NXT decentralized exchange

[Myshadow]

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...

[tonyk]

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....

[Brent.Allsop]

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.

[bytemaster]

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.

[speedy]

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?

[bytemaster]

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.

[speedy]

Nxt apparently has a decentralized exchange:

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

According to http://multigateway.org:

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.