I Hate Swap Programs

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I hate swap programs.

A swap works by sending money to some unknown third party. The swap depends on an unwritten article of faith that the third party would then make a transaction on a different blockchain.

The problem is that the swap depends on the integrity of this third party. There is no recourse if the third party fails.

Unfortunately, one needs to use a swap service to move funds between HIVE and #hive-engine

HIVE Exchange Swaps

Different exchanges in the Hive-O-Sphere employ different swap services.

If you went to your wallet on LeoDex.io; you would see buttons labeled "deposit" and "withdraw." These buttons are an interface to the leodex@leodex swap program.

deposit.jpg

The interface lets you set the amount and destination for the swap. The form has a link labeled "Check Liquidity."

The "check liquidity" button doesn't work because LeoFinance is rebranding to inLeo. Clicking the button on the bottom of the form executes the swap.

withdraw.jpg

The first step of the swap transfers funds to leodex@leodex . The leodex swap program is supposed to have a program that executes a transaction to put coins in the destination account.

You can use blockchain explorers to view the transactions. he.dtools.dev shows #hive-engine side of things and hiveblocks.com shows the HIVE side.

https://he.dtools.dev/@leodex

https://hiveblocks.com/@leodex#30b0601506ef79840d44c214f546ffc320e2aba8

There should be a matching transactions on each blockchain (minus a small fee).

Well, there isn't.

The swap is broken.

NOTE: They might fix the program. In that case you will need to scroll down to the transactions from Oct 21-25.

Apparently, leodex@leodex is manually executing some transactions for people who have friends on the inside ... but the swap is broken.

The fact that they manually fix transactions for people who know the right people doesn't make things better.

Blurt Swap is Even Worse

The problem is not unique to #leofinance. I lost a pile of TRX on SteemIT because of a swap. That place is a den of thieves and such is to be expected.

I lost 2900 #BLURT on their stinking swap.

Swap Programs Require Support

The sad truth is that swap programs require centralized support.

Again, the structure of a swap is as follows: one sends money to a third party. The third party then transfers funds on the external blockchain.

One is placing blind trust in that third party.

How to Improve Swap Programs

One could improve swap programs by creating a page that shows both the liquidity of the swap and links to the transactions performed by the swap. This would help users verify that the program is working.

My Money is Gone

I accept that 2900 BLURT I sent to the BLURT swap is gone.

I accept that the 10 HIVE that I sent to leodex@leodex is gone.

I just simply wish that people would stop pushing these poisonous swap programs on us.

The Picture

I generated the picture at the top of the page with DALL-E. This is my collection of AI images

The picture shows two robots swapping coins. The first robot is trying to steal money from the second robot. I thought it might work as a #meme

I Hate Swap Programs | Ecency