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rok-sivante (75) in cryptocurrency • 8 years ago (edited)

cryptocurrency cryptocurrencies blockchain beyondbitcoin crypto-news

8 years ago by rok-sivante (75)

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thecryptofiend (74) · 8 years ago

You seem to have left out WAVES - it has the biggest budget I think at $15m raised from the ICO.
One of the central platforms they are developing is a decentralised exchange and asset trading platform. Ask @fyrstikken - he said that "if Bitcoin is the replacement for money then WAVES is the replacement for Dao Jones" - or something along those lines.

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16 votes

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rok-sivante (75) · 8 years ago

Ha ha, thanks for the reminder!

Funny... Waves was my second crypto investment, though I actually didn't fully understand it - and my attention turned all over to Steemit so haven't kept up at all with their developments, other than seeing their asset price tank.

Is it still in development or functional? Have you used it already? Looking promising?

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thecryptofiend (74) · 8 years ago (edited)

Looks to be finally getting going now. It was disappointing at first. I would urge you to follow the Slack for the latest updates (ask Twiggy Smile in Bitcointalk if you need an invite - DM him). I think it could actually prove to be very big.

I have given up on Bitcointalk for now. Too many trolls and idiots and it is too easy to get swept up in their empty headed arguments about why the coin hasn't done an x100 already. They don't understand that a truly stable and secure platforms take a long time to develop.

No guarantees of course - it's crypto but they are about to release the full nodes and asset exchange platform together and it is getting close.

As I understand it they are finished and undergoing security testing. That has been the main reason for delays.

Given the amounts of money that could be floating around on the WAVES platform they don't need a theft or security breech.

I commend them for taking security so seriously because the pressure to rush on this was immense given the amount of money involved.

They are also going to have Bioviva - the worlds most controversial anti-ageing bitotech company as one of the first companies to use the crowd funding part of the platform.

That should get it big media attention when it happens.

Whatever you think of Bioviva they know how to make headlines.

I'm glad I held on to my tokens:)

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11 votes

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rok-sivante (75) · 8 years ago

Thanks for the excellent updates.

I was subscribed to the Slack chat, but too much to keep up with all that and Steemit and everything else. I appreciate this insight of yours.

Sounds like might be worth throwing in an extra bit of investment into while the price is so low...

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thecryptofiend (74) · 8 years ago

My thinking too. Sadly I don't have any free Bitcoin any more:)

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dangermouse117 (40) · 8 years ago

Worth mentioning AFAIK BitSquare is the only one that can deal with fiat currency and all those messy bank payment methods that it entails.

Worthy mention is also ShapeShift. Though not decentralised, it's anonymous and immune from tradition hacks on customer funds as the exchange doesn't hold any.

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12 votes

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rok-sivante (75) · 8 years ago

Thanks for the input!

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idealist (56) · 8 years ago

OpenLedger also has Fiat deposit and withdrawal. You can trade fiat against any other asset inside.

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lukestokes (75) · 8 years ago

Excellent write up, as always! I do think decentralization (on so many levels) is the future.

There is, however, own fatal flaw I see in any decentralized approach: USD

While we still believe the myth of authority, we follow government decree concerning which tokens of value human beings are allowed to use. If someone wants to get into crypto and out of fiat, can any of these decentralized exchanges help them? What solutions (is localbitcoins all we have?) exist for this? For those USD exchanges which are unfortunately centralized due to legal requirements, why as customers, are we not demanding more publicly verifiable proof of reserves mechanisms?

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3 votes

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rok-sivante (75) · 8 years ago

there was a key point @andrarchy brought up partially related to this concern in this last video of his...

essentially, he's saying the USD is being used now because of the value of its FAMILIARITY. people are already familiar with the instrument of a dollar, so it's the most easily-relatable thing for them to compare these cryptos with.

in time, things can shift - but for now, using such a comparative/pegged model is a simplification tool to help new users who aren't highly financially literate to get into the game.

as to your other questions, I'm really not sure. the decentralized exchanges could help keep off the Fed map to a degree - though inevitably, opting out altogether would require more merchants accepting cryptos.

I suppose the closest now would be to send Steem (Dollars) to a decentralized exchange, from which you could spend via a Bitcoin/crypto debit/credit card - though there's still that final conversion taking place as it goes into the merchant's account.

i'm also curious about the answers to those questions of yours...

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2 votes

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lukestokes (75) · 8 years ago

I enjoyed that video as well. Because I run a company supporting 2k+ merchants, and I've been into crypto for three and a half years trying to get them onboard, I get how myopic our views on crypto adoption can be. Most people, unfortunately, don't care at all. I think the USD peg is brilliant and will certainly help, but I've been discouraged over the years trying to facilitate mass adoption. Hopefully Steemit can help with that too. Ultimately, for new people to join up, they need to exchange USD for crypto or they need to build the entire supply chain in crypto (vendors, employees, customers all demanding payment in crypto). That requires stability and trust. I hope posts like this can help people find more trustworthy, decentralized solutions.

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cryptohead (50) · 8 years ago

Good point.
Conventional centralized exchanges are still necessary to trade Fiat into Crypto.
They are the "friction point" between both worlds, and despite their flaws, unfortunately they will still be around and needed for a long time to come.

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mf-tzo (61) · 8 years ago

For me there is only one functional and fully operational exchange and that is the bitshares DEX and the best wallet provider so far is Open.ledger. Whether you choose as your wallet provider Open.ledger or freedomledger or soon moonstone or another Chinese one I think called btsabc all are based on bitshares technology. With bitshares DEX you can convert your bitcoins to bitbtc and know that they will be worth at least the equivalent btc.

bitbtc is the decentralized btc derivative. That is the decentralized asset. Open.btc is the IOU of the btc from Open ledger. If you have bit.xxxx assets whether they are bit.btc, bit.gold, bit.usd, bit.cny etc then your funds are secured (unless you are targeted, hacked, lose your password etc..) but definitely more secure than holding your cryptos in external exchanges..

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10 votes

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omfedor (63) · 8 years ago

Wow! So many of them!
Thank you for this review, @rok-sivante! You obviously put a lot of time and effort into this post!

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rok-sivante (75) · 8 years ago

I imagine there's probably more in the works, though these seem to be the ones most out in the open and accessible at this point.

yea, took some proper focus and energy pulling this all together. :-)

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steemrollin (69) · 8 years ago

Great research and thanks for the plug for MegaX @rok-sivante! Yes the Bitshares platform is a great decntralized exchange platform! (BTW one slight edit, I wasn't a co-author of the Steem 101 book... you probably just saw me plugging it before). Thanks again!

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rok-sivante (75) · 8 years ago

Ah, my bad... thanks for the correction!

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jademont (68) · 8 years ago

I'll vote for OpenLedger

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mrgrey (57) · 8 years ago

awesome thank you rok

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rok-sivante (75) · 8 years ago

your welcome.

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1 vote

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brianphobos (70) · 8 years ago

Thank you for posting. For now I'm going to still utilize GDAX but never keep coins on there.

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rok-sivante (75) · 8 years ago

I suppose that's another workaround - using a centralized exchange for trades, but pulling out onto the blockchains' wallets for storage...

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afristeem (37) · 8 years ago

Thank you rock, this may actually help us with our fund raising efforts for the under privileged in Africa

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rok-sivante (75) · 8 years ago

I'm curious - in what way?

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afristeem (37) · 8 years ago (edited)

Well one reason would be to convert the SD to bit so we can transfer it to Africa and change it to cash another is we have been looking for a good platform to do some investing to raise even more funds for the people we are trying to help

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xplice (25) · 8 years ago

Check out https://mycelium.com

Awesome p2p exchange built right into the wallet. Great for traveling and going between fiat and bitcoin.

Also was Mt God intentional or a typo?

Thanks for the info, will be playing with the above tech when get the chance. Decentralized exchanges have been talked about since the very early days but have yet to reach network effect.

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rok-sivante (75) · 8 years ago

Ha ha, not at all intentional. :-)

Shall give Mycelium a look as well.

Not sure on the full details, but think it said in one of the links that OpenLedger works on/with a network of exchanges - this could be key in reaching that network effect, leveraging multiple crowds. Though any way it goes, looks like the decentralized exchanges will be the next wave...

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quinneaker (74) · 8 years ago

Wow this is a VERY useful and valuable post!
I know almost nothing about any of this so even the simplified review is a bit much for me but I really appreciate this post and am going to use it as a starting point for my research!
Thanks again for your contributions~
Best Regards~*~

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rok-sivante (75) · 8 years ago

Your welcome. :-)

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cryptohead (50) · 8 years ago

Can anybody explain the difference between Open Ledger and Bitshares?

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rok-sivante (75) · 8 years ago

to the best of my understanding, simplified as much as possible...

Bitshares is a blockchain platform.

OpenLedger is a decentralized exchange, "hosted/developed on"(?) the Bitshares blockchain, leveraging the Bitshares infrastructure - and developed using Bitshares' "Graphene" toolkit.

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1 vote

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cryptohead (50) · 8 years ago

Thanks!
In other words,
Bitshares and Steem are the blockchains.
OpenLedger and Steemit are the "blockchain explorers" for their corresponding blockchains

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nubchai (57) · 8 years ago

Thanks for posting this. I had no idea there were so many decentralized exchanges.

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therealdeal (41) · 8 years ago

It seems to me that the challenge with the rationale behind decentralization is that in order for a medium of exchange to work, some degree of centralization is necessary. Rather than trying to organize our finances as an appendix to a corrupt and dysfunctional system, I would like to see everyone developing local currencies in their own communities. My village has done this, with our local currency: the ELMs system, which stands for exchange local money. Let me know if you're interested and I'll connect you with the guy who developed the system.

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rok-sivante (75) · 8 years ago

backed up with things to catch up on, so not interested at the moment - but it does sound interesting...

seems like you may have some valuable experience & knowledge to share here on Steemit. looking forward to reading more of what you've got on the way. and perhaps you could try get that guy on here writing about his experiences, as that could be a valuable asset to the community... :-)

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aknight45 (25) · 7 years ago

I like what you have done here, Id like to find out more. please tell me.

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fblauer (25) · 7 years ago

From my testing I have found crypto-bridge, and waves to be the best. The first one is also based on bitshares, like openledger. Also, this article from medium is a little more recent, and has more info:
https://media.consensys.net/state-of-decentralized-exchanges-2018-276dad340c79

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