Venner og medguder
currently the monero community promotes a run at the cexes and encourages everyone to withdraw XMR to expose price manipulation based on paper asset trading.
The problem, in short, is that the price development of XMR on selected exchanges is used for the global price calculation of Monero on CMC and CoinGecko. Their data is diluted due to the “paperXMR” they are trading. Hence their practice leads to a false representation of the value of XMR.
CExchanges have long been suspected of working with fractional reserves in order to consciously or unconsciously manipulate the price. PublicLedgerSurveillanceCoins usually prevent this, if the wallets are known, like on DEXes where the smartcontracts are public. But with MONERO balances are unknown!
One solution is to take only the “street price” from peer-to-peer exchanges like:
https://localmonero.co/priceWidget?currencyCode=USD&fallback=convert
But how about an open transparent AMM price, by providing the public viewkey to the wallet addresses that hold the liquidity in an pool with a stable coin?
I know this may not be a concrete idea for pDEX in incognito, but I would love to read you thoughts about that. Or maybe it is, because that would be a unique selling point for the pDEX.
Thx and
Skål Freyr
Wish they would list us as an exchange on their main post though. 