John McAfee Supports Anonymous Trading Platform.

in #bitcoin3 years ago (edited)

Blockchain projects are well-known for touting their appreciation for privacy. Yet, ironically, the exchanges that support the trade of tokens, that funded privacy-friendly projects, demand extensive amounts of personal information.

While not all exchanges demand a through KYC check (most do), surpassing a certain amount of daily volume requires disclosure of private data. In many cases, surpassing a certain volume limit even requires proof of funds, residence, and provision of extended KYC documentation. All of this doesn’t particularly align with the privacy-cautious Crypto community. Yet, there’s no choice but to put up with these demands as the only alternative to data-demanding centralized exchanges is decentralized exchanges—hold on, even the leading DEX will soon demand documents.

Given the trend of thing, John McAfee, perhaps the most privacy-sensitive person in the Crypto community, and a few other industry titans are working with Ethershift, an exchange dedicated to taking to disclosing no private information from the user.

Exchange Breaches

The Crypto community is quick to take note of the data breaches that take place every year and point out how blockchain technology is the solution. It’s important to note that exchange breaches are just as common; the difference is that exchange breaches are mainly talked of due to the loss of coins that place, but there’s just as much valuable data at risk.

Exchanges aren’t storing our data on decentralized ledgers; if they were, they’d be quick to point it out to score some easy PR points. Instead, this information is at risk of theft and given how often even major exchanges face wallet breaches, it’s not odd to presume that exchanges’ user data is at risk of theft.

Interestingly, Ethershift isn’t pointing its main purpose to counter the risk of data theft prone to existing exchanges. Rather, this new exchange aims to just provide a user-centric experience. Privacy just happens to be one of the premier user-centric pillars of the startup.

Revolving Around You

A very few people have the luxury to afford OTC agents. Those who can face the extreme convenience of not having to find order books that can provide liquidity for their orders; they simply call a trade agent who goes on to settle the buy or sell side and then just fills the order on behalf of the client.

While the wealthy may seek this service for filling out massive orders of established coins, the everyday Crypto holder faces liquidity problems with bags of lesser-known tokens.

Ethershift takes up the task to list any token the day it is listed; this is an ambition that is unlikely to be fulfilled given the pace with which coins are being added to CMC. It is, though, still likely that they can add an abundance of tokens at a rapid pace. As new tokens face limited liquidity, Ethershfit will take up the task to locate liquidity for these tokens for the traders that intend to fill orders with pairs of these tokens. This becomes somewhat easy as Ethershift allows a trader to create a custom trade pair and thus new tokens can be swapped for any other tokens, thereby easing the process of finding buy-side liquidity.

The prime goal of the exchange is to make anonymous trading as easy as possible.

No accounts—simply head to the exchange, choose your order pair, and trade as you would with a typical DEX, the difference being that liquidity issues will be handled by the exchange and the UI/UX would be up to par with modern-day platforms.

Exchanges are Turning into Banks

Exchanges have become incredible profitable, centralized entities. While the blockchain is intended to disrupt the financial system, the most established companies that cater to its community our becoming quite similar to banks.

Crypto exchanges are highly profit-driven and the new trend of private data demands, forced exclusivity of listings, and preferential treatment of institutional clients shows exchanges have become the banks of the Crypto market. An exceptional amount of power is flowing into the hands of exchanges and while banks give ownership to stake to anyone as most of them publicly listed, exchanges only allow stakes via utility tokens---no ownership stake.

Its good to see that, with Ethershift, there’s a turn away from the above-described trend and a stronger focus on uplifting the traits that are characteristic of the blockchain community. Hopefully more exchanges are going to value users’ privacy while exerting a greater focus on being more trader-centric.

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thanx for the great news

Wow thanks for thiss great news. Anyway i already resteem this post

Resteems are greatly appreciated :)

You're welcome!

this is good news. this will have a big impact on blockchain and bitcoin market performance. @hatu

I don't know about that, but it certainly will provide a good user experience to new traders.

Great positive news

McAfee has done so many things to hurt his credibility.

McAfee has done
So many things to hurt his

                 - programmingvalue

I'm a bot. I detect haiku.

I wonder if he is still confident about his bet? 1 mil by 2020!

He seems prettt confident.

I like an anonymous exchange and I do not like the KYC process as it hinders my ability to manage my cryptos freely @hatu

That puts you in alignment with the masses :)

John said in one interview that the biggest danger to data is social engineering not viruses. Some people will brag that they have bitcoin and trade on ether shift.
How could you login safely without phone number?

Social engineering is def a lot easier than viruses, as platforms and commonly used software become more secure.

You can't stop people from bragging; it's a personality factor.
A platform can secure the technical resources, not people's actions.

The trade mechanism is explained on the front page:

You can't stop people to help hackers and government))

But it's certainly feasible to provide secure tools to mediate risk where possible.

Hey hatu I will resteem this for you mate. So true about the exchanges having so much power which is a huge shame for a decentralised network suppose people need to buy from others more. Also exchanges have a lot to answer to the government atm. Great post keep up the good work let me know about your next post!

I've been wanting to point out the pressing problems of exchanges. Looking forward to the changes that Ethershift brings.

One thing is certain as long as technology is concerned there always be internet fraud is something we can not do without it can only be reduced not to stop it completely if it most stop,then it will take a long time

A complete solution in one go isn't going to be plausible. Rather, smaller aspects of the problem can be targetted one at a time.

hello hatu. Great and interesting report. Personally, i do not like john McAfee because he acts too much with extreme statements in the media and social networks. Greetings and a nice day

I feel he is one of the evangelists who is truly passionate about decentralization. Of course, such a figure can be polarizing, but he makes a valid point on the current trend of exchanges.

How can you logically consider him anything more than a shameless shill?

Because he actually uses the service.

If anybuddie thinks for a second, that John McAfee cannot remotely log into your Pee Cee in a heartbeat and steal all your Steemit - you are sadly mistaken! He could do that in his sleep! Happily upvoted / resteem'd

STEEM are blockchain-secured.

Yes, @Steemit is secure but is open to the public and everyone can see what are you doing, how much money you have, etc!

This is something that makes us all concert about it! I think that all we like a little more privacy. Don't you think? What is your opinion?

Hope everyone has a successful week!

Keep @steemit on!

It works as a vote-based dPoS and that usually demands complete transparency on nodes. Perhaps only those who want to be witnesses should be the ones giving away all data.


Thank you so much for your explanation, I really appreciated. But I was referring to our page is open to the public.

@hatu, have a wonderful peacful weekend!

although McAfee is a joke in crypto industry, but he got the point this time.

He's a security pioneer; that's certainly not a joke.
Exchanges could really use more aid from security experts like him.

He's a paid pump and dumper. He pumps ico's (mostly shitcoins) for money on his twitter account to noobs that don't know any better. Whatever he says is not trustworthy anymore.

That doesn't mean he's not a security expert. He knows a lot about security. But his investment advice is very very bad. That doesn't surprise me when you take the fact into account he lost his fortune in the 2008 crisis. With this crypto bear market he made the same mistake.

Irrespective of how you feel, you admit that he is a security expert.
He makes a valid point on how data isn't secure with CEX.

I think he failed in life by not managing the risks properly, something we all should take a lesson from. Mcaffee antivirus was a successful company but they went down in 2008 financial crisis. It's not that their product was not good but mismanagement caused his fortune to go down.

That doesn't mean he's not a good security expert. I respect him for that but i wouldn't consult him for business decisions. I feel like he's a permabull. Someone who calls the moon all the time and hodl in a crisis. I rather make money on the downside instead of losing.

I'll correct you on a major point. It didn't go down in the '08 crisis as only a couple years later it sold for nearly $8 billion.

Anyways, this piece is on his concern for the amount of private data in the hands of CEX. That's a genuine concern.

McAfee is a joke, you're right, but he's still using Ether. It's DOA. At least he's getting people to think about it.

You've got that right.
He simply chooses the projects he likes and supports the ones he would like to use.

You should check out ZDex from PIVX they just launched the first zero knowledge proof decentralized exchange. Powered by the PIVX Masternode system this is truly amazing!

Posted using Partiko Android

I will look into it.
The goal of Ethershift is to offer the privacy factors of a DEX with the conveniences of a CEX.

Like me so much this post. Very interesting the crypto-world.

And it only gets more interesting!

KYC sucks

The feeling's mutual.

Very informative, thank you for sharing!

You're welcome :)

very nice keep it up good healthy information

Glad you feel that way.

very nice. Keep it up

Glad to hear so :)

John is wickedly brilliant and often shoots off his mouth with incredible ideas. He is the Michael Angelo of innovations.

Haha what a comparison!

@hatu great article...keep up good work

Thank you :)

i hope John McAfee is not embarrassing him self again.

Anonymous platforms will not last. I am all for decentralisation and all that but let's not kid ourselves, regulators will come down on this space hard once the need arises. Blockchain technology will be widely used in future I agree, but this will not be a space investors can operate in secrecy

They can if based in safe havens.

very nice, thanks for the report

You're welcome :)

It's actually a CEX, but offers the privacy features of a DEX while sustaining the UI/UX standards of a CEX.

It certainly is!

buena información , para esta comunidad de steemit. saludos

I like this post very much...

Glad to hear so :)

Hi, I have a request only once, I will not ask for more in the future. Watch my video and click like, but only if you like it! Goodbye and have a good day .... W4LT3R

Hola! Cómo consigues tantos seguidores?

nice goog healthy information thanks alot

Glad to hear so :)

Interesting post.Like also Anonymous Trading Platform.

I haven't heard of that.
Can you please provide a link? Shapeshift used to be like, but is no longer so.

helpfull post i want to see more post like this

Follow to keep up!

There are also exchanges who's tokens are more than utility tokens and do give you a stake. One of them is Check them out.

Thank you for the great news !

very interesting post about crypto ... thank yuo good job

@hatu purchased a 79.07% vote from @promobot on this post.

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Muchas gracias amigo por informarme saludos

Great news. Thanks for sharing.

I like the idea. Thank you.

Thankyou..for tha great new

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Nice to see another exchange coming up but will it be able to manage liquidity problems?

I really found this useful , thanks!

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Interesting information, good post...
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yeah true story thanks for this amazing information !

Good article and hopefully not just him to support this

He is certainly not the only one. The exchange has an all-star roster of advisers.