|
Title: How will decentralised exchanges work? Post by: cafucafucafu on February 09, 2015, 01:17:15 PM Will they need their own blockchain? Where do you send the fiat to? Who keeps the coins?
Title: Re: How will decentralised exchanges work? Post by: AtheistAKASaneBrain on February 09, 2015, 02:24:33 PM Will they need their own blockchain? Where do you send the fiat to? Who keeps the coins? I aint got no idea how decentralized exchanges work, so im also interested. I add to the question: How do you know you aren't buying from the feds? (honeypot). It kinda defeats the purpose. Title: Re: How will decentralised exchanges work? Post by: redsn0w on February 09, 2015, 02:27:12 PM Will they need their own blockchain? Where do you send the fiat to? Who keeps the coins? No, it is the same bitcoin blockchain. If you want more info this is the official thread of bitsquare : https://bitcointalk.org/index.php?topic=647457 Title: Re: How will decentralised exchanges work? Post by: kodtycoon on February 09, 2015, 02:29:15 PM this is the best explanation of one iv seen in a while.
pre-requisites: - both exchanging currencies with multisig support. - one of them with smart contract support/business rules. result: https://forum.nemcoin.com/technical-discussion/possible-idea-for-mostly-trustless-third-party-exchange/ Title: Re: How will decentralised exchanges work? Post by: R2D221 on February 09, 2015, 03:00:20 PM - both exchanging currencies with multisig support. I want to exchange my pesos. How would I do that if pesos don't support multisig? Title: Re: How will decentralised exchanges work? Post by: redsn0w on February 09, 2015, 03:01:17 PM - both exchanging currencies with multisig support. I want to exchange my pesos. How would I do that if pesos don't support multisig? If you use bitsquare you can exchange pesos for bitcoin , have you seen the video of how it works ? Title: Re: How will decentralised exchanges work? Post by: R2D221 on February 09, 2015, 03:02:13 PM - both exchanging currencies with multisig support. I want to exchange my pesos. How would I do that if pesos don't support multisig? If you use bitsquare you can exchange pesos for bitcoin , have you seen the video of how it works ? Yes. I was talking about kodtycoon's link. Title: Re: How will decentralised exchanges work? Post by: redsn0w on February 09, 2015, 03:05:14 PM - both exchanging currencies with multisig support. I want to exchange my pesos. How would I do that if pesos don't support multisig? If you use bitsquare you can exchange pesos for bitcoin , have you seen the video of how it works ? Yes. I was talking about kodtycoon's link. Oh sorry, the "kodtycoon's method" uses greenAddress as webWallet (with multiSign + 2FA + istant confirm) and also NTE. However, as you told pesos doesn't support multisign :D. Title: Re: How will decentralised exchanges work? Post by: GermanGiant on February 09, 2015, 03:06:32 PM Will they need their own blockchain? Where do you send the fiat to? Who keeps the coins? Decentralized exchanges rely on a Supreme Court type Human Panel for ultimate dispute resolution, which requires trust. Anything that is handling FIAT can not be as trustless as bitcoin network. p.s. I have checked both bitsquare.io & OpenBazaar. None of them can programmatically address the arbitrator dependency issue. Title: Re: How will decentralised exchanges work? Post by: thejaytiesto on February 09, 2015, 03:23:08 PM The only way to know if you are buying from soneone legitimate is... well there's no damn way, unless you require that both of you show your ID's which suck.
Title: Re: How will decentralised exchanges work? Post by: R2D221 on February 09, 2015, 03:24:36 PM The only way to know if you are buying from soneone legitimate is... well there's no damn way, unless you require that both of you show your ID's which suck. Even then, IDs can be faked. Title: Re: How will decentralised exchanges work? Post by: Evolvo on February 09, 2015, 06:52:34 PM Decentralized exchanges reply on a Supreme Court type Human Panel for ultimate dispute resolution, which requires trust. p.s. I have checked both bitsquare.io & OpenBazaar. None of them can programmatically address the arbitrator dependency issue. Only BitShares resolves this issue and is counterparty-risk free when trading the following assets: bitcoins, US Dollars, Euros, Chinese Yuan, and solid gold https://bitshares.org/get-started The latest client software revision was released 3 days ago. this! Title: Re: How will decentralised exchanges work? Post by: R2D221 on February 09, 2015, 07:22:19 PM Decentralized exchanges reply on a Supreme Court type Human Panel for ultimate dispute resolution, which requires trust. p.s. I have checked both bitsquare.io & OpenBazaar. None of them can programmatically address the arbitrator dependency issue. Only BitShares resolves this issue and is counterparty-risk free when trading the following assets: bitcoins, US Dollars, Euros, Chinese Yuan, and solid gold https://bitshares.org/get-started The latest client software revision was released 3 days ago. What about Mexican Peso? Title: Re: How will decentralised exchanges work? Post by: GermanGiant on February 09, 2015, 07:50:06 PM Decentralized exchanges rely on a Supreme Court type Human Panel for ultimate dispute resolution, which requires trust. p.s. I have checked both bitsquare.io & OpenBazaar. None of them can programmatically address the arbitrator dependency issue. Only BitShares resolves this issue and is counterparty-risk free when trading the following assets: bitcoins, US Dollars, Euros, Chinese Yuan, and solid gold https://bitshares.org/get-started The latest client software revision was released 3 days ago. It seems it is relying on fixed value assets such as bitUSD. But, bitUSD is ultimately getting traded on centralized exchanges like ShapeShift. Title: Re: How will decentralised exchanges work? Post by: juicyjuice87 on February 09, 2015, 10:49:36 PM Bloody BitsharesX and their spamming
Title: Re: How will decentralised exchanges work? Post by: cellard on February 09, 2015, 11:28:10 PM The only way to know if you are buying from soneone legitimate is... well there's no damn way, unless you require that both of you show your ID's which suck. Even then, IDs can be faked. I see literally 0 solutions to this. We can't just magically beat law and order. |