Why not decentralized exchange..? - page 2.

Natalim

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Quote from: hv_ on June 18, 2020, 10:14:37 AM

What exactly is really 'decentral' ? What hype is run with that ...

My own definition of decentralized exchange is that any coin be present in the exchange and traders does not need to comply with KYC requirement, so we can trade anonymous unlike in centralized exchange where we are like bank clients. Unfortunately, things has change, with the government regulation, slowly the anonymity idea is not that attractive anymore, so some exchange even if DEX as introduce but not really a DEX in reality, good example is Binance DEX where some countries based on IP address are not allowed to access the site.

hv_

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What exactly is really 'decentral' ? What hype is run with that ...

rathaha10

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Quote from: btcholder on February 19, 2020, 11:48:33 AM

In my opinion decentralized is one of the great reason that people love or apriciate bitcoin. I know there is many things too but its not about that or bitcoin. I am not too much experience able person in crypto world but with all my little experience i understand that people want a good project which is decentralized. But my question is then why we don't accept properly decentralized exchange..?

There is many point that people should trade in decentralized exchange. But what is the problem that every time decentralized exchange failed to stand up..? Was it us who don't show much interest about it or it's the outhority who didn't provide to us properly..? Is there any chance that decentralized exchange will stand up..?

Please share your thoughts.

No doubt, going by the vision of decentralization behind cryptocurrency and blockchain, it is a fact that decentralized exchanges are the idea exchanges for the entire crypto exchange, however various decentralized exchanges how seen breeds lots of deficit and inefficiencies from low trading volume and liquidity to lack of proper security, flexibility and limited trading pairs

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Quote from: tbterryboy on June 15, 2020, 12:07:26 PM

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Sorry to break your belief but LocalBitcoin is not decentralized. You confuse because it's a P2P marketplace. Now ask yourself the following questions? Who owns the servers, who take decisions? who can freeze your account and confiscate your bitcoins? who can vote? To all those questions you can reply, "at least not me/us"
How can it be decentralization when only one side has the power

Now in terms of security, since you think CEXs are safer than DEXs: How many CEXs got hacked and how many DEXs got?
CEXs are more vulnerable to hacking, especially since the majority lacks of fundamental securities

Quote from: roman100 on June 15, 2020, 11:04:28 AM

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Nobody asked the definition of a decentralized exchange here.

Quote from: judaspriest on June 15, 2020, 11:10:13 AM

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Yes sure, when people will realize what it's like to let governments regulate this industry, accept KYC, pay taxes, and be restricted from using it...
They will look for an alternative by using a decentralized exchange while staying under the radars

milandres0207

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I had been here in cryptocurrency for a couple of years. I always said too that it is much better to use a decentralized exchange rather than the exchange where it is not DEX. But I noticed for myself, that even I always mentioned every time I do a trade I always used exchange that is not DEX. Where I ate what I always mentioned, I hope you get my point in this one.

carlfebz2

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Quote from: TheUltraElite on June 15, 2020, 05:38:28 AM

Quote from: Lizzylove1 on May 27, 2020, 10:53:44 AM

Another shortfall of Dex is the low liquidity issue.

What about the trust issue? For a CEX at least you have a legal ground to fight for in case they turn to scam. But for a DEX, whom are you going to hunt for? The owners are anonymous and there is not country from where the DEX is registered. I dont know if things have changed about DEXes nowadays since I dont trade on them much but if it is still like that then the risk is there.

Because the crypto exchange system is completely unregulated just like crypto itself, we can see exorbitant listing fees (like Binance did), sudden exit scam of exchanges and so on.

But the thing is people want to buy and so these exchanges thrive. It is definitely a wild west type of thing.

You got the point but doesnt mean that Centralized ones would be able for us to trace out easily if they turned out to be a scam even if their owners had been known but at least theres a slight chance
for some recovery but i do still remember on what happened on Quadriga too thats why theres always a risk involved into this kind of situation.

The difference about DEX nowadays is really basing on up liquidity/volume.They are really on that big gap between Cex ones this is why people do really choose up because they can able to
deal with Fiat transactions neither inbound or outbound.

We love decentralization but on for this matter then its really hard to resist on what Centralized exchanged do give out.

tbterryboy

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There are good decentralized exchanges and they are still standing strong, though centralized exchanges are gaining more attention than the DEX do. LocalBitcoin is a decentralized exchange, same thing with Paxful and some others I can’t remember their name.

A lot of people, especially the newbies are don’t make use of decentralized exchanges because they are not friendly to noobs, they always find it difficult to get the hang of it. And as time goes on, these people will then get used to centralized exchanges and switching to a decentralized exchange will be a difficult thing for them to do.

And if you compare centralized exchanges to DEX, the centralized ones are always better in lots of ways, including in features they have to offer in securities, storage, etc. That’s why a lot of people tend to prefer them than DEX.

judaspriest

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Decentralized exchange doesn't seem to be able to dominate the market yet, even though there is Binance Dex I think that step is not enough, and maybe in the next few years decentralized exchange will become popular

roman100

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Decentralized exchange is an exchange market that does not rely on a third-party service to hold the customer's funds. decentralized exchange can be had administrative functions such as the ability to freeze tokens and upgrade the smart contracts that make the exchange work.

TheUltraElite

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So anyway, I applied as a merit source :)

Quote from: Lizzylove1 on May 27, 2020, 10:53:44 AM

Another shortfall of Dex is the low liquidity issue.

What about the trust issue? For a CEX at least you have a legal ground to fight for in case they turn to scam. But for a DEX, whom are you going to hunt for? The owners are anonymous and there is not country from where the DEX is registered. I dont know if things have changed about DEXes nowadays since I dont trade on them much but if it is still like that then the risk is there.

Because the crypto exchange system is completely unregulated just like crypto itself, we can see exorbitant listing fees (like Binance did), sudden exit scam of exchanges and so on.

But the thing is people want to buy and so these exchanges thrive. It is definitely a wild west type of thing.

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Quote from: lobo13hf on May 29, 2020, 09:09:38 PM

Quote from: Zemomtum on May 27, 2020, 06:53:55 PM

Decentralized exchanges are still lacking volume and those in existence are struggling as compared to the centralized one.

The trend has already reversed and some dex have been getting more and more demand and liquidity. People have already started to stick into the decentralized exchange site. Everyone needs to forget about binance dex as it's only selling gimmick to be the truly dex.

This time CEX is not always become the main choice.

There is more to DEX today because people are now worried about their privacy, they now realized submitting KYC data to CEX is the worse mistake they did. And the whales are also worried about their wealth gonna be checked by the government so they now being to login on DEX. This is where platforms like TRON, ONT, WAVES, WAX, EOS, and etc will start gaining interest from investors too.

lobo13hf

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Quote from: Zemomtum on May 27, 2020, 06:53:55 PM

Decentralized exchanges are still lacking volume and those in existence are struggling as compared to the centralized one.

The trend has already reversed and some dex have been getting more and more demand and liquidity. People have already started to stick into the decentralized exchange site. Everyone needs to forget about binance dex as it's only selling gimmick to be the truly dex.

This time CEX is not always become the main choice.

JAndelin

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The closest thing I've seen to a "decentralized exchange" is the CoinLock platform, which was recently launched. It is peer-to-peer trading, so that are no exchange fees. I've been trading on it about a week, and I'm very impressed. The address is coinlock.com

hv_

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things must be legal compliant - show how that s possible with a dex

no go, you just getting fcked by criminals

Negotiation

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Supports peer trading on decentralized exchanges in which case many are not able to understand it And centralization is not a choice when it comes to making cash in transactions. But there are many problems with trading on dex, most of the tokens are stuck here and many people do not use it because of the KYC exchange rate is low Crypto exchanges use many complex methods index and liquidity causes problems.

Zemomtum

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Decentralized exchanges are still lacking volume and those in existence are struggling as compared to the centralized one.

enhu

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Quote from: Lizzylove1 on May 27, 2020, 10:53:44 AM

People need to be taught how decentralized exchange works, it's not the conventional system an average person is use to. Some friends who entered Crypto before me are scared of using Dex and hence I help them to buy and sell when the perticular token is not available on Cex. Another shortfall of Dex is the low liquidity issue.

The p2p market by its nature will really make it difficult for anyone to use. Its the same situation to people who will sold their tokens with low volume in the centralize exchange, they will also find it difficult to profit for he has to pick several orders down to low ballers who are there to only ripp token holders.

Lizzylove1

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People need to be taught how decentralized exchange works, it's not the conventional system an average person is use to. Some friends who entered Crypto before me are scared of using Dex and hence I help them to buy and sell when the perticular token is not available on Cex. Another shortfall of Dex is the low liquidity issue.

Lorence.xD

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Quote from: Shallow on May 25, 2020, 03:19:46 PM

First and foremost the major reason why most people don't trade or use Decentralized Exchanges (DEX) frequently is because of volume and nothing more, and this is where centralized exchanges have upper hand. That is to say, if decentralized exchanges can solve this issue of volume and maybe make it more user friendly, more people will be attracted. Also it is not us but the authorities (creators of the Dex) because if the right thing is being done there is no reason why most people won't use it. Lastly, I believe as the crypto space is still growing, there will come a time when decentralized exchanges will be enhanced and be highly used since there is little to no funds security challenges associated with them.

If decentralized exchange solved their problem with volumes, wouldn't it mean that they become centralized? I am curious because I want to know more and I am still learning more about something, in my opinion, having a decentralized exchange wouldn't make things any better, there is security on centralized and they are monitored by an authority. I agree that the crypto space is growing but there is something imminent threat that is affecting technology as a whole, and that is that the current computing power is slowly going on a plateau which means that an advancements in anything related to computing and technology is in peril, good thing about it though is people are aware of this and are making progress with quantum computing.

Piston

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The real market of decentralized exchange is an exchange market that does not rely on a third-party service to hold the customer's funds. Instead, trades occur directly between users through is automated process of the exchange. Decentralized exchanges allow peer to peer trading of cryptocurrencies.

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