Bitcoin Forum

Centralized exchanges as we know them will die or change. This is a good thing. Exchanges along with their by-product, the 'speculator', shall die now. RIP.

Decentralized systems or multisig operations will take over.

Indeed. Multisig or die.

Regarding decentralized exchanges: https://www.youtube.com/watch?v=TtCVRIwcBYU&list=PLjgfpSQFJTLqbgHm8mkgPdD-ma7t0bRhK&index=1

Is there an upcoming decentralized system or multisig operation yet?

open bazar and few other, but the biggest i think is open bazar, still not completed

Why not simply replace exchange sites with new exchange sites after the operators scam their customers? It works so well!

Coinfloor in the UK is but it is very young, by comparision, so doesnt yet have depth of liquidity.

only works if you are the operator  :-\

decentralized exchange, multisig, transparency - i think people already called that 3-4 years ago.
but that would probaly mean less profit for exchange because they wont be able to manipulate (which i dont actually understand, because i think more trust -> more volume -> more profit)

Which exchange, if it will be decentralized? There will be no exchange in such case, direct transfers, just like localbitcoins but with a peer-to-peer matchmaking database.

The only way you'd get rid of speculators, aside from the above, is by stabilizing the price completely, forever.

I agree a workable solution like this would probaly be the pinnacle

The only thing preventing it from happening now is a need of a reliable distributed trust system, because trust is needed for fiat/other non-digital commodity part of the deal.  openbazaar, when released, could sure serve as such a trust source.

Well, the fun part is that similar topics popped up after the entire Gox thing. Nothing happened afterwards though, so why should something change now?

Alot have happened afterwards, I know things have changed as many people decided to not hold any funds at trust-based exchanges. Yeah, the solution may not be in place yet, but the demand is definitely there.

but what would be this reliable distributed trust system?
or, how to create it?

as an example which I think could work: https://blog.openbazaar.org/proof-of-burn-and-reputation-pledges/

Without speculators, how would price discovery be achieved? Inevitably, even if the venues for price discovery change, speculators are with us for the long haul....

The daytraders have now lost most of their wealth. It's the way it works. If one was too greedy, kept too much coins in an exchange, didn't bothered to put them in the wallet or at least spend $ on blow and hookers, one lost.

I saw the same thing on MtGox. Fat accounts from 'successful' daytraders didn't withdrew even a penny. So, where is that success now? In Kapeles' pockets.

Anyway, this should be the final warning. Keep your coins in YOUR wallets and use localbitcoins or any other decentralized system to trade. By doing this, you'll have your success. Less risk, more money.


I, today, January 6th 2014 give the middle finger to AML, KYC, banks, Bitcoin exchanges and daytraders-speculator, 90% of the Bitcoin scambusinesses that know shit about security and bitcoin inner-workings, I give the finger to governments around the world and most of their institutions, especially to those oppressive organizations.

Even though I am impressed with the Bitstamp heist, I will give the finger to retarder hacker or hackers because he/they struck with such a violence in people and a fragile system. I bet you're proud of yourself and happy about the earnings but listen what. Most of your life you'll live in some kind of fear because justice will be on your tracks. And if justice finds you, you will spend most of your life in a lonely place, a place where nobody should be, a place that will make you miss every drop of rain, breath of fresh air or sight of flowers. But because some people tread over flowers, we as a society put them in that lonely place for some time.

You're in such a misery that even remorse gets you and want to give the money back, most likely you'll still face criminal charges. And I don't think you have the guts to do jailtime with no money. It's better for your twisted soul to to spend some now and live in fear or in jail but thinking of your little treasure.