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BubbleBoy
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June 20, 2011, 09:26:18 AM |
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As for the shape of a distributed exchange, I'm not so sure about that. Ideas? A web of trust crossed with a public blockchain in which traders announce their cash-transfer capabilities (Ex. PayPal, Bank, face2face near Lat. X, Long. Y etc.). All trades are instantaneous and recorded in the blockchain at the then current price. When it's time to cash out or deposit money, you use a client program that matches someone who needs cash with someone who wants to deposit cash. The primary distinction from Bitcoin-OTC is that the persons trading cash are not also exchanging bitcoins, each has it's own time and price at which the trade took/will take place. When a match is found, the users exchange contact credentials encrypted with each other's private key and do the out-of-blockchain money swap. If the PayPal, face 2 face etc. swap was fine, the receiver of the money credits the giver in the blockchain and each is on his way. If not credited, the giver can publicly complain and reduce the receiver's rating. The system automatically computes ratings and updates the web of trust. Highly trusted individuals could ask for a premium for their services, so they are incentivized to stay honest. The bitcoin settlements are automated and the exchange chain refers to the bitcoin blockchain by requiring traders to prove their identity using the bitcoin wallet keys. The system would also require trusted arbiters that hold the excess cash and bitcoins needed to provide liquidity to the market. These could be selected from the highest rating individuals. Just a very rough draft, it probably has millions of flaws that scammers can abuse. But I wouldn't call it a pipe dream. Face 2 face traders would only announce themselves in friendly jurisdictions, otherwise law enforcement can quickly single out individuals with good history and take them out based on the proof of past transactions. |
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Whoever mines the block which ends up containing your transaction will get its fee.
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andes
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June 20, 2011, 09:38:04 AM |
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Bitcoin is no longer an anonymous p2p currency that deals with direct transactions between 2 parties skipping out the middle man (bank).
It's largely controlled by the exchanges, but more importantly it's controlled by the greed of all the people that want to profit from it.
I partly agree with you, but remember that the end goal of bitcoin is becoming a currency that you can trade for real goods, not trade for fiat. We are now hopefully in a ugly caterpillar stage (speculative comodity) before becoming the butterfly (descentralized currency/money). |
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killer2021
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June 20, 2011, 09:44:54 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. I assume you are referring to Mr. Bradley Manning? The reason he was caught was not because of wikileaks releasing his information (as far as I know, they didn't even know who leaked the documents at the time wikileaks got them). Instead Manning was communicating with other people about the documents. It was this person (not related to wikileaks) who ultimately went to the FBI and ratted out manning. Here is a PBS frontline documentary on the whole incidient, @ 22:00 it starts to explain how manning was caught. http://www.youtube.com/watch?v=W37lctyFM7g |
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bitrebel
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June 20, 2011, 09:45:13 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. Fuck that bullshit, here is the game explained. http://www.youtube.com/watch?v=qJAbzl5a9H8Watch carefully. Wikileaks = Rothschilds, no doubt about it. |
Why does Bitrebel have 65+ Ignores?
Because Bitrebel says things that some people do not want YOU to hear.
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ribuck
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June 20, 2011, 09:47:35 AM |
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... one of his last posts he said he was moving on to, "bigger projects."...
i don't recall a reference to 'bigger projects' Satoshi's last forum post, on 12 December 2010, included these words: I'm doing a quick build of what I have so far in case it's needed, before venturing into more complex ideas |
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killer2021
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June 20, 2011, 09:48:46 AM |
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Bitcoin is no longer an anonymous p2p currency that deals with direct transactions between 2 parties skipping out the middle man (bank).
It's largely controlled by the exchanges, but more importantly it's controlled by the greed of all the people that want to profit from it.
I partly agree with you, but remember that the end goal of bitcoin is becoming a currency that you can trade for real goods, not trade for fiat. We are now hopefully in a ugly caterpillar stage (speculative comodity) before becoming the butterfly (descentralized currency/money). Yes very true. You don't have to use an exchange to use bitcoin. Eventually people will be buying/selling goods and services for bitcoins. No fiat needed. No bank needed. |
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killer2021
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June 20, 2011, 09:50:46 AM |
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... one of his last posts he said he was moving on to, "bigger projects."...
i don't recall a reference to 'bigger projects' Satoshi's last forum post, on 12 December 2010, included these words: I'm doing a quick build of what I have so far in case it's needed, before venturing into more complex ideas I suppose its kind of vague but I assume it to mean more complex ideas as in other projects. Obviously if those, "more complex ideas" were related to bitcoin then he wouldn't have just bailed. He didn't even leave a good bye message. He just wanted to disappear. |
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bitrebel
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June 20, 2011, 09:50:54 AM |
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If Satoshi is the biggest threat to the bankers, it makes sense that Julian Assange and Wikileaks will be a big threat to bitcoins.
"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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Why does Bitrebel have 65+ Ignores?
Because Bitrebel says things that some people do not want YOU to hear.
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bitrebel
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June 20, 2011, 09:53:00 AM |
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Cyber-Terrorism is on the Banker's and Government's Ordo Ab Chao Agenda, and don't forget it!
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Why does Bitrebel have 65+ Ignores?
Because Bitrebel says things that some people do not want YOU to hear.
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relative
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June 20, 2011, 11:21:14 AM |
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FOREX "kind of" is distributed. not as distributed as bitcoin obviously but I don't think that's possible.
but with forex there is no central authority, you trade with your bank and banks trade with each other.
I think the closed thing to a distributed exchange could be that the existing exchanges start to exchange quotes and it gets very easy to set up an exchange so there are many of them.
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oneforall
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June 20, 2011, 02:46:28 PM |
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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). A-fuckin-MEN!! (just to be sure, that is the word 'AMEN' with much emphasis - Im agreeing with you emphatically) |
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LokeRundt
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June 20, 2011, 03:31:12 PM |
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Hmmmm *contemplates Loom*
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wymco
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March 12, 2018, 02:57:44 PM |
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Today, most exchanges don't have enough cash to handle major sell-off so I am wondering how a decentralized exchange would do. Bitcoin MUST first fix the "fiat problem" to have a decentralized exchange...
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IwantMoonBefore2020
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November 03, 2019, 05:52:37 PM |
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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. He is back , governement tried to stop him. When he saw everything was running fine he prefered to change his mind and live normal live and predicted to comeback afther 10 years for continue his job. Hal Finney was good guy. We need continue the revolution , he is trying to get back his wallet encrypted by truecrypt. |
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