Bitcoin Forum
December 03, 2016, 12:37:24 AM *
News: To be able to use the next phase of the beta forum software, please ensure that your email address is correct/functional.
 
   Home   Help Search Donate Login Register  
Pages: [1] 2 »  All
  Print  
Author Topic: Decentralized Exchange Service  (Read 4383 times)
Maria
Sr. Member
****
Offline Offline

Activity: 454



View Profile
June 21, 2011, 06:53:10 PM
 #1

Ok. The MT Gox situation is a lesson for the whole BTCommunity to learn. We did. Now it is time to think about the future. It is clear that the current exchange model has flaws and it needs to evolve. We, the people in this community, are one of the smartest groups of people on the planet, yet this issue made us look like fools for a while, but that is the past. If when Mt. Gox returns to business we should all support it as usual, but, we need to start coding the new system ASAP.

This Topic is where the new Decentralized Exchange Service is Born.

Comments Please.

Maria.
1480725444
Hero Member
*
Offline Offline

Posts: 1480725444

View Profile Personal Message (Offline)

Ignore
1480725444
Reply with quote  #2

1480725444
Report to moderator
1480725444
Hero Member
*
Offline Offline

Posts: 1480725444

View Profile Personal Message (Offline)

Ignore
1480725444
Reply with quote  #2

1480725444
Report to moderator
1480725444
Hero Member
*
Offline Offline

Posts: 1480725444

View Profile Personal Message (Offline)

Ignore
1480725444
Reply with quote  #2

1480725444
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1480725444
Hero Member
*
Offline Offline

Posts: 1480725444

View Profile Personal Message (Offline)

Ignore
1480725444
Reply with quote  #2

1480725444
Report to moderator
1480725444
Hero Member
*
Offline Offline

Posts: 1480725444

View Profile Personal Message (Offline)

Ignore
1480725444
Reply with quote  #2

1480725444
Report to moderator
Icy-
Newbie
*
Offline Offline

Activity: 28


View Profile
June 21, 2011, 06:54:30 PM
 #2

many topics already opened like this

impossible

endthread
piuk
Hero Member
*****
Offline Offline

Activity: 910



View Profile WWW
June 21, 2011, 06:55:49 PM
 #3

>> https://github.com/macourtney/Dark-Exchange

Maria
Sr. Member
****
Offline Offline

Activity: 454



View Profile
June 21, 2011, 06:58:04 PM
 #4

many topics already opened like this

impossible

endthread

Bitcoin was born from an idea that was also thought impossible.

I forgot to add, if you have nothing positive to contribute on this post, please, do not post anything.

Thank You!
Maria
Sr. Member
****
Offline Offline

Activity: 454



View Profile
June 21, 2011, 07:10:28 PM
 #5


That looks like a starting point. Can you explain the details behind Dark Exchange?

Interesting indeed.

Maria.
cypherdoc
Legendary
*
Offline Offline

Activity: 1764



View Profile
June 21, 2011, 07:11:58 PM
 #6

Ubitex.org
BlueWall
Newbie
*
Offline Offline

Activity: 12



View Profile
June 21, 2011, 07:13:32 PM
 #7

Have a look at: http://forum.bitcoin.org/index.php?topic=20425.0
kjj
Legendary
*
Offline Offline

Activity: 1302



View Profile
June 21, 2011, 07:30:40 PM
 #8

The exchange part is easy.

Call me when you figure out how to do a decentralized clearing house.

p2pcoin: a USB/CD/PXE p2pool miner - 1N8ZXx2cuMzqBYSK72X4DAy1UdDbZQNPLf - todo
I routinely ignore posters with paid advertising in their sigs.  You should too.
QuantumMechanic
Member
**
Offline Offline

Activity: 110


View Profile
June 21, 2011, 07:32:30 PM
 #9

+1
A federation of servers you don't have to trust is good enough.
vrotaru
Jr. Member
*
Offline Offline

Activity: 35


View Profile
June 21, 2011, 07:36:20 PM
 #10

I'll take the simplest case. Exchange of USD to BTC and back. Payments: BTC - the blockchain, USD - PayPal.

I'll take for granted, that someone will write P2P matching software which everyone runs on his computers.

 + Damn convenient
  - Security, security, security

Next the risk of counter-party chargeback. How it can be reduced?

  • Reputation.
  • Proof of work. In order to place an ask/bid some rather expensive computation has to be performed. So that, say, only half of existing bitcoins can be exchanged every 24 hours. The same is true for holders of PayPal accounts, which will also have to provide proof of work in order to ask/bid. Or maybe only for them, since BTC transactions are irreversible.
  • Insurers. Can work, but introduces some elements of centralization. Like exchanges.
  • Automatic mixing of payments. Not receiving payments from one individual account, but from many. Ideally so, that ratio of fresh/untested PayPal account will be less than 10% initially and 1% when the system will be established.
  • Different exchange ratios for tested/tested PayPal accounts
.

So this is my proposal. Feel free to rip it apart. I'm not (yet) emotionally attached to it  Wink
gst
Jr. Member
*
Offline Offline

Activity: 38


View Profile
June 21, 2011, 07:43:27 PM
 #11

Ok. The MT Gox situation is a lesson for the whole BTCommunity to learn. We did. Now it is time to think about the future. It is clear that the current exchange model has flaws and it needs to evolve. We, the people in this community, are one of the smartest groups of people on the planet, yet this issue made us look like fools for a while, but that is the past. If when Mt. Gox returns to business we should all support it as usual, but, we need to start coding the new system ASAP.

This Topic is where the new Decentralized Exchange Service is Born.

Why create one central decentralized exchange, when you can just create many decentralized independent exchanges?

As an individual just don't use the monopoly (where the Lemmings go), but one of the other exchanges.

While I have a Mt. Gox account I did all my recent trades over Bitmarket and so I did not have to care about the Mt. Gox problems at all.

Unfortunately it seems that all the Lemmings are moving now to TradeHill. Instead of learning something from the Mt. Gox fail everyone switches to the same exchange waiting for the next crash.
Maria
Sr. Member
****
Offline Offline

Activity: 454



View Profile
June 21, 2011, 08:49:41 PM
 #12

In my opinion, the system needs to be a software exactly like bitcoin, you run it whenever you want to make an exchange and the same block systems confirms with all the nodes the transaction. The other currency needed to make the trade happen is Liberty Reserve because it is also instant, anonymous, and No Chargebacks are possible.

Maria.
Icy-
Newbie
*
Offline Offline

Activity: 28


View Profile
June 21, 2011, 08:52:58 PM
 #13

many topics already opened like this

impossible

endthread

Bitcoin was born from an idea that was also thought impossible.

I forgot to add, if you have nothing positive to contribute on this post, please, do not post anything.

Thank You!

um, no bitcoin works like a torrent site nothing was thought impossible about that. just no one thought to use it like this.

i forgot to add, if you have nothing new to contribute to this post, then do not post anything, use the search function as many others had this "great idea" as well

i think you don't understand fully how bitcoin works, you can't have a decentralized exchange
vrotaru
Jr. Member
*
Offline Offline

Activity: 35


View Profile
June 21, 2011, 08:54:06 PM
 #14

While I have a Mt. Gox account I did all my recent trades over Bitmarket

Can be a good option for freelancers. Not so much for merchants. Am I wrong?
Vince Torres
Sr. Member
****
Offline Offline

Activity: 337


View Profile
June 21, 2011, 08:56:01 PM
 #15



i think you don't understand fully how bitcoin works, you can't have a decentralized exchange

Almost nobody fully understands how bitcoins work

Namecoin.com .bit domain registrar. Register a new .bit domain for just $1!
BTC: 1LpKzg24NHmrxLZbnVphcstV3s7uA8cSnT
LTC: LWHswCFRPouCXTNiT8B9HUVnGrae9eojVg
Icy-
Newbie
*
Offline Offline

Activity: 28


View Profile
June 21, 2011, 09:00:05 PM
 #16



i think you don't understand fully how bitcoin works, you can't have a decentralized exchange

Almost nobody fully understands how bitcoins work

apparently. i wish people would do more reading before they start topics like this.
dukejer
Jr. Member
*
Offline Offline

Activity: 42


View Profile
June 21, 2011, 09:06:25 PM
 #17

I do not see why this would be impossible.  I see the biggest problem is that the time it takes to transact an exchange and also guarantee payment between both parties.  I think that maybe a rating system would help with the guaranteed payment.  Start small with exchanges and earn a reputation for honest exchanges.   As for the time it take for a transaction to take place I would think that a block chain would have to solve blocks quicker then 6 an hour.  Maybe something similar to namecoin.  With a high enough transaction fee I could see transactions taking priority and moving from peer to peer rather quickly.  If you are not in a rush you could use a lower transaction fee.  Money could be exchanged in person(long/lat), western union, paypal, dwolla, coinshop/merchant etc.  Part of the transaction and exchange would be listing your payment choices and bids or asks to find a suitable person or business to exchange with. 

- Dukejer
Maria
Sr. Member
****
Offline Offline

Activity: 454



View Profile
June 21, 2011, 09:13:45 PM
 #18

I do not see why this would be impossible.  I see the biggest problem is that the time it takes to transact an exchange and also guarantee payment between both parties.  I think that maybe a rating system would help with the guaranteed payment.  Start small with exchanges and earn a reputation for honest exchanges.   As for the time it take for a transaction to take place I would think that a block chain would have to solve blocks quicker then 6 an hour.  Maybe something similar to namecoin.  With a high enough transaction fee I could see transactions taking priority and moving from peer to peer rather quickly.  If you are not in a rush you could use a lower transaction fee.  Money could be exchanged in person(long/lat), western union, paypal, dwolla, coinshop/merchant etc.  Part of the transaction and exchange would be listing your payment choices and bids or asks to find a suitable person or business to exchange with. 

- Dukejer

Thank You, please people, take example of this post and lets try to focus the positive ideas. We can make this happen if we combine our thoughts and ideas!
NO_SLAVE
Jr. Member
*
Offline Offline

Activity: 56


DEBT IS SLAVERY


View Profile
June 21, 2011, 09:22:47 PM
 #19

We, the people in this community, are one of the smartest groups of people on the planet

Comments Please.

Maria.


well, that was your first fatal mistake to believe this bullshit.
 

Pride comes before the fall.
Icy-
Newbie
*
Offline Offline

Activity: 28


View Profile
June 21, 2011, 09:29:04 PM
 #20

We, the people in this community, are one of the smartest groups of people on the planet

Comments Please.

Maria.


well, that was your first fatal mistake to believe this bullshit.
 

Pride comes before the fall.

its kind of ironic how he makes a statement like this, but then starts an ignorant thread.
Pages: [1] 2 »  All
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!