So what exactly is the problem with P2P cex? Is it just the high withdrawal fee or a more fundamental issue of processing transactions or security of funds?
It is confusing, given that tether was/is an omni token, so copy pasting tether code would get you 99% of the way there. So many exchanges that did tether when it was 100% omni, there must be expertise out there to hire or consult.
There are two fundamental issues related to processing. P2P is over-indexing on security in a way that (IMO) makes the way they operate high-cost to them. For one of the issues, we have made suggestions that would decrease the underlying cost with regards to how they operate; however, the tradeoff would be that it may take longer for deposits and withdrawals to go through. For the other issue, it would require OMNI to eliminate the BTC dust that is attached to every OMNI transaction. This is not something MaidSafe can influence.
P2P isnât the only exchange thatâs struggling with Omni right now. No exchange that I have encountered (CEX or DEX) is willing to tango with Omni right now. Somehow Bittrex has some way of keeping their costs down (I have hypotheses on how this may be, but no one with technical expertise has provided any thoughts on how it is that Bittrex manages this). Tetherâs departure from the protocol and large exchanges saying they will no longer support seem to be the final nails in Omniâs coffin.
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Based on other things they have done/do over the years it appears that Bittrex is not solely operated for profit and/or their partner(s) subsidise the cost in exchange for data.
Let me be more clear.
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Can a user trade on p2p at present and successfully transfer in/out?
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Are all of you only complaining about the withdrawal fee? Or is there another problem?
No you canât transfer funds in or out at the moment. As for the second question, withdrawal fee is the main topic but for me itâs about the underlying issue. When they set a withdrawal fee that this community feels is to high, combined with the fact that theyâre losing $50 on every withdrawal because of poor integration is a recipe for disaster going into the future.
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Yikes. That is unfortunate.
That fee is not too high if the exchange actually works. Given the circumstances, Iâb be happy to pay a $50 fee for a stable and scam free platform.
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There is no way to know if they are honest. Just because theyâre talking to us right now doesnât mean anything. All intermediaries are honest until they cease to be. There is only one solution to this problem - removing the intermediary.
Privacy. Security. Freedom
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If that is the case and weâre still always off from launch Iâm guessing weâll be forced to take the erc20 leap.
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What about creating SAFE Network Token right now as a stand alone entity that is already ERC20 compliant? Then when SAFE Network is finished, it will use the token that was already created. Is this too hard?
There is no Safe Network Token until there is a Safe Network. Itâd just be creating another proxy token like MAID, on some blockchain, with all that that entails.
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The situation stinks.
Last night I has some spare dollars to put into crypto.
I think it is pretty damn obvious by how much time I spend around these parts that this is my favorite project yet it is the only coin I wanted to put more money into but did not. Why? Because the exchange and Omni situation is diabolical.
It sucks, the more people own MAID the more people will contribute to the project, it is without doubt a driving force to participation.
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I feel the same way and it sometimes make me insecure if I should dump part of my MAID. Yesterday however was quite the eyeopener for me, several friends messaging me âShould I sell my doge, everything is going downâ, âMy Stellar just dumped 50%, what do I do?â and I kept thinking to myself: How should I know? Youâre the one purchasing stuff you donât know anything about, and neither do I.
With Maidsafe going down too, I wasnât worried for a second. I know what I invest in, I know what I believe in and I know that going into the future, things will look bright. Thats a comforting thought to have in difficult times I can assure you.
But I do agree, we shouldnât be expecting to much on the very short term, even though the technical analyses is still looking good unless we drop below 800 satoshi again. There are 2 main issues and I think Omni is one, and Maidsafe legal issues being two. The real issue is the two combined really.
Omni simply isnât a protocol that exchanges like integrating, so there should be mass demand or deep pockets, we have neither. Additionally, we canât gain serious traction because Maidsafe canât really promote the coin because otherwise it might become a security. Like it or not, but David has been saying it for years now, we need a working product and everything will change in the blink of an eye. With a working product, as far as I know we can really start promoting stuff without being called a security, and with SNT live it will be much more accesible for the public.
Diamond hands here.
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Just to be clear: SNT will be accessible via farming. Most likely not via CEXs since it is a privacy token to rival all other privacy tokens and even worse than Omni, those are no longer welcome anywhere centralised. We may very well be stuck on the same or even smaller CEX desert where we currently reside. Some think that will be enough. I guess we are going to find outâŚ
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I have a crazy idea: maybe someone can develop an exchange just for MAID? Maybe itâs not as complicated as it seems? It would be out of hackers radar due to niche purpose. If the source is open and itâs hosted by MaidSafe, it could be trusted and we no longer have to search for a place to trade our MAIDs. In one of my projects we have lots of development already done on such simple exchange.
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I doubt maidsafe want to get into the exchange business. They have stated many times that the token needs to be separate from the company.
Of course, other companies could open an exchange. Many have and continue to do so. Trusting them is another matter.
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The Chia app has the wallet built in with exchange capabilities. Not a bad feature to emulate.
Thatâs great, but someone outside of Maidsafe needs to develop and host it. They arenât in the money or security exchange business and do not want to be.
The safe CLI can already move tokens about easily. It should be trivial for someone to integrate, should they desire.
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Burst has BTDEX (Wallet+decentralized exchange running on the Burst blockchain)
Therein lies the rub, as we are finding out in other matters as well.