RE: An Australian Trader Had USD$430,000 of Crypto Confiscated by the United States Government On BTC-e: A Timely Reminder to Withdraw Your Funds From Exchanges, or Use the Openledger DEX.
I think Openledger needs more customization/integration to overcome the adoption problem. The reason people don't use it (in my view), is because of competing features, a result of the nature of it I understand, but because it is not as easily customizable, as centralized websites, it drives less attention in comparison with centralized exchanges. Therefore as a consequence, it does not have volume and does not attract large investors/traders.
Shutting down exchanges will not serve as a strong cause to drive people to use it (in my view). For competition to work the right way, DEXes have to prove more valuable than centralized exchanges and only then we might see more DEXes and the end of CEXes.
My view, but happy to hear some other opinions.
While it is true the Openledger DEX is not as mature yet as many of the bigger centralised exchanges, I think the risk of losing everything is a good enough reason not to use a centralised exchange at all. We all need access to exchanges, and if a government is shutting down the centralised ones, that leaves the DEX. That is literally it...
The other reason I love the DEX is that is it asset agnostic, meaning you can use any trading pair you could possibly imagine. It saves a lot on fees, and makes trading much easier. Once the volume rises, I don't think anyone will look back.
Yes, also my main reasons for using it. But those are not valid reasons for entry people that do not yet understand the difference between DEX or CEX. And to solve this problem will target much more users for Openledger than anything else... There is also the other side of the coin, which is, what does a company profit from creating a gateway for Openledger or simply exposing it as a front end fork of the same technology (for other crypto)... exposure is hard in this world, without doing a bit of FUD... but I would say you are doing a very good job @dutch (and please do not interpret as you being FUDing..).
I have been watching your posts and you are doing a very good effort on warning everyone and making it a known fact...
Thank you - I appreciate that! =)
You are right on the money that exposure is not easy (and arguably more important than the actual technology being pushed). I can only hope that in time the crypto community makes their move away from centralised exchanges. That way, new members don't get burned due to lack of knowledge of the dangers.
How would you like to customize the OpenLedger web wallet?
Well, to start with I would simplify the interactivity of it. It has already a lot of options but I find them a bit confusing to understand for the common user. Visualizing usually helps. Making changes to the options and seeing live how they look (without having to accept the changes and go check on them) works great! Then going on cell phones with APPs would help too (explore those APIs by default). I know this is web... but in the world of cell phones, people want a nice neat app. Also, the copy pastes functions and clicking on places of the graphs should bring more functionality (with optional on/off on settings). Example: "If clicking on a sell, I want this value to be automatically copied to... there..." - where "this value" and "there" is or can be customized but a better default works even greater.
Bottom all, user experience has to be more consistently accessible between entry and experienced user.