Upgate (OP)
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November 10, 2018, 06:43:10 PM |
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What is Decentralized exchanges Like decentralisation implies a this are exchanges that are not under any regulations and authority of any government, Central bank or any other agency. Exchanges are where cryptocurrency are traded this makes it important in the cryptocurrency world. We have centralized exchanges and decentralized exchanges. As earlier stated decentralized exchanges are those not under regulation of external bodies and centralized exchanges are the opposite of it. Decentralized exchanges on like the centralized exchanges support individual to individual trading you do not necessarily have to move you asset into the exchange to prevent cases of loses due to hacking of the exchanges.
Exchanges controls big cryptocurrency fund and it's not much to wonder why they are the target of criminals. From statics amounts way above 500million$ has been lost by exchanges this in turn has caused heart aches for users of the exchanges. There has been a lot of recorded cryptocurrency loses by exchanges and bitcoin has been the number one target by criminals Most Time most of this exchanges do not pay any form of compensation to its affected users.
Why should we use decentralized exchanges I would be lying if I say decentralized exchanges are above attack from fraudsters and criminals. No infact it can be hit by them but unlike centralized exchanges that is own by company's that are mostly after making profit you tend to have some sort of personal security you would be in possession of your private keys and other identities. Although decentralized exchanges has some short comings of being complicated and not well organised like centralise exchanges where accessing it is quite easy. It's available trading option is still quite fewer than centralized exchanges and most new ico project mostly list on centralized exchanges. There is a lot of work needed to be Done to make decentralized exchanges function at a high standards. The success of cryptocurrency has some attributes to its decentralized nature the value coins on the decentralized exchanges would not be affected by any company or bodies. This would have positive effect of prices there are whole lot of opportunities decentralized exchanges offers.
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Lafu
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November 10, 2018, 07:01:15 PM |
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Have nothing to do with the Forum ! Meta section is only for Forum related things and questions ! You should move this thread to Beginners & Help before a Mod maybe delete this here or it get`s moved !
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Marcel666
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November 10, 2018, 08:25:33 PM |
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I would be lying if I say decentralized exchanges are above attack from fraudsters and criminals. No infact it can be hit by them but unlike centralized exchanges that is own by company's that are mostly after making profit you tend to have some sort of personal security you would be in possession of your private keys and other identities.
Decentralized exchanges cannot be attacked as they technically do not hold your assets, for security of course always plug in to metamask when trading. And avoid unverified links. Every company is profit oriented (that's not a bad thing) they just have to deliver good service. The recent tangle between Etherdelta's founder and the SEC has brought to light evidence where he is alleged to have given bribes at some point
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levvv
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November 11, 2018, 02:19:11 PM |
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What is Decentralized exchanges Like decentralisation implies a this are exchanges that are not under any regulations and authority of any government, Central bank or any other agency. Exchanges are where cryptocurrency are traded this makes it important in the cryptocurrency world. We have centralized exchanges and decentralized exchanges. As earlier stated decentralized exchanges are those not under regulation of external bodies and centralized exchanges are the opposite of it. Decentralized exchanges on like the centralized exchanges support individual to individual trading you do not necessarily have to move you asset into the exchange to prevent cases of loses due to hacking of the exchanges.
Exchanges controls big cryptocurrency fund and it's not much to wonder why they are the target of criminals. From statics amounts way above 500million$ has been lost by exchanges this in turn has caused heart aches for users of the exchanges. There has been a lot of recorded cryptocurrency loses by exchanges and bitcoin has been the number one target by criminals Most Time most of this exchanges do not pay any form of compensation to its affected users.
Why should we use decentralized exchanges I would be lying if I say decentralized exchanges are above attack from fraudsters and criminals. No infact it can be hit by them but unlike centralized exchanges that is own by company's that are mostly after making profit you tend to have some sort of personal security you would be in possession of your private keys and other identities. Although decentralized exchanges has some short comings of being complicated and not well organised like centralise exchanges where accessing it is quite easy. It's available trading option is still quite fewer than centralized exchanges and most new ico project mostly list on centralized exchanges. There is a lot of work needed to be Done to make decentralized exchanges function at a high standards. The success of cryptocurrency has some attributes to its decentralized nature the value coins on the decentralized exchanges would not be affected by any company or bodies. This would have positive effect of prices there are whole lot of opportunities decentralized exchanges offers.
I prefer to using decentralized exchange because most volume in decentralized exchange is more real than centralized exchange. The most dex i use is idex exchange, the decentralized exchange for ethereum. But for the speed, i think centralized exchange is better than decentralized exchange.
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Indamuck
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November 11, 2018, 02:27:24 PM |
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Decentralized haven't gained much of traction as of yet. Most people are still using decentralized exchanges like Binance or Coinbase. I believe decentralized exchanges will be the future, it's better to just cut out the middleman and let users exchange with each other. The whole point of cryptocurrency is decentralization for crying out loud.
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Peacemaker1994
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November 11, 2018, 03:44:06 PM |
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Currently now centralized exchanges are been patronized more often because it's a bit easier to navigate. But the truth is that decentralized exchanges offer more than centralized exchanges. There has been a whole lot of theft issues associated with decentralized exchanges
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Lionel
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November 11, 2018, 06:10:38 PM |
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I would be lying if I say decentralized exchanges are above attack from fraudsters and criminals. No infact it can be hit by them but unlike centralized exchanges that is own by company's that are mostly after making profit you tend to have some sort of personal security you would be in possession of your private keys and other identities.
Decentralized exchanges cannot be attacked as they technically do not hold your assets, for security of course always plug in to metamask when trading. And avoid unverified links. Every company is profit oriented (that's not a bad thing) they just have to deliver good service. The recent tangle between Etherdelta's founder and the SEC has brought to light evidence where he is alleged to have given bribes at some point Are you sure about that? AFAIK , when you deposit funds, you send them to a wallet run on a special node called a Gateway. So the user funds are still held on a few central servers. At least that's what i understood about Bitshares and Cryptobridge. I don't know how other DEXes can do differently
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petyang12
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November 11, 2018, 06:24:14 PM |
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Both centralized exchange and decentralized exchange are both can be attack I think. As we know the centralized had a cloud to store information while decentralized is not. Which of the two is the most vulnerable from attacks?
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VickyRobin
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November 11, 2018, 06:27:22 PM |
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The decentralized trading platform means it will not be attacked and lose everything unless the internet is completely collapsed
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GGurol
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November 12, 2018, 07:52:27 AM |
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Etherdelta founder just punished 388K USD by SEC because of licence problem. 300K for the licence, 13K for the judgement fees and 75K for the SEC. Easy money for SEC lol ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif)
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erikoy
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November 12, 2018, 09:58:11 AM |
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Well decentralized exchanges is useful to those investors who would like to sell their token holdings after buying in an ICO project to which it was not being listed yet. Forkdelta, Etherdelta and other decentralized exchange may authorize anyone to list a certain token without the ICO team's knowledge on the trading activity from a seller to buyer. This usually happen when a bounty hunter would like to sell tokens without waiting for the official exchange list for the ICO team.
This kind of exchange may be a pain behind ICO team who brought up the project and others does not follow the roadmap.
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Dreamace7
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November 12, 2018, 10:41:58 AM |
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There is no exchange that is completely free From sort of regulations just that decentralized exchanges seems to have less regulations than it centralized counterpart.
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https://bidooh.io/ ▸▸ Decentralized Digital Billboards Backed by OKEx & Director of Manchester United ●●
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LeGaulois
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November 12, 2018, 11:04:26 AM |
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snip
That's right but however, DEX will be the future like you say only if people are looking to avoid the regulations ( and not many care about KYC/AML they have no problem to give their personal information ID, address, and so...) and to continue to get the financial privacy that cryptocurrency is supposed to give us at the first.
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jseverson
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November 13, 2018, 02:10:52 AM |
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The decentralized trading platform means it will not be attacked and lose everything unless the internet is completely collapsed
Only if it's truly decentralized. The Etherdelta situation demonstrated this perfectly. You can decentralize specific aspects like trading, but for as long as only one group is completely responsible for running operations (i.e. there's a point of failure), it can be exploited one way or another. The funny thing about this is even if someone had the idea on how to make it work, it would be difficult, if not impossible to monetize lol.
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joniboini
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November 13, 2018, 03:05:57 AM |
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Only if it's truly decentralized. The Etherdelta situation demonstrated this perfectly. You can decentralize specific aspects like trading, but for as long as only one group is completely responsible for running operations (i.e. there's a point of failure), it can be exploited one way or another.
Is there an exchange that is truly decentralized? I'm looking for something like that actually. Almost every dexes that I know is running on a centralized web server and maintained by one person or group. Would be nice if there's an app where you can trade directly, just like torrent.
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tuansemazi
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November 13, 2018, 03:25:11 AM |
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I think volume trading on decentralized exchanges is more realistic, it is based on real needs of buyers and sellers. This centralized exchange is usually not available due to the exchange or use of bots to create the volume. I think the hierarchical exchange will be the future of crypto trading.
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jseverson
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November 13, 2018, 06:26:56 AM |
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-snip-
Is there an exchange that is truly decentralized? I'm looking for something like that actually. Almost every dexes that I know is running on a centralized web server and maintained by one person or group. Would be nice if there's an app where you can trade directly, just like torrent. The closest thing to that that I know of is Bisq. It's a lot like torrents, in that you have to download a client and it uses a peer-to-peer network. The drawback is that it's not as convenient as other options. There might be other contenders, but I don't really follow them.
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jazz007
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November 14, 2018, 10:34:47 AM |
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Decentralised exchange are more safe because it runs on peer to peer network and do not save any users information.
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