Altcoins Talks - Cryptocurrency Forum
Crypto Discussion Forum => Cryptocurrency discussions => Topic started by: waitingforday on November 15, 2018, 01:02:10 PM
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The operator of IDEX on Nov. 1:"stating that increased regulatory enforcement and recent statements from a CFTC commissioner had led the company to believe that it could not continue to operate without a robust KYC/AML framework but would attempt to introduce the new measures with “as little friction as possible for users.”Not every project can be successfully launched in the shadows by Satoshi Nakamoto. So, we’ll call a spade a spade and address the semantics that seem to be driving this confusion. IDEX is not a ‘DEX’ in its current state. At this point the best way to describe IDEX is as a ‘non-custodial’ or ‘hybrid-decentralized’ exchange.
The operations of a truly censorship resistant DEX would be unstoppable even in the face of pressure from nation states. None of the existing DEXs are censorship resistant — with DNS records that can be hijacked, and GitHub repositories to take down (certain elements of the stack are resistant, such as 0x & EtherDelta smart contracts, but there are non-resistant components that bring liquidity together). This means that at the end of the day, smart contract or not, every project may be subject to pressure from regulators.”
So this means that soon most of the DEX'es stop being decentralized in the fully meaning of that word?
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When I first saw the news about IDEX and how they will start asking for KYC/AML, I was like WTF why they do not just change it all together and become just another centralized exchange! The moment the model of DEX exchanges that asking for listing fees appeared I said it that is not how DEX exchanges work. The true model of a DEX exchange was Etherdelta where you can just trade your tokens even if it is not listed by them.
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Decentralized exchanges are very safe and easy to use, if they ask for KYC for a number of things regarding withdrawal restrictions when we withdraw coins, it is very different from the purpose of DEX exchanges, I prefer Bancor and some DEX exchanges like etherdelta
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Regulatory bodies flexing their muscles on these supposed Decentralized Exchanges is such a pain. IDEX has been a favorite to a lot of gem finders. I'm sure their new policy will force a lot of their users to leave the platform.
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This people are finding a way to condemn decentralized exchange, what is the purpose of doing kyc in decentralized exchange? They just want to extinct decentralized exchange for their own benefits
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decentralization is the future of crypto especially for decentralization of exchange, but if KYC / AML continues to urge and this is a commodity to stem DEX, the best way is to be found such as a hybrid between centralization and decentralization, and this is still under discussion to make all parties comfortable
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I believe this will have to do with the bear market, during the time we were experiencing the bull run, the decentralized exchanges were doing well, but this bear market has made them to look as if they are dead.
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IDEX has screwed up for a long time ago. Moreover, if the passed before the so-called "Regulation", it doesn't mean that other decentralized exchanges would do the same.
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IDEX has screwed up for a long time ago. Moreover, if the passed before the so-called "Regulation", it doesn't mean that other decentralized exchanges would do the same.
Screwed up, nya? I've heard the opposite information...is there is smth wrong with this one?
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This is really sad news. Obviously we don't see all inside kitchen. How many decentralized exchanges are not really decentralized.
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I think if IDEX makes changes, there will be new exchanges coming, which is better, currently, there are so many decentralized exchange projects, there will be competition in every DEX exchange.
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I think if IDEX makes changes, there will be new exchanges coming, which is better, currently, there are so many decentralized exchange projects, there will be competition in every DEX exchange.
new exchanges coming in meaning that they all gonna include KYC?
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I believe this will have to do with the bear market, during the time we were experiencing the bull run, the decentralized exchanges were doing well, but this bear market has made them to look as if they are dead.
I don't think there is a correlation between the bear market and the KYC policy on decentralized exchanges like IDEX.
Many traders prefer to stay anonymous that's why they go to DEX's but if government will also require on them, that could kill these decentralized too.
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There are several factors involved. Exchanges are trying to comply with the law, so they are obliged to carry out the procedure to know your customer and the fight against money laundering. But I do not believe that the transfer of this data is protected,so you need to create a full hybrid platform for the protection of personal data using blockchain technology.
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Now there are many offshore zones in the world, why not register the decentralized exchanges there and be inaccessible to various regulatory agencies?
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Once a decentralized exchange starts asking for kyc, it can no longer be seen as such. Index will definitely lose some customers because of this new line they are toeing.
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yeah i think we need a some revolution on exchange.
a decentralized exchange is too many out there a hundred exchange with the same concept and ide is not too good.
i think we need a new system like peer to peer exchange, hybrid exchange, forex exchange and other who can make exchange better.
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yeah i think we need a some revolution on exchange.
a decentralized exchange is too many out there a hundred exchange with the same concept and ide is not too good.
i think we need a new system like peer to peer exchange, hybrid exchange, forex exchange and other who can make exchange better.
I think, closest by your description is this DEX (https://ethermium.com), kind of hybrid exchange, coz of market and stop orders, wallet to wallet trading, affiliate program and low fees. Aslo, they will never ask for your ID.
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It seems to me that soon all the exchanges will switch to this procedure because in many countries this procedure gives permission to trade without it, you will not be able to trade
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This is a very bad news for decentralized exchanges. If they will really introduce KYC it's like dying because one of main purpose and advantages of dex exchanges was anonymity.
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Once the implementation of regulations to centralized the decentralized exchange strictly implemented there will have a change again to fix whatsoever necessary to fix in order to have much wider and better crypto business place.
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If, in the future all countries implement KYC / AML in all exchanges, meaning that in the future there will be no DEX or decentralized exchanges. I don't know yet, whether later it will be good or not
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if IDEX could make a change, there will be new exchanges coming, which is better, currently, there are so many decentralized exchange projects, there will be competition in every DEX exchange.