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1) To recover, a crypto will probably need to include specs about how the exchange should run. Exchanges have failed 3-4 times, and it seems they’re part of a

1) To recover, a crypto will probably need to include specs about how the exchange should run. Exchanges have failed 3-4 times, and it seems they’re part of a currency since people keep coming back to them. So there needs to be a system where I keep having control over my coins while they’re in an exchange: ability to withdraw from the exchange, ability to approve a transaction.

mianos 4y ago
Like a normal exchange, audited and run by professionals not crypto bros. A walled depository, like a normal exchange. Running within a reputable regulatory framework. Nothing new here.
saurik 4y ago
So, the only service you really need is something like Tether, not an exchange (as you can use decentralized exchanges). The service Tether operates--and I'm not claiming they aren't also some horrible scam, but I'm using them as the example because they are seemingly the minimal thing you need--is to act as the connection between fiat banks and decentralized chains, by supporting wire/ACH on one side and issuing a token on the other side (which they will later accept back for money). You don't need crazy complicated exchanges with their massive attack surface: you just need Tether. Now, is it possible to have a transparent Tether that you reasonably trust to be legitimate? I don't know. Maybe that's Circle--the people who do USDC, and which have been managing to compete with Tether for the most used stablecoin as of this year--as they do regular SEC filings and have fancy accounting reports? Alternatively, maybe if some large existing bank--such as Bank of America--were willing to issue a stablecoin, we'd all be willing to trust it to not be corrupt? But you really, honestly, don't need a full-blown centralized exchange for crypto to work: you just need a working stablecoin with enough easy-to-access liquidity that you can quickly buy in and out with a ton of money.
vishnugupta 4y ago
All of this is a solved problem in equity exchanges world. Escrows, SPIC etc. No need to reinvent a wheel that was invented after learning from so much of pain. So regulators either come down heavily on these exchanges or they will let retailers continue to get conned.
- cdiddy2 4y ago
  Its a solved problem in crypto too. Shapeshift allowed for swapping of funds while always having control of the keys, but it was given hell by regulators. If it were allowed to grow maybe things like ftx wouldnt have gotten so big
nprateem 4y ago
A DEX https://particl.news/introducing-particls-basicswap-dex/ https://particl.news/introducing-particls-basicswap-dex/

mianos 4y ago

Like a normal exchange, audited and run by professionals not crypto bros. A walled depository, like a normal exchange. Running within a reputable regulatory framework. Nothing new here.

saurik 4y ago

So, the only service you really need is something like Tether, not an exchange (as you can use decentralized exchanges). The service Tether operates--and I'm not claiming they aren't also some horrible scam, but I'm using them as the example because they are seemingly the minimal thing you need--is to act as the connection between fiat banks and decentralized chains, by supporting wire/ACH on one side and issuing a token on the other side (which they will later accept back for money). You don't need crazy complicated exchanges with their massive attack surface: you just need Tether. Now, is it possible to have a transparent Tether that you reasonably trust to be legitimate? I don't know. Maybe that's Circle--the people who do USDC, and which have been managing to compete with Tether for the most used stablecoin as of this year--as they do regular SEC filings and have fancy accounting reports? Alternatively, maybe if some large existing bank--such as Bank of America--were willing to issue a stablecoin, we'd all be willing to trust it to not be corrupt? But you really, honestly, don't need a full-blown centralized exchange for crypto to work: you just need a working stablecoin with enough easy-to-access liquidity that you can quickly buy in and out with a ton of money.

vishnugupta 4y ago

All of this is a solved problem in equity exchanges world. Escrows, SPIC etc. No need to reinvent a wheel that was invented after learning from so much of pain. So regulators either come down heavily on these exchanges or they will let retailers continue to get conned.

cdiddy2 4y ago
Its a solved problem in crypto too. Shapeshift allowed for swapping of funds while always having control of the keys, but it was given hell by regulators. If it were allowed to grow maybe things like ftx wouldnt have gotten so big

nprateem 4y ago

A DEX https://particl.news/introducing-particls-basicswap-dex/ https://particl.news/introducing-particls-basicswap-dex/