Bitshares is indeed a decentralized exchange. And it IS very close to what you are looking for. However, the volume is much lower than traditional exchanges, and in times of great depression, there is some fear that converting OUT of BitUSD could theoretically become difficult if not impossible. However, we are not in one of those times. I would just sort of caution you not to keep all of your assets there. Diversify, always : ).
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Diversification is good. It is easy to move Dash, LTC and BTC on and off BitShares using OpenLedger. That means that you have to keep crypto in those currencies, as you may loose a lot trading to to them in order to get them off.
However, you can also use services like ShapeShift.io to convert BitShares to many other crypto-currencies.
The liquidity and volume problem is one that will hopefully be solved by posts like this (thank you @heiditravels) that promote decentralized exchanges and get more people to use them.