Openledger - not so open really by paradigmprospect

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cryptocurrency · @paradigmprospect · Jan 16 '20

$6.72

Openledger - not so open really

https://i.ytimg.com/vi/hYJodc_p2Ec/maxresdefault.jpg

Ever since I entered the cryptocurrency space I have been with openledger and the bitshares network. I really dig what they do, creating a decentralized marketplace for cryptocurrencies using bitshares as base currency for trading.

In the bitshares network there are several service providers who offer their gateway services, basically allowing you to send your cryptocurrency to the bitshares network and have it show up as tradeable tokens. Tokens are tied to the respective gateway service, meaning - as in the case of EOS - there are several service providers that offer their "own" variety of EOS to trade on the network, and they are not interchangeable: Gdex.Eos cannot be traded on the same market as - say open.Eos - and vice versa.

In theory this is awesome because you always have several choices for where you want to deposit your crypto and how much you trust any given service provider to keep their gateways open in the future so that you can eventually withdraw your funds from the bitshares network again.

But you see this is precisely the issue: Most of the openledger gateways have been closed now for an entire month, which means you can pay bitshares on the network to *get* open.EOS, open.Steem, open.Doge and so forth, but you cannot withdraw your funds as long as openledger keeps the gateways closed.

Most of the times it is claimed that this is due to maintenance but seriously, keeping gateways closed for an entire month without any proper update notices, paired with an abysmal level of communication.... makes it rather hard to remain trustful in the gateway service.

It also has a few good sides if one is trusting that openledger will open their gateways again.

Due to the fact that the gateways are closed the prices for these tokens vary greatly to the comparable ones with open gateways, and due to their imovability they often tank. I have made a really good buy simply because the closed gateways keep the price down. The hopes are that the gateways will eventually open again so that the crypto in question will catch up with those of other service providers but it is a risk - should the gateway never open again or the gateway provider goes bankrupt I am not sure it was a good buy at all.

So please openledger, will you finally open those gateways again or let the community know that you won't ever open them again? I always liked openledger but keeping gateways shut for an entire month without letting the community know any details or reopening dates is frankly terribly untrustworthy behavior.

I wonder: Have you ever used a closed gateway to get a token for a reduced price in the patience that when they open again you will make gains? And have you ever regretted buying in such a situation because the gateways reamained closed for so long that your temporary gain turned into a loss before you could reuse your capital?

<center>![1.JPG](https://cdn.steemitimages.com/DQmeT24CaG15KmFy8tuSnLwFM3rDL5aV5D8dpKHFLqRnmRs/1.JPG)</center>

<br><center><sub>*Img srcs:*</sub></center><center><sub>*[cryptoslate.com](https://cryptoslate.com/companies/openledger/)
[tradingview.com](https://tradingview.com)*</sub></center>

<br>

<center>Thanks for stopping by <3</center>

👍 tribesteemup, rocky1, oldtimer, ripperone, cm-steem, sbi2, upmewhale, exyle, leo.voter, gerber, barge, qurator, daan, inspirewithwords, likwid, ura-soul, steem.leo, dlike, mysupport, canna-curate, mountainjewel, whatamidoing, ew-and-patterns, taskmaster4450, psycultureradio, blockbrothers, felander, dbroze, ecotrain, misslasvegas, vipservice, activate.alpha, kennyskitchen, yhoh, vincentnijman, anttn, movingman, accelerator, indigoocean, casberp, trucklife-family, feedyourminnows, happy-soul, makinstuff, swiftcash, careywedler, paradigmprospect, saboin, bobaphet, nomad-magus, riverflows, mapxv, churdtzu, meanbees, canna-collective, priyanarc, indianculture1, mckeever, trayan, triptolemus, espoem, swisswitness, tribevibes, gregory-f, and 128 others
👎 labira

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@oldtimer · Jan 16 '20

Dex my ass.

👍 paradigmprospect, rxhector

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@rxhector · Jan 16 '20

i made a few decent trades on bts

it's a bummer too - they were the first DEX 

with the gateways always f***ed up the volume and trades move slower than other markets

i still got a few coins trapped because gateway is closed

everything those guys touch seems to get abandoned for a new project

bts/steemit/eos - how many more times can they get away with it ???

👍 paradigmprospect, dougbudlong

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@paradigmprospect · Jan 18 '20

I guss I'm not that weird then, thanks for your take on this. I think these will be my last openledger trades, moving to rudex ;)

👍 rxhector

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@steemitboard · Jan 16 '20

Congratulations @paradigmprospect! You have completed the following achievement on the Steem blockchain and have been rewarded with new badge(s) :

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@tts · Jan 16 '20

To listen to the audio version of this article click on the play image.
[![](https://s18.postimg.org/51o0kpijd/play200x46.png)](http://ec2-52-72-169-104.compute-1.amazonaws.com/paradigmprospect__openledger-not-so-open-really.mp3)
Brought to you by [@tts](https://steemit.com/tts/@tts/introduction). If you find it useful please consider upvoting this reply.

👎 mack-bot, spaminator, steemcleaner

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