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Title: How to safeguard the decentralization of bitcoin? Post by: BitcoinFlush on April 15, 2013, 06:08:51 AM After what happened with mtgox, whether it was a ddos or a overload of orders, I believe bitcoin has shown its weakest link. By having most other exchanges working with the mtgox API it was possible that a system error within 'just' an exchanger caused so much panic that it might take a few weeks before bitcoin is back on its old level.
How can we prevent that the value of the coin gets hurt when just an exchanger or whatsoever gets taken down or has technical issues? IMO we should order exchangers to set their own exchange rates and thus creating a fair and decentralized market. Just my 2 cents ;) Title: Re: How to safeguard the decentralization of bitcoin? Post by: OdinHephaestus on April 15, 2013, 06:11:35 AM After what happened with mtgox, whether it was a ddos or a overload of orders, I believe bitcoin has shown its weakest link. By having most other exchanges working with the mtgox API it was possible that a system error within 'just' an exchanger caused so much panic that it might take a few weeks before bitcoin is back on its old level. How can we prevent that the value of the coin gets hurt when just an exchanger or whatsoever gets taken down or has technical issues? IMO we should order exchangers to set their own exchange rates and thus creating a fair and decentralized market. Just my 2 cents ;) What we need are more exchanges, operated by different people, hosted on different servers. I'm thinking what we really need, is an opensource bitcoin traders framework. Title: Re: How to safeguard the decentralization of bitcoin? Post by: SimonQ on April 15, 2013, 07:40:37 AM What we need are more exchanges, operated by different people, hosted on different servers. I'm thinking what we really need, is an opensource bitcoin traders framework. Such a project is newly underway, and (unlike many of the current exchanges) there is an impressive group of people behind it. Quote What is Buttercoin? Following the events of April 2013 in which Bitcoin value dropped dramatically as a result of the short comings of existing exchanges it was decided that there should be a community driven and open source exchange. As such Buttercoin was born out of neccesity for this. Buttercoin allows the decentralisation of exchange between Bitcoin and other currencies. Check out:
P.S. I posted an article tonight you might find interesting discussing the difference between Bitcoin and Bitcoin Exchanges, with the underlying point being that while Bitcoin itself is solid, we need to improve our exchanges! http://www.247btc.com/bitcoins/138/bitcoin-railroads-exchanges-ticket-booths/ |