The mechanics of this are important.
When people sent mtgox Bitcoin, they no longer owned them at the blockchain level - instead they had a promissory note.
This is much like banking and why they can get away with fractional reserves.
A distributed exchange is one where there is no middle man. With no middle man, there is no need for promissory notes.
Unfortunately for Bitcoin, you can’t trade quickly without a middle man. Transactions take far too long - 1h to be sure.
Safecoin will be different. There is no blockchain or X confirmations to worry about. The operation is near instant and atomic. Therefore, you could have a distributed, real time, trading platform without needing third party trust at all. Even the transaction fees would be insignificant by design.
Instant settlement of digital assets from anywhere in the world is a big deal. It makes credit clearing redundant in many applications. As our entire monetary system relies on credit due to speed and transaction costs, this could be a game changer.
Bitcoin let settlement happen within a relatively short period, anywhere in the world and was rightly an impressive feat. Safecoin will take this to a whole new level!