Maybe you can post this question in SafeX topic and get a good quality answer from the dev.
But if you want to engage in technical discussions, maybe you can tell me what would 1 SAFE issued on BTS represent?
You argued for “decentralized” exchange and against the confiscation risk, so while you’re at it you can also tell us how BTS-floated SAFE fixes those problems?
Bitshares 2.0 has a technology they call “gateways”. There is the ability to trade any coin within Bitshares and then just like with a centralized exchange you withdraw your tokens through a gateway.
Centralized exchanges use GoxBTC, while Bitshares 2.0 uses BitBTC or TradeBTC, and when TradeBTC is redeemed the real BTC is sent to your account. The risk is in the gateways but it’s not in the exchange, so the only time you take a risk is when you go to withdraw.
As long as centralized gateways are willing to accept the vouchers, the TradeBTC, etc, then you can redeem for real BTC. Safecoin would work similar where you’d have a Safecoin gateway, and when a person sends TradeSAFE to that gateway they get Safecoin.
People on the Bitshares 2.0 exchange would be trading TradeSAFE which is basically the same as now with the MAID being traded. It’s never going to be possible to directly trade Safecoin because that can never scale, so it’s always going to be some sort of voucher or token representing Safecoin being traded on centralized or decentralized exchanges.
About the gateways, if you’re dealing with a gateway you’re taking the same risk you would with a centralized exchange, however you could have a highly regulated trusted entity create something like CoinbaseBTC to be traded within Bitshares, while an actual bank could create Citicoin or CitiUSD to be traded, and within Bitshares you can trade real USD for real BTC in a decentralized manner.
So the decentralized exchange works, people are using it today, and it has never been hacked. So the benefit to the trader is you don’t have to ever again worry about the risk of holding your Bitcoins on an exchange where it can get hacked. And it’s very unlikely Coinbase or Citbank will be hacked but if they are they might be regulated and insured, and the hackers wouldn’t be able to do as much damage to you because you’d only be at risk when you withdraw into real USD or real BTC.