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Author Topic: How about an invitation-only private bitcoin exchange? For trusted individuals  (Read 775 times)
forbun
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April 12, 2013, 06:28:21 AM
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We wouldn't have to worry as much about scaling and security: we'd keep it secret as much as possible, and grow only by word-of-mouth and direct referrals.

Fees will be the same as Mt.Gox. Members will be able to arbitrage any price difference so the price will end up being similar.

I'm a web developer (but not a bitcoin developer yet) so I can help make this happen.

What name would you give to the smallest unit of bitcoin (0.00000001)? sat. What name would you give to 100 sats? bit. 1 bit = 1 uBTC. 1,000,000 bits = 1 BTC. It's bits
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DarkPunk
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April 12, 2013, 06:30:20 AM
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We wouldn't have to worry as much about scaling and security: we'd keep it secret as much as possible, and grow only by word-of-mouth and direct referrals.

Fees will be the same as Mt.Gox. Members will be able to arbitrage any price difference so the price will end up being similar.

I'm a web developer (but not a bitcoin developer yet) so I can help make this happen.

All I see is encouraging people to sell their invites to the highest bitter.  This is why we have the WOT.
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April 12, 2013, 06:30:57 AM
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Tradehill beat you to it Sad

forbun
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April 12, 2013, 06:34:48 AM
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DarkPunk: what's WOT? web of trust?

we won't be giving out "invites". the invitation system is not for publicity. it is for exclusivity. so people will be added slowly, as the site is able to handle them, by discussions among existing members and perhaps a 'board of directors'. it would be a private organization.

Maged: there's no reason there couldn't be more than one private exchange. in fact, there should ideally be at least hundreds, at minimum for different communities/countries/currencies. we could build some open source software that makes it easy for someone to establish a new exchange.

What name would you give to the smallest unit of bitcoin (0.00000001)? sat. What name would you give to 100 sats? bit. 1 bit = 1 uBTC. 1,000,000 bits = 1 BTC. It's bits
DarkPunk
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April 12, 2013, 06:37:03 AM
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DarkPunk: what's WOT? web of trust?

we won't be giving out "invites". the invitation system is not for publicity. it is for exclusivity. so people will be added slowly, as the site is able to handle them, by discussions among existing members and perhaps a 'board of directors'. it would be a private organization.

Are you telling me at some point someone isn't going to try and sell invites on the deepnet?  You have a lot of faith in people my friend.


Maged: there's no reason there couldn't be more than one private exchange. in fact, there should ideally be at least hundreds, at minimum for different communities/countries/currencies. we could build some open source software that makes it easy for someone to establish a new exchange.

bitcoin-central is rumored to be going opensource.  If you wanted an exchange framework made to be opensource, you could always try opening a public bounty to get a developer to make one.
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April 12, 2013, 06:46:52 AM
 #6

I think this is a good idea
I'm a web+bitcoin developer if this idea takes off and help is needed
About invites black market, the identities could(should?) be linked to this forum username, thanks to signing with addresses in signatures for example

Own address: 19QkqAza7BHFTuoz9N8UQkryP4E9jHo4N3 - Pywallet support: 1AQDfx22pKGgXnUZFL1e4UKos3QqvRzNh5 - Bitcointalk++ script support: 1Pxeccscj1ygseTdSV1qUqQCanp2B2NMM2
Pywallet: instructions. Encrypted wallet support, export/import keys/addresses, backup wallets, export/import CSV data from/into wallet, merge wallets, delete/import addresses and transactions, recover altcoins sent to bitcoin addresses, sign/verify messages and files with Bitcoin addresses, recover deleted wallets, etc.
mobodick
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April 12, 2013, 02:10:33 PM
 #7

We wouldn't have to worry as much about scaling and security: we'd keep it secret as much as possible, and grow only by word-of-mouth and direct referrals.

Fees will be the same as Mt.Gox. Members will be able to arbitrage any price difference so the price will end up being similar.

I'm a web developer (but not a bitcoin developer yet) so I can help make this happen.

This doesnt solve the trust issue, it would only obfuscate it.
It is very very bad to create exclusive private clubs that pretend to be institutions.
It is exactly why fiat is failing and if bitcoin becomes dependent on such clubs it will fail too.
forbun
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April 12, 2013, 10:20:32 PM
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DarkPunk: currently I'm thinking there will be no "invites" to sell. there's no invite code or anything, so there's just nothing to sell. members will join by direct referral, i.e. "Hey Steve Adams, I know you and you love bitcoin so I'll recommend to the community that you get an account." Then, here's your secret link and account info. You don't get "invites" per se, you just get to recommend friends to join the community.

What name would you give to the smallest unit of bitcoin (0.00000001)? sat. What name would you give to 100 sats? bit. 1 bit = 1 uBTC. 1,000,000 bits = 1 BTC. It's bits
nwbitcoin
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April 12, 2013, 11:08:14 PM
 #9

from an ideology point of view, isn't this exactly what bitcoin was invented to stop?

A closed shop with a high barrier to entry is how you create cartels, while they start innocently enough, they end up being the elite power brokers who control a market, kill competition and make sure that an alternative bitcoin is created that is decentralised with no power brokers!

I don't want to be a member of any club that will accept me as a member! Wink

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I use Localbitcoins to sell bitcoins for GBP by bank transfer!
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