So far on this journey of decentralized exchanges we’ve covered IDEX and Blocknet DX.
Today let’s look at a decentralized exchange that’s built on a graphene blockchain, if that name doesn’t sound familiar, think Bitshares and Steem.
If you’re a fan of alt coins, this DEX has your name all over it. Also, for those of you wanting an idea of what the heck is happening with the prices of cryptocurrencies lately be sure to watch until the end of this video because I’ll be including a great website that gives you an idea of what some traders are doing and how that can play an effect on the markets now.
View Video Here^^^
CryptoBridge is the focus of today’s short and sweet episode.
It’s built on the Bitshares blockchain to take advantage of it’s fast and inexpensive transactions but unlike other decentralized exchanges on Bitshares like OpenLedger, CryptoBridge offers far more alt coins. You can see this for yourself when perusing through the list of available coins to trade.
In regards to its decentralization, CryptoBridge utilizes a multi-signature federated gateway software.
Although this isn’t a completely trustless system, it’s at least a whole lot better than your popular, much more centralized options for exchanges.
To create an account here all you need is a username and they provide you with a generated password.
They make it a point to remind you over and over as you are setting up an account that this password is your key to your funds on this DEX.
If you lose this password, you will lose your funds, they cannot help you gain access to your funds if you don’t have your password.
CryptoBridge also has it’s own coin that benefits it’s holders.
Much like other exchanges that have its own coin, if you trade with BridgeCoin (BCO) on CryptoBridge, you’ll save a bunch in fees.
Also, if you hold and stake your BCO coins, you’ll receive rewards.
The payouts are organized so that 50% of the profits from the exchange are paid out to those who are staking the BCO coin.
You can easily set this up for yourself within your account on Cryptobridge and if you have any issues or questions about this process or anything to do with this exchange they give you access to their technical support right on your account.
Ok now for what I promised at the beginning of this video, some answers, or at the very least, a very good hint at what’s happening with the prices of cryptocurrencies lately.
At this point it looks like shorting the market has been more profitable than long positions at least recently.
Since the more information you have, the better decisions you make, here’s a trick that can help you better analyze what’s been happening with the markets.
So if you want to know how many people have been shorting BTC on Bitfinex, and if you have an account on Bitfinex, there’s a way for you to check out how many traders are shorting the market and how many of these traders are beginning to exit these positions.
Of course, I am no fortune telling wizard so I hold no absolute answers as to when this market will turn around, but I wanted to provide you with an additional tool for you to use to determine for yourself what you think the future holds for CryptoLand.
So if any of you are interested in learning more about how to view stats like these, and how to trade cryptocurrencies and you’re looking for a channel that provides great information as well as a host who isn’t afraid to speak his mind, go ahead and check out the YouTube channel: 51% crew, it’s a brand new channel and he’s adding new videos pretty often.
Todd Blackburn is a trading machine and has a lot of good insights as to why the market is behaving as it is right now. I also interviewed Todd a little while back so if you want to get to know him a bit better, go ahead and check that one out.
On a personal note, if anyone has any tricks for uploading videos on D.Tube, I'd love to learn more. Each time I attempt to upload a video I'm met with an error message referring to IPFS protocol. Thanks! :)
Additional Reading/Sources/Links:
CryptoBridge Website
CryptoBridge Exchange
CryptoBridge Support
CryptoBridge Blog
GitHub
Twitter
51% Crew Youtube
How to Identify Traders Shorting the Market
My Interview with Todd