0x Launch Kit – Launch your own cryptocurrency exchange or marketplace • Hacker News Board

Re: 0x Launch Kit – Launch your own cryptocurrency exchange or marketplace

#151

Post by polezo » Thu, May 30, 2019, 1:27 AM UTC

flyGuyOnTheSly wrote: post #150

tomhschmidt wrote: post #11

Earlier quoted context omitted.

You don't have to trust! 0x Exchanges are non-custodial -- you hold onto your funds and atomically execute trades through the 0x smart contracts, which are open source and audited. https://www.youtube.com/watch?v=WSxphhWcLxk

So ultimately the users have to trust the smart contracts then, yes?

Or they can verify them themselves since it's all open source. And for the less technically inclined there's also 3rd party audits and an active bug bounty. Point being, everything is open and transparent, and none of it happens behind the scenes, so that's where the "trustless" comes in.

While yes, that word is overused and misunderstood, and regular users still admittedly do put trust in open source code on a public network, it's a much more open system than we've been able to have before. The trust users depend on in this instance doesn't rely on faith in any single entity to tell you what's changed in their private DB behind the scenes, you can verify it for yourself.

Re: 0x Launch Kit – Launch your own cryptocurrency exchange or marketplace

#152

Post by egypturnash » Thu, May 30, 2019, 1:32 AM UTC

rickycook wrote: post #125

tacosx wrote: post #92

Earlier quoted context omitted.

I too can madlibs any noun in front of "blockchain" and try to start a pyramid scheme off of it, but the question is why?

95% of blockchain projects are a garbage heap, crypto currency is WAY overvalued, but the 5% of projects that are actually useful, and have a real need for a blockchain may just fundamentally change parts of how we live life when micro transactions as a concept came to games, it changed the way people wrote games. when crowd funding became mainstream, it allowed more innovation from people with just a need and an ide…

> when micro transactions as a concept came to games, it changed the way people wrote games

Has there ever actually been a case where microtransactions made for a better game? Everything I've read about what it's like working for studios that rely on them is creepy stories about trying to chase 'whales'.

Re: 0x Launch Kit – Launch your own cryptocurrency exchange or marketplace

#153

Post by solveit » Thu, May 30, 2019, 1:33 AM UTC

hanniabu wrote: post #70

nostrademons wrote: post #56

Earlier quoted context omitted.

IDEX is semi-decentralized: order-matching is handled off-chain, funds must be deposited into a centralized smart contract that handles all settlement, but the smart-contract itself and balances within it are held on the Ethereum blockchain. It prevents some forms of exit-scam or hack (you don't need to trust that the IDEX principals won't send your funds to a bank in the Bahamas), but retains vulnerability to a bug…

There are 4 core components to a decentralized exchange: (1) storage of funds, (2) order books, (3) order matching, (4) settlement. Unless you have all 4 of these it is a hybrid exchange. Calling it anything else is misleading an disingenuous.

Why do you need (1)?

Re: 0x Launch Kit – Launch your own cryptocurrency exchange or marketplace

#154

Post by polezo » Thu, May 30, 2019, 1:45 AM UTC

wolco wrote: post #149

xur17 wrote: post #90

Earlier quoted context omitted.

That's not true. Nostrademons [0] explains it better, but in short, trades occur atomically, so the assets never leave your possession. [0] https://news.ycombinator.com/item?id=20044091

They do leave you and go into the relay. The swap happens on finished contracts. The stealing occurs in the relays not in the contract.

I think you have a misunderstanding of how the protocol works. At no point do your assets "go into the relay." The relay only takes your signed orders (not the actual assets), and the tokens literally do not leave your wallet until the time the trade is executed. No trades can be executed unless they have a signature generated by your private key.

Re: 0x Launch Kit – Launch your own cryptocurrency exchange or marketplace

#155

Post by pizy » Thu, May 30, 2019, 1:52 AM UTC

arcticbull wrote: post #148

verroq wrote: post #146

Earlier quoted context omitted.

Because there is no status quo? (And solutions that aren’t better than status quo should be automatically thrown in the trash?). Now if your question is why are markets useful, then that is obvious is it not? Secondly, I find this viewpoint highly regressive, the asking of why is X useful question. We can go to the moon but why is it useful? These type of questions are ultimately backwards and short sighted. Why do w…

> Because there is no status quo? (And solutions that aren’t better than status quo should be automatically thrown in the trash?). I think in general, people are excited by technology that's innovative and promising. It doesn't have to solve problems better or more efficiently today but it should have some clear path to doing so, yeah. > Now if your question is why are markets useful, then that is obvious is it not?…

If crypto was a fad it would have died long ago. Yet here we are still talking about it with more money and development behind it than ever before. I really encourage you to read this newspaper column from 1995 predicting the end of the internet because just as you have put it, there are already way better options out there. https://thenextweb.com/shareables/2010/02/27/newsweek-1995-b...

Re: 0x Launch Kit – Launch your own cryptocurrency exchange or marketplace

#156

Post by arcticbull » Thu, May 30, 2019, 1:58 AM UTC

pizy wrote: post #155

arcticbull wrote: post #148

Earlier quoted context omitted.

> Because there is no status quo? (And solutions that aren’t better than status quo should be automatically thrown in the trash?). I think in general, people are excited by technology that's innovative and promising. It doesn't have to solve problems better or more efficiently today but it should have some clear path to doing so, yeah. > Now if your question is why are markets useful, then that is obvious is it not?…

If crypto was a fad it would have died long ago. Yet here we are still talking about it with more money and development behind it than ever before. I really encourage you to read this newspaper column from 1995 predicting the end of the internet because just as you have put it, there are already way better options out there. https://thenextweb.com/shareables/2010/02/27/newsweek-1995-b...

> If crypto was a fad it would have died long ago.

That's appeal to authority. Let's focus on what it does and doesn't do, and how well. The internet wasn't built to literally become less efficient the more data was transferred over it, right?

Re: 0x Launch Kit – Launch your own cryptocurrency exchange or marketplace

#157

Post by swinges » Thu, May 30, 2019, 2:01 AM UTC

leoplct wrote: post #17

Why should I launch an exchange when there are already hundreds of existing exchange? As a entrepreneur: Exchange services is very difficult to differentiate. It’s a commodity service. Why should I invest in marketing to promote my new exchange? As a customer: Why should I buy tokens? - Most of existing tokens have not active project behind - Many times the token is useless for the project and it will not increase in…

Re: Why launch an entrepreneur...

There's actually several use cases here that are worth noting. As technology improves, more and more centralized crypto exchanges (where the majority of trading volume currently lies) are creating decentralized counterparts - yielding lower custodial risk among other benefits. Also, newer blockchains that don't have DEX's yet are completely untapped markets for developers. Lastly, there are a variety of different use cases beyond just an exchange that benefit from basic exchange templates: prediction markets, decentralized lending, etc.

Disclaimer: I work for Hydro (https://hydroprotocol.io/), a competing product.

Re: 0x Launch Kit – Launch your own cryptocurrency exchange or marketplace

#158

Post by pizy » Thu, May 30, 2019, 2:14 AM UTC

arcticbull wrote: post #156

pizy wrote: post #155

Earlier quoted context omitted.

If crypto was a fad it would have died long ago. Yet here we are still talking about it with more money and development behind it than ever before. I really encourage you to read this newspaper column from 1995 predicting the end of the internet because just as you have put it, there are already way better options out there. https://thenextweb.com/shareables/2010/02/27/newsweek-1995-b...

> If crypto was a fad it would have died long ago. That's appeal to authority. Let's focus on what it does and doesn't do, and how well. The internet wasn't built to literally become less efficient the more data was transferred over it, right?

Why are we judging it on it's capabilities of today? Scaling is a problem actively being worked on. Again, your comment draws a parallel to the aforementioned article. There are certainly problems, but some of us see the potential for a true digital cash and people will continue to work on it one way or another until it's achieved.

Re: 0x Launch Kit – Launch your own cryptocurrency exchange or marketplace

#159

Post by chrisco255 » Thu, May 30, 2019, 2:49 AM UTC

arcticbull wrote: post #147

lojack wrote: post #145

Earlier quoted context omitted.

How about real time cross border remittance and settlement? Current fiat approaches require large illiquid reserves, are slow, and not very scalable. It’s also useful for transmitting money long distances when banks won’t do business and you want to avoid a paper trail (drugs). Fiat is perfectly fine for in person transactions, but not when distance is involved. You may or may not morally agree with it, but this is a…

> How about real time cross border remittance and settlement? Current fiat approaches require large illiquid reserves, are slow, and not very scalable. It's bad for that, we've been through this. To send money you have to pay ~1% to an exchange in your home country, wait a few days for it to clear exposing yourself to huge forex risk, pay a $1 transaction fee give or take, then pay ~1% to an exchange in your destinat…

Visa is NOT instant. VISA transactions take up to 48 hours to clear. And in some cases the credit card processor can and will hold funds for even longer than that.

Re: 0x Launch Kit – Launch your own cryptocurrency exchange or marketplace

#160

Post by chrisco255 » Thu, May 30, 2019, 2:52 AM UTC

arcticbull wrote: post #156

pizy wrote: post #155

Earlier quoted context omitted.

If crypto was a fad it would have died long ago. Yet here we are still talking about it with more money and development behind it than ever before. I really encourage you to read this newspaper column from 1995 predicting the end of the internet because just as you have put it, there are already way better options out there. https://thenextweb.com/shareables/2010/02/27/newsweek-1995-b...

> If crypto was a fad it would have died long ago. That's appeal to authority. Let's focus on what it does and doesn't do, and how well. The internet wasn't built to literally become less efficient the more data was transferred over it, right?

It was built on the crudest app tech stack vis a vis HTML, CSS and (not even sure JS was a thing yet in 1995) JS. Not many could predict the cloud becoming a multi trillion dollar industry in 1995.