RE: Bitshares - State Of The Network - 11th Sept 2016
I think this is related to any exchange startup, competing we established players in the space is a hard ask. i also don't think people fully appreciate the benefits of trading on a decentralised exchange and i also think the concept of a decentralised exchange has been tarnished by people experience on platforms such as counterparty which take up to 10 minutes to place an order and another 10 to settle.
I am constantly impressed by the speed of the Bitshares DEX, to someone who doesn't understand what it means it may not be that impressive (similar to a normal exchange) but if you realize that all you trades occur on chain it is amazing.
Open.BTC asset seems to have a decent amount of trading each day but I think OpenLedger will increase in volume over time especially since they are listing Pre ICO coins for trading; this will bring in new users and they will experience the DEX first hand. Given that the current model of Open.* assets is a UIA it is very similar risk model to traditional exchanges; that is if OpenLedger is forced to close then the UIA that people hold will have no backing. The real power of this platform is the smartcoins and MPAs, once sidechains are implemented and there is full trust less exchange of all asset it will be a game changer.
Probably 1 issue is, the idea of a blockchain has not hit the people that hard yet. It may seem fascinating with everything happening on the chain and at a lightning speed, with its own set of OPEN. currencies. But I guess perhaps, OpenLedger had moved too fast for the daily users. Like I said earlier, the trading volume on OL has shocked me since I started buying in BTS awhile ago.
Sometimes I just feel that, for BTS to really take off, OpenLedger might be one key component. Hopefully we'll get a new revelation on BTS after the 16th, which doesn't look good at the moment for me, otherwise we'll probably have to wait till November when all the coin conversions to BTS are over.