You are viewing a single comment's thread from:
RE: Tech Aide: 👌 FIRST Exchange Transaction on Binance DEX! 👍
Hi @roleerob
Thank you for sharing link to this post and your own experience with Binance DEX.
I moved all my savings into STEEM blockchain so I may not ever have a chance to use binance dex, however I strongly believe many others may find this publication very useful.
I'm only wondering, if building decentralized exchanges will have any serious impact on our (investors) trust. Or will it hardly matters (it all comes down to level of education and awareness, which isn't very high yet).
Yours
Piotr
To me, from what I understand from my research @crypto.piotr ...
... this is the whole point of decentralized exchanges. I have seen many times the word "trustless' applied to blockchain technology, as there is no need to have to trust some institution or others. Safeguarding the value of your asset is built in to it. What is your understanding of this?
The power of the State has been a factor in the lives of man almost since the beginning of time. In our time, the KYC and AML laws (are you familiar with them?) are a big issue. I think there is an effort underway to make them "universal," as the various State entities (Poland, USA, others ...) wrestle with how they are going to "control" this new asset class. Why do you supposed they want to do that?
Decentralized exchanges, as stated in my post here, require nothing more than a cryptographic address to access. In the case of Binance DEX, this address is provided by my Ledger, so that is as strong a safeguard as is currently available to any of us.
Hmmm. Okay sir, I hope you do not suffer great loss from this decision (STEEM is dropping again this morning ...). I prefer to have my investment into this asset class spread across a number of cryptos, as I explain in a post I am in the midst of finishing - a "celebration" of having a two-year anniversary of my choosing to invest into it ...