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Author Topic: Gentlemen, tell me what you want to see in a BTC exchange. [Bitcoin Reward]  (Read 4177 times)
Anonymous
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June 08, 2011, 10:58:09 PM
 #1

Bitcoin is growing at an exponential rate; however, the gateway to this glorious innovation lies in the hands of a few exchanges. No longer! As I speak, I am taking the steps towards the contruction of open-source exchange software. The precipice in Bitcoin exchanges! I want to enable the common man, with a mere whim to open his own exchange whether it be trading Bitcoins for securities, other currencies or in a completely anonymous environment. Decentralization will now come to a higher level.

Now, this won't be just some mere cluster of open PHP code. Oh, of course not! This will be the finest exchange software this world has to offer!

Which brings me to my objective: I need to know what my fellow traders want to see in an exchange. I want to see what is left to be desired! I want your needs to be bet to the pinnacle of satisfaction. I want the most seamless experience possible!

So, give me a valid quality, original opinion on your desires of said exchange software and I will pay you .01 BTC. So, make sure to end your post with a lovely address.

Godspeed and much obliged.
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Insuremeplz
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June 08, 2011, 11:01:14 PM
 #2

How about a view from the common man that doesn't know anything about trading?

I want to gamble it up. I want an option that has someone put up a large chunk of their money, with a small chunk of my money, and if the rate drops a little bit I lose my share but if it goes up I have bigger potential for gain. No idea what it's called, but I want it.

Does that count for .25c? 1C9wmmXbKy8speH3y3UCg4RzqA2ZjShLPb  ? Cheesy
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June 08, 2011, 11:01:25 PM
 #3

Charts... I want all of them, and I want them configurable.

Take a look at the logarithm charts of price over difficulty and difficulty over price specifically.

Also, please incorporate a live ticker that users aren't forced to refresh the page hundreds of times a day.

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June 08, 2011, 11:02:38 PM
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See here for an example:

http://forum.bitcoin.org/index.php?topic=7427.0

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rezin777
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June 08, 2011, 11:03:55 PM
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I want to gamble it up. I want an option that has someone put up a large chunk of their money, with a small chunk of my money, and if the rate drops a little bit I lose my share but if it goes up I have bigger potential for gain. No idea what it's called, but I want it.

Leverage.
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June 08, 2011, 11:04:50 PM
 #6

I would like to be able to trade in multiple currencies. Bitcoins, Namecoins, Dollars, and possibly others.

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Jaime Frontero
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June 08, 2011, 11:07:36 PM
 #7

i want one-click exchange between Bitcoin and any currency on earth - in both directions.

i want to be able to exchange BTC for any currency, and have that currency deposited into any bank - no matter what the status of that account might be to the regulators in my country (the US).  i don't mind using tor, or a VPN.

i want no records kept after transactions are successfully completed, to the satisfaction of both parties.  so it would need to be established in a place where that is possible.

i don't care about short-selling, long-buying, credit default fanciness, or anything other than a pure exchange.

but YMMV.
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June 08, 2011, 11:09:54 PM
 #8

Also, the ability to create reciepts or records of transactions for tax reporting purposes would be nice.

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adrian33
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June 08, 2011, 11:13:11 PM
 #9

"buy it now" or "sell it now" as opposed to some type of order matching - like when ebay produced the 'buy it now' feature. So a list that people can view and respond to.

Some people just want to buy or sell a bundle of bitcoins, not have to place orders.

Scientician!
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June 08, 2011, 11:13:19 PM
 #10

BULLETPROOF anonymity.

 As Mr. Frontero said, for now the best option is likely TOR, but TOR is slow, and the amount of traffic a busy exchange would generate could probably make statistical forensic analysis of exit nodes that much easier for the wonks in the Black Box in Greenville.

So, with that in mind, I'd like all of the things previously mentioned, AND a solution to the Exit Node problem. Have it on my Desk by COB Friday, thx.
thelasttrueone
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June 08, 2011, 11:14:23 PM
 #11

Trading from wallet directly to bank account. I send my coins to the buyers wallet he sends cash to my checking/savings account.

 No intermediary means no central account to ban. I don't know if this is possible but that's what I would like to see. It increases liquidity and protects bitcoin.

If you think that is worth anything
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June 08, 2011, 11:17:21 PM
 #12

The ability to sell short, or to create and then buy/sell options (Calls & Puts) would legitimize Bitcoins in the 'real world.'  Of course, who monitors naked short selling and other issues?  I leave that to those smarter than I.  Also as this is meant to be configurable software, it would be nice to allow the owner/operator of the exchange to use any and all currencies as a basis of exchange, including Linden$, WoW Gold or whatever else one might come up with.  Decentralizing the exchange is likely to be the biggest hurdle toward Bitcoins gaining acceptance in the wider economic community.  No clue how useful my thoughts are, but if so my address is in my sig.  Good luck!


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June 08, 2011, 11:19:22 PM
 #13

I want support for mobile devices, maybe an app for Iphone/Ipad/Touch. With SSL.

Also, I want have option to exchange to precious metals, the yellow one, and the er..silvery one.


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June 08, 2011, 11:31:57 PM
 #14

I want the domain and hosting to be somewhere that wouldn't care.

Antarctica?
 Cheesy

I'll keep my politics out of your economics if you keep your economics out of my politics.

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Clark
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June 08, 2011, 11:36:52 PM
 #15

What many people are describing is a feature list for the front-end to the exchange, more like what a brokerage would provide.

I would love to see exchange server software that exposes an API only. The server would provide live data over Secure WebSockets with a nice fall back (AJAX, JSONP). Any exchange operation could be performed over the API - Buy, Sell, Short, Cover, account, order book, trades. You could require users to authenticate over OAuth or something like it so that API calls can be traced to an account.

Be sure to publish thorough API Documentation - as in this: http://dev.twitter.com/doc

That way, whoever is implementing the exchange has the core software written for them, and they simply create the interface software on the front end. They could limit the interface with the server API to a web-based front end or expose it to the public for app creation, etc.

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June 08, 2011, 11:43:22 PM
 #16

Not sure how you world implement this, but something keeping me away from the main exchanges is the possibility of government / nefarious third parties raiding the servers and eventually tracking your purchases.  I want the anonymity that bitcoin is known for.

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Anonymous
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June 09, 2011, 12:06:19 AM
 #17

Thank you all so far. Very insightful.

Let me state that payments will be sent out at an exchange rate of $30/BTC. This will happen within the day.
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June 09, 2011, 12:46:17 AM
 #18

If possible, a modular design with extensions for optional features. Keep the core simple, so different exchanges/installations stay as compatible as possible.

SSH, Tor, or even Freenet compatibility? I see someone else requested bulletproof anonymity, count me as +1 for that.

Ability to manually set for how long logs are kept, with a different setting for each type of log (fiat/BTC trade, incoming/outgoing transactions from banks/users, user logons, etc). Default to something low, default to automatically publish what these settings are.

All custom settings stored in the same folder for easy backup.

.deb/.rpm/.exe installers for us newbs.

+1 to the server API idea too, it's more secure and easy automated trading is a must.

Ability to cap outgoing packets and bandwidth, to stay under the radar.

If any of this didn't make your eyes bleed, I'm 1BkVFVnCSgQPseMtQ4Yr4h426T6z6ug3Dw
MarketNeutral
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June 09, 2011, 12:56:45 AM
 #19

I'm a portfolio manager for an investment fund, so I'm very familiar with the requests mentioned. But let me warn you: a casino-type atmosphere (and that's what it is) of get-rich-quick "market makers" that add pseudo-liquidity as I'm seeing here is borne of nothing but greed. And it doesn't last.

You want bitcoin to thrive and be decentralized? Assume the average bitcoin user is of below-average intelligent. Make it easy for the masses. Forget the geek speak. Forget the pipe dreams of some wanna-be forex speculators that have little real world experience.

Think of a bitcoin exchange in terms of the people you see at the grocery stores, the bank, the gas station, anywhere really. People that know NOTHING about finance or technology. Could your mother or grandmother use any bitcoin exchange?

Many people are just now hearing of bitcoin, yet when they go to investigate it, all they see is confusing, unwieldy gibberish.

A lot of you guys have dollar signs in your eyes, but you overestimate your own knowledge. You'll actually get richer in the long run if bitcoin offers sustainable and easy exchanges for the masses, not just a means of speculation. You want brokerage services? Fine, but the only reason brokerage services work for other currencies is because those other currencies have far greater liquidity and velocity than bitcoin. Don't get ahead of yourselves. One thing at a time.

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June 09, 2011, 12:58:42 AM
 #20

Shorting Shorting Shorting Shorting Shorting Shorting

We are depriving ourselves of liquidity and stability with no available shorting methods.
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