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Author Topic: Seems we are getting much closer to a Decentralized exchange  (Read 1147 times)
btc237ftw
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May 24, 2013, 10:44:32 AM
 #1

http://www.coindesk.com/uk-firm-promises-skype-style-bitcoin-exchange/

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“You’re going to get people who are swapping dollars for bitcoins, and it will be one bank account transaction, where they see $100 move from one person’s bank account to another. They won’t be able to see the blockchain on the other side of that.  So how do you stop that?” Turrall said. “This is a genuinely distributed infrastructure.”
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Sukrim
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May 24, 2013, 10:53:12 AM
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Looks like trust network based, so you have to know "someone on the inside" to start trading + you'll only see their offers. Want better offers or more depth? Trust more people!

Any kind of rating system in there can be forged/exploited so again to gain any insight in trustfulness of users, you need to actively participate. As micro transactions in fiat currency are expensive (and it is not the nicest experience to trade 100 times 1 USD compared to once 100 USD) I don't see much improvement to anything existing. NashX has at least an interesting collateral concept...

https://bitfinex.com <-- leveraged trading of BTCUSD, LTCUSD and LTCBTC (long and short) - 10% discount on fees for the first 30 days with this refcode: x5K9YtL3Zb
Mail me at Bitmessage: BM-BbiHiVv5qh858ULsyRDtpRrG9WjXN3xf
btc237ftw
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May 24, 2013, 11:31:13 AM
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Let's put Fiat aside for a second; between the digital currencies the software can check for someone in the system bidding on a currency vs currency on a specific rate and then, when it has a match it locks both parties and the exchange is made.
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May 24, 2013, 11:52:56 AM
 #4

Why would anyone invest 200k GBP in a pure cryptocoin exchange? Roll Eyes

Trading between chains might even be possible in the future by clever transaction scripts themselves. The big issue with Acoin <--> Bcoin is chain reorgs/splits, double spending and the problem that the trades are happening on two different chains in different blocks. Once you move them to the same chain (e.g. colored coins), you created IOUs and counterparty risk again.

https://bitfinex.com <-- leveraged trading of BTCUSD, LTCUSD and LTCBTC (long and short) - 10% discount on fees for the first 30 days with this refcode: x5K9YtL3Zb
Mail me at Bitmessage: BM-BbiHiVv5qh858ULsyRDtpRrG9WjXN3xf
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May 24, 2013, 11:59:07 AM
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Why would anyone invest 200k GBP in a pure cryptocoin exchange? Roll Eyes

Trading between chains might even be possible in the future by clever transaction scripts themselves. The big issue with Acoin <--> Bcoin is chain reorgs/splits, double spending and the problem that the trades are happening on two different chains in different blocks. Once you move them to the same chain (e.g. colored coins), you created IOUs and counterparty risk again.

Re-read the article.

Quote
“You’re going to get people who are swapping dollars for bitcoins, and it will be one bank account transaction, where they see $100 move from one person’s bank account to another. They won’t be able to see the blockchain on the other side of that.  So how do you stop that?” Turrall said. “This is a genuinely distributed infrastructure.”

In some cases, banks themselves have pulled an exchange’s account after it was found not to have a money services businesses license. Turrall argued that a P2P exchange would solve that problem.

“You’d have to yank the thousands of small accounts for small-dollar transactions from thousands of users, which you’d have to spot,” he said.

Looks like fiat's included.

Here comes Vladimir's singularity...

The website is supposed to be up this weekend:  http://www.metalair.org/

I can't decide if it's Metal Air dot com, or Meta Lair dot com...  Huh

Dankedan: price seems low, time to sell I think...
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May 24, 2013, 12:00:36 PM
 #6

OP sounds like he is describing Bitcoin.de's system. Buyer and seller have verified bank accounts, buyer transfers the money after purchase (and bitcoin.de freezes the coins purchased), when the money arrives at sellers account it is mark as received and then Bitcoin.de releases the coins. There are problems with this but overall it works quite well.

What I see in a decentralized distributed exchange though, is the money being stored in the "BTC Cloud" and all transactions happening there. So, it is like having a virtual bank online.

BTC = Black Swan.
BTC = Antifragile - "Some things benefit from shocks; they thrive and grow when exposed to volatility, randomness, disorder, and stressors and love adventure, risk, and uncertainty. Robust is not the opposite of fragile.
Sukrim
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May 24, 2013, 12:19:33 PM
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The github repo that's linked is something that was proposed on this forum 2 years ago already: https://bitcointalk.org/index.php?topic=27055.0

https://bitfinex.com <-- leveraged trading of BTCUSD, LTCUSD and LTCBTC (long and short) - 10% discount on fees for the first 30 days with this refcode: x5K9YtL3Zb
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No_42
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May 29, 2013, 12:50:42 PM
 #8

More info on this can be found here:

https://bitcointalk.org/index.php?topic=218516.0

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