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Author Topic: P2P Exchange for bitcoin  (Read 42034 times)
gollum
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February 25, 2014, 12:03:03 AM
 #381

This is my belief of how a p2p-exchange can be built, after 2 years of experience with bitcoin, mtgox and all speculators and scammers...

Requirements
It must be 100% open source
Early adaptors must not be rewarded
The dev team should not be greedy, our reward will be fame, not money or coins
Assets and Exchange as two separate projects

Asset Coin
We need to create a new alt-coin for the sake of a public ledger of assets, "AssetCoin"
This coin will use Proof-of-Stake instead of Proof-of-Work to save energy.
The inflation must be high to prevent hoarding, Each contract (coin) should never cost more than 1 cent.
Instead an empty contract can be signed by an issuer with an IOU of an asset, for example BTC-E issues 1 BTC per contract.
The domain assetcoin.org is not free, so we should call it something else.

P2P-exchange
The exchange must be created totally separate from the "AssetCoin", this exchange will run on torrent-data and distributed computing.
Anyone can participate to run an exchange node for a certain exchange, each exchange is totally separate from other exchanges.
All nodes will equally share the transaction fees.
Exchange fees are paid with a certain AssetCoin, for example an IOU of USD issued by Western Union.

As a client you could for example by a USD-IOU on the street and begin to trade on the p2p-exchange and buy GOLD-IOU.
Your assetcoins will always have an intrinsic value, the value is guaranteed by the issuer.

Why not cut out the crypto currency and use mastercard? ;-)

Early adopters need a reason to use it, and if getting rich is that reason, then you must accept that. The alternative is that nobody is going to start using your idea, and it will never take off!

The idea that an assetcoin will always have an intrinsic value is too expensive for words - that is what countries with central banks are able to offer - nobody else is big enough!

Can I be the first to say it will never work? ;-)

I'm not in it for the money so I don't care if it takes off or not.

I think you totally have misunderstood my proposal for an Asset backed coin, so I repeat:

An asset backed coin is actually not a coin but a contract, a digital contract signed by the issuer promising a certain asset or service.
The issuer can be exactly anyone, you, your mom, your friend, a bank, a corporation or a government.
-You could issue these contracts to borrow money from your friends to buy a car, and when you want to pay back they send your issued contracts back so you can terminate them.
-A local community could use this contracts to issue a local currency, just like BerkShares. http://en.wikipedia.org/wiki/BerkShares
-A mint could issue contracts backed by gold and promise to physically deliver the gold on request.
-A bank could issue contracts backed by dollars for usage in e-commerce, and take interest on the contracts (the intrinsic value of the contract decreases with X% per year)

Once the contract is issued it can be transferred and stored just like bitcoin.
It is possible that some contracts will default (become worthless), but that's life - it's full of risks and you have to judge the risk of your counter parties.
Getting rid of counter party risk is a nice utopia, but in the real world we have to deal with real people.

I prefer to hold IOUs with 100% intrinsic value where some of them might default over time, rather than buying a crypto currency with 0% intrinsic value.
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February 27, 2014, 05:43:47 AM
 #382

There's also the Mycelium Local Trader route *hint hint nudge nudge OhIWorkForThemNow...  Tongue*

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March 10, 2014, 01:59:48 AM
 #383


Requirements

Early adaptors must not be rewarded


Here is how technology usually gets adopted:


https://www.youtube.com/watch?v=qp0HIF3SfI4


The early adopter's reward is usually going to be, "Look at me, I did it first.".
It is not so much about the money for that group.
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April 07, 2014, 08:07:40 AM
 #384

What would be good to keep this decentralized is to have a multiple coin wallet in which you add the coins you want to trade into, you then set the value you want for the coins (into another coin) and then someone can purchase them direct from you over the blockchain.  There would be a list of offers that you could search to find the one you want and then you make payment to the coin value to the unique wallet address for that exchange transaction, this would then be confirmed by the blockcain and on receipt the multiwallet would automatically pay the sender in the coin they have purchased.  If for any reason the coins were not available or not confirmed then the payment would be returned back to the sender.  Users can then put coins in and out of their multi-exchange wallet into their standard wallets as they want.  This would be a true decentralized peer-to-peer exchange that was completely safe, and have no need for any brokers in these transactions.
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April 07, 2014, 11:09:59 AM
Last edit: April 07, 2014, 11:21:00 AM by Onar
 #385

Yes, this would work with cryptocurrencies to cryptocurrency. But anyway to get it exchanged to fiat there is a broker needed. But in the crypto world it would work. The problem is that somehow there must be a value for miners/people that will host the blockchain, because this are hosting the storage place. How to achiev thisthere? In general a new "coin" is likely to not be adopted because of the almost non value it has. So there is at last two succes factors; get the "miners" to offer their computer power/storage, ans that the general users adopt the "trader wallet"

In general there would be many areas that tasks could be added to cryptocurrencies, for example like namecoin. What about a e-mail coin and other. This to avoid the data gathering google, governments do on individual plan.

I have many different projects on paper. Feel free to PM me anyone wanting to be a part of a team developing new services.

What would be good to keep this decentralized is to have a multiple coin wallet in which you add the coins you want to trade into, you then set the value you want for the coins (into another coin) and then someone can purchase them direct from you over the blockchain.  There would be a list of offers that you could search to find the one you want and then you make payment to the coin value to the unique wallet address for that exchange transaction, this would then be confirmed by the blockcain and on receipt the multiwallet would automatically pay the sender in the coin they have purchased.  If for any reason the coins were not available or not confirmed then the payment would be returned back to the sender.  Users can then put coins in and out of their multi-exchange wallet into their standard wallets as they want.  This would be a true decentralized peer-to-peer exchange that was completely safe, and have no need for any brokers in these transactions.
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April 08, 2014, 06:43:47 AM
 #386

Yes this would just be between crypto coins, but I think would add value to all coins as there would be an instant easy trading market that is completely decentralized.  As there is no real need for a high value (high difficultly) block chain it could be a pre-mined blockchain, or the wallet app could do the work, there are a few crypto currencys using the wallet to perform this tasks, and as you would be using the exchange then having the app open would be doing the necessary work across the network, no need for it to be on an extremely hard algorithm, the idea is to use the blockchain to keep it secure. 

Yes you would need a broker for the exchange to physical currency or precious metal etc, but I think a decentralized exchange between coins would make the whole coin market stronger and more stable.


Yes, this would work with cryptocurrencies to cryptocurrency. But anyway to get it exchanged to fiat there is a broker needed. But in the crypto world it would work. The problem is that somehow there must be a value for miners/people that will host the blockchain, because this are hosting the storage place. How to achiev thisthere? In general a new "coin" is likely to not be adopted because of the almost non value it has. So there is at last two succes factors; get the "miners" to offer their computer power/storage, ans that the general users adopt the "trader wallet"

In general there would be many areas that tasks could be added to cryptocurrencies, for example like namecoin. What about a e-mail coin and other. This to avoid the data gathering google, governments do on individual plan.

I have many different projects on paper. Feel free to PM me anyone wanting to be a part of a team developing new services.

What would be good to keep this decentralized is to have a multiple coin wallet in which you add the coins you want to trade into, you then set the value you want for the coins (into another coin) and then someone can purchase them direct from you over the blockchain.  There would be a list of offers that you could search to find the one you want and then you make payment to the coin value to the unique wallet address for that exchange transaction, this would then be confirmed by the blockcain and on receipt the multiwallet would automatically pay the sender in the coin they have purchased.  If for any reason the coins were not available or not confirmed then the payment would be returned back to the sender.  Users can then put coins in and out of their multi-exchange wallet into their standard wallets as they want.  This would be a true decentralized peer-to-peer exchange that was completely safe, and have no need for any brokers in these transactions.
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April 10, 2014, 09:33:52 AM
 #387

Please see this page:

https://en.bitcoin.it/wiki/Ripple_currency_exchange

Note that this is NOT the same thing as what's happening at ripple.com - the page above describes the design of a theoretical system that hasn't been built yet. It uses the concept of settlements moving through a social network with an alternative chain that tracks credit relationships and the flow of fiat through the social graph.

This was also the last slide in my 2012 talk:

https://www.youtube.com/watch?feature=player_embedded&v=mD4L7xDNCmA

(scan to the last few minutes)
Debt is an issue and social debts won't work!
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April 11, 2014, 05:59:55 PM
 #388

I was thinking ... Why not use something they can not forbid as money? I mean stop using fiat, use an intermediate, maybe paper gold or something similar that you can transfer digitally and sell it online for fiat.

Any project working in this way?


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June 24, 2014, 11:59:00 AM
 #389

Did anyone mentioned Bitsquare.io yet?

https://bitcointalk.org/index.php?topic=647457

100% Open Ource P2P exchange.

FairCoin Faucet @ https://faircoin.xyz/
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June 24, 2014, 02:40:26 PM
 #390

Did anyone mentioned Bitsquare.io yet?

https://bitcointalk.org/index.php?topic=647457

100% Open Ource P2P exchange.

Seems interesting, but bank transfers are dangerous anyway. You can tell that somebody transfers money from your account, or that money can be stolen money from other one's account. I think the 2 hand shake signature http://bitsquare.io/images/overview.png is an interesting method. But using a digital method is more secure than direct bank to bank transfer.

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k99
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June 24, 2014, 04:02:39 PM
 #391

Did anyone mentioned Bitsquare.io yet?

https://bitcointalk.org/index.php?topic=647457

100% Open Ource P2P exchange.

Seems interesting, but bank transfers are dangerous anyway. You can tell that somebody transfers money from your account, or that money can be stolen money from other one's account. I think the 2 hand shake signature http://bitsquare.io/images/overview.png is an interesting method. But using a digital method is more secure than direct bank to bank transfer.

What do you mean with "digital method"? Crypto-crypto exchange? That would be easier indeed regarding the trust problem. But the main problem IMO is how to the fiat in/out btc. Instead of a bank transfer a send cash by mail method could be used as well. But as that is much less convenient I did not consider that more, but it would be not so much problem to use that (but that would have other problems like: you know the post address of the trading peer, which could be a security risk).
The model use more then just the simplified process described in the hi-level overview diagram. Basically the security model is based on an arbitration system (itself a P2P system) and a fraud list to block scammers (stolen bank account, bank chargeback).

https://bisq.network  |  GPG Key: 6A6B2C46
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June 24, 2014, 09:16:07 PM
 #392

Did anyone mentioned Bitsquare.io yet?

https://bitcointalk.org/index.php?topic=647457

100% Open Ource P2P exchange.

Seems interesting, but bank transfers are dangerous anyway. You can tell that somebody transfers money from your account, or that money can be stolen money from other one's account. I think the 2 hand shake signature http://bitsquare.io/images/overview.png is an interesting method. But using a digital method is more secure than direct bank to bank transfer.

What do you mean with "digital method"? Crypto-crypto exchange? That would be easier indeed regarding the trust problem. But the main problem IMO is how to the fiat in/out btc. Instead of a bank transfer a send cash by mail method could be used as well. But as that is much less convenient I did not consider that more, but it would be not so much problem to use that (but that would have other problems like: you know the post address of the trading peer, which could be a security risk).
The model use more then just the simplified process described in the hi-level overview diagram. Basically the security model is based on an arbitration system (itself a P2P system) and a fraud list to block scammers (stolen bank account, bank chargeback).

By digital method, I mean like ukash codes, wester union, okpay o something similar. Something faster, not bank accounts.

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June 25, 2014, 09:32:40 AM
 #393

Did anyone mentioned Bitsquare.io yet?

https://bitcointalk.org/index.php?topic=647457

100% Open Ource P2P exchange.

Seems interesting, but bank transfers are dangerous anyway. You can tell that somebody transfers money from your account, or that money can be stolen money from other one's account. I think the 2 hand shake signature http://bitsquare.io/images/overview.png is an interesting method. But using a digital method is more secure than direct bank to bank transfer.

What do you mean with "digital method"? Crypto-crypto exchange? That would be easier indeed regarding the trust problem. But the main problem IMO is how to the fiat in/out btc. Instead of a bank transfer a send cash by mail method could be used as well. But as that is much less convenient I did not consider that more, but it would be not so much problem to use that (but that would have other problems like: you know the post address of the trading peer, which could be a security risk).
The model use more then just the simplified process described in the hi-level overview diagram. Basically the security model is based on an arbitration system (itself a P2P system) and a fraud list to block scammers (stolen bank account, bank chargeback).

By digital method, I mean like ukash codes, wester union, okpay o something similar. Something faster, not bank accounts.

Ah that you meant: It is not limited to classical bank accounts only. I have not used and investigated ukash or western union, but okpay for instance should be no problem to use. basically it will be just a form to define the money transfer type and the necesssary id fields. western union will be probably too expensive, they take a huge fee asaik....

https://bisq.network  |  GPG Key: 6A6B2C46
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February 05, 2015, 02:33:22 PM
 #394

I know that this topic is a bit out of date, but just in case you are still interested in a P2P Fiat-BTC exchange, I wanted to post an update of our project and announcement for our crowd funding campaign which will end in a few days (on February 9th).

Bitsquare released an alpha version in December and it can be tested at our regular testing sessions with other traders (testnet).
Today 17:00 CET we have such a session. Feel free to join us on our IRC channel #bitsquare-trading on Freenode.
Further information can be found here:
https://github.com/bitsquare/bitsquare/wiki/Bitsquare-WAN-Parties

Regarding the crowd funding campaign:
We are using Lighthouse as decentralized crowd funding solution to iteratively fund the development of every milestone, leading to a fully functional version 1.0.
The funding goal is 120 BTC for the next milestone and the campaign ends in a few days on February 9th. 
Please visit our web page for more details:
https://bitsquare.io/crowdfunding

If you like to support that project please help us to spread the word.

Best regards,
Manfred

https://bisq.network  |  GPG Key: 6A6B2C46
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February 05, 2015, 11:37:53 PM
 #395

I'm also working on a P2P exchange called Mercury, you can see my thread here:
https://bitcointalk.org/index.php?topic=946174.0

The initial version will only support altcoin trading, but the same sort of system can support trading colored coins or other crypto-assets to allow trustless fiat trading (you would still trust an issuer/gateway for the fiat, but that's not an issue since risk can be hedged by holding fiat issued by many different gateways).
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May 29, 2018, 05:18:25 PM
 #396

The bitcoin price seems to have stabilized... at least for now. 
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August 04, 2018, 02:59:18 PM
 #397

For those wondering, Thomson Reuters is a financial industry giant with over 100 years of history. Thomson Reuters shares are cross listed on the New York Stock Exchange (NYSE: TRI) and the Toronto Stock Exchange (TSX: TRI). Many top stock brokerage firms and big banks use their services.

They are the best financial info service provider, https://www.thomsonreuters.com/en/products-services/financial.html


⭐ Read Coin Telegraph article on our partnership with financial giant Thomson Reuters,
https://cointelegraph.com/press-releases/level-01-collaborates-with-thomson-reuters-to-introduce-blockchain-based-derivatives-exchange

⭐ This is the first time Thomson Reuters works with a partner that is not a traditional financial institution, signifying the confidence they have in our groundbreaking technology and team.
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November 29, 2018, 01:12:34 PM
Last edit: November 29, 2018, 04:12:41 PM by Mari Royalteam
 #398

PINTP2P: A reliable and secure P2P exchange for Bitcoin and other currencies

PINTP2P from Bitfia Labs is a highly secure P2P marketplace that enables users to trade their cryptocurrencies (BTC, LTC, ETH, and more) in a convenient and secure way. Through integration with its own PINT wallet, PINTP2P is a complete trading ecosystem where users are always in control. Some of features that distinguish PINTP2P from its peers are:

1. It allows users to set their own max/min limits on their transactions.
2. On PINTP2P, users get to pick their own transaction speeds.
3. It allows users to choose their own payment methods.
4. PINTP2P facilitates crypto trading at highly competitive exchange rates.
5. No banking fees or charges.
6. No centralized prices.
7. Integrated wallet with high security and anonymity.
8. PINTP2P provides users with free-from-regulations functionality in most countries.

Here is a video that helps understand the functioning of PINTP2P and various aspects of the platform: https://youtu.be/qD101Xlc5uw

The PINT app is available for free on Google Play. Users get free 500 PINT Loyalty Points on signup: https://play.google.com/store/apps/details?id=com.pint.app

    

 
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