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RE: Run your own decentralised exchange

in #bitshares7 years ago (edited)

"Remember to back-up your wallet, as only you have the private keys to access your funds to trade on all these Decentralised Exchanges."

This sentence shows exactly why I'm opposed to promoting trading OPEN.STEEM and advertising it as decentralized.
Users don't have the convenience of password resets and 2FA, but still have to take all the risks of a centralized exchange (issuer getting hacked and funds stolen, or simply running away). What's the big plus that makes it so great? I cannot see it.


I did not advertise OPEN.STEEM as decentralized - The exchange is decentralized.
You can also set-up a STEEM SmartCoin if you want to trade a decentralized coin on a decentralized exchange.
See BTC or ALTCAP for an example.

You said I could trade STEEM on a decentralized exchange, and that's just not true.

I'm not blaming you for using that term, because in BTS-land it just works like that. But: everyone else expects decentralized storage when talking about a decentralized exchange. An exchange without gateways is useless, and when it comes to decentralization the gateway is much more important than the trading backend. What exactly is the pro for the user when only the trading is decentralized?

IMO that's even one of the main reasons why BTS lacks success. If it delivered what everyone expected from a decentralized exchange it'd be a killer. With centralized gateways, it's unnecessary. NXT MGW is more decentralized than anything on BTS (yes, except SmartCoins, but that's another story).

This is 100% agreed imo. If Bitshares doesn't do this, someone else will. And then...where will Bitshares be?
What do you think about IPFS and how should bitshares best fix this in your opinions?

On a positive endnote, however, I think there is one obvious benefit to bts today--- it significantly lowers the barrier to entry for running your own centralized exchange---is cool though :)

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