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forbun (OP)
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June 19, 2011, 01:54:55 PM
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Is it possible to create an open source Bitcoin exchange, so we don't have to rely on any central authority (e.g. Mt Gox)?
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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Each block is stacked on top of the previous one. Adding another block to the top makes all lower blocks more difficult to remove: there is more "weight" above each block. A transaction in a block 6 blocks deep (6 confirmations) will be very difficult to remove.
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BitcoinPorn
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June 19, 2011, 01:57:17 PM
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Quote from: forbun on June 19, 2011, 01:54:55 PM
Is it possible to create an open source Bitcoin exchange, so we don't have to rely on any central authority (e.g. Mt Gox)?

I would like that to be an option, but I kind of enjoy the multiple exchanges as well.  Keeps the market itself harder to do an overall tracking.
Decentralized Design
MrSam
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June 19, 2011, 02:47:07 PM
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Quote from: forbun on June 19, 2011, 01:54:55 PM
Is it possible to create an open source Bitcoin exchange, so we don't have to rely on any central authority (e.g. Mt Gox)?

Open source and central authority are two very different things ... I find that all transactions are very much out in the open, so i have no problem with multiple exchanges. (Good for competition and failover)
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June 19, 2011, 03:25:02 PM
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MT Gox is the "de-facto" central authority, but anybody can compete with them, and that's good (and hard).

If you want to start a exchange, you can... as far as you can get the currencies for exchange, and be trustable for the users.

To get a good place in any market is good to be there soon and work hard to get a good and trustable name.
elements
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June 20, 2011, 02:59:56 AM
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I guess that is something of the past.

Hell, history is written so fast Wink
»A common mistake that people make when trying to design something completely foolproof was to underestimate the ingenuity of complete fools.« - Douglas Adams
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June 20, 2011, 07:14:20 AM
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Haha... Shit happens!

You fight hard for credibility and in a minute you lose all you earned in months of good work.

Interesting to see what would they do now to restore trust...
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