OpenLedger Dex exchange - should we be using it more?


#1

It makes sense if the maidsafe community is creating a product that is decentralized, private, and secure then they should be trading maidsafecoin on an exchange that is private, decentralized, and secure.

The one that seems to me to fit this criteria is OpenLedger. But I don’t have an account and I’ve never used it. The web link is here: https://dex.openledger.io/

I have 2 questions:

  1. Is there some drawback to OpenLedger, other than the obvious lack of liquidity/participation, that I don’t know about? If there is, what would be the best exchange for everyone to be on?
  2. If OpenLedger is really the best exchange, how do we get more people onto it and increase the liquidity/participation rate so more people can enjoy the privacy and security benefits?

#2

I worry it has the same problem as Bitsquare in that everyone needs to stay logged in at the same time, and hope sellers are actually online at the exact same time, for trades to execute

Seems to be the biggest issue with decentralized exchanges right now (except the ETH based ones)

Can’t wait for atomic swap exchanges


#3

Well here is a review:

Maybe someone who is actively trading could test out OpenLedger and let us know how it is.


#4

I see trades there sometimes for BTC /MAID / omni etc

I’d say we can rule out scam, but there has to be a reason barely anyone uses it.

Centralized exchanges have all the customers anyway these days, due to volume and ability to list all coins


#5

I’ve looked at open ledger a couple of times, tried it once (it failed) (EDIT: it was bisq, not openledger!)), and I don’t really want to bother unless necessary. Like other have said, needing to be online for trades isn’t ideal, though low-volumes is the biggest problem.

Trying out IDEX and DDEX make OpenLedger seem outdated, especially when you can trade ERC20 toke s directly from a Ledger Nano S, which is brilliant.

I’m hoping for an ERC20 option for MAID & listing on DDEX / IDEX / Etherdelta / Forkdelta so there are some proper decentralised exchange options. Let’s see how it goes with Safe FS coin & PDC to see if it’s worthwhile :slight_smile:


#6

that’s what we’re here for :slight_smile: :+1:


#7

Where have others said this,

And can anyone plz really confirm if this is how it works?

I’d personally like to know. Never used it.

& if it really is, then there’s the reason right there


#8

Edit: sorry, I’ve confused Openledger and Bisq! Ignore my criticisms that probably don’t apply to Openledger.

Here’s an interesting review of Bisq I found that shows some of the shortcomings: https://www.dashforcenews.com/bisq-review/

It’s certainly not like this with DDEX / IDEX / Etherdelta, though there may be other issues I’m not aware of as I’ve only looked at them briefly.


#9

I think that all DEX are waiting for more people who do not want share personal details with exchange and national revenue.

So now it is hard to use them with out enough big liquidity.


#10

OK I understand that there isn’t enough liquidity because nobody trades there. But if these exchanges are better platforms, we’re all going to be moving there anyway when the limitations of centralized exchanges become apparent. Centralized exchanges are going to be replaced by decentralized exchanges the way centralized money will be replaced by decentralized money. So why don’t we be the smart ones and move over there now. When people show up and start trading, then the liquidity will be provided.

Centralized exchanges are not a long term answer.


#11

I agree that decentralised exchanges are a better option to promote than centralised exchanges, however not all are equal. They’re not all better platforms than centralised options, but some are.

Openledger DEX has a volume of $409k in the past 24 hours.

Waves DEX has $2.3m volume (trades WAVES based tokens).

IDEX has $12.9m volume (trades Ethereum ERC20 based tokens).

People already are showing up to some decentralised exchanges… just not ones that support Omni assets :frowning:


#12

Bisq about $50k weekly.


#13

That’s totally right. So the solution to that problem would be to have people who hold Maid move to the exchange and provide liquidity. If we stay on the centralized exchanges, these exchanges could be bought up by big-money special interests. They might use the Maid on these exchanges to manipulate the price of the coin. Who knows what might happen? Use your cynical imagination.
We will end up moving off these exchanges anyway, so why not do it now?

I while ago I suggested that Maidsafe create a decentralized exchange to trade Maid on. Well, that was dumb because the exchange already exists so all the community has to do is move their assets there.

BTW if anyone thinks there is a better exchange than OpenLedger, I’m all ears. I haven’t even used the exchange yet so I’m not even sure it’s the right one. But if it IS the right one, there is no reason to waste time.