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unemployed (OP)
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June 20, 2011, 08:18:38 AM |
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Satoshi where are you when we need you?? You solved the Byzantine generals problem and invented distributed currency, okay. Now it's time to invent distributed exchange. |
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"Your bitcoin is secured in a way that is physically impossible for others to access, no matter for what reason, no matter how good the excuse, no matter a majority of miners, no matter what." -- Greg Maxwell
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bitrebel
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June 20, 2011, 08:23:02 AM |
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Satoshi where are you when we need you?? You solved the Byzantine generals problem and invented distributed currency, okay. Now it's time to invent distributed exchange. How much do you want from one person? Geez! Why don't you ask him to bring on the second coming? Maybe he can stop the nuclear crisis in Fukushima while he is at it? |
Why does Bitrebel have 65+ Ignores?
Because Bitrebel says things that some people do not want YOU to hear.
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hugolp
Legendary
 Offline
Activity: 1148
Merit: 1001
Radix-The Decentralized Finance Protocol
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June 20, 2011, 08:25:39 AM |
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Maybe he can stop the nuclear crisis in Fukushima while he is at it? That would be too easy for Satoshi.  |
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oneforall
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June 20, 2011, 08:26:04 AM |
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Why don't you ask him to bring on the second coming?
umm.... i thought it was clear that he already had... |
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noedaRDH
Full Member
Offline
Activity: 182
Merit: 100
Finding Satoshi
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June 20, 2011, 08:29:17 AM |
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Satoshi where are you when we need you?? You solved the Byzantine generals problem and invented distributed currency, okay. Now it's time to invent distributed exchange. Woah, I want that for my wallpaper, even if Bitcoin does fail! |
1NwGKiLcAngD1KiCCivxT6EDJmyXMGqM9q
Ask not what Bitcoin can do for you - ask what you can do for Bitcoin.
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blendergasket
Newbie
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Activity: 28
Merit: 0
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June 20, 2011, 08:33:42 AM |
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Satoshi where are you when we need you?? You solved the Byzantine generals problem and invented distributed currency, okay. Now it's time to invent distributed exchange. How much do you want from one person? Geez! Why don't you ask him to bring on the second coming? Maybe he can stop the nuclear crisis in Fukushima while he is at it? Seriously. What shape should a distributed exchange take? How can it be funded? I was thinking why not get a bunch of people together to pledge some bitcoin [full disclosure I only have 2 and am waiting to get more when the exchanges open up again] to invest in an exchange and charge a percentage of the exchanged money that gets split evenly between all the investors? As for the shape of a distributed exchange, I'm not so sure about that. Ideas? |
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andes
Jr. Member
Offline
Activity: 42
Merit: 2
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June 20, 2011, 08:37:37 AM |
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Satoshi where are you when we need you?? You solved the Byzantine generals problem and invented distributed currency, okay. Now it's time to invent distributed exchange.
Dont you understand? Satoshi almighty decided to crash Gox to gives us a hand.  (He cannot stand centralization). |
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unemployed (OP)
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June 20, 2011, 08:37:52 AM |
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Seriously. What shape should a distributed exchange take? How can it be funded? I was thinking why not get a bunch of people together to pledge some bitcoin [full disclosure I only have 2 and am waiting to get more when the exchanges open up again] to invest in an exchange and charge a percentage of the exchanged money that gets split evenly between all the investors?
As for the shape of a distributed exchange, I'm not so sure about that. Ideas?
None of us mortals can answer those questions. |
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blendergasket
Newbie
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Activity: 28
Merit: 0
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June 20, 2011, 08:38:32 AM |
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Seriously. What shape should a distributed exchange take? How can it be funded? I was thinking why not get a bunch of people together to pledge some bitcoin [full disclosure I only have 2 and am waiting to get more when the exchanges open up again] to invest in an exchange and charge a percentage of the exchanged money that gets split evenly between all the investors?
As for the shape of a distributed exchange, I'm not so sure about that. Ideas?
None of us mortals can answer those questions. LoL |
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bitrebel
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June 20, 2011, 08:39:13 AM |
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I thought Satoshi retired and went back to playing Nintendo.  |
Why does Bitrebel have 65+ Ignores?
Because Bitrebel says things that some people do not want YOU to hear.
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marcus_of_augustus
Legendary
Offline
Activity: 3920
Merit: 2348
Eadem mutata resurgo
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June 20, 2011, 08:42:45 AM |
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satoshi can't post here anymore as much as he would want to .... he has only ever posted/connected with forum via Tor nodes
... and the forum has now banned posting from Tor, or ....?
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shads
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June 20, 2011, 08:48:44 AM |
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Can't see how a distributed exchange could work. Transactions need fast confirmation on an exchange. If not traders will not touch it and you need traders to provide liquidity. Imagine being in a fast moving market and taking a long position but not being able to confirm your order was filled until 10 mins after the fact. That's 10 mins of exposure where your hands are tied. You can't sell because the counterparty you're selling too can't be sure you've got the BTC to sell them.
Best option is multiple exchanges for redundancy and multiple clearing houses to link them so you make trades across exchanges. Under that model it wouldn't be so nearly impossible for a new exchange to break into the market because there clients could trade with clients on the other established exchanges. If not clearing houses then the exchanges need to provide facilities to make arbitrage viable. The arbitrage traders provide liquidity across exchanges.
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killer2021
Member
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Activity: 84
Merit: 10
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June 20, 2011, 08:51:51 AM |
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I thought Satoshi retired and went back to playing Nintendo. Hmm, well one of his last posts he said he was moving on to, "bigger projects." Then again, you never know. Satoshi may still be amongst us (most likely) just under a different identity and less active role. He got spooked during the whole wikileaks cable release. He didn't want to be the next julian assange and he did a pretty damn good job of going into hiding. "WikiLeaks has kicked the hornet's nest, and the swarm is headed towards us." - One of Satoshi's last remarks before leaving the community. |
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jatajuta
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June 20, 2011, 08:56:48 AM |
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What would happen if Satoshi decides to confront Chuck Norris?
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andes
Jr. Member
Offline
Activity: 42
Merit: 2
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June 20, 2011, 08:58:17 AM |
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What would happen if Satoshi decides to confront Chuck Norris?
Satoshi IS Chuck Norris. |
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unk
Member
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Activity: 84
Merit: 10
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June 20, 2011, 09:00:47 AM |
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I thought Satoshi retired and went back to playing Nintendo. Hmm, well one of his last posts he said he was moving on to, "bigger projects." Then again, you never know. Satoshi may still be amongst us (most likely) just under a different identity and less active role. He got spooked during the whole wikileaks cable release. He didn't want to be the next julian assange and he did a pretty damn good job of going into hiding. "WikiLeaks has kicked the hornet's nest, and the swarm is headed towards us." - One of Satoshi's last remarks before leaving the community. i don't recall a reference to 'bigger projects', but i could be wrong. the reference to wikileaks was the result of a particular situation and was not, i think, meant to be generalised. as to the original poster's question, a distributed currency exchange is probably a pipe dream in practice. but the real solution to the problem is a distributed bitcoin economy, making currency exchanges less important. whether that distributed economy will grow is the crucial question facing bitcoin at present. it's been slow recently because most of the influx, even with recent mass press coverage, has been of speculators and miners. |
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unemployed (OP)
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June 20, 2011, 09:04:36 AM |
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Seriously. What shape should a distributed exchange take? How can it be funded?
As for the shape of a distributed exchange, I'm not so sure about that. Ideas?
Can't see how a distributed exchange could work. Transactions need fast confirmation on an exchange. If not traders will not touch it and you need traders to provide liquidity. Imagine being in a fast moving market and taking a long position but not being able to confirm your order was filled until 10 mins after the fact. That's 10 mins of exposure where your hands are tied. You can't sell because the counterparty you're selling too can't be sure you've got the BTC to sell them.
Just an idea - people provide limited access to their bank accounts to make money transfers, similarly how computers are made available for external traffic in the Tor network. This way a big distributed network is created, capable of making money transfers. To prevent stealing money from nodes, all USD/real currency in a node is backed up by freezing equivalent amount of node owner's BTC, as a guarantee. |
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andes
Jr. Member
Offline
Activity: 42
Merit: 2
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June 20, 2011, 09:08:57 AM |
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I thought Satoshi retired and went back to playing Nintendo. Hmm, well one of his last posts he said he was moving on to, "bigger projects." Then again, you never know. Satoshi may still be amongst us (most likely) just under a different identity and less active role. He got spooked during the whole wikileaks cable release. He didn't want to be the next julian assange and he did a pretty damn good job of going into hiding. "WikiLeaks has kicked the hornet's nest, and the swarm is headed towards us." - One of Satoshi's last remarks before leaving the community. Regarding the effectiveness of Wikileaks, someone can tell me why the most important of whistleblowers got caught by the US government and sent to guantanamo? I thought wikileaks was to give whistleblowers a safe way to communicate information. Also, this video got me thinking who is really behind wikileaks. http://www.youtube.com/watch?v=O69SCJAhUdI&feature=channel_video_titleIts a bit offtopic, but has to do with Satoshi more or less. |
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andes
Jr. Member
Offline
Activity: 42
Merit: 2
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June 20, 2011, 09:25:48 AM |
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He left when he realised that bitcoin became exactly that which he wanted to escape from.
How do you mean? |
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