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Does the planet _really_ need any more crypto exchanges? Hardly a week goes by without a couple of new ones starting. Surely we must have more than enough by

Does the planet _really_ need any more crypto exchanges? Hardly a week goes by without a couple of new ones starting. Surely we must have more than enough by now?

jandrese 7y ago
Hardly a week goes by without one folding due to hacking, mismanagement, or outright criminal activity. Seems like they need someone to keep up the churn or they might run low.
- joosters 7y ago
  Yes! Once I've exit-scammed, I need to start my next exchange ASAP. If this toolkit could spin up a new exchange with a randomly-generated theme, that would be great, thanks!
  - aakilfernandes 7y ago
    0x is a decentralized, non-custodial exchange protocol. The UI could have malware though, which is why it makes sense for various relayers to have a single UI.
- Quekid5 7y ago
  So, no. The answer is no. EDIT: it's absurd that people continue to fall for this nonsense, but here we are, I guess.
- woah 7y ago
  You can’t steal the tokens if you are running a 0x exchange.
  - TeMPOraL 7y ago
    Hold my beer.
  - village-idiot 7y ago
    Willing to bet your savings on it? I'm not.
  - wolco 7y ago
    Only 0x can steal them
    - xur17 7y ago
      That's not true. Nostrademons [0] explains it better, but in short, trades occur atomically, so the assets never leave your possession. [0] https://news.ycombinator.com/item?id=20044091 https://news.ycombinator.com/item?id=20044091
      - wolco 7y ago
        They do leave you and go into the relay. The swap happens on finished contracts. The stealing occurs in the relays not in the contract.
        polezo 7y ago
        I think you have a misunderstanding of how the protocol works. At no point do your assets "go into the relay." The relay only takes your signed orders (not the actual assets), and the tokens literally do not leave your wallet until the time the trade is executed. No trades can be executed unless they have a signature generated by your private key.
    - deleted 7y ago
      [deleted]
jMyles 7y ago
Well, what's currently your favorite decentralized exchange, prior to 0x? What do you suggest for people who live in regions where this technology is banned or where the difficulties of connecting orthodox bank accounts, etc, make access impossible? The last decentralized exchange I knew about was EtherDelta, and 0x seems to be an improvement.
- kissickas 7y ago
  IDEX has been the #1 DAPP on Ethereum since March 2018[0]. It's also the #1 DAPP by users and transaction count. You can't buy crypto with fiat there, though, so connecting your orthodox bank accounts is irrelevant in this case. The founder said yesterday in an interview [1] that they may work with partners to enable this eventually, but so far I don't know any good decentralized exchanges that offer that. Buying crypto on a decentralized exchange with your bank account seems pointless to me - either buy it in cash or buy it on a safe platform (and then get it out immediately so they can't exit scam you or get hacked with your money). [0] https://twitter.com/idexio/status/969609728329469952 https://twitter.com/idexio/status/969609728329469952 [1] https://www.youtube.com/watch?v=60rvPilAmDk https://www.youtube.com/watch?v=60rvPilAmDk
  - hanniabu 7y ago
    IDEX isn't a decentralize exchange
    - nostrademons 7y ago
      IDEX is semi-decentralized: order-matching is handled off-chain, funds must be deposited into a centralized smart contract that handles all settlement, but the smart-contract itself and balances within it are held on the Ethereum blockchain. It prevents some forms of exit-scam or hack (you don't need to trust that the IDEX principals won't send your funds to a bank in the Bahamas), but retains vulnerability to a bug in the IDEX smart contract allowing a hacker to obtain them. The IDEX smart contract is at least public and auditable, though.

Does the planet _really_ need any more crypto exchanges? Hardly a week goes by without a couple of new ones starting. Surely we must have more than enough by now?

jandrese 7y ago

Hardly a week goes by without one folding due to hacking, mismanagement, or outright criminal activity. Seems like they need someone to keep up the churn or they might run low.

joosters 7y ago
Yes! Once I've exit-scammed, I need to start my next exchange ASAP. If this toolkit could spin up a new exchange with a randomly-generated theme, that would be great, thanks!
- aakilfernandes 7y ago
  0x is a decentralized, non-custodial exchange protocol. The UI could have malware though, which is why it makes sense for various relayers to have a single UI.
Quekid5 7y ago
So, no. The answer is no. EDIT: it's absurd that people continue to fall for this nonsense, but here we are, I guess.
woah 7y ago
You can’t steal the tokens if you are running a 0x exchange.
- TeMPOraL 7y ago
  Hold my beer.
- village-idiot 7y ago
  Willing to bet your savings on it? I'm not.
- wolco 7y ago
  Only 0x can steal them
  - xur17 7y ago
    That's not true. Nostrademons [0] explains it better, but in short, trades occur atomically, so the assets never leave your possession. [0] https://news.ycombinator.com/item?id=20044091 https://news.ycombinator.com/item?id=20044091
    - wolco 7y ago
      They do leave you and go into the relay. The swap happens on finished contracts. The stealing occurs in the relays not in the contract.
      - polezo 7y ago
        I think you have a misunderstanding of how the protocol works. At no point do your assets "go into the relay." The relay only takes your signed orders (not the actual assets), and the tokens literally do not leave your wallet until the time the trade is executed. No trades can be executed unless they have a signature generated by your private key.
  - deleted 7y ago
    [deleted]

jMyles 7y ago

Well, what's currently your favorite decentralized exchange, prior to 0x? What do you suggest for people who live in regions where this technology is banned or where the difficulties of connecting orthodox bank accounts, etc, make access impossible? The last decentralized exchange I knew about was EtherDelta, and 0x seems to be an improvement.

kissickas 7y ago
IDEX has been the #1 DAPP on Ethereum since March 2018[0]. It's also the #1 DAPP by users and transaction count. You can't buy crypto with fiat there, though, so connecting your orthodox bank accounts is irrelevant in this case. The founder said yesterday in an interview [1] that they may work with partners to enable this eventually, but so far I don't know any good decentralized exchanges that offer that. Buying crypto on a decentralized exchange with your bank account seems pointless to me - either buy it in cash or buy it on a safe platform (and then get it out immediately so they can't exit scam you or get hacked with your money). [0] https://twitter.com/idexio/status/969609728329469952 https://twitter.com/idexio/status/969609728329469952 [1] https://www.youtube.com/watch?v=60rvPilAmDk https://www.youtube.com/watch?v=60rvPilAmDk
- hanniabu 7y ago
  IDEX isn't a decentralize exchange
  - nostrademons 7y ago
    IDEX is semi-decentralized: order-matching is handled off-chain, funds must be deposited into a centralized smart contract that handles all settlement, but the smart-contract itself and balances within it are held on the Ethereum blockchain. It prevents some forms of exit-scam or hack (you don't need to trust that the IDEX principals won't send your funds to a bank in the Bahamas), but retains vulnerability to a bug in the IDEX smart contract allowing a hacker to obtain them. The IDEX smart contract is at least public and auditable, though.