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Offline speedy

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NXT decentralized exchange
« on: August 03, 2014, 05:37:52 PM »

Nxt apparently has a decentralized exchange:

http://cointelegraph.com/news/112175/nxt-decentralized-exchange-launches-with-btc-and-ltc

According to http://multigateway.org:
Quote
MGW creates a unique deposit address for your account, for each of the supported coins. When you send coins to that deposit address, MGW will deliver to your Nxt account the same quantity of coin assets to your NXT account.

So the Nxt blockchain is somehow in control of the private keys of other blockchains such as BTC & LTC. I didnt think that was possible.

Does anyone have a view on this? If this was possible, then I would have thought Bytemaster would have proposed this already.

Until I understand how this works, Ill remain suspicious and view it as yet another altcoin that wants to market itself as the thing that allows trade between everything else.
« Last Edit: August 03, 2014, 05:40:25 PM by trader »

Offline bytemaster

Re: NXT decentralized exchange
« Reply #1 on: August 03, 2014, 05:41:51 PM »
This is nothing more than someone issuing LTC and BTC  IOUs on the Nxt network.   

You can do this on BTSX now if someone set up such a service.
For the latest updates checkout my blog: http://bytemaster.bitshares.org
Anything said on these forums does not constitute an intent to create a legal obligation or contract between myself and anyone else.   These are merely my opinions and I reserve the right to change them at any time.

Offline speedy

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Re: NXT decentralized exchange
« Reply #2 on: August 03, 2014, 05:48:59 PM »
This is nothing more than someone issuing LTC and BTC  IOUs on the Nxt network.   

You can do this on BTSX now if someone set up such a service.

Does that mean that you arent convinced that the Nxt exchange is really trustless, because it requires someone to set up a service (to convert the IOUs) for it to work?

Offline bytemaster

Re: NXT decentralized exchange
« Reply #3 on: August 03, 2014, 05:52:07 PM »
This is nothing more than someone issuing LTC and BTC  IOUs on the Nxt network.   

You can do this on BTSX now if someone set up such a service.

Does that mean that you arent convinced that the Nxt exchange is really trustless, because it requires someone to set up a service (to convert the IOUs) for it to work?

Yes.
For the latest updates checkout my blog: http://bytemaster.bitshares.org
Anything said on these forums does not constitute an intent to create a legal obligation or contract between myself and anyone else.   These are merely my opinions and I reserve the right to change them at any time.

Offline Brent.Allsop

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Re: NXT decentralized exchange
« Reply #4 on: August 03, 2014, 07:46:11 PM »
This is nothing more than someone issuing LTC and BTC  IOUs on the Nxt network.   

You can do this on BTSX now if someone set up such a service.

Does that mean that you arent convinced that the Nxt exchange is really trustless, because it requires someone to set up a service (to convert the IOUs) for it to work?

Yes.
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Offline tonyk

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Re: NXT decentralized exchange
« Reply #5 on: August 03, 2014, 09:54:39 PM »
Yep,

My inquiry about their 'Market Pegged Asset' claim in this picture/table:

https://bitsharestalk.org/index.php?topic=6576.msg87308#msg87308

was also nothing more than regular NXT AE assets i.e. IOUs....

Lack of arbitrage is the problem, isn't it. And this 'should' solves it.

Offline Myshadow

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Re: NXT decentralized exchange
« Reply #6 on: August 05, 2014, 02:43:28 AM »
http://multigateway.org/user-guide/user-support/

Good answers to the exchange questions at this link, indeed this service could easily be provided by some entrepreneurial person for BTSX, seems like the closest thing to trustless we have so far...
« Last Edit: August 05, 2014, 02:46:10 AM by Myshadow »

 

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