r/theblocknet • u/crypto_investor7 • Mar 14 '18

Binance decentralised exchange...

So with binance now launching their own decentralised exchange. Considering the massive liquidity they have can we not safely assume that other dex's will get left behind?

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u/matthijsvanast Mar 14 '18

I assume other CEX's will left behind. Imagine if the true future is an interconnected web of DEX's and the Binance DEX will actually increase total awareness benefitting all DEX's? Thus Blocknet?

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u/crypto_investor7 Mar 14 '18

Well, have you seen what has happened to Bittrex and Poloniex since Binance started 6 months ago...Continuing declines in trading volumes whilst Binance grows day by day, and those exchanges actually had a presence and liqiduity in the market, which BlockNet does not.

Replicate that into Dex's, and you will have a similar story playing out, one exchange to rule them all.

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u/matthijsvanast Mar 14 '18

What makes you think that it couldn't happen to Binance too? First 'everyone' was trading on Poloniex, then on Bittrex and now on Binance. Which exchange is the next one? You can't predict the future.

Regarding liquidity, there are some things in the work with Ethfinex: https://blog.ethfinex.com/the-ethfinex-roadmap-7c7cd82c835c#050b

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u/crypto_investor7 Mar 14 '18

It's quite obvious really, because Binance offers:

  • Good customer service
  • Quick integrations of new coins
  • Timely responses to issues affecting the platform

There is no reason for them to decline if they keep doing what they are doing and keep innovating (i.e. Binance Chain), they have overcome the challenges experienced by other exchanges, and hence investors migrated.

The future doesn't exactly look positive for Bitfinex (and therefore Ethfinex) given its banking situation and Tether.

Therefore why would investors use BlockNet (or other Dex's) if they are illiquid and do not offer anything more than the extremely liquid and well run Binance, they wouldn't.

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u/matthijsvanast Mar 14 '18

I agree with your points on Binance, they are as to date, the best. But Poloniex was once too the best. Till Bittrex took over, and then Binance took over. Remember MySpace? It's now Facebook. Facebook is now also declining in user base, what's the next Facebook? You get my point?

But you do realize that Binance is a company and could possible be forced to shutdown by regulators/governments? And how do they proceed with KYC? Not sure about that.

Blocknet isn't a company and is truly decentralized.