Quote from: ThePatient on April 10, 2016, 07:07:32 PM

Quote from: tombstone2 on April 10, 2016, 07:03:36 PM

And by the way, why do people keep saying "IOU" trading as if that's unusual? The fact is, ALL trading at exchanges is based on IOUs. If you trade BTC at an exchange, you're trading an IOU. If you trade ETH at an exchange, you're trading an IOU. When you finally trade LISK at an exchange, you'll be trading an IOU. You don't think coins are actually moving from wallet to wallet every time someone makes a trade on an exchange, do you?

Whatever you want to call it, "IOU" or otherwise, yobit trading is different from trading ETH right now at polo because LISK hasn't even launched yet.
In either case, one may not be trading the actual coins from wallet to wallet like you say, but in the case of ETH at least the exchange holds the real thing.
There should be some word making it clear that Yobit holds no real lisk. The word/acronym the community has chosen to use is "IOU".

Ok, I'll accept that a misnomer has been chosen to describe pre-launch trading. But the more important point is that there's nothing wrong with it as long as they have the ICO coins to back up their sales. They do claim to. If they are lying, of course that is very shady. At the end of the day, if you are buying pre-launch LISK from YObit, you better have good reason to trust them!

Anyway, to be honest, I can't understand why an exchange like Bittrex doesn't do pre-launch trading. They are pretty well trusted. And they would stand to gain a lot by adding new users (since currently not many people trade there). Another good candidate to do pre-launch trading would be OpenLedger since they're in the process of bootstrapping their decentralized exchange which, incidentally, runs on Bitshares who invented DPoS.

tombstone2

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