I'm happy to announce that p2pexchange will have a beta release in the coming days. p2pexchange is a 3 man project to create a decentralized message-passing network used for tracking assets with an integrated Bitcoin trading engine. p2pexd, the C++ daemon is designed for expert users and those looking to create friendly front ends for the decentralized exchange.

• Decentralized network. Nodes submit very light messages which are stored by all nodes
• No central authority to take down
• Uses DHT for peer finding
• Trade ANY asset by an issuer - securities, bonds, loans, even fiat in an decentralized manner
• Anyone can create their own asset and reserve a ticker name
• Trades require depositing to the respective issuer's escrow address. The escrow address is automatically generated by p2pexd when you create a new asset. Issuers should keep their daemon running 24x7.
• Shares tied to Bitcoin addresses, provable by message signing
• Open Source - to be licensed under LGPL

Q AND A

1. How does it work exactly?

Shares are tied to Bitcoin addresses. When you create a security, you reserve the ticker (via a special transaction in the Bitcoin blockchain, earliest transaction gets that ticker), create an escrow address and an issuing address which originally contains all your shares. Transferring of shares is done via a special transaction script and is embedded in the Bitcoin blockchain - we use hashpower to prevent double spending (for shares). It is NOT colored coins - coins do not represent assets, we simply use Bitcoin transactions to carry it.

2. How does the orderbook work?

When you want to trade on the order book, you need to send coins to an escrow address defined when the asset was created. This is so there is no fake orders on the orderbook. All trade pairs must involve BTC (arbitrary asset pairs may be included in a later version).

3. How can I trade fiat?

An issuer (for example, an exchange) can create an asset such as "MyExchangeUSD", "MyExchangeEUR", with their own redemption policies. You will need to trust the issuer to honor redemption.

4. Can I pay dividends?

Yes. p2pexd also supports scheduled dividends (you must keep p2pexd running as an issuer through) to make loans easier. All dividends are paid straight to the asset owner's addresses, if they will receive more than 10,000 satoshi. (If not, the software simply keeps track and will send the next time they have more than 10,000 satoshi).

5. Are there any fees?

You must pay Bitcoin transaction fees (0.0001 to 0.0005 BTC) per action, such as orderbook entry, orderbook cancellation, new asset, pay dividends, etc. There are also some fees required by p2pexchange. These fees are paid to the development team, acting as a bounty but also as a security fee to prevent network spam. Fees can be centrally adjusted DOWN (never up) with a signed message from the address 1p2pa3oVhWAeT9q66hxWZGA6iv2cTUZu2

Current fees (they may be adjusted down centrally):

New Asset / Reserve Ticker: 10 BTC
Post Asset News (up to 140 ASCII characters): 0.01 BTC
Orderbook insert fee: 0.0005 BTC
Dividend payment fee: 0.0005 BTC

6. Do I need to run bitcoind?

Yes, if you would like to use p2pexd you will need to run a full node with RPC access. You will also need to patch it so it recognizes and provides p2pexd with certain scriptSigs.

7. Will there be a friendly user interface?

For p2pexd, no. We hope that developers build friendly user interfaces of p2pexd, such as web user interfaces, providing support, etc.''

GITHUB

Pending beta release

BITCOIND PATCHES

Note: This is not a hard fork, this does not affect the network, just provides additional RPC commands that p2pex uses

Pending beta release

The article you linked said that because bitcoin is virtual it should not be considered money.

That's the first I heard from him for a very long time.  I had tried emailing him several times while trying to sort out the WBX mess and never got a single reply.  And now he contacts me out of the blue and calls me "Doug".  I didn't reply straight away, and then it slipped my mind until I saw your post about the site update.  I really don't know what to think.  I guess there are plenty of new Bitcoin users who won't have heard about the previous WBX incarnation...

I think that you should be able to buy with a centralized exchange you know will have legit securities, and a decentralized option that would save you money.

You could easily list your security on both the decentralized/centralized exchanges offering both options while knowing that the security has met the regulations set in place to protect investors.

Im not 100% sure I understand what you mean but I think you are saying that it is impossible for bitcoin securities/exchanges to get registered with SEC. And the gov is not regulating BTC in that case they are regulating SECURITIES. They don't give a shit how you pay for your investments, they just want to make sure they comply with the laws that have been in place for 50+ years.

And is it impossible to register with SEC or is it that nobody has even tried because they like to pretend that by saying bitcoin is "virtual currency" they can get away with illegal activities.

What a horrible day for bitcoin.  

Guess I just have to keep holding, as I wasn't among the lucky few who happened to be sitting at their computers with their finger hovered over the "Sell" button the instant this news was - unconscionably - posted on the bitfunder page.

Allow me to shed some light on the matter. Bullshit non-companies imagining they're "involved in BTC" have been taking advantage of bullshit non-exchanges imagining they're "innovating in BTC finance" even before MPEx was established. Unlike MPEx, those non-exchanges and a fair amount of non-businesses have crumbled. Spectacularly, and with about as much fallout as you'd expect from the implosion of bullshit scaffolding built ever and ever higher around the coins of those who don't know better or simply don't care 'til the money's gone.

I've been here, pointing this out, repeatedly.





Every time a play exchange folds, or it's no longer possible to cover one's ears and pretend their major, gaping flaws aren't flaws, forumites and others who haven't yet realized that actual BTC finance happens on IRC panic in search of some easily recognizable replacement, whether it's another bullshit non-exchange, or whether it's a similarly broken idea riding on the wings of some dev concept.

As you somehow might not expect, though you should, these palliative measures aimed at making everything okay again for bullshit non-companies only ever repeat the cycle.




The solution to all of this is not packaging up "the community"'s collective cluelessness and sending it off to Nanny Gov so that a hand much harder, meaner, and indiscriminate than mine can smack people every time they put money and thoughtless cheering into bullshit.

GPG contracts. Security that isn't based on the limitations of a "slick" website. Actual IPOs from actually planned out, accountable entities. Yes, there's a fee. You're paying for that which works, which in the end is all that's worth paying for. No, I'm not especially nice in that In-N-Out Burger sort of way (though I'm just PR, you don't have to deal with me at all to use the exchange). The lies, the sugar-coating, the beating around the bush, is exactly for cheap food service and has no place in BTC finance. Plenty of people have thrown a fit over these facts, I'm sure plenty of people will continue to do so, and will continue to lose their money. MPEx will be right here.

I managed several GoogleDocs AltCoins Exchanges in the Alternative cryptocurrency board before the Cryptsy Era. Experimenting the recent troubles in markets I had this idea.
For well known reasons in the crypto assets markets lot of us are not able to trade shares so I thought we can do it the old forum way.

Every time a play exchange folds, or it's no longer possible to cover one's ears and pretend their major, gaping flaws aren't flaws, forumites and others who haven't yet realized that actual BTC finance happens on IRC panic in search of some easily recognizable replacement, whether it's another bullshit non-exchange, or whether it's a similarly broken idea riding on the wings of some dev concept.

Peer to peer markets will work exactly for what and exactly how GLBSE has shown them to work (a centralized market run by undistinguished members of the general public being indistinguishable from a peer to peer market in any practical sense): a collection of the useless, the dysfunctional and the pointless taking turns to become fashionable, thus copied, thus reinforced by "social proof", presided upon by many idiots of which some are useful and a handful are outright con artists, generating an ever increasing quantity of drama per BTC.

There's a reason lemon laws have to be introduced in any market where the costs of discovery are high and the actual value per unit variable: buyers are willing to offer "average" prices, sellers knowing this will never list anything of above average value, as a result the average spirals down. There's always going to be need for a place where the above average can be listed, and that's the end of the p2p market as a serious venue.

P2p works well for money because money is fungible. It's a good idea, much like flight is a good idea: for some applications. Not at all for anything and everything under the sun.

GPG contracts. Security that isn't based on the limitations of a "slick" website. Actual IPOs from actually planned out, accountable entities. Yes, there's a fee. You're paying for that which works, which in the end is all that's worth paying for. No, I'm not especially nice in that In-N-Out Burger sort of way (though I'm just PR, you don't have to deal with me at all to use the exchange). The lies, the sugar-coating, the beating around the bush, is exactly for cheap food service and has no place in BTC finance. Plenty of people have thrown a fit over these facts, I'm sure plenty of people will continue to do so, and will continue to lose their money. MPEx will be right here.

So, we've all had our fun scoffing at regulators, but now that we've got that out of our system (and our portfolio's are down 60%) are we ready to make a regulated US exchange?

This would have the perks of inviting more liquidity from larger market participants, as well as more stability and predictability.

Playing around with other experiments such as decentralized exchanges and colored coins just invites unpredictable illiquidity and instability.

The Securities and Exchange Commissions offers plenty of regulatory exemptions for the kinds/sizes of companies that have so far "IPO'd" in bitcoin land, the exchanges might have a more uphill battle but its time to cross the bridge

I like your metaphor so Ill try to explain my reasoning with it. I think that there should be 2 options for people, buy fresh twinkies from a grocery store (that is regulated by FDA) and you can also buy old gross twinkies you found in a back alley if you want to take the risk of it being expired/poisoned. My point is that for centralized exchanges to operate they need to be complying with the regulations in their field. We cant have half-assed grocery stores profiting off the old twinkies that should never have been sold in the first place.

Nefario: You are obviously unqualified to be anywhere near a project of the complexity of an exchange, even for play money (which I suspect BTC are, for most of you here, at least judging on behavior records). I will make you precisely one offer to buy the thing from you, so you get to actually make some money for all your effort over the past year, as misguided and mismanaged as it may have been, rather than have to walk away from a worthless wreck (like Zou Thong/Amir&co have with Bitcoinica). If you have half the maturity you should have to be involved in all this you will take this offer seriously, and consider your options carefully. Feel free to make contact via pm or in #bitcoin-otc-eu.

It was said before, it will need (apparently) to be said again: GLBSE is a bad choice for security and other reasons.

We were hearing rumours for months that Pirate has in fact defaulted but the dummies that he had for "investors" were just letting it slide. We were hearing rumous for months that the passthroughs are only a convenient way to allow the scammer to pay some of the "inner circle" interest with fresh money from small timers who will never be repaid and can never do anything about it.

By puncturing the circle of bullshit Bitlane did the community a big favour. The perpetrators of the passthrough scams however have a lot to answer for. And so does the Global Scam Exchange that allowed all this to happen.

There are no current competitors. There's MPEx, and there's various attempts to recreate GLBSE. These compete among themselves for the "most-GLBSE alike" title, and when they don't do that they negotiate to reunite into one single unity of fail, thus actually recreating their model.

Outside of that pretend competition (as you can't really compete when there's no actual difference) there's no such thing as competition going on in BTC finance land: the play exchanges and MPEx couldn't compete if they wanted to, as they serve entirely disjunct markets. The random noob that started this thread for his literary-financial & fiducial new media etc project being a convenient point in case.

I suppose at most you could say the competition is cultural, in the sense of sanity trying to compete with firm conviction. That's hardly any sort of competition either.

What the hell happened?

Was GLBSE the biggest ponzi scheme of all?

https://glbse.com/



Wow. Who saw this coming? Think we will get all of our BTC back?

Somewhat shocked that's it's just shutting down like this.

I don't understand what happens to existing assets? I'm holding some that are not on any other exchanges..?  Fuck what a shit-show.

I'm counting (hoping) on that!

https://Ice-dice.com is considering offering an IPO to raise some fund for the bankroll and hire some marketing to grow the site. The site launched 3 weeks ago and it's been growing steadily with good feedbacks from both users and investors.

where these sketchy stocks can prosper freely

luckily the EU countries (I know it sounds crazy to even say this) are more friendly to financial innovation...

Very cool, is there an ETA?

And a legal charge of 9.2 Bn$ (70.7 mn BTC) that brought them squarely in the red. You know what 70.7 mn BTC is like ? It’s like more than triple the Bitcoin than will be in circulation in 2113.

He certainly got caught up in playing the role of DPR.  He attracted an almost cult-like following amongst SR users and plenty of people wanting to establish more personal relationships with him for the reflected glory.

When you're living a "nobody" life in the real world, and getting all this adoration in the online world, over time it's got to be difficult to maintain your distance from those who are validating you as some kind of revolutionary hero.

People get reckless over time.  They sacrifice security for convenience in what seem like little, unimportant ways.  When they've "gotten away with" something over a sustained period of time, they come to believe in their own invincibility - and DPR had a hell of a lot of SR users reinforcing the belief that he and SR were invulnerable.

Hell, take a look at the various SR 2 projects happening now.  They're all claiming that they'll be more secure than SR and bigger and better when in truth analysing exactly what went wrong and working out how to prevent it happening again should take at least weeks, if not months - especially when only some of the information the feds have about SR and DPR is currently known.

Human beings have a habit of idealising people.  We believe that people who are "smart" don't do dumb things.  Yet time and again people enterprises fail because those who conceived them lacked the skills to properly execute them or because those who should have remained in the shadows sought public validation. 

Take a look at the new SR 2 forums.  The very first post is a "debut speech" by the "new DPR".  Posting long philosophical ramblings provides opportunities for your speech patterns to be analysed and compared to other online writings.  Anything the "new DPR" feels compelled to post should be short and clinical, but that horse has already bolted.

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