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If you have been reading some of my posts lately you may have noticed me warning people not to leave too much of their funds on exchanges. One of the biggest points of cryptographic security of your funds was to not trust your value on other people and services and I believe this can't be stressed enough as we are getting to a point where many of the currencies are seeing sky high profits which is usually when things start going "down".
Mt. Gox in 2014 was one of the biggest exchanges and it went down with over 780k Bitcoin from customers. Now almost 4 years later it seems like there are so many new people involved in the crypto-space now who never learned a very expensive lesson like the ones almost 4 years ago.
Now I don't want to spread FUD about exchanges without there being any clear evidence, but lately there have been a lot of reports on certain subreddits and people filing a lot of tickets about not being able to withdraw their tokens or other issues with certain exchanges. Then again even Mt. Gox was just being silent for many months until it was found insolvent in early 2014 and everyone, including me, lost some Bitcoins to it.
Recently in the subreddit of Bitfinex it seems like hell is breaking loose:
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Now these could also just be FUD'ers wanting to drive traffic onto other exchanges, or just not want people to use them as a mean of buying coins so they can get them cheaper. Or it could just be customers who need assistance. Either way, with Poloniex being slow to assist their customers during the summer, Bittrex lately also getting addressed a lot about certain issues, now even Bitfinex seems to be having problems. Goes to say that customers are getting tired of using centralized exchanges and rightfully so.
The time has come for decentralized exchanges to shine. A decentralized exchange is where the exchange does not rely on any third party services to hold and secure customers funds but uses peer to peer networks to allow users to trade between other users. A decentralized exchange that is popular right now is Bitshares Open Ledger, even though it often lacks a lot of volume and the spread on some coins is ridiculous. Another is the Market we have here on Steem where we can exchange Steem for SBD and soon hopefully more SMT's!
With decentralized exchanges we won't have to worry about other people making sure our coins are safe - the trust lays in the code much like blockchain itself. With more users using them they will only get better in the long run. Although Open-ledger has fees since the currency is built in a way that rewards the stakeholders with transaction fees - here on Steem we have no fees at all. Imagine being able to trade your favorite SMT's for no fees whatsoever, the bots trading short-term will have a field day and volumes will be insane! Similar to the big Chinese exchanges some time ago that had no fees in the beginning to attract customers.
Make sure to not keep too much value on exchanges, we can never know when something happens to them. Hardware wallets or the Steem wallet is so much safer from theft or hacks than having your coins in the hands of other people's services.
Stay safe out there Steemians!
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You are absolutley right.
Decentralized exchange are a really vital developement for crypto-world.
First, decentralized exchange are really necessary to ensure the absence of a third-trust-part (as requested by crypto's original concept, particullary in Satoshi Nakamoto's original paper).
Second, decentralized exchanges are the only thing that can survive to government ban (you can't find a central failure point to hit). Particullary in case government regolarizes exchange and force them to adopt fiscal-individuation measures (know-your-customer, or KYC).
Third, if there isn't a central cold wallet storage crypto fluxes are very difficultier to control, increasing system's privacy level.
At the moment, decentralized exchange are difficult to use and unrelevant in terms of volume. Also, they have problems for liquidity management. But I believe that as governments turn theyr eyes on Crypto exchanges, developement will go faster.
Agree. Bitcoin tried to decentralyze payment system, and the moment has come to decentralize crypto market with DEX for exactly the same reasons: exchanges are untrustable just like banks. We have had mt.gox scam, Bitfinex-tether questions (only hypothesis at the moment.. But anyway very important for market stability), bittrex confirmation issues, kraken slowdown.. A lot of elements that underline the needy of a second decentralization wave, directed to replace "traditional" exchanges.
Anyway, personally I don't think that bank are feeling so threatened by cryptos. For a lot of reasons:
1) Because crypto tecnology is very interesting for banks too (the most evident example is Ripple, but also bankera and other similar project present very interesting business models) and also for governments (see for example the incoming crypto-ruble).
2) Because crypto market is easily manipulated (not only with futures - 25 billion $ of daily volume wouldn't be so difficult to overpower for a group of great investors like Golmand Sachs and friends).
3) Because crypto aren't enought developed to substitute traditional money - traditional sistem handles hundreds of milions of transaction/day, bitcoin is near to 400.000 and its is already near to colapse point. Other cryptos, more efficient, are still smaller in terms of market and acceptation.
4) Because returns in crypto-sector are the paradise of greed and speculation, and greed and speculation are the core business of traditional system and banks.
If governments were so scaried by crypto, they could act exactly as China and kill the crypto economy banning all exchange-market in any moment. But they aren't doing. I am Italian and I was expecting European Central bank to strongly and fast react to all this, but at a public level nothing of this has still happened. For the moment, crypto sector is young and they are probably sill evaluating situation.
But, we need to continue one step at a time. Let's see what happens with futures..
yes you are right and we can help eachothers by doing well
So i do just discovered it now days just 5 days and i'm still don't know how will work im just writing share and upvotes poepole and also i follow them so could you do supporte me how could i work at steemit
m intrset also in this topic go and steemit me follow me as i do follow you and upvotes you to there my dear frind at Steemit here you are @alhmali follow me upvoets me as well and so on we can learn from eachothers
and people said you could make money from this Link dwon there just have a look then you need to do click and you have to chick easy to regster at it
http://autopilotbitcoinfunnel.com/?userid=alhmi22
https://www.coinbase.com/join/53c9f13be4445b0837000001
https://bitconnect.co/?ref=Alhmali
also we can do will with steemit as people sugeess
I urge users to share their links more on Reddit in the relevant subreddits. Some of them may have weird names on Reddit, but many are similar to the tags we use here as well. I will be regularly checking on posts through the domain link above that get some good attention and views from Reddit to curate them more fairly on Steemit.
Best part about this is that you will also increase your engagement to your posts both from comments here and on Reddit.
Steemit activity has been increasing steadily lately. With coinmarketcap at a ridiculous traffic rank of already and the Steem currency hovering around rank it brings a lot of attention to our platform. Steemit Traffic stats show that it's at the rank right now and rising. Google trends can also confirm this with this chart over the last
and also we can do great steemit as people said by steemit by reply upvotes and others said as
I think we should work on user retention levels first. As new accounts are being made everyday but most of the new users leave the platform within a month. This is really alarming.
If we are able to retain new users then they will tell 10's of their friends about the platform and the community will automatically grow. And everybody knows that word of mouth is the most powerful. But if new users are leaving the platform, there is a huge possibility that they may spread negativity about the platform.
Why new user leave after a few days is a completely different question. There are a huge lot of different reasons for that, but the biggest is that posts by minnows are not getting any audience, even if they write some good posts.
I wrote a complete post about this topic, and if anyone is interested, they may go to my profile and read my most recent post. I didn't include the link here as then people would think that i am spamming. Thank you for
@apsu | Dec. 10, 2017, 7:43 p.m. | Votes: 9 | [
VOTE ]
The issue is, that even though most people assume they are aware of the risks, they too often assume they are the ones being able to recognize all the dangers.
"I'm not in danger, I'm using only this one service which I used for four months already and had zero issues, so I'm sure it is perfectly safe..."
Some then assume they are so poor crypto-wise they do not need to worry yet, but I could imagine a scenario in which a currency suddenly increases in price, going to the moon.. and then a random trading site goes rogue and steals everything from accounts of the users.
It's always too late to react when the worst has happened.
yes you are right and we can help eachothers by doing well
So i do just discovered it now days just 5 days and i'm still don't know how will work im just writing share and upvotes poepole and also i follow them so could you do supporte me how could i work at steemit
m intrset also in this topic go and steemit me follow me as i do follow you and upvotes you to there my dear frind at Steemit here you are @alhmali follow me upvoets me as well and so on we can learn from eachothers
and people said you could make money from this Link dwon there just have a look then you need to do click and you have to chick easy to regster at it
http://autopilotbitcoinfunnel.com/?userid=alhmi22
https://www.coinbase.com/join/53c9f13be4445b0837000001
https://bitconnect.co/?ref=Alhmali
also we can do will with steemit as people sugeess
I urge users to share their links more on Reddit in the relevant subreddits. Some of them may have weird names on Reddit, but many are similar to the tags we use here as well. I will be regularly checking on posts through the domain link above that get some good attention and views from Reddit to curate them more fairly on Steemit.
Best part about this is that you will also increase your engagement to your posts both from comments here and on Reddit.
Steemit activity has been increasing steadily lately. With coinmarketcap at a ridiculous traffic rank of already and the Steem currency hovering around rank it brings a lot of attention to our platform. Steemit Traffic stats show that it's at the rank right now and rising. Google trends can also confirm this with this chart over the last
and also we can do great steemit as people said by steemit by reply upvotes and others said as
I think we should work on user retention levels first. As new accounts are being made everyday but most of the new users leave the platform within a month. This is really alarming.
If we are able to retain new users then they will tell 10's of their friends about the platform and the community will automatically grow. And everybody knows that word of mouth is the most powerful. But if new users are leaving the platform, there is a huge possibility that they may spread negativity about the platform.
Why new user leave after a few days is a completely different question. There are a huge lot of different reasons for that, but the biggest is that posts by minnows are not getting any audience, even if they write some good posts.
I wrote a complete post about this topic, and if anyone is interested, they may go to my profile and read my most recent post. I didn't include the link here as then people would think that i am spamming. Thank you for
There is/will be a learning curve before something like this happens on a broad scale. Mass adoption comes with mass ignorance, and those unfamiliar with the technology drag with them what they know and are familiar with, which is centralized.
Providing options/examples of any known decentralized exchanges is valuable, obviously coming with any appropriate caveats. I will read the comments in hopes of finding a lead.
I'm in the process of overcoming my own ignorance on the crypto world.
Edited to add: A perfect example of my own damn ignorance, I ticked the upvote post when I made this comment, I only just discovered it today, first time trying to use it, and I thought it would upvote this post, not my comment. When I didn't see the post upvoted, I realized it must have upvoted my comment. Um, yeah, another lesson learned. ~sigh
