You are viewing a single comment's thread from:
RE: Steem-Engine Breakthrough: BTC/LTC/BCH/DOGE trading now live!
yep, the top part is true like just about every exchange in the world.
I don't believe the last line to be true because of the way the smart contract platform works and is distributed. Others can create their own exchange like services here as well. The software is opensource.
So, if you don't trust this team you can work with another or run your own. We'll work on an entirely smart contract way of doing this down the road, but this is what can be offered here now. Though even with smart contracts they can be rewritten. I'm not sure there's a perfect solution. Especially one that's less than a month old.
Like the concept @aggroed, going to check it out.
The last part is certainly true, see Crypto-Bridge's announcement of KYC requirements for USA and Canadian citizens that they put out a month or so ago: https://crypto-bridge.org/2019/02/26/urgent-announcement-terms-of-service-identity-verification-requirements/
They told users on twitter they had to or the entire exchange would be shut down and funds likely would be seized by US officials
The best solution is one that would also require the exchange creators to make 0 profits. You create a wallet that has multiple wallets integrated into the same wallet, and allow for transaction fees to be the exchange fees, and thats all it would take to make a true dex, one that users hold their private keys - but, it would give no profits to the creators and thus has been no incentive to create it.
Also, DEX maintainers are still responsible and liable, as can be seen from ETH's DEX owner who was arrested recently