Hello once again Qortal supporters!
Today I have come to speak to you on a personal note. (crowetic)
Long ago, there was a term called ‘DEX’…
initially this term was meant to be one that was revered and meant to be something to run the future methods of trading taking place in the crypto-currency and blockchain space.
That term’s definition: Decentralized Exchange
The DEX was meant to ‘rule all’ in terms of trading, eliminating the risks associated with depositing your coins to an exchange platform. (Many of these centralized exchange services have been hacked, back in the day of Mt. Gox, being the most well known of the era… followed by many more. Both getting hacked and straight up starting as a scam and disappearing, became commonplace in the exchange space.)
The ‘DEX’ term, however… became less and less geared towards its original meaning, and more and more geared towards scammers looking for a nice term to entice people to use their scam platform.
DEX, soon became bastardized into what it has become today in most cases (such as ‘Crypto-Bridge’ and ‘OpenLedger’, and any other built on the BTS blockchain…) and that is:
A Centralized gateway tied to a decentralized UI/db built on the Bitshares blockchain.
Now, what should be glaringly obvious to those who understand the technology behind blockchain projects… wasn’t so obvious to those who didn’t fully understand it. Leading the ‘not-so-DEX’ exchanges to success.
The fact that a ‘gateway’ is used to ‘get coin onto the exchange to trade’, means (in both regards, honestly…) there is a centralized component.
If I can make it very clear to people the difference between a REAL DECENTRALIZED TRADING PLATFORM, and a FAKE ONE in one sentence, it would be this:
IF YOU HAVE TO DEPOSIT COINS AND WITHDRAWAL COINS FROM ANYTHING, YOU ARE NOT DEALING IN SOMETHING TRULY DECENTRALIZED.
Now, this is not to be confused with the idea of sending coin to a wallet within another platform, such as you’ll have to do in the QORT Trade Portal in order to trade. But spotting the difference is key to a full understanding.
If you can send, receive, and make transactions to and from the location freely, OBTAINING A TXID ON THE CHAIN YOU’RE USING IMMEDIATELY without ever having the potential for the transaction to need assistance from a team of support people, you’re likely using a WALLET.
If you have need to contact someone to execute a transaction on your behalf, and the txid is then given to you when the transaction has been completed, you re likely utilizing a MANAGED SERVICE, A.K.A. a centralized service.
The services that have been disguising themselves as DEX’s, are now being taken out… (as I personally predicted quite a while ago, and warned as many people as I could…) because they are LYING TO PEOPLE!
Come to find… PEOPLE DON’T USUALLY LIKE TO BE LIED TO!
Upon being forced to ‘verify their identity’ in order to make trades, withdrawals, and deposits, Crypto-Bridge AND OpenLedger, have lost a bunch of their customers, and are now closing operations.
http://crypto-bridge.org – currently on the main page of crypto-bridge you can see their message about their shut-down.
https://dex.openledger.io/news/openledger-dex-temporary-suspension-of-activity/?moderation=1 – The link to the post from OpenLedger explaining their ‘temporary suspension’ which I suspect will become permanent.
I am certain that any of the other ‘not-so-DEX’s, that haven’t closed already, are either making plans to do so, or will do so in the near future.
Get your coins out of these centralized services, before it is too late, and await the soon-to-be arrival of the Qortal Trade Portal, in which never again will you be forced to verify identity, deposit coins, or lose control over your hard-earned crypto, ever!
I just wanted to get this out there as a bit of a PSA. Thanks!
Qortal current development team