Centralized exchanges are officially dead. BTS has the answer, but?

[hybridd]

Bitshares is a decentralized exchange with UIAs MPA and Private MPAs.

It is not a decentralized crypto-currency exchange yet however.

The only functions for other crypto currency currently is things like meta and block to convert BTC etc into BTS so that then you can participate in markets here.

I was just having this conversation this weekend with someone regarding bunkermining.

In our current state to start having altcoins trade here someone would have to basically accept the alt (thats centralized), would have to liquidate whatever they got into BTS via another centralized exchange, and then borrow from a private MPA market using the BTS as collateral. You can't do a 1:1 either. You would have to have 175% or so in value against whatever the alt is. Some alts are running some ok volume, but others are down to like $50 a day in volume.

SO at present, anybody who wants to setup a market for alt coins right now doesn't have the incentive to do it because it is a bad deal for whom ever runs it. I haven't even touched on the regulations issue in the US as of September this year that this brings into the picture.

This is not a lack of advertising... we just are not setup for this specific use case in a way that makes a good business case.

Oh.. there is also using UIAs of course.. but you are back to centralized again in that situation where you hope and pray who ever is holding the real thing is really holding it. Every time I have had this conversation with people... there was always push back about using the UIAs too.

The only way to make this work well is to spend a fair amount of money and have a hardfork. Anybody here remember the proposal for the decentralized wallet network for alts from last month? That would have facilitated what we are talking about here. The worker proposal got struck down with vengeance though. It's dust remains lay in waste for all to see: http://cryptofresh.com/workers (#9:#14)

you're overcomplicating the matter, this entire fiasco could be resolved with a single centralized service, however great trust is needed here and well at the end of the day isnt a single shred of trust what always has everyone so twisted in crypto?

All that would need to be done if willing to use an asset say called altBTC which a fairly large supply. Look at proof of burn: https://en.bitcoin.it/wiki/Proof_of_burn for each alt coin a PoB address is used, and being monitored. A user enters our centralized website, and says "hey this is my address for X (where X is some coin, BTC, DOGE, w/e).. and this Y is my bts address". We list PoB addresses for all the coins we want to accept. A user sends their funds to the proof of burn address, and a bot monitors all the addresses, when it sees a new transaction on X's PoB, it then sends the equivalent market-value amount of altBTC to Y.

altBTC gets its value from the sense that some real crypto currency had to be burned to obtain since a currency, "X" is being burned.

The issue with this is who holds the supply of altBTC? Whats to prevent this person from stealing some of this altBTC once stealth tx's exist? What's to prevent them from dumping some on the market? Etc.

[phillyguy]

So apparently if you trade on Cryptsy, as of recently, you can't expect to withdrawal your wealth.

Poloniex, the second contender to Cryptsy is all about KYC and official status. I have no idea how they are fairing during this Cryptsy outage.

Here is where BTS and decentralized trading matters......

I have a huge holding in a major altcoin that I'd like to convert, but shapeshift and similar projects don't offer a conversion.

Since Cryptsy and Poloniex have basically been limited (and sold to the regulation devil)

..and BTC-E doesn't carry my alt-coin...

Are we stale mated here in the alt coin trading world?

Of course it had to happen. The owner of altcoin decentralized exchanges had to make a few million dollars before the industry was regulated, and they registered themselves as KYC to keep it going as long as they could.  However, they knew the moment they did that, it would create a problem for regular altcoin holders who just wanted to trade altcoins without all the red tape.

Then comes the flashlight in the dark.. people who have holdings in various coins, that need a decentralized exchange, with a decentralized network, to keep the system working that we've all known over the last 5 or 6 years.

Fantastic. I think I'm talking to the right community, maybe those that have been in it this long to offer meaningful suggestions, much like I would try to do..

However, why can't I trade my altcoin #1  for altcoin #2, and the people I'd like to trade with during this urgent moment, are not a participant in the BTS / decentralized exchange concept?

We have the medium, the technology, the concept, and idea. But during urgent times, we'd be trading with early adopters and early investors of Inviticus instead of attracting other people "today" and altcoins "created today"...

If you've read this far, then PLEASE REPLY. Say something. You should be as concerned as much as I am about the changing landscape. You get what I'm saying (Cryptsy Dead. Poloniex Dead, BTC-E kind of dead, and MT-Gox dead... we're running out of centralized exchanges, but the exchange 2.0 that should survive without centralized exchanges is half-dead and not adopted yet. so now what?

Should we all wait 6 months for something right to surface?

Or should we really be concerned that if you have a couple hundred dollars of an alt-coin to sell / convert, you are basically dead in the water like a leaky ship simply because all the major exchanges are F*'d?

As of right now Poloniex is alive and well with around 3000 BTC worth of altcoins traded in the last 24 hours. Crypto community obviously not that concerned with their efforts towards compliance. They also just released a really useful mobile version of their site. Until they get hacked good luck getting people to move away from it.

[BunkerChainLabs-DataSecurityNode]

Bitshares is a decentralized exchange with UIAs MPA and Private MPAs.

It is not a decentralized crypto-currency exchange yet however.

The only functions for other crypto currency currently is things like meta and block to convert BTC etc into BTS so that then you can participate in markets here.

I was just having this conversation this weekend with someone regarding bunkermining.

In our current state to start having altcoins trade here someone would have to basically accept the alt (thats centralized), would have to liquidate whatever they got into BTS via another centralized exchange, and then borrow from a private MPA market using the BTS as collateral. You can't do a 1:1 either. You would have to have 175% or so in value against whatever the alt is. Some alts are running some ok volume, but others are down to like $50 a day in volume.

SO at present, anybody who wants to setup a market for alt coins right now doesn't have the incentive to do it because it is a bad deal for whom ever runs it. I haven't even touched on the regulations issue in the US as of September this year that this brings into the picture.

This is not a lack of advertising... we just are not setup for this specific use case in a way that makes a good business case.

Oh.. there is also using UIAs of course.. but you are back to centralized again in that situation where you hope and pray who ever is holding the real thing is really holding it. Every time I have had this conversation with people... there was always push back about using the UIAs too.

The only way to make this work well is to spend a fair amount of money and have a hardfork. Anybody here remember the proposal for the decentralized wallet network for alts from last month? That would have facilitated what we are talking about here. The worker proposal got struck down with vengeance though. It's dust remains lay in waste for all to see: http://cryptofresh.com/workers (#9:#14)

[luckybit]

Bitshares has no marketing and Metaexchange + Open Ledger aren't putting any effort into it. I see no ads on Reddit, Coinmarketcap, or anywhere really except for the Daily Decrypt.

Here is a community demanding to have their Altcoin on Bitshares:

https://bitcointalk.org/index.php?topic=233997.6520;topicseen

Yet they didn't even know Open Ledger was decentralized because there is a misconception that Bitshares is centralized. Apparently that misconception is so strong that people would rather use truly centralized exchanges like Poloniex and Cryptsy even when they begin to break.

[Akado]

We should definitely take the change, but it's something it needs to happen gradually. UI is currently being improved, we have extremely low liquidity, dunno about the state of the API for trading bots but I think it isn't that good or ready yet..

Best thing we can do is try to help improve BitShares and talk with everyone we know about it. The biggest selling point of decentralized exchanges is that, finally, after all this time, you can own your private keys and not the exchange itself and I think people have yet to understand that. I guess we have to wait and there's not much it can be done about it. It isn't something that can be done overnight. All we need is an attracting looking GUI, a few market makers and we'll grow from there.

Sometimes I wonder, what if Polo and BTC38 for example, would be hacked at the same time... Would be interesting to see.

[crypto4ever]

So apparently if you trade on Cryptsy, as of recently, you can't expect to withdrawal your wealth.

Poloniex, the second contender to Cryptsy is all about KYC and official status. I have no idea how they are fairing during this Cryptsy outage.

Here is where BTS and decentralized trading matters......

I have a huge holding in a major altcoin that I'd like to convert, but shapeshift and similar projects don't offer a conversion.

Since Cryptsy and Poloniex have basically been limited (and sold to the regulation devil)

..and BTC-E doesn't carry my alt-coin...

Are we stale mated here in the alt coin trading world?

Of course it had to happen. The owner of altcoin decentralized exchanges had to make a few million dollars before the industry was regulated, and they registered themselves as KYC to keep it going as long as they could.  However, they knew the moment they did that, it would create a problem for regular altcoin holders who just wanted to trade altcoins without all the red tape.

Then comes the flashlight in the dark.. people who have holdings in various coins, that need a decentralized exchange, with a decentralized network, to keep the system working that we've all known over the last 5 or 6 years.

Fantastic. I think I'm talking to the right community, maybe those that have been in it this long to offer meaningful suggestions, much like I would try to do..

However, why can't I trade my altcoin #1  for altcoin #2, and the people I'd like to trade with during this urgent moment, are not a participant in the BTS / decentralized exchange concept?

We have the medium, the technology, the concept, and idea. But during urgent times, we'd be trading with early adopters and early investors of Inviticus instead of attracting other people "today" and altcoins "created today"...

If you've read this far, then PLEASE REPLY. Say something. You should be as concerned as much as I am about the changing landscape. You get what I'm saying (Cryptsy Dead. Poloniex Dead, BTC-E kind of dead, and MT-Gox dead... we're running out of centralized exchanges, but the exchange 2.0 that should survive without centralized exchanges is half-dead and not adopted yet. so now what?

Should we all wait 6 months for something right to surface?

Or should we really be concerned that if you have a couple hundred dollars of an alt-coin to sell / convert, you are basically dead in the water like a leaky ship simply because all the major exchanges are F*'d?