He means not giving your funds to a middleman to hold while your trade is being executed. The trades using renvm would be instant and unknown to anyone as they are private. Not even the nodes doing the computations know wtf is going on, they simply get a bit of the information which is impossible to string together by a single entity.
OOOOOOOOOOOOO
Hunter Garcia
Charles Edwards
>More private? How is it more private than an OTC deal. More secure? How is it more secure when I have to trust the REN devs and the smart contracts they write.
It's more private because it you don't have to trust anybody. Your inputs are never revealed to anybody not even the fucking machines that run the darknodes. You don't have to involve anybody, no middleman. That's how it's more private. And it's more secure because of open source like I said earlier and you remove the single points of failures (middleman, written contracts, lawyers, etc.), which is kind of the whole point of decentralization. Do you even understand crypto?
Aaron Hernandez
I understand crypto, I just don't see the demand. Big traders trust OTC desks, OTC desks do not exit scam. So why must it be decentralized?
In addition, in some countries you are the required by law to know who your customers are and screen them to make sure they are not sanctioned/a terrorist/money laundering etc if you trading certain amounts. You cannot do that if the parties are anonymous.
Josiah Powell
True, which is why OTC desks can be implemented by any party that wishes to do so using renvm. You traded OTC, would you tell me it wouldn't be more convenient to simply perform a trade instantaneously using a simple UI rather than getting a hold of an otc desk and having them do the trade for you? What if the party has staked their ren and are making fees that way. The network fee is .1% of your trade and the party adds an additional .2% on top of that to further profit. They also earn any fees when not performing otc trades when fees are fed to their nodes throughout the entire network performing computations for use cases beyond just otc trading. That's a much better fee and incentive for everyone involved and the third party can enact KYC to be compliant.
>pic related
Evan Thompson
read the whitepaper
Ayden Martin
how does a fees work example someone trades 1 btc with 2200 eos,
I knoe i get 0,1% but of what? do i need an wallet for everything? Cant find anything about this in whitepaper
Hudson Reed
So unlike other OTC platforms where you need to have the counterparty already lined up, REN just tosses that into a pool to get filled? Seems like an asshole clenching waiting period.
Christian Gomez
The payments are eth or dai at the moment. Everything is deposited to your node where you can withdraw
Oliver Roberts
so in future i have basicly 3000 coins in my node?
And i need to convert them myself to whatever i want?
Hudson Thompson
Yeah you will have dai or eth and you can then trade