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April 20, 2013, 10:45:57 AM Last edit: April 20, 2013, 10:59:35 AM by OdinHephaestus |
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The Idea Based off the IRC infrastructure, this idea is based around the idea that anyone would be able to set up a "exchange server" using free and opensource software. These "exchange servers" would basically be hosted orderbooks/webs-of-trust that responds to the same, unified, network protocol. Integrated wallet clients like Armory, or standalone clients, would connect to any exchange server (or multiple servers, splitting up the order into smaller chunks) to process transactions to/from BTC to the desired e-currency (PP, LR, Dwolla, etc). This type of exchange allows an almost infinite number of exchanges to exist. Some exchanges would pander to shady-types (allowing only transactions though the TOR or I2P networks), others would be mainstream'd (e.g. FreeNode) and widely used. Servers could also be used for private use, like an inter-community exchange.
My Thoughts While I think this would significantly help our current exchange problem, and move us towards a more "automated-btc-otc" like exchange system, it still has its flaws. There is still the chance that a single popular exchange server would handle the mass quantity of transactions. While these exchanges server would not hold the currencies themselves (unless an escrow is placed on the order), a large exchange still poses a problem if their ISP ever blocks the specific protocol traffic because of legal issues, etc.
Your thoughts and/or opinions?
TL;DR? IRC BTC Exchange, but cooler.
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