Twitter Poll: 90% of responding /r/Bitcoin and /r/Cryptocurrency users would be willing to use a decentralized exchange
Why would this be downvoted to zero in r/bitcoin? Decentalized exchanges are greatly needed right now. Why would they refuse to acknowledge this? Is it simply because they know we’re offering NuBits as competition for them?
A decentralized localbitcoins.com is also mentioned here. Do we know anything about that?
By the way, B&C in combination with Nu would be solving 2 issues:
- the security aspect: you cannot have your cryptos vanish suddenly just because the exchange has been hacked
But then you have the problem of how to buy cryptos with FIAT in the first place when you use such a decentralized exchange
There are 2 aspects to FIAT:
- the stability: FIAT is very convenient because it s relatively stable against a basket of goods.
B&C would be using NuBits, which is the most successful crypto-currency out there. Checked.
- the liquidity:the vast majority of economic exchanges is still priced in FIAT. So most of the money getting into cryptos is FIAT money in the first place. Take a look at the Chinese buying some bitcoins recently with Yuans. This is something that NuBits can deal with if we see FIAT exchanges adopting NuBits with a huge volume 1) or if we see exchanges adopting NBT/BTC with a huge volume 2) .
Do you think that we would never see 1) and only 2)?
In other words, do you think that NuBits liquidity would depend on NBT/BTC ?
Just reviving this thread. I doubt anything has changed. There is only one decentralised exchange (Bitsquare) with some decent followers and development. So I believe there is still space for B&C in the market.
@cookrn B&C Exchange remains a passion for me. I am confident the core design is viable and can, after an experimental period, provide much better security than the centralized exchanges that define crypto asset trading today.
Active work on the project has been put on hold. The reason is a lack of funding. Both funding and rate of progress were greatly harmed by the unauthorized stress test of Nu that was started in late May by some custodians. The B&C development fund consists mostly of NSR. It has been mostly valued at under $50,000 in recent months. That isn’t enough to make a good attempt at completing B&C Exchange. BlockShare liquidity is too low at this point to fund it with BlockShare sales.
There are two options for resuming development: one is to restore BlockShare liquidity so that BlockShares can be sold to fund development. We are in the process of having BlockShares listed on Cryptopia to this end, although I don’t think this is the most promising of our two options. However, clearly both options should be pursued simultaneously.
The second option is to have NSR rise in value several fold, thereby increasing the value of the development fund to a point where there is good reason to believe completion would be practical. With NuShares up nearly 200% from their low, we are well on our way to this outcome. Further analysis is needed, but I suspect it makes sense to begin development in earnest again once NSR reaches something in the neighborhood of 60 satoshis at current BTC pricing.