SCREW BITFINEX!!!
Now that the news has been broken for more than a day, I'm sure you're wondering how the crypto community will cope with yet another hack. Almost instantly, Bitcoin dropped below $500 USD, briefly hovering in the $490 range! Thankfully, it has risen back up to around $570 USD.
Mt. Gox, Poloniex, BitStamp, and now BitFinex! There are probably more examples... [Cryptsy?!] These things will keep on happening so long as people keep depositing their coins and money!
It isn't your fault that the exchange got hacked, so why do you need to suffer a drop in price due to something avoidable?
The answer is, you don't. Well, you WON'T in the near future.
Crypto users need to migrate to decentralized exchanges. These exchanges help keep your assets secure, as your balance on the exchange is backed up via the blockchain!
The only reason these centralized exchanges still exist, is because traders don't really know about dEx's. But thanks to STEEMIT, we can help inform crypto users of all the options available to them!!
BitShares is an exchange you can use for this. NXT also has a digital asset exchange as well.
Personally, I can't wait til WAVES DECENTRALIZED EXCHANGE comes out because it will have a simple and easy to use interface that non-techy users can enjoy. There are even plans to allow MARGIN TRADING! So the only real reason big exchanges had for keeping you around won't matter anymore now that you can trade SAFELY thanks to Decentralized Exchanges!
So remember, once you figure out which decentralized exchange is right for you, make the move. Vote with your money! Hackers don't care that you're a nice person, they just want to take your money. Do everything you can to keep it safe! Use a decentralized exchange!
Find out more about Waves Platform here https://wavesplatform.com/ and more about BitShares here https://bitshares.org/
Waves may be a good way to trade on a decentralised exchange in the furure but ...
Why woudl you want to wait until they are done with a beautiful interface and no volume when you can already trade in the decentralised exchange of BitShares ???
You have BitCNY, BitUSD, Gold, silver, ... Altcoins. The platform is very fast and responsiv and works smoothly since october 2015. The volume increase every month a little more !
BitShares IS the best choice you can do nowadays to trade on a decentralised exchange !
Look a these numbers (I just snapshot them) :
Lol nice name @glitterfart
I have no preference really - I just think Waves will make a big splash due to it's coming fiat gateways and plug-in based API. Bit shares is super cool though and that's why I made sure to shout it out in this post.
I think we need more projects to do similar things. Like, to help protect depositors, maybe make sure they keep control of their coins while on exchange. For that reason, I'm a fan of waves.
Technically, you can have as many fiat gateways in BitShares Decentralized Exchange as you want. Another problem is to find a company that is able to coordinate engineers, accountants and lawyers to start a real-world business in a particular country.
When you trade in the DEX (BitShares Decentralised Exchange) you are in control of your funds.
I mean that you own the wallet where the different token traded are stored at any time. Nobody could hack the DEX and steal your funds, the only way is to hack your personal computer and get the private key AND your password.
what about OpenLedgers?
I know it's based on Bitshares and has claimed to be (one of) the first decentralized exchanges... do you know the particular differences between OpenLedger and the Bitshares exchange itself - any advantages one has over the other?
Open Ledger used the BitShares Decentralised Exchange to build its own. As the company didin't make any change at the basic graphical interface at the moment, both (desktop wallet and openledger browser wallet) look the same. Just like others did : https://secure.freedomledger.com/#/
BitShares allows you to use its own plateform to create yours relatively quickly. Then you can tweak whatever you like, add your own assets and benefit for the market trading them. It's probable that you'll see more and more trading platform using BitShares.
Besides the benefits of having all the front end and back end already coded and free, all plateform shares their assets and orders book. So when you launch your new trading platform, you already have volume, you just need to add your assets and promote them.
Open Ledger did create a lot of tradable UIA on the BitShares plaform that allow users to trade ETH, LISK, WAVE, HEAT, DGD, STEEM, DOGE, ... You can see these assset by the name open.ETH, open. DOGE, ...
You can download the desktop version or use Open Ledger, at the moment their is not a lot of difference but they will come.
The claim is real BitShares is a fully decentralised exchange and so OpenLedger. The assets created on the plateform, are more secure than assets you can have on centralised platform but still depend on their creators.
That said, Bitshares have plenty of assets that are independent and then completely secure and decentralised. See BitUSD, BitCNY, BitGOLD, BitSILVER, BitOIL, Bit...
cool. thanks for the clarification. :-)
Well sounds good unless you had money with bitfinex. Yes maybe, this will be a wake-up call for most people..
Tha's a really great post!
What's the minimum amount of order transaction one needs to do? And is there a minimum amount limit to withdraw fiat currency?