DASH/BTC on Openledger decentralized exchange

[Proteus]

I put this in IRC but think I have it mostly figured out.

So the decentralized exchange openledger is out on the bitshares platform. I'm using the software/wallet but it's also accessible via browser @ https://bitshares.openledger.info/

I deposited some dash and btc from the deposit/withdrawal tab which instantly converted into opendash and openbtc. (and i immediately made sure converted back 1:1 by withdrawaling some of each to my personal dash and btc wallets)

I don't know why there is an opendash/btc trading pair as I don't think there is a way to trade in "btc" all of your deposits become openbtc. Anyways, there is an openbtc/opendash pair now, as well as openusd/opendash.

Remember, this is decentralized so no gox etc etc etc... Plus the trading fees are low, withdrawals cost 0.0001 and you can even leverage trade (or loan your coin for trading). I put some trades up to get started, you guys should consider trading there as well.

I'm using the bitshares-light wallet/platform for linux, it does have some problems trading long denominations (0.0204242 etc). However, withdrawals work fine regardless of denomination.

cheers!

 

[tungfa]

what is open dash ?
i am not sure if i understand

 

[Proteus]

opendash is dash that is on the network. when you withdrawal opendash you withdrawal dash to your dash wallet.. I know it's confusing but it does function from what I've experienced thus far

 

[buster]

It sounds like a decentralized ripple/stellar. I'm assuming g the "opendash" are tokens on the network that are created when you deposit dash. Then you trade these for the openbitcoin token. Withdrawl works same as deposit, send your opendash token to dash wallet.

That's a 100% guess. I'm wondering how the network functions. Do we download software and run it on our OS? We are connected to others running the software? I'll check it out when I get time.

 

[Proteus]

It sounds like a decentralized ripple/stellar. I'm assuming g the "opendash" are tokens on the network that are created when you deposit dash. Then you trade these for the openbitcoin token. Withdrawl works same as deposit, send your opendash token to dash wallet.

That's a 100% guess. I'm wondering how the network functions. Do we download software and run it on our OS? We are connected to others running the software? I'll check it out when I get time.

You're dead on, just like stellar/ripple except decentralized. There is quite a bit more to it, I know there's been a lot of work done in terms of development.. I'm not sure that this is the decentralized exchange that will last, but I do know I'm going to do all I can to support the concept. Freedom

 

[lynx]

BTC is a smart coin that's pegged to Bitcoin and backed by bitshares (BTS). OPEN.BTC is BTC token from the CCEDK exchange, as METAEX.BTC is a token from Metaexchange. You can obtain BTC by either borrowing it into existence using your BTS as collateral, or buying it from someone using any BTC:SOMETHING pair.

I see this platform with good eyes, but I think it might be superseded by the B & C Exchange, another decentralized exchange that will be able to handle multiple crypto chains, and so won't be subject to the crypto token counter-party risk problem.

 

[buster]

I'm using the bitshares-light wallet/platform for linux, it does have some problems trading long denominations (0.0204242 etc). However, withdrawals work fine regardless of denomination.

cheers!

So I went to the openledger web wallet and didn't really like it. I am going to have to get bitshares light. Looks promising so far but I will note that I did not see any opendash/btc or opendash/usd trading pairs when I logged in via the web wallet. I wonder if some of the OTC Dash they sell could be put onto this exchange with the opendash/usd pair. It could possibly create some volume there for people looking to acquire dash in a more decentralized fashion. I'm wondering though is it possible to withdrawl USD, and if so how?

 

[lynx]

In openledger you can trade in every conceivable pair, just go tho the ALL MARKETS tab and type the desired pair. It just so happens that some pairs won't have desired liquidity, some won't even have any orders on the book. I for one like the web wallet.

It is not possible to withdraw USD (it is only a contract), but it could be possible to withdraw SOMEBANK.USD if a financial institution connected to the ledger and emitted USD tokens. In fact, any individual could also perform this function, the only problem is trust (and legislation).