Current Unix Epoch 1532746613
THE UNQUESTIONABLE SUPERIORITY OF DECENTRALIZED P2P EXCHANGE
OR DISRUPTING DISRUPTION
DAVID MCGLAUFLIN
“I HAVE COME HERE TO BURY CAESER.”—WILLAM SHAKESPEARE
And so it is ….
In our time, men have been given the tools to change the fate of humanity. The greatest revolution in human history is taking place right before your very eyes and you are here, now, reading this document. I hope that you will see the future as I do and you will be able to see what is at stake. I could just write this paper as criticism of the current state of the movement but, that is not my way. Instead, I shall only discuss the problems I see and how I intend to solve them.
It is my hope that the evidence will speak for itself and nothing harmful needs to be said.
TRUST NO ONE
One of the greatest problems with the current crypto economy is exchanges have been a major failure point in countless situations. Even back in 2015 there were 36failed exchanges (
https://bravenewcoin.com/news/36-bitcoin-exchanges-that-are-no-longer-with-us/) costing nerds in the hundreds of millions ( or there about). This is why I believe that P2P exchange of assets, in a non profit and public environment , affords users with more protection. In a P2P exchange, an individual could be hacked but, not everyone. Even if the software is flawed , a hardened system with a talented admin could easily avert the losses. By keeping ones own assets under ones own guard, no one is to blame but the user. Personal responsibility and due diligence should be a mantra we all live by.In a P2P exchange, one must only trust encryption, blockchain and decentralized P2P networks.
KILL ALL BOTS
The following articles were used below:
https://www.theguardian.com/business/2014/jun/07/inside-murky-world-high-frequency-tradinghttp://www.metamute.org/editorial/articles/destructive-destruction-ecological-study-high-frequency-tradingIn the past, markets functioned like a cybernetic system. Meaning they were man-made but, tended to behave more like a naturally formed entity. In fact “Free Market” was a term to describe an effect that always returned to the natural order. High frequency trading bots (HFTB) are like a parasite to this natural system. I believe that many exchanges use these bots against the common, small investor. Luckily, we have been given proof of work as a tool to diminish the ability of these bots.
PeerX is the working title for this exchange and it is built on the whisper protocol. Whisper (
http://gavwood.com/dappsweb3.html) uses sha to hash the message into its smallest possible integer, saving precious HDD space. This also provides us with the ability to render HFTB obsolete. You see, HFTB cannot function effectively with a proof of work requirement. In fact, it basically kills the functionality of the bots. This combined with network fees ( not exchange fees) makes bots become increasingly more expensive. I believe that this is a perfect solution to this problem.
DECENTRALIZE EVERYTHING
“Decentralization is the process by which the activities of an organization, particularly those regarding planning and decision-making, are distributed or delegated away from a central, authoritative location or group” (
https://en.wikipedia.org/wiki/Decentralization) it is by this concept that I am going to develop this exchange. Centralized exchanges are not only risky for investors but, are easily corrupted and are currently being regulated into submission. A P2P exchange is beyond regulations.
In my model, there is no exchange owner to be held responsible for the actions of the users. There is no profit earned by me and, I am not in danger of being arrested. I do not own any thing. I have not done anything illegal. I do this freely, of my own will, for no other reason than to make the world a little bit better. I do not seek rewards. This model can be considered as a private transaction between users, not an entity whose business is selling coins. There is no danger to me or any user who is involved with private trades.
PRIVACY
As a private person who is somewhat shady , I can understand that privacy is important. I have done many things in my life that some would consider immoral. I appreciate my privacy and I am going to extend this into exchanges.
PeerX is built on privacy. Starting with the whisper protocol, the exchange is effectively dark and uses plausible deniability to render provability unreliable. Messages are only alive for a few days then drop off leaving no record. By keeping logs on the local machine, the user can decide for himself what records to keep. This puts the user in control of his records and he alone decides what is reported. This effectively kills both regulations and accountability. This is why I have developed HELL()[WORLD]. By using zerocoin protocol, (
https://en.wikipedia.org/wiki/Zerocoin ) the users funds can be converted into SIRAJ and thus removed from the record until needed by the users. This completely renders any known existing monitoring of user activities obsolete.
GATEKEEPERS
This issue is the one that is closest to my heart. As a self funded, student developer, it is almost impossible to get access to an exchange. Bubble was listed on c-cex and yobit very quickly because at that time, I was contributing to the system and I was granted access. I could mention all of the things that I have done but I won’t instead, I will talk about how things have changed.
You might find this odd but, I can’t get listed. Even on exchanges where I have been a major supporter been listed before and have worked as a moderator, I am offered a 3bitcoin fee.(24k USD ) Even when I have paid, They delist my coin and steal my money (including my listed balances.) I have never raised funds or asked for donations and I have put everything into my project.
I am almost 50k usd in the red (including education, advisors and living expenses while developing) and, I have to devote a considerable amount of time to school and work as well . I sleep very little and sometimes not at all. I live off of chef Boyardee, ramen , discount beverages, and cheap cigarettes. I literally have nothing left to give. If I didn’t have a good friend, I would not be able to survive.
My project is partly developed and that puts me far ahead of about 80% of the projects that get listed on major exchanges. I have never promised anyone anything yet I keep pushing forward . In the past 18 months I have shown a consistent and measurable increase in both technical understanding and programming ability.
Without access to a major exchange, I can neither get the funding nor the recognition I need to quickly develop my project. This is a horrible consequence of centralized power and the gatekeepers of the exchange. Greed is rampant and people lose sight of what crypto is supposed to be about. Imagine if bitstamp wanted 24k from Satoshi to get on the exchange.
This is why I am creating this exchange. I believe that all people should be allowed to get their project in front of investors. Quid pro quo and pay to play are symptoms of systemic corruption(
https://www.dissentmagazine.org/article/zephyr-teachout-review-triumph-of-corruption) which leads to bankruptcy, revolution and war.
PeerX will not be able to stop anyone from adding new coins to the bubble/x currency pair. Any user can add any coin they wish. Any user could add any service to the exchange. Any user could spin it off into anything that you can imagine. This is the beauty of the open source #repolution.
You may think that this will pollute the exchange and on a centralized exchange you might be right but in this case, you are wrong. First, just because you have created a new market doesn’t guarantee that others will trade. The exchange runs on each users machine .(and will have to be added by each user who wishes to trade.) I estimate ( purely out of my ass) about 10 wallets could run pretty well on a raspberry pi ,15 and it would become very slow. So each user would have to be sure about the coin before trading.
A PUBLIC ASSET
As a person who describes himself as an artist, I wish to create something that is bigger than myself. I want to do something that is going to make a difference. I care not about consensus nor the profit. This is a philosophical and artistic action with the intention of changing the world. I will stop at nothing short.
I believe that this statement satisfies my requirements as a gentleman. Now if you will excuse me, I have some work to prove.
McG
