Bitcoin Forum

Satoshi where are you when we need you?? You solved the Byzantine generals problem and invented distributed currency, okay. Now it's time to invent distributed exchange.

How much do you want from one person? Geez!
Why don't you ask him to bring on the second coming?
Maybe he can stop the nuclear crisis in Fukushima while he is at it?
 

That would be too easy for Satoshi.  :P

umm.... i thought it was clear that he already had...

Woah, I want that for my wallpaper, even if Bitcoin does fail!

Seriously. What shape should a distributed exchange take? How can it be funded? I was thinking why not get a bunch of people together to pledge some bitcoin [full disclosure I only have 2 and am waiting to get more when the exchanges open up again] to invest in an exchange and charge a percentage of the exchanged money that gets split evenly between all the investors?

As for the shape of a distributed exchange, I'm not so sure about that. Ideas?

Dont you understand? Satoshi almighty decided to crash Gox to gives us a hand.  ;D (He cannot stand centralization).

None of us mortals can answer those questions.

LoL

I thought Satoshi retired and went back to playing Nintendo.  ???

satoshi can't post here anymore as much as he would want to .... he has only ever posted/connected with forum via Tor nodes

... and the forum has now banned posting from Tor, or ....?

Can't see how a distributed exchange could work.  Transactions need fast confirmation on an exchange.  If not traders will not touch it and you need traders to provide liquidity.  Imagine being in a fast moving market and taking a long position but not being able to confirm your order was filled until 10 mins after the fact.  That's 10 mins of exposure where your hands are tied.  You can't sell because the counterparty you're selling too can't be sure you've got the BTC to sell them.

Best option is multiple exchanges for redundancy and multiple clearing houses to link them so you make trades across exchanges.  Under that model it wouldn't be so nearly impossible for a new exchange to break into the market because there clients could trade with clients on the other established exchanges.  If not clearing houses then the exchanges need to provide facilities to make arbitrage viable.  The arbitrage traders provide liquidity across exchanges.

Hmm, well one of his last posts he said he was moving on to, "bigger projects." Then again, you never know. Satoshi may still be amongst us (most likely) just under a different identity and less active role. He got spooked during the whole wikileaks cable release. He didn't want to be the next julian assange and he did a pretty damn good job of going into hiding.

"WikiLeaks has kicked the hornet's nest, and the swarm is headed towards us." - One of Satoshi's last remarks before leaving the community.

What would happen if Satoshi decides to confront Chuck Norris?

Satoshi IS Chuck Norris.

i don't recall a reference to 'bigger projects', but i could be wrong.

the reference to wikileaks was the result of a particular situation and was not, i think, meant to be generalised.

as to the original poster's question, a distributed currency exchange is probably a pipe dream in practice. but the real solution to the problem is a distributed bitcoin economy, making currency exchanges less important. whether that distributed economy will grow is the crucial question facing bitcoin at present. it's been slow recently because most of the influx, even with recent mass press coverage, has been of speculators and miners.

relevant

http://www.youtube.com/watch?v=i-GCJHwvCms

Just an idea - people provide limited access to their bank accounts to make money transfers, similarly how computers are made available for external traffic in the Tor network. This way a big distributed network is created, capable of making money transfers. To prevent stealing money from nodes, all USD/real currency in a node is backed up by freezing equivalent amount of node owner's BTC, as a guarantee.

Regarding the effectiveness of Wikileaks, someone can tell me why the most important of whistleblowers got caught by the US government and sent to guantanamo? I thought wikileaks was to give whistleblowers a safe way to communicate information.

Also, this video got me thinking who is really behind wikileaks.
http://www.youtube.com/watch?v=O69SCJAhUdI&feature=channel_video_title

Its a bit offtopic, but has to do with Satoshi more or less.

How do you mean?

A web of trust crossed with a public blockchain in which traders announce their cash-transfer capabilities (Ex. PayPal, Bank, face2face near Lat. X, Long. Y etc.). All trades are instantaneous and recorded in the blockchain at the then current price. When it's time to cash out or deposit money, you use a client program that matches someone who needs cash with someone who wants to deposit cash. The primary distinction from Bitcoin-OTC is that the persons trading cash are not also exchanging bitcoins, each has it's own time and price at which the trade took/will take place.

When a match is found, the users exchange contact credentials encrypted with each other's private key and do the out-of-blockchain money swap. If the PayPal, face 2 face etc. swap was fine, the receiver of the money credits the giver in the blockchain and each is on his way. If not credited, the giver can publicly complain and reduce the receiver's rating. The system automatically computes ratings and updates the web of trust. Highly trusted individuals could ask for a premium for their services, so they are incentivized to stay honest. The bitcoin settlements are automated and the exchange chain refers to the bitcoin blockchain by requiring traders to prove their identity using the bitcoin wallet keys.

The system would also require trusted arbiters that hold the excess cash and bitcoins needed to provide liquidity to the market. These could be selected from the highest rating individuals.

Just a very rough draft, it probably has millions of flaws that scammers can abuse. But I wouldn't call it a pipe dream. Face 2 face traders would only announce themselves in friendly jurisdictions, otherwise law enforcement can quickly single out individuals with good history and take them out based on the proof of past transactions.

I partly agree with you, but remember that the end goal of bitcoin is becoming a currency that you can trade for real goods, not trade for fiat. We are now hopefully in a ugly caterpillar stage (speculative comodity) before becoming the butterfly (descentralized currency/money).

I assume you are referring to Mr. Bradley Manning? The reason he was caught was not because of wikileaks releasing his information (as far as I know, they didn't even know who leaked the documents at the time wikileaks got them). Instead Manning was communicating with other people about the documents. It was this person (not related to wikileaks) who ultimately went to the FBI and ratted out manning. Here is a PBS frontline documentary on the whole incidient, @ 22:00 it starts to explain how manning was caught.

http://www.youtube.com/watch?v=W37lctyFM7g

Fuck that bullshit, here is the game explained.
http://www.youtube.com/watch?v=qJAbzl5a9H8

Watch carefully. Wikileaks = Rothschilds, no doubt about it.

Satoshi's last forum post (http://forum.bitcoin.org/index.php?topic=2228.msg29479#msg29479), on 12 December 2010, included these words:

Yes very true. You don't have to use an exchange to use bitcoin. Eventually people will be buying/selling goods and services for bitcoins. No fiat needed. No bank needed.

I suppose its kind of vague but I assume it to mean more complex ideas as in other projects. Obviously if those, "more complex ideas" were related to bitcoin then he wouldn't have just bailed. He didn't even leave a good bye message. He just wanted to disappear.

If Satoshi is the biggest threat to the bankers, it makes sense that Julian Assange and Wikileaks will be a big threat to bitcoins.

"WikiLeaks has kicked the hornet's nest, and the swarm is headed towards us." - One of Satoshi's last remarks before leaving the community.

Cyber-Terrorism is on the Banker's and Government's Ordo Ab Chao Agenda, and don't forget it!

FOREX "kind of" is distributed. not as distributed as bitcoin obviously but I don't think that's possible.

but with forex there is no central authority, you trade with your bank and banks trade with each other.
I think the closed thing to a distributed exchange could be that the existing exchanges start to exchange quotes and it gets very easy to set up an exchange so there are many of them.

A-fuckin-MEN!!   (just to be sure, that is the word 'AMEN' with much emphasis - Im agreeing with you emphatically)

Hmmmm *contemplates Loom*

You have to email him at Satoshi.Nak@gmx.com

Today, most exchanges don't have enough cash to handle major sell-off so I am wondering how a decentralized exchange would do. Bitcoin MUST first fix the "fiat problem" to have a decentralized exchange...

He is back , governement tried to stop him.
When he saw everything was running fine he prefered to change his mind and live normal live and predicted to comeback afther 10 years for continue his job.
Hal Finney was good guy.
We need continue the revolution , he is trying to get back his wallet encrypted by truecrypt.