BTER.com hacked| 7170 BTC stolen | DON'T KEEP YOUR MONEY ON AN EXCHANGE |

[mishax1]

That is something that Tether will solve. Then you will have "fiat" on a decentralized exchange.

Looks like Tether uses the same mechanism of IOUs backed by fiat currencies or what those IOUs represent. It's already several months since such things were implemented in NXT. You can trade for example USD in the form of CoinoUSD on completely decentralised NXT AE, as well as on some centralised exchanges.

Need to read about CoinoUSD.. 

[stdset]

How is that decentralized if your real dollars are at the exchange? If they got stolen, your IOUs will be just junk, as I get it.

NXT AE is a truly decentralised exchange, as long as you trade 'native' assets, which exist on NXT blockchain. But if you want to trade for example BTC, here's a problem, BTC exists outside of NXT blockchain, you need something to represent BTC, some NXT asset, which is backed by BTC. If company which issues that asset gets hacked and looses their BTC, the asset becomes worthless. But is Tether somehow better? I don't think so.

[tee-rex]

How is that decentralized if your real dollars are at the exchange? If they got stolen, your IOUs will be just junk, as I get it.

NXT AE is a truly decentralised exchange, as long as you trade 'native' assets, which exist on NXT blockchain. But if you want to trade for example BTC, here's a problem, BTC exists outside of NXT blockchain, you need something to represent BTC, some NXT asset, which is backed by BTC. If company which issues that asset gets hacked as looses their BTC, the asset becomes worthless. But is Tether somehow better? I don't think so.

If so, how is the execution of a deal guaranteed then? Say, I want to exchange my asset for another asset from someone else at this exchange, and then I change my mind and decide to cancel the deal (or even run away with a purchased asset), what would not allow me to do just that?

[stdset]

If so, how is the execution of a deal guaranteed then? Say, I want to exchange my asset for another asset from someone else at this exchange, and then I change my mind and decide to cancel the deal (or even run away with a purchased asset), what would not allow me to do just that?

When you place an order, it's a transaction, once it's confirmed it's irreversible, amount that you placed in your order is locked, you cannot spend it, unless you issue another transaction, which cancels the order.
You can try it, it works. But it's not suitable for high frequency trading, placing many small orders (you pay fee per transaction, not per amount), but it's perfect for relatively rare big trades.

[tee-rex]

If so, how is the execution of a deal guaranteed then? Say, I want to exchange my asset for another asset from someone else at this exchange, and then I change my mind and decide to cancel the deal (or even run away with a purchased asset), what would not allow me to do just that?

When you place an order, it's a transaction, once it's confirmed it's irreversible, amount that you placed in your order is locked, you cannot spend it, unless you issue another transaction, which cancels the order.
You can try it, it works. But it's not suitable for high frequency trading, placing many small orders (you pay fee per transaction, not per amount), but it's perfect for relatively rare big trades.

If I got you right, then the whole blockchain works as an exchange. This being the case, why do we need an exchange at all (as a distinct entity)?

[stdset]

If so, how is the execution of a deal guaranteed then? Say, I want to exchange my asset for another asset from someone else at this exchange, and then I change my mind and decide to cancel the deal (or even run away with a purchased asset), what would not allow me to do just that?

When you place an order, it's a transaction, once it's confirmed it's irreversible, amount that you placed in your order is locked, you cannot spend it, unless you issue another transaction, which cancels the order.
You can try it, it works. But it's not suitable for high frequency trading, placing many small orders (you pay fee per transaction, not per amount), but it's perfect for relatively rare big trades.

If I got you right, then the whole blockchain works as an exchange. This being the case, why do we need an exchange at all (as a distinct entity)?

If you mean NXT AE, it's not a distinct entity, it's integrated in the reference client.

[tee-rex]

If so, how is the execution of a deal guaranteed then? Say, I want to exchange my asset for another asset from someone else at this exchange, and then I change my mind and decide to cancel the deal (or even run away with a purchased asset), what would not allow me to do just that?

When you place an order, it's a transaction, once it's confirmed it's irreversible, amount that you placed in your order is locked, you cannot spend it, unless you issue another transaction, which cancels the order.
You can try it, it works. But it's not suitable for high frequency trading, placing many small orders (you pay fee per transaction, not per amount), but it's perfect for relatively rare big trades.

If I got you right, then the whole blockchain works as an exchange. This being the case, why do we need an exchange at all (as a distinct entity)?

If you mean NXT AE, it's not a distinct entity, it's integrated in the reference client.

Didn't know that, seems to be worth trying. But what about nxt's that got stolen (or expropriated) at bter? How could this happen at all, and why would people move their nxt's to that exchange (or any other exchange for that matter) in the first place?

[Borisz]

Though I agree that it gives some comfort or consolation to see the "old good bter" on your screen.

Yeah. Specially this bit...

Man, I was just checking their site earlier on and this caught my eyes. I wanted to post it, but you beat me to it  
Lolled hard.

[stdset]

If so, how is the execution of a deal guaranteed then? Say, I want to exchange my asset for another asset from someone else at this exchange, and then I change my mind and decide to cancel the deal (or even run away with a purchased asset), what would not allow me to do just that?

When you place an order, it's a transaction, once it's confirmed it's irreversible, amount that you placed in your order is locked, you cannot spend it, unless you issue another transaction, which cancels the order.
You can try it, it works. But it's not suitable for high frequency trading, placing many small orders (you pay fee per transaction, not per amount), but it's perfect for relatively rare big trades.

If I got you right, then the whole blockchain works as an exchange. This being the case, why do we need an exchange at all (as a distinct entity)?

If you mean NXT AE, it's not a distinct entity, it's integrated in the reference client.

Didn't know that, seems to be worth trying. But what about nxt's that got stolen (or expropriated) at bter? How could this happen at all, and why would people move their nxt's to that exchange (or any other exchange for that matter) in the first place?

NXT AE has it's limitations, I already mentioned it. MGW doesn't support as many cryptocurrencies as Bter used to support. Many people prefer traditional exchanges. Probably some people trade NXT without even being aware of it's features.

[tee-rex]

If so, how is the execution of a deal guaranteed then? Say, I want to exchange my asset for another asset from someone else at this exchange, and then I change my mind and decide to cancel the deal (or even run away with a purchased asset), what would not allow me to do just that?

When you place an order, it's a transaction, once it's confirmed it's irreversible, amount that you placed in your order is locked, you cannot spend it, unless you issue another transaction, which cancels the order.
You can try it, it works. But it's not suitable for high frequency trading, placing many small orders (you pay fee per transaction, not per amount), but it's perfect for relatively rare big trades.

If I got you right, then the whole blockchain works as an exchange. This being the case, why do we need an exchange at all (as a distinct entity)?

If you mean NXT AE, it's not a distinct entity, it's integrated in the reference client.

Didn't know that, seems to be worth trying. But what about nxt's that got stolen (or expropriated) at bter? How could this happen at all, and why would people move their nxt's to that exchange (or any other exchange for that matter) in the first place?

NXT AE has it's limitations, I already mentioned it. MGW doesn't support as many cryptocurrencies as Bter used to support. Many people prefer traditional exchanges. Probably some people trade NXT without even being aware of it's features.

Is it possible to create some metacoin with a single purpose of making its blockchain a decentralised exchange for trading other major coins? Say, you want to sell a bitcoin and send it to a randomly generated address whose private key is distributed across this metacoin blockchain and which will be available only to whoever sells what you want to buy.

Would such a scheme work?

UPDATE: Since this is off-topic here, I created a new topic for the discussion of this question.

[stdset]

Is it possible to create some metacoin with a single purpose of making its blockchain a decentralised exchange for trading other major coins? Say, you want to sell a bitcoin and send it to a randomly generated address whose private key is distributed across this metacoin blockchain and which will be available only to whoever sells what you want to buy.

Would such a scheme work?

Something like that is being discussed nowadays, but frankly speaking, I don't know much about it. I'd suggest googling for 'cross chain trading' to begin with.

[redsn0w]

Please guys , stay on topic. Thanks for the attention.

However they (bter.com) are scamming us... more than 1 week and they still don't have enabled the altcoin withdrawals.

[abyrnes81]

Another day and they don't enabled the withdrawals, amazing !

[cshelswell]

I think the lack of updates is a bit strange. Why turn the site back on but not update anyone as to when they'll be able to withdraw anything...

[tee-rex]

I think the lack of updates is a bit strange. Why turn the site back on but not update anyone as to when they'll be able to withdraw anything...

Methinks, they are going to "reload" the exchange, making withdrawals, deposits and trading possible all at once.

[abyrnes81]

I think the lack of updates is a bit strange. Why turn the site back on but not update anyone as to when they'll be able to withdraw anything...

Methinks, they are going to "reload" the exchange, making withdrawals, deposits and trading possible all at once.

I'm very tired, if they will reopen I will not use again their exchange (this is sure).

[Borisz]

Another day and they don't enabled the withdrawals, amazing !

I think if they simply enabled withdrawal for everyone at once, the majority of users would withdraw funds and stop trading thereby pushing them out of business. I think they are still recovering and figuring out how to play this best.

[tee-rex]

Another day and they don't enabled the withdrawals, amazing !

I think if they simply enabled withdrawal for everyone at once, the majority of users would withdraw funds and stop trading thereby pushing them out of business. I think they are still recovering and figuring out how to play this best.

Interestingly, I am still getting an interest on my funds at bter daily. I know this doesn't mean a thing, but nevertheless.

[zazarb]

Another day and they don't enabled the withdrawals, amazing !

I think if they simply enabled withdrawal for everyone at once, the majority of users would withdraw funds and stop trading thereby pushing them out of business. I think they are still recovering and figuring out how to play this best.

Interestingly, I am still getting an interest on my funds at bter daily. I know this doesn't mean a thing, but nevertheless.

I get als  but it does not promise anything good...

[justmyname]

I never put more than one Bitcoin up there. As soon as I was done trading I zapped the coins off their site and into my wallet.

I knew this was going to happen sooner or later. Why else would they pay interest. It worked for them. They tricked a lot of people into leaving their money up on their site. Now they run off with the coins claiming a hack. Either that or they were using  deposits to gamble with.   Why else would they pay interest to keep coins on their site?

Vircurex is now also offering interest. Wow! I'm going to get interest! I'm going to get interest! Your going to get ripped off again if you let them.