Bitcoin Forum
October 14, 2024, 04:51:14 AM *
News: Latest Bitcoin Core release: 28.0 [Torrent]
 
   Home   Help Search Login Register More  
Pages: [1] 2 3 4 »  All
  Print  
Author Topic: New exchange (Bitcoin Market)  (Read 35707 times)
dwdollar (OP)
Full Member
***
Offline Offline

Activity: 202
Merit: 109


GCC - Global cryptocurrency


View Profile WWW
January 15, 2010, 09:42:18 AM
Last edit: February 07, 2010, 03:40:11 PM by dwdollar
Merited by LoyceV (1), ABCbits (1), HI-TEC99 (1), finist4x (1)
 #1

Hi everyone.  I'm in the process of building an exchange.  I have big plans for it, but I still have a lot of work to do.  It will be a real market where people will be able to buy and sell Bitcoins with each other.  In the coming weeks I should have a website with a basic framework set up.  Please bear with me.

sirius
Bitcoiner
Sr. Member
****
Offline Offline

Activity: 429
Merit: 992



View Profile
January 16, 2010, 10:39:25 AM
 #2

Sounds good. Are you planning a bitcoin <-> euro/dollar service only, or are you going to enable trading other goods as well? That would be like an auction site where you trade stuff for bitcoins.

Iris — for better social networks
I'm not a forum admin - please contact theymos instead.
The Madhatter
Hero Member
*****
Offline Offline

Activity: 490
Merit: 511


My avatar pic says it all


View Profile
January 16, 2010, 11:45:22 PM
 #3

You may want to read this.

https://www.bitcoin.org/smf/index.php?topic=15.msg105#msg105
dwdollar (OP)
Full Member
***
Offline Offline

Activity: 202
Merit: 109


GCC - Global cryptocurrency


View Profile WWW
⇾ Update
February 06, 2010, 10:37:44 PM
Last edit: February 17, 2010, 02:16:02 AM by dwdollar
 #4

I am trying to create a market where Bitcoins are treated as a commodity.  People will be able to trade Bitcoins for dollars and speculate on the value.  In theory, this will establish a real-time exchange rate so we will all have a clue what the current value of a Bitcoin is, compared to a dollar.  I have an early version up at http://98.168.168.27:8080/

This is only a small demonstration of what I have in mind and to show everyone I'm actively working on it.  Feel free to register and try it out.  You will get 10 phoney dollars and 10,000 phoney bitcoins to trade.  ONLY the limit orders work.  Market orders will come later.

dwdollar (OP)
Full Member
***
Offline Offline

Activity: 202
Merit: 109


GCC - Global cryptocurrency


View Profile WWW
February 06, 2010, 10:43:24 PM
 #5

Sounds good. Are you planning a bitcoin <-> euro/dollar service only, or are you going to enable trading other goods as well? That would be like an auction site where you trade stuff for bitcoins.

I want to create a "real life" market for Bitcoins.  People will be able to exchange dollars with me, but I'd rather it be in less frequent larger amounts.

BlueSky
Newbie
*
Offline Offline

Activity: 11
Merit: 4


View Profile
February 07, 2010, 08:22:48 AM
 #6

I assume you are using Rails or PHP Cake, as that seems to be the URL layout.
Am testing your application, I will let you know of any issues.

You might call it BitMarket
dwdollar (OP)
Full Member
***
Offline Offline

Activity: 202
Merit: 109


GCC - Global cryptocurrency


View Profile WWW
February 07, 2010, 02:08:03 PM
 #7

I assume you are using Rails or PHP Cake, as that seems to be the URL layout.
Am testing your application, I will let you know of any issues.

You might call it BitMarket

Thank you.  Any and all help is appreciated, along with suggestions.  That's why I've decided to share it with everyone at this early stage.

I'm using Python with CherryPy.  I'm really working on two separate beasts.  The website itself and the market program.  I need to work on the market program first, but in order for everyone to help me test things, I need at least a basic site set-up.

dwdollar (OP)
Full Member
***
Offline Offline

Activity: 202
Merit: 109


GCC - Global cryptocurrency


View Profile WWW
February 07, 2010, 02:13:35 PM
 #8

I encourage anyone to make more than one account.  Place buy and limit orders at various prices for each of your accounts and check to see if confirmed trades are accurate.

m0mchil
Full Member
***
Offline Offline

Activity: 171
Merit: 127


View Profile
February 08, 2010, 03:55:35 PM
 #9

I would like to be able to see all of my orders and to be able to edit/cancel them. Also, a 'market depth' view would be nice.

SmokeTooMuch
Legendary
*
Offline Offline

Activity: 860
Merit: 1026


View Profile
February 08, 2010, 09:57:23 PM
Last edit: February 09, 2010, 03:53:07 PM by SmokeTooMuch
 #10

i registered today and i think i see a major privacy issue there.

when i klick on my profile i can clearly see my password, so i guess it is saved "as is" in your database and not as a hash or something.

you should change this.

Date Registered: 2009-12-10 | I'm using GPG, pm me for my public key. | Bitcoin on Reddit: https://www.reddit.com/r/btc
dwdollar (OP)
Full Member
***
Offline Offline

Activity: 202
Merit: 109


GCC - Global cryptocurrency


View Profile WWW
February 09, 2010, 02:51:38 AM
 #11

i registered today and i think i see a mature privacy issue there.

when i klick on my profile i can clearly see my password, so i guess it is saved "as is" in your database and not as a hash or something.

you should change this.

Yes definitely.  Since that's a major issue I'm going to bring the website down for a couple of days until it's fixed.  I am changing the database over to MySQL anyway and will be deleting the old one.

dwdollar (OP)
Full Member
***
Offline Offline

Activity: 202
Merit: 109


GCC - Global cryptocurrency


View Profile WWW
February 09, 2010, 03:04:50 AM
 #12

I would like to be able to see all of my orders and to be able to edit/cancel them. Also, a 'market depth' view would be nice.

Editing and cancelling orders will be options at some point soon.  I will expand on past trades as well.  I'd like to have a daily graph on the front page eventually.  I'm not sure what you mean by "market depth" though?

m0mchil
Full Member
***
Offline Offline

Activity: 171
Merit: 127


View Profile
February 09, 2010, 08:27:55 AM
 #13

It would be difficult to explain... here is an example

dwdollar (OP)
Full Member
***
Offline Offline

Activity: 202
Merit: 109


GCC - Global cryptocurrency


View Profile WWW
February 17, 2010, 02:14:04 AM
 #14

Site is back up at http://98.168.168.27:8080/

ec
Newbie
*
Offline Offline

Activity: 7
Merit: 69


View Profile WWW
February 17, 2010, 08:33:34 AM
Last edit: February 17, 2010, 08:44:22 AM by ec
 #15

Site is back up at http://98.168.168.27:8080/

Great!

One way to establish trust from users could be to publish your sourcecode (e.g. to github or similar) for others to review for security. You might also get patches and new features for free. Furthermore, it would make it easier for other to start similar exchanges, strengthening the bitcoin currency.

I really hope to see more work like this, so keep it up! Smiley

Edit: I have two comments to your implementation so far: 1) When a wrong username/password pair is entered, you should not indicate witch one is wrong, as it reveals information. 2) You should set up a https server using a self-signed certificate (or one signed at cacert), as connections over TOR are almost certainly sniffed.
dwdollar (OP)
Full Member
***
Offline Offline

Activity: 202
Merit: 109


GCC - Global cryptocurrency


View Profile WWW
February 17, 2010, 05:53:49 PM
Last edit: February 17, 2010, 06:04:34 PM by dwdollar
 #16

Quote
Great!

One way to establish trust from users could be to publish your sourcecode (e.g. to github or similar) for others to review for security. You might also get patches and new features for free. Furthermore, it would make it easier for other to start similar exchanges, strengthening the bitcoin currency.

I really hope to see more work like this, so keep it up! Smiley

Edit: I have two comments to your implementation so far: 1) When a wrong username/password pair is entered, you should not indicate witch one is wrong, as it reveals information. 2) You should set up a https server using a self-signed certificate (or one signed at cacert), as connections over TOR are almost certainly sniffed.

Thank you.  I will fix the username/password issue in the next update.  I do have SSL set up but it's disabled at the moment.  Right now I'm thinking about doing this for profit, either by commission or a withdraw fee of some sort.  If it ever gets to the point where I'm tired of working on it I will definitely share the code with the community.

dwdollar (OP)
Full Member
***
Offline Offline

Activity: 202
Merit: 109


GCC - Global cryptocurrency


View Profile WWW
March 03, 2010, 02:57:01 PM
 #17

Finally an update!  The graph I added should auto update at around 5pm CST today.  The last three days on it are just an example.  Anybody can register and do some mock trading.  You can use the above IP address or redirect from my GoDaddy host at http://www.bitcoinmarket.com/

ihrhase
Newbie
*
Offline Offline

Activity: 42
Merit: 0


View Profile
March 03, 2010, 11:02:18 PM
 #18

I have to agree with MH, on his post from the other thread, BC will not have a real value until people are trading in BC, if you attempt to value it by trade from BC to $ and vice versa, all someone has to do to completely destroy your market is dump all BC for $.

If the BC marketplace cannot provide real world goods and services for BC, then it will be doomed to failure...

Some people are stuck on the idea that BC is valued at the expense for generating BC's...

BUT...

The problem is that if there is no commodity available that people want, one cannot expect to see people pay $ for BC, regardless of the cost one incurs in generating them...

It is like saying I spent $X on creating Salmon and Sauerkraut Smoothies, so people should buy it for $X, but since no one wants Salmon and Sauerkraut Smoothies, no one will buy them, most likely they will not take them for free. 
NewLibertyStandard
Sr. Member
****
Offline Offline

Activity: 252
Merit: 268



View Profile WWW
March 03, 2010, 11:39:22 PM
 #19

Except that people want bitcoins...

Treazant: A Fullever Rewarding Bitcoin - Backup Your Wallet TODAY to Double Your Money! - Dual Currency Donation Address: 1Dnvwj3hAGSwFPMnkJZvi3KnaqksRPa74p
dwdollar (OP)
Full Member
***
Offline Offline

Activity: 202
Merit: 109


GCC - Global cryptocurrency


View Profile WWW
March 04, 2010, 12:41:05 AM
 #20

I have to agree with MH, on his post from the other thread, BC will not have a real value until people are trading in BC, if you attempt to value it by trade from BC to $ and vice versa, all someone has to do to completely destroy your market is dump all BC for $.

If the BC marketplace cannot provide real world goods and services for BC, then it will be doomed to failure...

Some people are stuck on the idea that BC is valued at the expense for generating BC's...

BUT...

The problem is that if there is no commodity available that people want, one cannot expect to see people pay $ for BC, regardless of the cost one incurs in generating them...

It is like saying I spent $X on creating Salmon and Sauerkraut Smoothies, so people should buy it for $X, but since no one wants Salmon and Sauerkraut Smoothies, no one will buy them, most likely they will not take them for free.  

Unless there is a way to determine demand, no one will be using them as a currency.  Even now, every Bitcoin has a value.  The key is finding it and tracking it.  I want this to be a real market where buyers and sellers determine the value based on their demand.  It will match buyers and sellers (it can already do that) accordingly.  I will only be a broker.  I don't think we should be worried about what the value is.  Our main concern should be accurately determining that value as it fluctuates.  If it's 100,000BC/$1, 1000BC/$1, or even 1,000,000BC/$1 then whatever...  The fact we are worrying about people dumping Bitcoins suggests we haven't determined an accurate value yet.

Pages: [1] 2 3 4 »  All
  Print  
 
Jump to:  

Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!