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Author Topic: Bitcoin Exchange standard  (Read 296 times)
btcmind
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April 12, 2013, 10:12:50 AM
 #1

Hello,

currently there are several projects underway to create exchanges. I believe it would be good to develop standard for the overview of those exchanges. The modern stock exchanges have standards for the market participants. These rules are evolving and there are many conflicting interests. If no exchange standard are developed and no oversight over the exchanges is practiced, the risk of manipulation is very great. The current major exchange, could in theory make a lot of money by manipulating the market. Shutdown of the exchange suddenly, buy very cheap. Or concrete matching rules which favor one type of order over another. I believe several major players will enter over time, although probably not the DB's, NYSE's, BAT's of the world (the current exchanges). Perhaps Bitcoin will change the exchange market, not just currencies per se.

I think it would be helpful to define new standards which can and should be implemented by the exchanges. Then the exchange is free to implement those rules. Then the community (if there is such a thing) can create some kind of control. For instance consider this: the Winklevosses have bought 10% of the whole market. One major player could corner the market. It is "just" a question of money. Currently the economic forces behind the network are not that great, as compared to "the real world". But this might change, and there are some signs for that. At the moment a lot depends on MtGox. How to build trust in the exchanges? Trust in bitcoin to some degree depends on the exchanges. And I doubt the major institutions will introduces Bitcoin, because they live from the current fiat system. One thing is certain: how all of this will play out will be fascinating to observe.

Please move in the appropriate section.
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Anchor
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April 12, 2013, 11:29:38 AM
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I second that, btcmind - it's extremely fascinating.

There will always be players with different horizons and weight in a sound market.

Ideally the whole range of players should be present for the market to be healthy.

The major problem with bitcoin so far, is the number of players is very small, considering that bitcoin already is a global market.

A healthy market also contains effectively an infinite number of players. That's far from the case with bitcoin... yet.

Also one - if not the - major challenge for a healthy market is transparency, as the players in any market base their decisions on information. The regulations you mention affect the flow of information, and when this flow is restricted due to the many effects of standarization, we get a less effective exchange, and less trust (among other things).

Just my two ce... ahm... coins. Cool
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April 12, 2013, 11:44:48 AM
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Would be interesting to develop a certain code of conduct, which exchanges could voluntarily adopt. But a true p2p exchange would be much better in my view. Like Ripple, which I find very interesting.
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April 12, 2013, 12:39:07 PM
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As long as bitcoin has an interface to other currencies (which it probably always will have) there's the challenge of money-laundering and abuse of other ppls values, measured in different ways. If ethics is an argument for p2p, then transparency is the result. In my humble opinion. Smiley
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