Decentrailzed Exchanges Are Clearly the Future -- Binance Knows this Too
I'm a huge fan of the concept of decentralized exchanges like Bitshares because they give you total control of your crypto and eliminate the need to "Trust" a 3rd party and your government from stealing your personal property. I think as time goes on, government intervention into centralized exchanges will truly expose their weaknesses.
The CEO of Binance knows this and can see the future. His "centralized" site is booming and I'm sure he is just printing money...but he is pushing for a Binance DEX anyhow to get ahead of the problem. He is looking to launch his Beta BinanceDEX by the end of Q42018 or early Q12019. The problem with decentralized exchanges has always been volume and I'm guessing a Binance DEX will help solve that.
"Just had a productive meeting for #Binance #DEX (decentralized exchange), where $BNB will be native gas, and the exchange don't control user funds. Aiming for a public beta end of the year/early next year. Yes, we work on Saturdays, non stop!"
— CZ Binance (@cz_binance) September 29, 2018
A rough draft of their DEX was posted to youtube last month by CZ, Binances founder and CEO...
This is a lesson many people learned when the domain for https://www.1broker.com was siezed last week...this ominous message is all they have of their holdings now if they left their crypto on the exchange:
I'm of the opinion this is just the beginning. If the US wasn't in such disarray over the Trump administration, I'm sure they would be further along on getting their hands dirty in this space than they seemingly are.
This environment reminds me of when the US Governement shut down internet poker in the US in 2011 and seized the websites of FullTilt, PokerStars and Ultimatebet. Many of my friends had large sums of money tied up in that nonsense for years. Some of the money was never recovered.
If you are storing a large portion of your crypto on centralized exchanges like many people are doing, you are just asking to have your funds tied up for years or seized all together.
Hold your crypto in your own wallets and keep your private keys to yourself. Don't trust a 3rd party in this environment, its just risk compounded with risk.