ALL BTC MINERS SHOULD LEAVE BTC EXCHANGES AND START DECENTRALIZED EXCHANGES

[papaminer]

Too bad I just saw this video... BUT WATCH IT... IT MAY OPEN YOUR EYES!!!!

http://www.youtube.com/watch?v=7fvSYT7vhQY

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[mobile4ever]

Too bad I just saw this video... BUT WATCH IT... IT MAY OPEN YOUR EYES!!!!

http://www.youtube.com/watch?v=7fvSYT7vhQY

That is a great idea. It starts with a PHP coder:

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

It can make money two ways, by signing up people and by regular bitcoin trades.


Bitcoin exchanges should match bitcoin: decentralized.

[nwbitcoin]

If this takes off it will be the best think that could happen to bitcoin in 2013!

[Rassah]

We've been trying to figure out how to do a decentralized exchange for about two years now. The problem is figuring out how to store fiat (USD/EUR) in a decentralized way. No one has figured that one out yet. If you figure it out, let us know.

But then, if we could figure out how to store and transfer fiat in a decentralized way, we really wouldn't need Bitcoin, either (except for the inflation thing)

[mobile4ever]

The problem is figuring out how to store fiat (USD/EUR) in a decentralized way. No one has figured that one out yet. If you figure it out, let us know.

I am letting you know.


I am preparing a https://bitcoinstarter.com/ campaign to get it going.

[CasinoBit]

What Bitcoins needs is not a couple more exchanges working as venues for meeting sellers and buyers and escaping all responsibility but exchanges that resemble Paypal, clean, efficient, centralized, professional.

You seem to be obsessed with decentralization and seem to think you can apply it to all concepts of life.

[mobile4ever]

What Bitcoins needs is not a couple more exchanges working as venues for meeting sellers and buyers and escaping all responsibility but exchanges that resemble Paypal, clean, efficient, centralized, professional.

You seem to be obsessed with decentralization and seem to think you can apply it to all concepts of life.

Being focused on peer to peer is what bitcoin is all about.

[gollum]

Yes! We need to start a protocol for a p2p exchange handling BTC, LTC, NMC and other altcoins against any possible asset (USD, Yen, Euro, Gold...). This exchange must build on trust between a broker and its clients. Anyone can become a broker.

[Mike Christ]

As Rassah said, the biggest issue is moving fiat in and out of the exchange reliably.  I don't know how this can be done without a centralized medium.  I suspect it can't be, and if it can, government wouldn't allow it to stick without their rules of "regulation."

So, until there is a true Bitcoin economy, by which I mean people working by and large for Bitcoin, completely independent from fiat, it can't happen.  Tricky.  Bitcoin and the dollar are completely tied to the same ball and chain in the ocean until one is able to live off their Bitcoin as their major currency.  As long as we must swap our USD for BTC, we're not going anywhere, and the market will continue to be victim to manipulation.

Plenty of posters said it before, but I'll say it again: it's time for a revolution.

[BkkCoins]

We've been trying to figure out how to do a decentralized exchange for about two years now. The problem is figuring out how to store fiat (USD/EUR) in a decentralized way. No one has figured that one out yet. If you figure it out, let us know.

But then, if we could figure out how to store and transfer fiat in a decentralized way, we really wouldn't need Bitcoin, either (except for the inflation thing)

It's not just holding the fiat but also verifying trades are real. You need trust for both.
If the trades aren't real then it's easy for anyone to move the price by introducing fake trades.

You could probably use bitcoin itself as a base for a network that records trades by storing trade messages but if anyone can be an agent then how do you validate trade messages?

[gollum]

My idea of a p2p exchange is basically this:

-Exchange must be 100% decentralized and open source
-Fees are rewarded to miners sharing their computing power for the exchange
-Anyone can become a broker, but naturally some brokers will become big since many people trust them
-Clients trust the brokers to settle the bitcoins, dollars or gold coins or whatever they trade ( asset X against asset Y )

https://bitcointalk.org/index.php?topic=172705.0

[Nemesis]

We've been trying to figure out how to do a decentralized exchange for about two years now. The problem is figuring out how to store fiat (USD/EUR) in a decentralized way. No one has figured that one out yet. If you figure it out, let us know.

But then, if we could figure out how to store and transfer fiat in a decentralized way, we really wouldn't need Bitcoin, either (except for the inflation thing)

Rassah,

First of all English isnt my mother tongue. Having said that, here is my proposal (i actually started this already on my own)

The problem with exchanges we have right now isnt about whos holding fund, its about orderbook is centralized (controlled by one entity). When MtGox is attacked and caused panic, 80% of btc trading is at mercy of this attack.

What we need is to decentralize the orderbook. A distributed orderbook system if you will. All the exchanges will just be front end and handle funds holding ...etc ( so they only compete thro customer service, fees and local banking connection)

To do this we need a new matching engine. One that can deal inserts and match operation per price level concurrently.

Thats roughly the idea. I know its hard to see the concept, but i will do a better presentation when the time comes.


Any questions or feedbacks please let me know.

[Nemesis]

My idea of a p2p exchange is basically this:

-Exchange must be 100% decentralized and open source
-Fees are rewarded to miners sharing their computing power for the exchange
-Anyone can become a broker, but naturally some brokers will become big since many people trust them
-Clients trust the brokers to settle the bitcoins, dollars or gold coins or whatever they trade ( asset X against asset Y )

https://bitcointalk.org/index.php?topic=172705.0

You just describe my system. I call it distributed orderbook system.

[gollum]

My idea of a p2p exchange is basically this:

-Exchange must be 100% decentralized and open source
-Fees are rewarded to miners sharing their computing power for the exchange
-Anyone can become a broker, but naturally some brokers will become big since many people trust them
-Clients trust the brokers to settle the bitcoins, dollars or gold coins or whatever they trade ( asset X against asset Y )

https://bitcointalk.org/index.php?topic=172705.0

You just describe my system. I call it distributed orderbook system.

It's called collective intelligence!
I hope many of you guys/girls agree that we need real brokers such as MtGox and real fiat currencies (in hands of the brokers) to be part of this system.
The problem is not MtGox itself, but the issue is that they dont have the resources to be both an excellent broker and an excellent exchange.

I am sure we can create such a solid exchange that NASDAQ OMX will envy us!

[Rassah]

I have some concerns

https://bitcointalk.org/index.php?topic=172705.msg1800149#msg1800149

Please keep in mind, it's really late here, I'm sleep deprived, and I'm not thinking too well. Despite my concerns, I'm all for something like this existing, and would wholly support it, if it's at all possible.

[mobile4ever]

Yes! We need to start a protocol for a p2p exchange handling BTC, LTC, NMC and other altcoins against any possible asset (USD, Yen, Euro, Gold...). This exchange must build on trust between a broker and its clients. Anyone can become a broker.

Its funny that the video that OP gave mentions that there is no trust. ( There actually is in any system of value exchange.)

But... yeah -  - anything that takes away cancerous centralization is good for a decentralized system of money (bitcoin).

Think about it - - the dollar can legally be printed in one central place...its going the way of the dinosaurs. Bitcoin has a leg up.

[gollum]

Yes! We need to start a protocol for a p2p exchange handling BTC, LTC, NMC and other altcoins against any possible asset (USD, Yen, Euro, Gold...). This exchange must build on trust between a broker and its clients. Anyone can become a broker.

Its funny that the video that OP gave mentions that there is no trust. ( There actually is in any system of value exchange.)

But... yeah -  - anything that takes away cancerous centralization is good for a decentralized system of money (bitcoin).

Think about it - - the dollar can legally be printed in one central place...its going the way of the dinosaurs. Bitcoin has a leg up.

We cannot make any trades if we have no trust in each other.
I have more trust in a well known broker than a unknown guy at IRC so I will of course let the known broker handle my money o I can trade BTC (or whatever asset).
There is a discussion going on now in the Development section

https://bitcointalk.org/index.php?topic=172705.0

[giszmo]

I call bullshit on the videos claim. It's not as easy as changing a number as traders get suspicious when their cheaper offers don't get filled and a high price attracts arbitrage. Exchanges can manipulate though by not acting real time as they can front run their users.

[mobile4ever]

We cannot make any trades if we have no trust in each other.

True, but we also never blame the money when we get burned.