I've read this complete (!) thread in one sitting. Have seen only one or two supporters of this new "DEX"
But the funny thing is - nobody talks about important things. Only about John's scammy past shitcoin predictions.
Which sure is bad.
But at the end of the day - DOES IT MATTERS much?How one can scam or run away with your funds, if you use a DECENTRALIZED exchange???
The problem however is much different.
If somebody decides to name his creation "a decentralized" , it does NOT mean that thing automatically becomes DECENTRAZIZED.
Not at all.
True Decentralized exchange must have FOUR of its main, key elements decentralized.
Not one, not 2 or 3 -
but ALL FOUR.If not all four - it is only a pseudo or partially decentralized exchange.
1-Storage of funds: Your funds remain in your wallet and are in your control throughout the entire trade process. There is no use colored coins or proxy tokens.
2-Order books: Orders broadcast directly from the trader and the order book is compiled locally instead of relying on a central order book service, which prevents front running.
3-Order matching: Orders are matched directly between traders. When one accepts another’s order, the exchange process automatically begins, and this is broadcasted over the inter-chain network.
4-Settlement: There is no involvement of a third part or intermediary when a trade takes place (unlike a centralized exchange). At the moment of the trade, an atomic swap automatically takes place, ensuring your funds are in your possession at all times and always under your control.
Have you ever wondered how many of theses 4 John McCafee has implemented?
Have you ever investigated if your praised IDEX or ETHERDELTA or BisQ has any
There are many DEX, really many of them today. Want to see em side-by-side?
http://j.mp/dexsidebysideOr better yet - go and read more yourself
https://www.ccn.com/exchange-hackings-security-and-freedom-why-would-traditional-exchanges-embrace-a-decentralized-exchangeI even have published a post on steemit 2 years ago about DEX's
https://steemit.com/blocknet/@onealfa/crazy-list-of-dexHow many new appeared since then?
