a decentralized exchange would be amazing (if it actually worked(how would it work?)) lets face it the biggest threat to btc is probably a political one and the easiest target for law makers is obviously the centralized exchanges.
right having a decentralized exchange would make bitcoin truly unstoppable. the biggest problem with a decentralized exchange was, how do you get dollars loaded into the application without using a bank account. MintChip is the solution to this problem. |
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How can I answer a poll about such a vague question?
I'm sure if I had more detailed, I'd be more able to answer whether I'd used it.
would you use a decentralized bitcoin exchange, it would use any and all supported currencies on the MintChip to trade bitcoins in a decentralized fashion. assume the code is open source and we can all agree it can't be cheated. feel free to ask questions |
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sheesh, mintchip has its fans already?
i think it will be useful. i wouldn't be able to make a decentralized exchange without it. so, i like it! |
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I doubt I could just walk into a (canadian?) bank with 100k $ in mintchips and get paid...
Also, which currencies ARE actually supported on these "tamper proof" devices? Money is only as good as the places it gets accepted (a common problem for Bitcoin)... anyways, there are similar concepts already running for quite some time in Europe (paysafecard), though without this weird hardware obsession. I personally would not want to buy any mintchips anytime soon, just to be able to trade them for BTC unless I can do so via credit card without any additional fees.
these devices are not out yet, only dev. has access to them (I filled out the request to get a dev. kit) it looks like they want to support all major currencies, but for now its locked into using CAD. you wont have to set foot in Canada, I'll sell you a mint chip and mail it to you for like 2BTC, once you have the mint chip you could use the decentralized bitcoin exchange to load it with dollars, and start trading. maybe their will be a bank in Europe that will allow you to load Euros on it, and you can use that to trade with. Its to early to tell if this MintChip will actually be used world wide, but it would seam to be their plan. |
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If someone goes and fills your order, the transaction will automatically be processed by the application. ( Client A sends MintChips to Client B, Client B sends Bitcoins to Client A )
Is this enforced by the local client? What stops someone from using a modified client that does not enforce this? (Pretend to be a normal client and broadcast the order, but not execute it when requested) what stops anyone from doing the same thing with the bitcoin client? edit: maybe the client could be built in such a way that it only deals with authentic clients, by checking some kind of GUID |
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 Did someone say Mint Chip? |
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Well technicalities or not the point is that when User A is paying user B, user B is relying on the fact that user A "can't" break the chip. The chip ensures security. If User A has extracted private keys and can generate thousands or millions of duplicate tx at will there is nothing user B can do to detect that. To user B chip the tx looks as valid as any other valid tx.
I would expect someone who gets a chip's private key could just mint their own money without needing to double spend. Afaik when a chip signs a message to transfer value, it has no burden of proof that it ever received that value from somewhere else, it is simply trusted to only sign payments out of its balance and to not sign payments without sufficient funds. With a hacked chip or compromised private key, one could simply issue new transactions without limit, they wouldn't need to be double spends. Such fake transactions could be used to top up real non-hacked cards. where are you getting the information for the chips technical details? are you just assuming it works like you think it would? |
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The decentralized bitcoin exchange, would use any and all supported currencies on the MintChip to trade bitcoins
would you use such a system?
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enforcing orders, much like no one can simply change the bitcoin app. code, and start doing fraudulent transactions, the p2p exchange will work in similar way.
By enforcing orders I mean - let's say I put up a bid to buy 1000 bitcoins for $4 each. Someone takes me up on my offer. What makes sure I will go forward with it? Maybe I have no interest at all in buying bitcoins and am just trying to manipulate the market? well to put an order, you will need to have the funds. at anytime you can cancel the order, but if you put up your order, its very much at risk of being filled. If someone goes and fills your order, the transaction will automatically be processed by the application. ( Client A sends MintChips to Client B, Client B sends Bitcoins to Client A ) like you said somehow this transaction must be a single atomic trade (or a 2 step processes that cant be cheated) this will be the hard part. |
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Both more than and less than 5 USD
i like it  |
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today's the 5th and its not like 12 or 18 its more like 2010 ... not stable at all, but once we have a the big boom up and over 100$ the months of trading at 6$ - 4$ will look like a flat line.  |
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Even if this MintChip thing is any good (TBD), it does nothing to solve the fundamental challenges of making a decentralized exchange - atomic trades (solvable in some contexts), and enforcing orders (to which I don't know of any solution, other than trust networks).
I have to admit i only give this a few hours of thought, please continue trying to poke holes in the idea atomic trades, will need to give this more thought... enforcing orders, much like no one can simply change the bitcoin app. code, and start doing fraudulent transactions, the p2p exchange will work in similar way. |
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feels like the bear is winning  |
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I read this today on TechCrunch which also mentions bitcoin in passing.
... its totally opposite to bitcoin though, its not a currency, its not decentralized and its not anonymous.
right but it promises p2p micro transactions anywhere in the world online or not. Cash is to Gold as MintChip is to Bitcoin? |
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It's nothing like bitcoin.
the point is it will allow for the decentralization of exchanging BTC to dollars or dollars to BTC |
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And where does our money end up if mintchip bellies up?
MintChip is will be issued by the Royal Canadian Mint If they ever stop supporting MintChip, my guess they will allow you to return all funds to your bank account. if not, you can take it up with the government of Canada. |
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