Hello Steemit World!
This is my first post so a quick little background - relative newbie in the crypto world. One of my best friends made a huge hit with ETH, so of course this peeked my interest this May. I have been trading various coins on various different platforms for a bit and reading, watching tons of info on the subject. During this time I became acquainted with Bitshares. My research pointed to all the factors of positive information in regards to its decentralized exchange, speed of transactions, pegged assets etc. So I started doing some trading on the DEX recently (few weeks). The user interface needs (and is going to be soon) updating to a more user friendly version , however the real problem is volume,( which is picking up steadily , thanks to China, and Bittrexx)
As far as Bitshares, those that follow it are amazed at how fast it is to transfer. I spend 3 hours waiting on my Bitcoin to transfer to Coinbase sometimes and up to an hour on ETH. LTC etc but BTS - its seconds. I was familiar with higher speeds by NEM , but the ability to exchange on a decentralized network for far fewer fees is what lead me to go all in on BTS.
Well it did not take long for me to see that someone, thing or organization had a massive short on it and it did not matter how many coins us bulls were throwing at it , the Whale was gobbling it right up at critical moments when it was starting to take off. This was artificially causing the price to keep falling. So my next move was to open up a massive short and follow the whale down from 3458 to my recent close between 1328-1346.( I did ok, because I also closed it out on both major crashes and bought back at 1438-1463 and saw it go straight back to 2500 in 15 min where I then switched back to shorting it) Do I think it could go lower, of course, it would not surprise me if the centralized exchanges are the ones who are shorting it and profiting from its de listing. Of course that is speculation , but think about it (look up how many coins Bittrexx and Poloniex controls by holdings and fees, with this leverage they can make the price do what they want)
I am I bullish on BTS, YES!- I am waiting a bit to see if it can hold in the 1300's before I go all in (if not im buying a bit in the 1200's and all in the 1000's ).But the key is to start trading on their platform. So far I am mixed, I have been making some extremely cheap purchases on various coins and the volume is picking up each day and I know a better interface is coming. My negative so far is a have had a problem moving the ETH I bought from Openledger to Poloniex. I opened a ticket and 16 hours later I got this.
Open Ledger, said 8 hours ago
Hi Chad Coleman,
Your request was forwarded to our technical department, you will get an answer after they check and solve it.
Which according to my friends the response time is better than they have gotten from Poloniex, Bittrexx Gdax, but I have never had any problems moving my ETH in and out of there platforms. This got me thinking, it seems the major weakness of almost all crypto exchanges is horrible customer service. It would seem to me that Bitshares should use some of the millions they have saved for development to implement a 24 hour muti lanquage Chat with response times in the seconds to minutes not the days that all the others take. It would go along way in promoting the platform and give it yet another MAJOR edge against the competition. I will follow up on how the OpenLedger Dex handles the ETH transfer issue to keep my fellow Steemer's aware of any problems and how long it takes to get corrected.
The main thing is when we start using the Bitshares platform- WE CONTROL THE PRICE- not some Whale (exchange) with a massive short down from 18000 SATS. I am hoping that the issue of transferring ETH gets corrected in a timely manner, but that is with OpenLedger not Bitshares- the technology in BTS is far superior to all other crypto's and that is what ultimately gives it is value.
Thanks For Taking The Time To Read My First Post
Chad
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STOPNice Read!
I am exploring the DEX myself the last days. So far, i`m kinda impressed with the speed at least. I deposit some BTS from Poloniex and just mby 20sek later, they arrived and i could work with them immediately. Wow.
But i didn
t get the logic, especially with open.ledger, completly yet. The main argument for this markets is, they are decetralized. And as we see with you ETH problem, it is kinda centralized once again. Shouldnt the process be 100% safe cause it is running on a smart contract? And why this cooperation with open.ledger? why not create this token on the Bitshares infastructure? Why open.eth and not bitETH?But i`m totally willing to dig deeper in this topic. The idea about a totally trustless free exchange is just awesome!