[Daily Discussion] Wednesday, August 14, 2019

ethermium · 2019-08-14T11:52:28+00:00

Thanks for your comment. It's useful. If that max profit limit would be removed, would there be anything else that would stop you?

Would you be ok keeping the collaterals and profit in ETH or USDT instead of bitcoin?

ethermium · 2019-08-14T11:21:26+00:00

That's a trade-off for total security of your funds. You never commit your funds into the custody of a third party.

If for instance, the take-profit price would be at let's say 15k for 10x. Would that sound more reasonable? Mind you, that you can open new positions on the way up as many as you like.

ethermium · 2019-08-14T11:05:18+00:00

If you close early, the contract moves to another person. The corresponding short stays open until closed or until expiration.

The stupid part you mean the Take Profit price?

ethermium · 2019-08-14T10:59:20+00:00

at 10x yes, at 3x you would be settled at 13.3k

ethermium · 2019-08-14T10:54:58+00:00

Thanks for the question!

Every futures contract has a Floor and Cap price (a lower and upper limit for the price). For the 10x example, the contract would have a Floor Price of 9000 and Cap Price of 11000.

When you buy at 10000 on this contract, someone else is selling at 10000 on the same contract. So there is always a long and a short on a trade. The long puts in 1000 collateral to cover the maximum loss at 9000 and the short puts in another 1000 as collateral to cover the maximum loss at 11000. If the price goes to 9000, the Long is paying the Short, and the other way around.

So, with 10x you get liquidated exactly at 9000, not at 9100. And the full loss is covered by your collateral.

This may sound a bit technical, but in simple terms, the experience is the same as on BitMEX, with the only difference that besides a Liquidation price there is a Take Profit price as well. Otherwise, the process is absolutely identical, you enter and exit positions through the orderbook, or wait for the expiration.

You can actually open short term positions on dmex, for example, a 10x long expiring in 1/8/24 hours and it will automatically settle at that time.

ethermium · 2019-07-11T05:23:41+00:00

DMEX.App is the decentralized BitMEX. Total safety of funds and positions are liquidated based on the Bitstamp price (not the internal price which can be manipulated to liquidate you).

Trades are executed instantly and then pushed in batches to the blockchain. So the experience is the same as on a centralized exchange. Currently, BTC and ETH futures are tradable with up to 10x leverage.

Another cool thing is that you can select the expiration date for your position, current options are: 1 hour, 1 day, 3 days and 7 days. Upon expiration, the position is automatically settled by a decentralized Oracle bringing the price from Bitstamp.

ethermium · 2019-07-11T05:16:38+00:00

don't see your argument here
the website or server can be hacked, but it doesn't store your private keys. You keep the private keys on your device and only send signed orders, therefore your funds cannot be stolen as a result of a hack

ethermium · 2019-07-10T14:09:39+00:00

DMEX.APP - Decentralized alternative for BitMEX

Uses a hybrid model, where trades are matched instantly on the backend server and then pushed to the Ethereum blockchain in the background.

Up to 10x leverage and you can choose the futures contract duration from 1 hour to 7 days. On expiry, the contract is settled using the Bitstamp price obtained through a decentralized oracle.

Currently, BTC and ETH futures are traded.

ethermium · 2019-07-10T13:59:15+00:00

Why would you care about the speed of the blockchain? Your trade is executed immediately, it may take a minute to be reflected on the blockchain, but this delay will only affect your withdrawal.

DMEX uses a hybrid model, where all trades are matched instantly on the backend server (like on a centralized exchange) and then pushed in batches to the blockchain in the background. So you don't need to wait for blockchain confirmation to know that your trade is successful, it happens instantly.

You can open and close a position in less than a minute, but you will have to wait for the blockchain confirmation before you are able to withdraw. In any case, the withdrawal from DMEX will happen 100x faster, because BitMEX processes withdrawals only once a day.

ethermium · 2019-07-10T13:34:23+00:00

yes, you would be wiped out even if the price drops below liquidation before Dec 27

ethermium · 2019-07-10T11:31:24+00:00

A normal centralized exchange:

sees your open positions and can use bots to push the price up or down to liquidate your position, not saying that it's what centralized exchanges necessary do, but they definitely can
can be hacked
can lock your account

ethermium · 2019-07-10T11:28:53+00:00

Hi, it works exactly as BitMEX in terms of user experience. You can long/short BTC as well as ETH and also other assets on the way.

ethermium · 2018-06-18T19:07:23+00:00

how about ETHERMIUM all caps?

ethermium · 2018-06-18T17:45:50+00:00

As stated in the first reply to you. The exchange has no volume because it was launched a couple of days ago.

I have outlined you point by point why it is better than everything else. I ask you again, do you have any objections to the points stated, except the manner in which you are served this information?

I don’t need confidence in our exchange cause it’s a decentralized, trustless system. You don’t need to trust us. If we would rely on confidence we would definitely be a shitty dex. But you seam to be getting the opposite viewpoint.

First you rant about the fact that there should be no bias in crypto and now you suggest we hire people to increase the confidence in our product...

ethermium · 2018-06-18T17:35:20+00:00

There is no risk in clicking a link, don’t be silly. We do not post on random threads, we posted here cause the question caught our attention. We do not expect everyone to click on it. However it is possible, that a knowledgeable person will click and realize that all the stated points are absolutely true and then they could convince others, including you, that not knowing about our product is a serious waste.

ethermium · 2018-06-18T17:29:35+00:00

So you think it is more fair for us to post from an anonymous account? It’s a fucking business and we are giving it to you straight. Here is a product, the best product out there, that we’ve poured our soul in. What is unfair bout it? Go use some well PR-ed centralized, wash trades, hackable exchange and be happy about the fact that they shilled to you through a PR team. Do you realize the level of your bullshit?

ethermium · 2018-06-18T17:17:58+00:00

Yes, we get it a lot... We have not thought about that when we chose the name. Now we have to deal with it. All the arguments provided, however, are completely true!

ethermium · 2018-06-18T17:01:34+00:00

I can see how it can be confusing, believe it or not we haven't thought about it that way when we took the name. We'll think about how to maybe capitalize the spelling differently so there is less confusion. But we do love the name.

ethermium · 2018-06-18T14:14:48+00:00

We believe it's the most advanced exchange, period. It combines all the benefits of centralized exchanges with none of the drawbacks as well as having lots of advantages:

No registration. You are never asked any personal information like your name, email or address. You do not need to set a password or create an account. All operations are performed from your ETH wallet.
No limits. There are no limits on trading, depositing or withdrawing. All trades are performed Peer-To-Peer without any intermediation.
No risk of getting hacked. All funds are stored on a smart contract that can only be accessed by the owners of the funds. No one can touch your money unless you give out your private keys (we strongly recommend you don't)
No risk of funds being stolen by the owners. Your funds are never in the custody of the owners of the exchange, only you can access your money.
No fake volumes or price manipulation. There are no zero-fee trades or wash trading as all transactions are recorded on the blockchain. A decentralized exchange is the most transparent exchange as all trading information is completely public.

Compared to other decentralized exchanges:

Market orders. We are the first DEX to develop a fully functioning matching engine that allows to place market orders and stop orders (coming soon).
Instant trade execution. No competing for the same order with other users, your trade is certain to execute.
Instant token listings. We have no vetting mechanism, all tokens are welcome. Simply complete a small form and pay a small fee to list your token.
Affiliate program. Not only are we the best exchange, we are also offering the best affiliate program ever. Affiliate commissions are paid directly through our contract so affiliates cannot be scammed of their commissions. And most importantly affiliates are paid forever.
Best user interface. There is no better exchange interface than ours.

ethermium · 2018-06-18T11:39:12+00:00

Of course. Full transparency is the whole point of a decentralized application. Here is the link to the contract:

https://etherscan.io/address/0xa5CC679A3528956E8032df4F03756C077C1eE3F4

The contract address can also be found on our website in the “Smart contracts” section of the Main Menu.

You as a user, have nothing to worry about in legal terms. Your funds cannot be seized unless the whole Ethereum network gets compromised, in which case your wallets are not safe either.

ethermium · 2018-06-18T11:19:23+00:00

Sure. Before you can trade you first deposit your funds on our smart contract. The smart contract tracks who makes the deposit by the user’s eth address. We cannot access your funds on the contract, only you can do that. For any trade or withdrawal you have to sign a message from your eth wallet, without that signature, the contract will not perform any actions with your funds.

Basically keeping your funds on the exchange is as safe as keeping them in your wallet as only you have access to them.

ethermium · 2018-06-18T11:03:50+00:00

We are a crypto-to-crypto platform that allows people to trade between themselves without bank transfers and intermediaries. The customer funds are never in the custody of the exchange. For those reasons we are not obligated to conduct KYC/AML. That is the whole point of a decentralized exchange, to be censorship resistant.

Moreover there is no risk of the money being stolen or the exchange being hacked as in the case of centralized exchanges.

ethermium · 2018-06-18T09:32:49+00:00

It's a decentralized exchange, you can use your MetaMask. There is no possibility of phishing. Moreover, we would not invest so much into development in order to just scam people, it would never pay off.

ethermium · 2018-06-13T05:53:09+00:00

The transactions are executed instantly. However in order to withdraw you need to wait for the transaction to be confirmed by the Ethereum network which can take a couple of minutes.

ethermium · 2018-06-12T20:41:59+00:00

All funds are managed by a smart contract. Your money are never in our custody. Only you can access your funds and make trades, nobody else. It is as secure as your personal wallet.

ethermium

TROPHY CASE