| Nxt | Blockchain Platform | Proof of Stake | Official

[achimsmile]

I believe the MGW bitcoin addresses are all 2 of 3 multi-sig so if 1 operator goes the other 2 operators can still spend from the addresses.

Sure, but what happens in the case when at least two of three servers are offline or the maintainers disappear?

If at least 2 of 3 are offline, transactions will not be processed until they are online again.
On the other hand 2 of 3 would have to act together to run away with your funds.

Sounds bad?
Well, compared to all other centralized exchanges (bitstamp, cryptsy, bter, poloniex etc.) it's already better, as these could run away with your funds without having to agree with a second party.

Somebody correct me if I'm wrong, but multigateway is just an intermediate step towards a fully decentralized trustless exchange: instantdex.

centralized -> semi-centralized -> decentralized
all current exchanges -> multigateway -> instantdex

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[PondSea]

I think the word is distributed.

Centralized --> Distributed --> Decentralized

[box0214]

y doesnt the mgw just have more people managing the servers to possibly make it have at least 5 signatures instead of 2-3.

[Sebastien256]

y doesnt the mgw just have more people managing the servers to possibly make it have at least 5 signatures instead of 2-3.

Bitcoin protocol support max 3 sig. If im not mistaken. Im not 100% sure. Someone would need to confirm or invalidate.

[PilotofBTC]

Thanks, I want to store my Bitcoins on different locations securely. I already use a cold storage wallet. That means, if these three guys which running the servers decide to disappear, the BTC are gone, right? Then it is not a option for me at the moment. Just to exchange Bitcoin to NXT.

I am planning to store some of my BTCs on the MultiGateway. As far as I know is it not fully decentralized. How secure are those Bitcoins stored there? What happens if the servers are getting down or jl777 (is he running the servers?) is disappearing suddently? Would be nice if someone could answer these questions.

I wouldn't recommend using MGW as a method to safely store Bitcoin, however if you want BTC on AE for trading purposes, it's very secure.  Jl777 does not run the servers, they are operated by 3 independent parties that all need to agree on any deposit/withdrawal.  There has yet to be a "hack" of MGW.  Some guy has 300BTC on there, so I believe it's pretty safe, but cold storage or a dedicated wallet like Trezor are your best bets if you only want to store.

I believe the MGW bitcoin addresses are all 2 of 3 multi-sig so if 1 operator goes the other 2 operators can still spend from the addresses.

Yep it needs 2/3

That isn't just NOT SECURE, that is actually a joke...

Explain?

[barabbas]

Thanks, I want to store my Bitcoins on different locations securely. I already use a cold storage wallet. That means, if these three guys which running the servers decide to disappear, the BTC are gone, right? Then it is not a option for me at the moment. Just to exchange Bitcoin to NXT.

I am planning to store some of my BTCs on the MultiGateway. As far as I know is it not fully decentralized. How secure are those Bitcoins stored there? What happens if the servers are getting down or jl777 (is he running the servers?) is disappearing suddently? Would be nice if someone could answer these questions.

I wouldn't recommend using MGW as a method to safely store Bitcoin, however if you want BTC on AE for trading purposes, it's very secure.  Jl777 does not run the servers, they are operated by 3 independent parties that all need to agree on any deposit/withdrawal.  There has yet to be a "hack" of MGW.  Some guy has 300BTC on there, so I believe it's pretty safe, but cold storage or a dedicated wallet like Trezor are your best bets if you only want to store.

I believe the MGW bitcoin addresses are all 2 of 3 multi-sig so if 1 operator goes the other 2 operators can still spend from the addresses.

Yep it needs 2/3

That isn't just NOT SECURE, that is actually a joke...

Explain?

How do you explain a joke?

Lets just say that this is supposed to be a TRUSTLESS platform not one in the hands of X number of "operators". Who chooses these "three independent operators"? Who polices the police? Because it is unheard of that three different "independent" parties would act in cahoots to skim people out of their money... especially in crypto, right?

[achimsmile]

How do you explain a joke?

Lets just say that this is supposed to be a TRUSTLESS platform not one in the hands of X number of "operators". Who chooses these "three independent operators"? Who polices the police? Because it is unheard of that three different "independent" parties would act in cahoots to skim people out of their money... especially in crypto, right?

I understand your concerns and we're all in favour of trustlessness here, BUT:

• It does not say anywhere that it's supposed to be trustless:
  http://multigateway.org
• Please show me 1 running exchange that is completely trustless.
• Completely trustless exchange between cryptos is not very easy to achieve. Instantdex will be trying to solve it, but it's still in deveopment.

[barabbas]

How do you explain a joke?

Lets just say that this is supposed to be a TRUSTLESS platform not one in the hands of X number of "operators". Who chooses these "three independent operators"? Who polices the police? Because it is unheard of that three different "independent" parties would act in cahoots to skim people out of their money... especially in crypto, right?

I understand your concerns and we're all in favour of trustlessness here, BUT:

• It does not say anywhere that it's supposed to be trustless:
  http://multigateway.org
• Please show me 1 running exchange that is completely trustless.
• Completely trustless exchange between cryptos is not very easy to achieve. Instantdex will be trying to solve it, but it's still in deveopment.

I did not say the endeavor is easy, by any means. But possible indeed. In fact there are several coins already somewhat providing this already, without human intervention in all kinds of transactions. The matter here though is that, as it is, THIS is a total joke. Hence, my statement.

[EvilDave]

B ! You are turning into a right NXT sceptic.

Anyhow, on with the show, B can skip this bit:

I'm contributing to a blue-sky Greek rescue proposal, in co-operation with a loose coalition of crypto projects, businesses and VCs.
Heres an overview of the project so far:
http://www.drachmae.info/index.php/Main_Page
and here's the discussion:
http://www.drachmae.info/index.php/Talk:Main_Page

Up to speed so far ?

http://www.cnbc.com/id/102663713
is an op-ed piece on the project by one of the backers, could you lot please share it on Twitter/FB/whatever and maybe add some comments?
If this story gets further picked up by the mainstream, it could get a lot of exposure for NXT and crypto in general.
Thanks......and, if you do comment, please be friendly. This is a co-operative project, not a competition.

[barabbas]

B ! You are turning into a right NXT sceptic.

Anyhow, on with the show, B can skip this bit:

I'm contributing to a blue-sky Greek rescue proposal, in co-operation with a loose coalition of crypto projects, businesses and VCs.
Heres an overview of the project so far:
http://www.drachmae.info/index.php/Main_Page
and here's the discussion:
http://www.drachmae.info/index.php/Talk:Main_Page

Up to speed so far ?

http://www.cnbc.com/id/102663713
is an op-ed piece on the project by one of the backers, could you lot please share it on Twitter/FB/whatever and maybe add some comments?
If this story gets further picked up by the mainstream, it could get a lot of exposure for NXT and crypto in general.
Thanks......and, if you do comment, please be friendly. This is a co-operative project, not a competition.

This is actually beyond hilarious. And with the infamous Brian Kelly as the author of the article to boot. Pure lunacy, of course.

[Mickeyb]

Price droping more and more!!

[tyz]

Yes, we reached 3500 sats. This is really concerning that no development can't stop this downtrend 

Price droping more and more!!

[freigeist]

Is there a massive dump?!
What is going on?!

Are the whales migrating from north to south?!
 

[PondSea]

There is a 300BTC buy on the MGW for @ 33xx sats. I think we are being manipulated down so that can get filled.

Im sure it will rebound after that happens  

[freigeist]

There is a 300BTC buy on the MGW for @ 33xx sats. I think we are being manipulated down so that can get filled.

Im sure it will rebound after that happens  

About the MGW is there a web page or a service
where users could check the prices (trades) or is the necessary for
users to install some kind of application or NXT wallet ?!

Thanks.

[tyz]

At least a big buy wall that would stop the downtrend for some time  Seriously, it looks really like someone manipulates the price in order to get into the buy wall.

There is a 300BTC buy on the MGW for @ 33xx sats. I think we are being manipulated down so that can get filled.

Im sure it will rebound after that happens  

[tyz]

Do you mean something like Nxtreporting.com  
You can see all trades, buy and sell walls regarding mgwBTC asset there.
http://nxtreporting.com/?as=17554243582654188572

There is a 300BTC buy on the MGW for @ 33xx sats. I think we are being manipulated down so that can get filled.

Im sure it will rebound after that happens  

About the MGW is there a web page or a service
where users could check the prices (trades) or is the necessary for
users to install some kind of application or NXT wallet ?!

Thanks.

[Mickeyb]

At least a big buy wall that would stop the downtrend for some time  Seriously, it looks really like someone manipulates the price in order to get into the buy wall.

There is a 300BTC buy on the MGW for @ 33xx sats. I think we are being manipulated down so that can get filled.

Im sure it will rebound after that happens  

Well then, thanks God for a wall!! I hope it just doesn't get pulled when people byte in!

[PondSea]

At least a big buy wall that would stop the downtrend for some time  Seriously, it looks really like someone manipulates the price in order to get into the buy wall.

There is a 300BTC buy on the MGW for @ 33xx sats. I think we are being manipulated down so that can get filled.

Im sure it will rebound after that happens  

Well then, thanks God for a wall!! I hope it just doesn't get pulled when people byte in!

He has been waiting for a long time...and tired of waiting....thus the dump 

[Daedelus]

Why all the talk about price all of a sudden? Nxt is still within the same bounds in the crypto market it has been for a couple of months. Seems strange.