Digital Social Hour
The Ugly Truth About Centralized Exchanges | Nick Nechanicky DSH #881
12 Nov 2024
Discover "The Ugly Truth About Centralized Exchanges" with Sean Kelly on the Digital Social Hour! 🚀 This episode is packed with valuable insights as Nick from DexToro reveals the dark side of centralized crypto exchanges and the rise of decentralized solutions. 🧐 Why did Nick pivot to decentralized exchanges after the FTX collapse? What makes Dex Toro a game-changer in the world of crypto trading? Tune in now to find out! 🎧 Join the conversation and explore how blockchain technology is revolutionizing finance. Nick shares insider secrets on creating a secure, transparent, and efficient trading platform, eliminating the risks of traditional brokers. 🌐 Don't miss out on this eye-opening episode filled with expert knowledge and exciting developments in the crypto world. 📈 Watch now and subscribe for more insider secrets. 📺 Hit that subscribe button and stay tuned for more eye-opening stories on the Digital Social Hour with Sean Kelly! 🚀 Join us on Apple Podcasts, Spotify, and more for all your favorite episodes. #livetrading #ethereum #btc #bitcoin #cryptonews CHAPTERS: 00:00 - Intro 00:30 - What is DexToro 01:53 - Uniswap vs SEC Regulations 05:00 - BetterHelp Overview 09:51 - How DexToro Generates Revenue 10:51 - Understanding Layer 1, Layer 2, Layer 3 13:18 - DexToro's Ranking in DEX Market 15:16 - Flaws in MetaTrader Analysis 19:15 - DexToro's Forex Strategies 22:10 - Authenticity in Results 24:20 - Tokenizing Real World Assets 25:20 - One Chain Concept 27:10 - Insights from Crypto Twitter 32:00 - FTX Developments 34:50 - Finding DexToro Resources APPLY TO BE ON THE PODCAST: https://www.digitalsocialhour.com/application BUSINESS INQUIRIES/SPONSORS: [email protected] GUEST: Nick Nechanicky https://www.instagram.com/nicknechanicky/ https://www.instagram.com/dextoro/ https://dextoro.bio/ https://www.youtube.com/@dextoro SPONSORS: BetterHelp: https://www.betterhelp.com/DSH LISTEN ON: Apple Podcasts: https://podcasts.apple.com/us/podcast/digital-social-hour/id1676846015 Spotify: https://open.spotify.com/show/5Jn7LXarRlI8Hc0GtTn759 Sean Kelly Instagram: https://www.instagram.com/seanmikekelly/ Learn more about your ad choices. Visit podcastchoices.com/adchoices
Full Episode
put money like everything was good like there was this product that you know they they sold to investors like everything was good but the problem was the broker so they'd deposit funds into an account they'd be making money like the the owner of this like algorithm was like everything was legit and then the owner of the broker just stole the funds deleted the domain ran away and it happened so many times
All right, guys, last minute episode, but we got Nick from Dextor on the founder, right? Yes, yes. Nice. Thanks for having me. Crypto exchange. Yep. Decentralized crypto exchange, derivatives exchange. Nice. Powered by Ethereum blockchain. Why'd you decide to go the decentralized route?
Yeah, so actually I started this immediately after FTX collapsed last year. And yeah, the whole idea was essentially I used to, I've been in this industry for like six, seven years now, started off in building fintech software algorithms for Forex traders, equities traders. Then from there, I started my own Forex broker, and I kind of saw how everything operated. It was all old school.
We were using crypto for deposits and withdrawals, and that's how I got into this whole world. I just saw everything was heading to be decentralized on-chain. Then once FTX happened, I sold that exchange, and I took those proceeds, and I went all into Dextoro because... You don't want to see FTX happen again, and I think people now appreciate decentralized exchanges, especially like Uniswap.
Everyone's using Uniswap, and Dextoro is basically like the Uniswap, but for trading derivatives. Leveraged, Forex, you can trade everything. As long as it has the price feed on-chain, you can trade it and have full custody of your funds. I love it. What happened with the Uniswap SEC stuff? Are they still fighting?
Yeah, they are. I think it's going to favor Uniswap for sure because there's really nothing you can do. It's just smart contracts. Yeah, Ethereum beat SEC, so I feel like Uniswap has a good chance. Yeah, you would assume that. I think the SEC is just... They're just bullying any large protocol that they're trying to get their...
they're trying to get their feet into the industry and take a little bit of a share and bully them around. But at the end of the day, it's just code. Dextoro is fully powered by smart contracts. I mean, once you execute them, they live on the blockchain forever. You can't, you can't like alter them. You can't change it. So you can't really do anything. You can't manipulate it. Yeah.
Even if you sue them or if you block their, I don't know, IP address or something, it doesn't matter. Like, Anyone who has an internet connection can use Uniswap forever. The smart contract lives forever. So that's why it's difficult. They can go after Binance, obviously multi-year. They already are right now. Yeah, they are. And now they're going after Coinbase as well. I saw that. Yeah. Crazy.
Because Coinbase is the number one exchange in the US. They're publicly traded. So you would assume that they're doing everything by the books. Right. Still. Yeah.
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