BitShares X Trustee

[bytemaster]

If we are introducing trustees then this is no longer decentralized exchange.

Have the same feeling like you...

It depends upon the definition of decentralized.   The power is decentralized.  The ability of the exchange to be 'shutdown' can still be near impossible with a properly designed trustee system.   It is kind of like decentralization through separation of powers rather than decentralization through all nodes doing the same thing.   It still retains the following properties:

Your balance cannot be changed and your funds cannot be stolen by the trustee.
It still has all the other properties of bitcoin, except faster.
The transaction record is immutable even by the trustee  (not even Bitcoin has this).

Compare this to a centralized exchange and it is night and day.

[donkeypong]

Once the ball gets rolling, after a day or two, the trustee is largely irrelevant. If that's an easier solution that mining, which is an ugly alternative, then I'll take the person. There is still zero trust because the majority can fire the trustee and select another at any point. I love it. 

[liondani]

If we are introducing trustees then this is no longer decentralized exchange.

Have the same feeling like you...

[bitmeat]

Can we discuss the latest change suggested by bytemaster?

Is there a whitepaper or more detail on how this would work? Given that this is added in the last minute, I'd like to discuss and make sure there are no attack vectors.

If we are introducing trustees then this is no longer decentralized exchange. I've been mulling over a similar idea where trustees would have to deposit BTC sort of like a license/insurance, that they will not mess with the network, but get commissions off of the transactions, if they get caught not doing the right thing - they get booted and the BTC goes to reimburse affected parties.

In any case - I'd like to see a diagram of how the ecosystem works.