Next opensource exchange project (Buttercoin => fail)

[btcmind]

Can somebody explain to me what these guys are doing? Creating a lot of buzz, then going dark after 5 days. what kind of joke is this? I think we need a new project, as they are clearly not committed to openness.

[Remember remember the 5th of November]

A distributed exchange cannot work with fiat, it was doomed to fail either way.

[btcmind]

Well there is already MtGox and the others. A project like Buttercoin would simply be used by the exchanges, although perhaps this is only sensible as a commercial enterprise.

Any more advanced "scheme" might be a next step (although I don't think an orderbook can and should be "distributed"). Implementing a good matching engine is far from trivial, besides dealing with everything else.

[SlickTheNick]

http://www.reddit.com/r/buttercoin

their last status update from 2 days ago says they have been tied up meetings lately. This stuff can take quite a bit of time

[btcmind]

That is not the problem. The problem is they are not running an open project. It is obvious they are commercial. Not that that is bad, but you have to be honest.

[enki]

Hey Guys,

Paul from Buttercoin here.

We're working 16 hours a day on Buttercoin, but we've received so many emails asking us to build a real, working exchange, that part of what we're doing is meeting with banks and investors to figure out if it makes sense for us to do this. From the looks of it we're in a better position than most for building a trustable and solid exchange, so we might do it.

What this means for you: We're building open-source software, but we're also evaluating all the options for building an exchange that uses our software. We do both to improve the Bitcoin ecosystem. We welcome both people helping us and people working on competing projects! Bitcoin needs a strong ecosystem, and we can all work together on building it.

-paul

[enki]

http://www.reddit.com/r/buttercoin

their last status update from 2 days ago says they have been tied up meetings lately. This stuff can take quite a bit of time

Exactly SlickTheNick! We're working hard on this every day. Our goal is to get this right, not rushed. We've already seen what happens when people rush into this. We're doing everything above board and as robust as it can get. It takes time, but it'll be worth it.

-paul