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Author Topic: How to Create A True Decentralized FAST Exchange...Easily With Existing Code...  (Read 1544 times)
Sage
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April 12, 2013, 04:47:38 AM
 #1

Here's a potential model that could be built on existing code open source code:

A program that runs on every users computer modeled on the dark net protocols.  

The network is powered by users and miners hashing power.  Completely and totally independent of the current internet.

Fees for each transaction are paid straight to miners to keep the system running fast.

Transactions fees are auto adjusted by the program based on the exchange price and the network speed.  

The network speed goes down, transaction fees go up.  

Price goes up, transaction fees adjust to reflect.

So there is always a fair transaction fee with the network speed being the governing metric.  This ensures we always have a fast network.


Next up:

- Solving the trust problem.

- Solving the fiat into the system problem.

I have ideas for both those problems.  But first things first, setting up the decentralized platform.

Strike while the iron is hot.  NOW is the time to get this thing move.

Techies, please chime in here.



 
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hiltonizer
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April 12, 2013, 04:58:34 AM
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sounds like a very round-about and complicated method that can be summarized as multiple exchanges.

Someone selling moneypacks or USD by mail is effectively an exchange.

Demand dicatates those fees

Those fees influence demand.

Funding options are the problem.

DarkCoin: XiZutyRTPTEFQm5aH2de2SCmzfgE6B78uK
Bitcoin: 1P4wYgkKTh3WzHUGqLFaef23bAeM4UV2jB
jubalix
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April 12, 2013, 04:59:19 AM
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see front end basically done and this thread...Google infrastructure in place

https://bitcointalk.org/index.php?topic=174117.0

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Sage
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April 12, 2013, 05:02:10 AM
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sounds like a very round-about and complicated method that can be summarized as multiple exchanges.

Someone selling moneypacks or USD by mail is effectively an exchange.

Demand dicatates those fees

Those fees influence demand.

Funding options are the problem.

Hardly!

This would provide speed and liquidity, and rapidly match up sellers with buyers...and still be fully decentralized.  What you're describing is anything but!

There are solutions to funding, and more on the way.  But first we need the platform.
zeroday
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April 12, 2013, 05:22:19 AM
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- Solving the fiat into the system problem.

Impossible to solve legally due to AML and KYC regulations. Only centralized exchange can solve this.



Sage
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April 12, 2013, 05:39:03 AM
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- Solving the fiat into the system problem.

Impossible to solve legally due to AML and KYC regulations. Only centralized exchange can solve this.




All the legals don't stop people from exchanging value for value.

We create the platform and that part will get worked out.

Who are you going to bow too?  Any inane law they come up with?  When the law is wrong it is our moral and ethical duty to break it.  Hell, it wasn't too long ago women couldn't vote and we had slavery.  Someone had to challenge those laws.

There are plenty of legal and underground solutions to this problem.  Both need to be implemented into the platform.
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April 12, 2013, 05:50:39 AM
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- Solving the fiat into the system problem.

Impossible to solve legally due to AML and KYC regulations. Only centralized exchange can solve this.




We create the exchange, and each broker (MtgGox, BTC-E, BitStamp, BitInstant...) got to find solutions locally to the legal demands in the country which they are based.
Cryptoman
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April 12, 2013, 05:56:32 AM
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Who are you going to bow too?  Any inane law they come up with?  When the law is wrong it is our moral and ethical duty to break it.  Hell, it wasn't too long ago women couldn't vote and we had slavery.  Someone had to challenge those laws.

I like this guy!

If there are many people making many, small transactions using pseudonyms, they can't possibly keep track of and/or arrest everyone.  

"A small body of determined spirits fired by an unquenchable faith in their mission can alter the course of history." --Gandhi
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