OpenLedger is a true exchange (and in fact deposits/withdrawals were operational there while Bittrex was still down). OpenLedger doesn't need pricing from Bittrex to operate, it can create as much OPEN.STEEM as it likes, whenever someone deposits a similar amount of STEEM. OPEN.STEEM is an IOU, just like the thing they call STEEM on a centralized exchange (which isn't really STEEM at all, but just an internal accounting ledger backed by stored STEEM). BlockTrades does need exchanges to operate (unless we wanted to set the prices ourselves), because it pulls pricing from them and acts as a direct buyer and seller, not as a "matching service" like an exchange.
You are viewing a single comment's thread from: