What kind of new exchange do we need to accommodate the influx of new buyers?

[rpietila]

I am aware that this topic has been discussed over and over, and that new exchanges have popped up, and many are developing new exchanges.

The events this week proved to me, that Mt.Gox is not, and never will be, up to the task.

But in my observation, for a new exchange to gain a dominant position, it would have to be wall street compatible in professionalism. From this point forward, no nerd-based effort has any chance of making it. The exchange needs to be capable of handling billions of dollars worth of "real money". The challenges are not mainly in the technical field.

[1714041855]

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[1714041855]

1714041855

[1714041855]

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[Sukrim]

The first exchange that manages to let people pay with PayPal and credit cards for btc at a profit will win.

B2b is nice, biggest demand is still b2c imho.

[rpietila]

Some of my thoughts on the subject:

- It needs to be possible to pay T+3. The crash would have never gone so deep if this was the norm.
- No need to trade sub-BTC1 amounts or fractional amounts
- Price can be USD XXX,y0 precision.
- Designed for professionals, no need to have millions of individuals trading, they can use the current exchanges or buy OTC
- Functional futures and options markets
- Closed on Sundays

[Sukrim]

Check out tradehill 2.0 then...

[rpietila]

Check out tradehill 2.0 then...

I have heard the guys running it have tarnished reputation. I am afraid I am not comfortable if the directors:

- Are not experienced <- ALL current bitcoin exchanges
- Do not have integrity <- MOST current fiat establishments

I am ready to  if you are one of the founders, feel free to clean your reputation 

[Sukrim]

Actually tradehill was one of the few exchanges with a great track record. They were screwed by Dwolla who promised no chargebacks at the time and then suddenly ninja-charged back already credited funds.

It was/is run by a few ex-military guys from the US, make of that what you want.

[Aztec]

The first exchange that manages to let people pay with PayPal and credit cards for btc at a profit will win.

B2b is nice, biggest demand is still b2c imho.

Amen brother. Nightmare, not being able to join the party

[psybits]

It's pretty simple - we need an exchange that doesn't have a 30 minute lag on its trade engine. So I disagree, it is the technical issues that are causing the current problems. Of course there will be a rush of new exchanges coming out and in the woodwork at the moment to solve this problem. There was one exchange that recently received $500 000 of venture capital and they were going to be based in Wallstreet.

It's already happening

IMHO unless they invest in some serious hardware and fix this problem Gox is finished in a few months - there's a new generation of exchanges coming out I can feel it.

[rpietila]

Actually tradehill was one of the few exchanges with a great track record. They were screwed by Dwolla who promised no chargebacks at the time and then suddenly ninja-charged back already credited funds.

It was/is run by a few ex-military guys from the US, make of that what you want.

Can you post some links please. I am doing this full time but currently have almost no knowledge on tradehill 1/2 

[Sukrim]

Jered Kenna, CEO: https://bitcointalk.org/index.php?action=profile;u=5856
Tradehill 1.0 "Who are we": https://bitcointalk.org/index.php?topic=19537.0
Shutdown of Tradehill 1.0: https://bitcointalk.org/index.php?topic=63749.0
Suing Dwolla (still ongoing I think?): https://bitcointalk.org/index.php?topic=67625.0
Tradehill 2.0: https://bitcointalk.org/index.php?topic=154527.0

[rpietila]

Jered Kenna, CEO: https://bitcointalk.org/index.php?action=profile;u=5856
Tradehill 1.0 "Who are we": https://bitcointalk.org/index.php?topic=19537.0
Shutdown of Tradehill 1.0: https://bitcointalk.org/index.php?topic=63749.0
Suing Dwolla (still ongoing I think?): https://bitcointalk.org/index.php?topic=67625.0
Tradehill 2.0: https://bitcointalk.org/index.php?topic=154527.0

Thank you.

I think the "tarnished reputation" thing was just in some Mircea Popescu rant... Sorry.

Otoh if you believe him, you would think that I have a tarnished reputation solely due to the fact that I sold silver at $29 and bought bitcoins at $79, which, so far is actually a profitable trade, albeit I am the first to admit that it was solely based on luck, and no serious market analysis from my part.

LOL I should not believe everything that is in the internet...

[oakpacific]

My rank of priorities of targets to be met by any potential Mt.Gox rival:

1. Security(You can take care of billions of dollars without losing them or running away with them).

2. Security.

3. Sufferable legal system. Let's be real, no one is gonna send millions of dollars to Russia/China etc if it's not possible to realistically sue the exchange when it should be held responsible, Japanese/Polish legal systems, which Gox operates under, in my opinion, are border on sufferable.

4. Legality, financial regulation compliance, other legal affairs, etc.

5. DDOS resistance.

6. Trading engine efficiency.

If you agree with me, you can easily see why Gox is unquestionably still the most dominant, they score a win against any other exchange in every point besides the last, which is unproven,  I doubt some of the other exchanges can outperform Gox in trading engine efficiency because they were never given the chance to handle such volume.