MtGox is bitcoins weakest link!!!!!!

[buryfarmer]

Bitcoin works great because it is decentralised.

80% of bitcoin trade happens at Mtgox which is centralised.

WE NEED A DECENTRALISED EXCHANGE SYSTEM NOW!!!!!

This is my solution:  www.poundcoin.org

[1714751006]

1714751006

[Monster Tent]

I think ripple will go a long way towards decentralising bitcoin exchange.

[HappMacDonald]

Blog post doesn't clarify how these colored coins could get successfully pegged to the pound.

• Issuer would have to be trusted (so much for "decentralized exchange")
• Market would have to trust someone will always be there to buy and sell these colored coins at 1GBP
• No entity, central or aggregate would be able to hold the price pegged without constantly burning wealth in the process (buying and selling at loss to manipulate price free market forces would otherwise randomize)

[greyhawk]

Bitcoin works great because it is decentralised.

80% of bitcoin trade happens at Mtgox which is centralised.

WE NEED A DECENTRALISED EXCHANGE SYSTEM NOW!!!!!

This is my solution:  www.poundcoin.org

Great. So go implement it.

[Sage]

Bitcoin works great because it is decentralised.

80% of bitcoin trade happens at Mtgox which is centralised.

WE NEED A DECENTRALISED EXCHANGE SYSTEM NOW!!!!!

This is my solution:  www.poundcoin.org

Amen to that.  Got some cash to through at this problem?

[scatha]

New Slogan:

Bitcoin - In Gox we Trust !

[DarkBet]

I think this is a bit early maybe, great idea though.

[imanikin]

I think ripple will go a long way towards decentralising bitcoin exchange.

+1

[nebulus]

Sorry but you need a centralized exchange that way you can use others to gauge what's worth what...

[imanikin]

Sorry but you need a centralized exchange that way you can use others to gauge what's worth what...

Right, so that the pump-and-dumpers can gauge what's worth what for you, and eventually .gov regulators can come in and start manipulating that gauge even more, the way they do on traditional exchanges. 

Maybe YOU need that. I don't want Bitcoin to just be more of the same old system.

[ehoffman]

New Slogan:

Bitcoin - In Gox we Trust !

LOL   And he let us down!

[Endgame]

I think ripple will go a long way towards decentralising bitcoin exchange.

At the moment Ripple seems fairly dependent on centralised exchanges as well. But I guess in time this may change.

[WishIStartedSooner]

Question:

Why is gox doing 80 percent of the business?

Of all the people I'd expect to be willing to support new exchanges, I'd think bitcoiners would least likely to all flock to the same exchange.

Is there something wrong with the other exchanges?

[mobile4ever]

Bitcoin works great because it is decentralised.

80% of bitcoin trade happens at Mtgox which is centralised.

WE NEED A DECENTRALISED EXCHANGE SYSTEM NOW!!!!!

This is my solution:  www.poundcoin.org

I have already started one. It is superior to Ripple in that the users can make money in two different ways.

See:

https://bitcointalk.org/index.php?topic=145389.0


BTW, I am not making something that will be under my control. It is truly decentralized.

[DobZombie]

Bitcoin works great because it is decentralised.

80% of bitcoin trade happens at Mtgox which is centralised.

WE NEED A DECENTRALISED EXCHANGE SYSTEM NOW!!!!!

You want to decentralise where bitcoin is traded?  It's dead simple.

Create your own exchange that has buy/sell fees of less than 0.25%.  Mt gox starts at 0.6% and slowly goes down with bigger trading volume (for the average 50 BTC day trader it goes down to about 0.4%)

If day traders were aware of an exchange that charges less than MT GOX, many would flock!

[mobile4ever]

You want to decentralise where bitcoin is traded?  It's dead simple.

Create your own exchange that has buy/sell fees of less than 0.25%.  Mt gox starts at 0.6% and slowly goes down with bigger trading volume (for the average 50 BTC day trader it goes down to about 0.4%)

If day traders were aware of an exchange that charges less than MT GOX, many would flock!

How about NO fees? I had no idea that Mt Gox charged .6 percent. Even Paypal charges less, if I remember right.

Edit: I was wrong:

https://www.paypal.com/webapps/mpp/paypal-fees

Paypal charges 2.9 percent and a .30 cent transaction fee.

But, its time to start flocking...

Here is the plan:

https://bitcointalk.org/index.php?topic=145389.0

It does not start out with math, but faith.

[Mike Christ]

Until one can live a comfortable life using only BTC, I don't know how far we'll ever get with decentralized trading.  Ripple sounds great, but there's still a huge amount of trust to be had.  And traders still gotta make some money to make it worth their time.  Capitalism is a bitch ain't it   If you can make money, there's no reason not to.

[Raoul Duke]

You want to decentralise where bitcoin is traded?  It's dead simple.

Create your own exchange that has buy/sell fees of less than 0.25%.  Mt gox starts at 0.6% and slowly goes down with bigger trading volume (for the average 50 BTC day trader it goes down to about 0.4%)

If day traders were aware of an exchange that charges less than MT GOX, many would flock!

How about NO fees? I had no idea that Mt Gox charged six percent. Even Paypal charges less, if I remember right.

Dude... c'mon... 6% != 0.6% and MtGox charges 0.6%

[don giovanni]

poundcoin concept sounds neat but i dont see how you could ever create a digital cryptocurrency equivalent to a fiat currency. Even then whats the point, to have a pseudoanonymous digital fiat? Cause its still gonna get inflated by the central banks, and im sure they would take offense to someone, even with a full reserve system, making a digital banknote on their behalf.

[SgtSpike]

Bitcoin works great because it is decentralised.

80% of bitcoin trade happens at Mtgox which is centralised.

WE NEED A DECENTRALISED EXCHANGE SYSTEM NOW!!!!!

You want to decentralise where bitcoin is traded?  It's dead simple.

Create your own exchange that has buy/sell fees of less than 0.25%.  Mt gox starts at 0.6% and slowly goes down with bigger trading volume (for the average 50 BTC day trader it goes down to about 0.4%)

If day traders were aware of an exchange that charges less than MT GOX, many would flock!

Not really.  Day traders are going to trade on the exchange with the consistently lowest spread.  Because MtGox is the most used exchange, it'll have the lowest spread.  And because it has the lowest spread, it is the most used exchange.

Exchanges already exist with fees below MtGox, but they aren't as successful, because they all have various problems.  Bitfloor was hacked and not smart with security.  Coinbase has issues with downtime.  Most other exchanges aren't available for one particular main currency or another - MtGox has the most world-wide currencies supported AFAIK.

MtGox isn't nearly as good as it could be, but nothing better has yet presented itself.