not so popular because there are to many problems, bugs and so on. But it already works
September 05, 2017, 03:14:52 AM
maybe you should read about these two projects:
Lykke
https://bitcointalksearch.org/topic/ann-lykke-trade-bitcoin-ethereum-fx-and-digital-assets-1402110
https://www.lykke.com
NVO:
https://bitcointalksearch.org/topic/anncrowdsale-ended-nvo-decentralized-exchange-multiwallet-1917456
Lykke
https://bitcointalksearch.org/topic/ann-lykke-trade-bitcoin-ethereum-fx-and-digital-assets-1402110
https://www.lykke.com
NVO:
https://bitcointalksearch.org/topic/anncrowdsale-ended-nvo-decentralized-exchange-multiwallet-1917456
Thank you for the links. Lykke looks kinda cool. If I understand correctly, they have solved the distributed automation problem in that they need neither human intervention nor own infrastructure to run their exchange. Still, you need some trust in them because the value of their "coloured coins" are essentially backed only by Lykke Corp. Nevertheless, a working no-fee exchange is a big step forward IMO. Unfortunately, despite there being no fees, they are still more expensive than the "big" exchanges, but I guess that can be attributed to their much smaller order books.
I haven't looked deeply into NVO yet.
September 05, 2017, 03:06:17 AM
I'm very new to the cryptocurrency world and I'm wondering why the exchange of cryptocurrencies among each other (i. e., transactions not involving fiat currency, such as buying ETH with BTC) appears to be done by centralised entities only.
Why is there no blockchain that automates this process in a decentralised way? It would contain a market maker, keep track of all the other blockchains, and spew out the necessary transactions for an atomic exchange to be signed by the respective users (obviously, appropriately enabled client software should be involved here for user-friendliness).
Is it too complex? Is there a step involved that is not easily automatisable? Is the exchange market as a whole still tied too much to fiat currency? Is there something else I'm missing?
We proved in 72,000 lines of code that it is not possible to accomplish without AI. You need AI to handle tech support, wallet problems, and the other 100 problems that come with managing the crappy wallet.dat design.Why is there no blockchain that automates this process in a decentralised way? It would contain a market maker, keep track of all the other blockchains, and spew out the necessary transactions for an atomic exchange to be signed by the respective users (obviously, appropriately enabled client software should be involved here for user-friendliness).
Is it too complex? Is there a step involved that is not easily automatisable? Is the exchange market as a whole still tied too much to fiat currency? Is there something else I'm missing?
No doubt tech support would require actual humans at this point, but I would see tech support as a kind of ancillary (and separately paid) service on top of an exchange blockchain. As for the wallet design, yeah, I can see how this might be a difficult problem in practice. Is your 72 kLOC project publicly available somewhere?
September 04, 2017, 02:47:10 PM
maybe you should read about these two projects:
Lykke
https://bitcointalksearch.org/topic/ann-lykke-trade-bitcoin-ethereum-fx-and-digital-assets-1402110
https://www.lykke.com
NVO:
https://bitcointalksearch.org/topic/anncrowdsale-ended-nvo-decentralized-exchange-multiwallet-1917456
Lykke
https://bitcointalksearch.org/topic/ann-lykke-trade-bitcoin-ethereum-fx-and-digital-assets-1402110
https://www.lykke.com
NVO:
https://bitcointalksearch.org/topic/anncrowdsale-ended-nvo-decentralized-exchange-multiwallet-1917456
September 04, 2017, 02:42:30 PM
I'm very new to the cryptocurrency world and I'm wondering why the exchange of cryptocurrencies among each other (i. e., transactions not involving fiat currency, such as buying ETH with BTC) appears to be done by centralised entities only.
Why is there no blockchain that automates this process in a decentralised way? It would contain a market maker, keep track of all the other blockchains, and spew out the necessary transactions for an atomic exchange to be signed by the respective users (obviously, appropriately enabled client software should be involved here for user-friendliness).
Is it too complex? Is there a step involved that is not easily automatisable? Is the exchange market as a whole still tied too much to fiat currency? Is there something else I'm missing?
We proved in 72,000 lines of code that it is not possible to accomplish without AI. You need AI to handle tech support, wallet problems, and the other 100 problems that come with managing the crappy wallet.dat design. Why is there no blockchain that automates this process in a decentralised way? It would contain a market maker, keep track of all the other blockchains, and spew out the necessary transactions for an atomic exchange to be signed by the respective users (obviously, appropriately enabled client software should be involved here for user-friendliness).
Is it too complex? Is there a step involved that is not easily automatisable? Is the exchange market as a whole still tied too much to fiat currency? Is there something else I'm missing?
September 04, 2017, 02:40:16 PM
I'm very new to the cryptocurrency world and I'm wondering why the exchange of cryptocurrencies among each other (i. e., transactions not involving fiat currency, such as buying ETH with BTC) appears to be done by centralised entities only.
Why is there no blockchain that automates this process in a decentralised way? It would contain a market maker, keep track of all the other blockchains, and spew out the necessary transactions for an atomic exchange to be signed by the respective users (obviously, appropriately enabled client software should be involved here for user-friendliness).
Is it too complex? Is there a step involved that is not easily automatisable? Is the exchange market as a whole still tied too much to fiat currency? Is there something else I'm missing?
Why is there no blockchain that automates this process in a decentralised way? It would contain a market maker, keep track of all the other blockchains, and spew out the necessary transactions for an atomic exchange to be signed by the respective users (obviously, appropriately enabled client software should be involved here for user-friendliness).
Is it too complex? Is there a step involved that is not easily automatisable? Is the exchange market as a whole still tied too much to fiat currency? Is there something else I'm missing?
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