develop the decentralized bitcon-fiat exchange system Foursquare

[wsbnever]

Bitcoin is a large part of the market is still in China , but China's official attitude is still unclear.
But recent policy to take advantage of the situation evident in tight , there has been had on the Bitcoin movement merchants also choose to stop Bitcoin , on behalf of the event is Baidu abandon bitcoin payments,
Taobao recently also explicitly prohibit all passwords currency trading activities.

And Other Western countries  , also face cumbersome real-name authentication , as well as regulatory capital .

Bitcoin is one of the basic characteristics of the design freedom, but projects have been basically successful national political forces will be strangled in the cradle of this trait .

Imagine that the government can always cut off the center of the fiat for all exchanges recharge, withdrawals , fund inventory at any time by the Exchange closed for a while so that - even forever closed.
You never know where your money in exchange tomorrow whether it can recover , because you not only have to bear the exchange risk of failure, but also bear the risk of national policy .

Therefore , in order to truly grow up bitcoin , only to realize at the issue to the center stage is not enough , even more crucially, also achieved in the circulation to the center of the trading process . Otherwise, Bitcoin or be strangled in the near future, or never become imprisoned in the jail of the baby , or just a plaything of the government .


In fact , there are already a lot of teams in similar trading system for the effort , as Opencoin developed Ripple, realization BTC  - fiat payment gateway in trust environment , but there is a high risk of trust in gateway; 3I company , it builds DAC, trying to create a stable exchange rate debt assets, But the BTS does not implement cryptocurrency-fiat of freely convertible ; while localbitcoins achieve a BTC-fiat P2P transaction, but still central node control transaction , inefficient and vulnerable.


So we cryptocurrency in the world , the urgent need for a truly decentralized  cryptocurrency - -iat exchange system .

The exchange system should have the following basic characteristics:
1. completely decentralized . System runs on all nodes , can not be turned off.
2. complete privacy. All information exchange should be signed , encrypted , anonymous and can not be tracked.
3. asset security . All transactions the system can be signature-locked ,otherwise ths assets should have doubled collateral in the transactions system .
4. arbitration. Tracking system mandatory transaction flow , so that the whole transaction process has produced evidence to support the dispute after the proceedings.
5. automatically stable. System has a self-stabilizing mechanism to ensure that the total market value of the collateral to be able to run in a stable range .

I have started to build this trading system , there are some problems I 've solved, but there are a lot of places , but I hope you can express their views , suggestions mention on this system , and you expect it functions .
This system runs equity mechanism , so if you build the system provides a good idea , I'll write it down , release the trading system in the future , you will get IPO (see attached BTC after Huitie address ) .

[Bbeenn]

great...

1BLVMvdt4BTc4rg9McKmAc7i9oESaadSFm

[dansmith]

wsbnever,
I understand that your post was auto-translated to English. I think this can be a major hurdle, because auto-translating complex ideas does not lead to a fruitful conversation.
Nonetheless, let me suggest that you look into OpenTransactions before you plunge into "rolling your own".
Here's how OpenTransaction (OT) meets your characterstics.

1. completely decentralized . System runs on all nodes , can not be turned off.

OT servers can be run as Tor hidden services. In this sense they can't be "turned off" by an attacker.

2. complete privacy. All information exchange should be signed , encrypted , anonymous and can not be tracked.

In OT, only the parties to the transaction and the OT server operator are aware of the transaction happening.

3. asset security . All transactions the system can be signature-locked ,otherwise ths assets should have doubled collateral in the transactions system .

As I understand, you're suggested that each transaction has a collateral posted by both parties. That can be done in OT.

4. arbitration. Tracking system mandatory transaction flow , so that the whole transaction process has produced evidence to support the dispute after the proceedings.

Arbitration is available in OT. I'm working right now on implementing a mechanism in OT which will make it almost 100% certain for an arbiter to ascertain whether or not a buyer has indeed made a bank transfer to the seller.

5. automatically stable. System has a self-stabilizing mechanism to ensure that the total market value of the collateral to be able to run in a stable range .

Sorry, I could not follow what you are saying here. Are you reiterating the collateral idea mentioned in 3.?

[daybyter]

I would try to run such a system on mobile phones. Much harder to shut down than static servers.