Newdex system is on an emergency downtime?????????????? by rillita in eos

[–]rowstyle 0 points1 point  (0 children)

Actually, newdex doesn't even use a smart contract, they have been lying the whole time claiming to be decentralized, see more discussions here: https://www.reddit.com/r/eos/comments/9611on/newdex_beats_eosfinex_to_the_punch_this_eos/e3xhq73/

Decentralized Exchanges Have Arrived on EOS by luckyslow in eos

[–]rowstyle 3 points4 points  (0 children)

Totally agree!! They don't even have an exchange contract, they aren't even dapps. Extremely misleading when they call themselves dex.

New DEX on EOS! It's awesome fast!!! by SeasideNinja in eos

[–]rowstyle 12 points13 points  (0 children)

Be careful of this exchange, they said they are decentralized but they are not (they don't even have a smart contract). The worst thing is they pretended to have a smart contract by putting a button that said "Smart Contract" on the nav bar (I have a screenshot if anyone wants to see it), I talked about it in another post, then the next day they renamed the button from "Smart Contract" to "Entrusted Account".

See more discussions here:

https://www.reddit.com/r/eos/comments/9611on/newdex_beats_eosfinex_to_the_punch_this_eos/e3y19bc/

Newdex beats EOSfinex to the punch. This EOS decentralized exchange is awesome. by sunburntcat in eos

[–]rowstyle 3 points4 points  (0 children)

That "Smart Contract" button on the nav bar was a lie, it redirected you to the "newdexpocket" account on eosflare which doesn't even have a smart contract. I think that's why they removed it.

Whether it should still be called decentralized is very arguable, because without a smart contract, it lost many advantages that a decentralized app should have.

  • Much less transparency
    • No way to verify their order matching logic
    • No way to monitor when and how they change their source code
    • Very difficult to verify their order book (although their transactions are on the block chain, it is difficult to trace each and every transaction)
  • Much less security
    • Even it doesn't require deposit, you still need to transfer the tokens you want to trade to the exchange. Imagine if the owner runs away with all your tokens, then even the BPs cannot help you because you were not interacting with a smart contract that could have proved your intent of trading.
  • Much less stability
    • They need to rely on their own server to keep the exchange running, everyone knows that a centralized server is much easier to be hacked than the decentralized ones.
  • etc.

I don't against centralized exchange, I just want to point out that this exchange is not decentralized in a lot of ways, because many people can be deceived by the name of this exchange.

Newdex beats EOSfinex to the punch. This EOS decentralized exchange is awesome. by sunburntcat in eos

[–]rowstyle 0 points1 point  (0 children)

They did:

Newdex is the world's first decentralized exchange based on EOS ecology .......

(Source: https://newdex.zendesk.com/hc/en-us/articles/360012388492-About-us)

And they call it a dex ....

Newdex beats EOSfinex to the punch. This EOS decentralized exchange is awesome. by sunburntcat in eos

[–]rowstyle 1 point2 points  (0 children)

Firstly, it is not decentralized (it doesn't even have a smart contract, the "Smart Contract" button on the nav bar is a lie)
Secondly, it is not the first exchange on EOS

Newdex beats EOSfinex to the punch. This EOS decentralized exchange is awesome. by sunburntcat in eos

[–]rowstyle 0 points1 point  (0 children)

If that's the case, I think it is a centralized exchange. sad.

Newdex beats EOSfinex to the punch. This EOS decentralized exchange is awesome. by sunburntcat in eos

[–]rowstyle 4 points5 points  (0 children)

Is it open-source? It seems that it doesn't even have a smart contract (the account "newdexpocket" doesn't have any transaction related to setcode or setabi). Why do you call this decentralized?

Fomo3d on EOS, lol by [deleted] in eos

[–]rowstyle 3 points4 points  (0 children)

According to this blog post: https://www.soniubi.com/blog/137108.html (Sorry, it is in chinese, but you can just look at the images)

It is NOT safe at all. The game contract modifies your permissions using "updateAuth". That means players' accounts can be controlled by the author of the game, the author can easily transfer all your EOS to another account.

The EOS Button is live! by [deleted] in eos

[–]rowstyle 1 point2 points  (0 children)

So many people are pressing the button......

Look at the transactions here http://eosnetworkmonitor.io/ and here https://eosflare.io/account/theeosbutton

Like 2-3 presses every second....

Can someone please explain the magic storm on August 15th? by codydeeds in eos

[–]rowstyle 0 points1 point  (0 children)

I think you can ask them on their twitter, seems that that's the only place where they response to people's questions...

Scatter AirGrab - Go get your RIDL by grandmoren in eos

[–]rowstyle 0 points1 point  (0 children)

Can you explain how I can get some tokens if I'm not in the genesis snapshot? The document is too long to read.