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:
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!
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.
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I agree. The governments of the world are gearing up their attacks on cryptocurrencies and the exchanges are an easy way to target them. DEX could well explode out of government action. We know the bankers are threatened by these tokens which means they are sending the government hacks out to do the dirty work.
Regulation means putting it in the hands of the bankers.
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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:
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..
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All valid points.
However, I feel bankers do not fear if they feel they can gain control of it, hence much of the government speculation of crackdown.
You are right, we will see what happens. There is a lot going on with this market and the next 6-12 months will see great changes.
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Yes. 12 months ago market cap of all crypto was under 15$ billion and fork-mania didn't exist. Things are changing really fast in this market, we can only observe and continue to study, study and study again
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Flexibility and agility are key.
We dont know what will happen, just things will be different.
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This is huge
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I study economy at university and I have held a workshop about fiscal aspects of bitcoin, and preparing the exposition i have clearly understand this: Exchanges are the perfect gateway for governments. They are the only thing that can really centralize all cryptos and crypto users.
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I am using Bisq decentralized crypto exchange for the past 2 month and I like it. I also got me a Ledger Nano S hardware wallet 3 moth ago which I like very much I just leave a bit of my BTC on Bittrex and Kraken to trade in other coins. So excited for SMT's on steem :-)
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I use the Nano also...it is a good one.
Yes the SMTs will really launch steem into the atmosphere.
We saw what the ERC20s did for ETH...we will see a similar take off, in my view, here from SMTs.
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Yup good example the ERC20 hope SMT will even work better out for steem :)
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I believe it will since it provides a lot more than ERC20 does.
Liquidity since all SMT created tokens are paired with steem
Security of tokens on the steem blockchain just like STEEM
Curation/reward system built in natively.
Smartcontract for ICO already in the blockchain.
None of that exists with ICO.
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I totally agree the steem future looks bright :)
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I really wish decentralized exchanges would take off a little more... there seems to be some good options "on the surface," but they also seem to lack the liquidity and range of the likes of Poloniex, Bittrex, etc.
I am not sure WHAT can be done to make the decentralized option more "visible," and I also have to wonder if there-- ultimately-- is a trust issue there. Much as we are all busy trading decentralized currencies, when it comes to trading, do wee require (psychologically) a "someone" to be in charge? I don't know so really just throwing another question out there.
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I'm sure they will get more popular being used on a platform with a big community already using them, especially without having any fees. ;)
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Government will help....their need to control will start with the centralized exchanges, hence driving people to de-centralize.
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One of the first things I did after signing up for Steemit was to get an openledger wallet and check out the exchange... and it was a bit disappointing. On the other hand, I didn't have a whole lot to compare to, being a relative neophyte... my previous entire exposure to cryptos was having a BTC wallet through blockchain.info.
Maybe if Steemit grows to having 100K+ active members, the exchanges listing Steem would get moving a little faster.
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haha, read a little farther and I get a clue. I'm still at the blockchain.info phase.
Seems like the in house Steem exchange for SBD and Steem might be a place that some people already know and trust, is there any reason it couldn't expand to other coins?
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I think the problem might be that those who seek decentralized exchanges are also the most sceptical ones, and it's always scary to start using a new low volume service. I guess there is also the problem that you have to trust that the exchange is indeed decentralized.
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Give it time @denmarkguy.
We are still early in this game. 2018 will be a year of a great deal of change in the entire cryptocurrency sector. Wall Street will be entering, government will crack down, bankers will get more fearful, and blockchains more powerful.
All aspects of this market will get stronger over the next 12 months.
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You have a valid point on the trust issue. Seems like maybe something can be done on the software end to help?
One thing on the visibility, I'm in the process of scouring these comments looking for any mentions of exchanges to check. Not seeing much, people seem to be talking with assumed information. Naming names could be helpful in increasing visibility.
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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
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Please don't SPAM... take a look in this before hurting your reputation.
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Hey @acidyo your fears about centralized exchanges actually resonate with me. I have been on a warning spree telling people to stay away from bittrex and poloniew and their likes as much as possible. With new platforms like Changelly, and Bitshares in particular.
Exactly.
Mt. GOX of 2014 should be a lesson to us all....
Thanks for sharing!
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Thank you for your warnings @nairadaddy.
I am a holder of BTS for the exact reason you mention. I think there is going to be a time when the centralized exchanges are simply to dangerous to do business with. Either government closure/seizure, theft, or fraud....none bode well for those who put money in there and keep their tokens there.
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I feel that we are in a patch where everybody with a passing knowledge is going through a baptism of fire. I’m one of these people.
I did get pointed towards eToro as a starting point, and then it transpires that you can’t even push stuff to a wallet there! So much fumbling in the dark. At least on here crypto is a favourite topic (unsurprisingly) so you can get a bit of a passing knowledge. If you follow the right people.
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yes it's true we should be more careful with all the centralized exchanges
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You got a 0.05% upvote from @postpromoter courtesy of @jout!
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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.
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i would trust better decentralized exchange!
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I absolutely agree with you. We need more decentralized exchanges to ensure more trust is present in the course of making transactions
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0x, EtherDelta, Kyber Network, BitShares, Openledger, so many projects are competing in this field. Many new decentralised exchanges are emerging but I think it’s not easy to achieve mass adoption because it’s much harder for people to use(though much safer), and many people even still have problems in buying Bitcoin from centralised exchanges.
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Great advice @acidyo. I'm very new to trading myself and wasn't aware of the Mt Gox thing in 2014 but until such time as we can increase the demand for buying and selling in crypto in the real world or we do find some way of exchanging in a decentralised way, we are always going to be at the mercy of others and with the withdrawal restrictions implemented by Bittrex in the UK at least, having your funds sitting on a centralised exchange is a risky investment in itself. Keep your coins in your wallets guys. :)
Thanks again for the support mate. Hope your day is going well.
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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
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Thanks for the INFO
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2018 will be the year of decentralized exchanges
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Let's hope so:)
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Ain't too fund of exchanges myself, it's convenient but they still wield power over your belongings. I think it's just a matter of time before decentralized exchanges become the thing. The biggest upside of blockchain technology is the fact that it enables to put back power in the hands of the majority, hence the decentralization.
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Do you know if there are any other decentralized exchanges in the works?
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https://wallet.bitshares.org/?r=staticinstance
Try BitShares, it works great! You can deposit SBD and Steem there if you like!
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What about Bitshares?
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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
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Time for bts DEX. Bts eos steem for life. !!
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The more Decentralized Exchanges on the market the more competition. The more competition the better the product. The better the product the more decentralization until centralized exchanges become a thing of the past.
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Well 2017 was a great year for crypto's. 2018 will bring us some more to get us to the next level!
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Do you maybe know when we will get decentralized exchanges in the future? I heard a while ago that Decred is working on one, but I have no idea how far they already got.
I completely agree that we should be careful but right now if someone wants to trade coins we are kindy forced to use an exchange.
As long as there is no good working decentralized exchange I will keep trading on Binance. Seems at least more trustful than bitfinex, bittrex or poloniex. At least they are focusing on the user and trying to help them as fast as possible.
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you have actually spoken well @acidyo, it will be very good if there is option to be able to convert steem to steemdollars. Besides blocktrades transaction fees is what make people seek out for other option.
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very good info,thanks for the post sharing
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hey acidyo..your every content i follow..i realize that your every content very demandable..so carry on your activity..well done✌✌👌👌👌
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Security should be number one priority. I have friend who lost some funds. I use Bittrex and so far everything is working fine, but lost a lot of my mind when I used Poloniex. Tnx for sharing about Bitshares Open Ledger. I will check it out.
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Very good reflection my friend, I have always agreed that the economy is not focused on a single pole, in this case the exchange of currencies in a single market; but I fully support the free marketing of currencies among users. By the way excellent post I congratulate you @acidyo
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Undoubtedly, at the present time, decentralization is important not only for cryptomir, but also for many other services in the network.
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You are right, decentralized exchanges are the exchanges of the future.
Another decentralized exchange I can recommend is Lykke.
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Very good post, while I personally didn't get much new info, but this is really helpful for people who are just starting out!
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Agreed !
Not if you sure if you guys have heard about this Incredible new one called IDEX. I just did an Article on yesterday :
https://steemit.com/cryptocurrency/@cryptosignz/aurora-ecosystem-the-first-fully-dencentralized-crypto-bank-w-live-real-time-exchange-idex
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Yeah, I'm not gonna lie, I've been getting really nervous with selling my Steem/SBD's for Christmas gifts and my girlfriend engagement ring because of shit like this happening so often. I've seen a lot of people having issues with Bittrex on twitter, just hoping that nothing happens to me over the next few weeks at this point. (Though, Bittrex already kind of screwed with me 2 months ago when they disabled my account for no reason and made me do three different verification attempts. Fun times.)
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Nice article from a nice guy!
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i agree with u dear ..folow me i will follow you
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Please don't SPAM... take a look in this before hurting your reputation.
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yah its nolonger feels saf safe anymore, read about such a post on reddit, Though am guilt of leaving some bitcoins on bittrex, thanks for the information. will be adjusting.
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Im pretty sure none of those decentralised exchanges do fiat to crypto and visa versa, they are just crypto to crypto and thus would not provided any protection against exchanges being closed down. Tether is essentially just another exchange that can be closed by regulation.
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Could not agree with you more. We do not have any 100% reliable/trusted exchanges at the moment. This needs to change.
Thanks for sharing.
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Great point again mr @acidyo! Nothing so demoralizing then all your own hard earned cash go to waste because of you being lazy! Trade and keep your coins in your offline wallet or ledger. I recommend last..
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It sounds exciting the prospect of a lot of volume and SMTs on the internal market. The decentralized exchanges I feel are not there yet in terms of user friendliness but I'm sure they will make a lot of progress as time goes on.
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I know this problem with this centralized exchanges. I have 0.02 BTC stock on Bittrex and can't withdraw it because of indentification issues, but bittrex doesn't reply to my support ticket.
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Good advice, but if your eally want to trade and not just hold, you have to risk it. Until there are decentralized exchanges avaiable.
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This is the perfect opportunity to introduce you to a new ICO that is going to be coming out early next year. A way to stabilize the market and provide security. Introducing God.coin... a cryptocurrency that is unlike the rest and backed by real assets. Check out the details in this steemit article https://steemit.com/godcoin/@prime-cleric/god-coin
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Is this really happening that bitfinex taking money from people's account?
That is really shame.
If they are found guilty,then that guilt never let them go far away. greed is such a bad thing.
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I became aware of the whole SMT stuff this week, and I can definitely say that the hype is real, next year is gonna be really funny here, the possibilities are endless
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My whole family is getting hard wallets for christmas!! Thanks
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Yes decentralized exchanges are the need of future, we must work on them. Government may control the centralize exchanges very soon.
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Thank you @crypto very much for informing us to be careful with all the centralize exchanger....I am so glad to get the news from you and I will share it to my friends also.
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thanx for the advice.....anything could happen....during high spikes ...due to lot of transaction there server could be crash,....all the data could be lost...
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decentralized exchanges needed, your post is wonderful,
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I've had an openledger account for a few years now, never a problem with it. I recently made the decision to use only it, the Bts decentralized exchange for all my crypto trading. I just liquidated a bitcoin, turned it into Usd, bought some eth and more bts. It's working great, don't need anything else.
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Wise words have never been spoken better! Thank You @acidyo!
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We should be more vigilant in this things. Thank you for sharing. Just shared your post with my whole community :)
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Decetralized exchanges will be the future of crypto market. Other important things: atomic swaps, privacy coins, third generation crypto currencies (IOTA), lightning network. I hope, this features become very important soon.
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Very encouraging and inspiring. It's never too late to start.
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interesting post, greetings from @mizi23 from aceh darussalam
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I think it is always better to keep your investments as safe as possible. To me that means not keeping them anywhere where hackers can get a hold of them or where I leave my investments in the hand of others. Thank you for this post and spreading awareness.
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Centralized exchanges are the gate that lead us in cryptos, the first thing governments can do is shut them down. They can either be hacked, that’s why the first rule is take out the coins as soon as possible from exchanges.
If a major crack down occurs the faith in cryptos also crashes as long as the price...but you can’t blame bitcoin for that as you can’t blame the dollar if a private bank go bankrupt.
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Well i think now with the so much the market has flow and volatility.All exchanger had stop giving cash out and they are waiting for the small or big drop
Like if some one send sbd and want to exchange to dollars yesterday worth 15$ they don't alow them to exchange or give back to cash maybe when it falls down they will alow so they might exchange secretly
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This is so true. And rather obvious: one would think with so many coins and ideas being brought into the scene, one of them would involve a decentralized exchange.
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I just want the Rothchild's and the money changers at the Vatican Bank to need mega diapers and for money and all human resources to be a free exchange. Humanity has no idea how badly we have been fleeced for centuries. Yeah right Bezos is the richest man in the world...the Rothchild's, the fricking Queen of England and other Globablists are worth trillions and hanging onto their bloody petro dollars for dear life... Let's crypto them and make them irrelevant.
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Can definitely agree with this.
Also a degree of caution needs to be exercised when holding coins in your own privately held wallet.
making sure you have an adequate back up, staying off open wifi networks, being concious of security of your accounts and devices, etc
unfortunately for the average lay person, funds are probably safer in the exchange.
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Banking sector is already threatening by bitcoin
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Yeah I believe decentralization is the future... We all can trust the code(like you said).
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Thanks so much for the info -- For someone who is new to crypto - its almost overwhelming !
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That's what's up.
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Wow this is huge, i never knew that leaving funds like that could ne capitalized upon, thank you so much
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hmmmm... soo as they always say "all eggs are not always placed in one basket"... nice post
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exactly .. need to decentralized exchanges are very necessary .
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Definetly...
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on't ya'll think futures on btc are a paradox? I mean, the crypto world was born to fight again the system that caused the financial crysis in 2008, what do you think? Interest topic btw!
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In Blockchain We Trust :) thank you @acidyo for your useful advices
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Hardware wallets was, are and will be the safest way to keep the crypto currencies. It is always wise to not put all of your eggs in a single basket.
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owo!!!!!!!!!!!! great thanks for shereing
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I was not aware of the presence of decentralized exchanges.
I have not at any time my small crypto in any exchange..!!
It's better and safe in an online wallet than exchange.
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Really great and informative post, especially with the volatility of DEX it's good to have a hardware back-up or a paper wallet back-up and only access your cryptos' when you need to trade and not just leave everything on the DEX.
Looking forward to more posts such as this, keep up the good work.
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Congratulations @acidyo!
Your post was mentioned in the hit parade in the following category:
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Very interesting information thanks for taking the time to share upvoted & resteem
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great work
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The fact that Steem is a DEX is overlooked by many people. It is exciting to think that we could be able to trade all the SMTs at zero cost and very quickly.
I think another overlooked aspect of the steem blockchain is the fact that all tokens created using SMTs will be as secure as steem. You dont get that on ETH or any of the other blockchains. This is invaluable considering how many accounts have been hacked of late.
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I really like the idea behind BISQ for a decentralized exchange. Unfortunately, I'm not sure they have the volume to get anywhere. Decentralized, private, peer2peer, can't be easily taken down, just the ability for people to trade their coins one on one. Bitshares probably has a much better chance of becoming a mainstream platform though. They have a lot more push.
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good post. Please upvote my post
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Please don't SPAM... take a look in this before hurting your reputation.
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That's a helpful tips. Please do consider my posts
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Please don't SPAM... take a look in this before hurting your reputation.
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Please don't SPAM... take a look in this before hurting your reputation.
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Please don't SPAM... take a look in this before hurting your reputation.
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