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From: Tier Nolan <tier.nolan@gmail.com>
Date: Mon, 8 Aug 2016 10:56:24 +0100
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--94eb2c0544b8da9d9905398c6d4e
Content-Type: text/plain; charset=UTF-8

On Mon, Aug 8, 2016 at 1:48 AM, Matthew Roberts <matthew@roberts.pm> wrote:

> Not everyone who uses centralized exchanges are there to obtain the
> currency though. A large portion are speculators who need to be able to
> enter and exit complex positions in milliseconds and don't care about
> decentralization, security, and often even the asset that they're buying.
>

Centralized exchanges also allow for things like limit orders.  You don't
even have to be logged in and they can execute trades.  This couldn't be
done with channels.

> Try telling everyone who currently uses Btc-e to go do their margin
> trading over lightning channels, for example.
>

Using channels and a centralized exchange gets many of the benefits of a
distributed exchange.

The channel allows instant funding while allowing the customer to have full
control over the funds.  The customer could fund the channel and then move
money to the exchange when needed.

Even margin account holders might like the fact that it is clear which
funds are under their direct control and which funds are held by the
exchange.

If they are using bitcoin funds as collateral for a margin trade, then
inherently the exchange has to have control over those funds.  A 2 of 3
system where the customer, exchange and a 3rd party arbitration agency
holds keys might be acceptable to the exchange.

--94eb2c0544b8da9d9905398c6d4e
Content-Type: text/html; charset=UTF-8
Content-Transfer-Encoding: quoted-printable

<div dir=3D"ltr"><div class=3D"gmail_extra"><div class=3D"gmail_quote">On M=
on, Aug 8, 2016 at 1:48 AM, Matthew Roberts <span dir=3D"ltr">&lt;<a href=
=3D"mailto:matthew@roberts.pm" target=3D"_blank">matthew@roberts.pm</a>&gt;=
</span> wrote:<br><blockquote class=3D"gmail_quote" style=3D"margin:0 0 0 .=
8ex;border-left:1px #ccc solid;padding-left:1ex"><div dir=3D"ltr"><p style=
=3D"margin-bottom:0in">Not everyone who uses centralized
exchanges are there to obtain the currency though. A large portion
are speculators who need to be able to enter and exit complex
positions in milliseconds and don&#39;t care about decentralization, securi=
ty, and often even the asset that they&#39;re buying.<br></p></div></blockq=
uote><div><br></div><div>Centralized exchanges also allow for things like l=
imit orders.=C2=A0 You don&#39;t even have to be logged in and they can exe=
cute trades.=C2=A0 This couldn&#39;t be done with channels.<br></div><div><=
/div><blockquote class=3D"gmail_quote" style=3D"margin:0 0 0 .8ex;border-le=
ft:1px #ccc solid;padding-left:1ex"><div dir=3D"ltr"><p style=3D"margin-bot=
tom:0in"></p>

<p style=3D"margin-bottom:0in">Try telling everyone who currently uses
Btc-e to go do their margin trading over lightning channels, for
example.</p></div></blockquote><div><br></div><div>Using channels and a cen=
tralized exchange gets many of the benefits of a distributed exchange.<br><=
/div><div><br></div><div>The channel allows instant funding while allowing =
the customer to have full control over the funds.=C2=A0 The customer could =
fund the channel and then move money to the exchange when needed.=C2=A0 <br=
><br></div><div>Even margin account holders might like the fact that it is =
clear which funds are under their direct control and which funds are held b=
y the exchange.<br><br></div><div>If they are using bitcoin funds as collat=
eral for a margin trade, then inherently the exchange has to have control o=
ver those funds.=C2=A0 A 2 of 3 system where the customer, exchange and a 3=
rd party arbitration agency holds keys might be acceptable to the exchange.=
<br></div></div></div></div>

--94eb2c0544b8da9d9905398c6d4e--