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Author Topic: Centralized exchanges and the next BitCoin... (MtGox related)  (Read 1212 times)
yavorssj
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February 21, 2014, 05:17:15 AM
 #1

First time poster here...

I was just thinking about this whole MtGox thing... It seems that there is really bad price discovery between the crypto/fiat worlds.

BitCoin came about as a decentralized way of doing business, trading ideas, and the like...

Is there not a way we can have a decentralized way of doing price discovery and get away from the centralized exchanges? Maybe not a new coin, but rather a patch that can be added onto BitCoin? Maybe? If not, would a new coin be needed?

It just seems that the idea of a centralized exchange defeats the whole point of the crypto currency concept.

Now, I am not a coder, so I have no idea how to implement it... But if is not possible to patch Bitcoin, a new Crypto Currency is needed, and someone runs with my idea of a decentralized crypto exchange, please call the new trading unit a YAVORSK, instead of a Satoshi    Grin

This is my white paper  Cool

Steve

edited for grammar...
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February 21, 2014, 05:26:44 AM
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There are several projects in development.

See bitshares, ethereum, ripple, mastercoin, and others.
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February 21, 2014, 05:27:46 AM
 #3

First time poster here...

I was just thinking about this whole MtGox thing... It seems that there is really bad price discovery between the crypto/fiat worlds.

BitCoin came about as a decentralized way of doing business, trading ideas, and the like...

Is there not a way we can have a decentralized way of doing price discovery and get away from the centralized exchanges? Maybe not a new coin, but rather a patch that can be added onto BitCoin? Maybe? If not, would a new coin be needed?

It just seems that the whole centralized exchange idea defeats the whole point of the crypto currency concept.

Now, I am not a coder, so I have no idea how to implement it... But if is not possible to patch Bitcoin, a new Crypto Currency is needed, and someone runs with my idea of a decentralized crypto exchange, please call the new trading unit a YAVORSK, instead of a Satoshi    Grin

This is my white paper  Cool

Steve
You thinking wisely Steve. Agreed. decentralized crypto exchange what we need now!!
yavorssj
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February 21, 2014, 05:44:53 AM
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There are several projects in development.

See bitshares, ethereum, ripple, mastercoin, and others.

I see where what you are saying... But do we want to go the alt-crypto route, or try to bootstrap BTC?

BTW, I have no dog in this fight. I have over 300K Doge and about 0.01 BTC. I am new to the whole alt currency scene and just want to see it succeed. Smack-downs like are happening because MtGox did not see the obvious coming do no good... I am just brainstorming over a few Guiness here.
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February 21, 2014, 05:49:36 AM
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There are several projects in development.

See bitshares, ethereum, ripple, mastercoin, and others.

I see where what you are saying... But do we want to go the alt-crypto route, or try to bootstrap BTC?

BTW, I have no dog in this fight. I have over 300K Doge and about 0.01 BTC. I am new to the whole alt currency scene and just want to see it succeed. Smack-downs like are happening because MtGox did not see the obvious coming do no good... I am just brainstorming over a few Guiness here.

They are not all based on altcoins. If you a do a search for "P2P exchange" on this forum you will find days' worth of reading on people's ideas.

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ShawnLeary
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February 21, 2014, 05:52:56 AM
 #6

First time poster here...

I was just thinking about this whole MtGox thing... It seems that there is really bad price discovery between the crypto/fiat worlds.

BitCoin came about as a decentralized way of doing business, trading ideas, and the like...

Is there not a way we can have a decentralized way of doing price discovery and get away from the centralized exchanges? Maybe not a new coin, but rather a patch that can be added onto BitCoin? Maybe? If not, would a new coin be needed?

It just seems that the idea of a centralized exchange defeats the whole point of the crypto currency concept.

Now, I am not a coder, so I have no idea how to implement it... But if is not possible to patch Bitcoin, a new Crypto Currency is needed, and someone runs with my idea of a decentralized crypto exchange, please call the new trading unit a YAVORSK, instead of a Satoshi    Grin

This is my white paper  Cool

Steve

edited for grammar...

I believe NXT will be the first crypto to have a peer to peer exchange built into the client. 

edit- Offspring Client is preparing to add that feature.

"We have the power to begin the world over again" - Thomas Paine
waxwing
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February 21, 2014, 05:57:12 AM
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I believe NXT will be the first crypto to have a peer to peer exchange built into the client. 

edit- Offspring Client is preparing to add that feature.

P2P exchange for fiat is what actually matters if we want to avoid relying on exchanges like Mt Gox. I presume what you're describing does not include that?

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yavorssj
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February 21, 2014, 05:57:41 AM
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Well, it looks like I have some bedtime reading to catch up on... Whatever the solution, it has to be P2P. From 10,000 feet up, I do not see why a P2P exchange would have to be "attached" to BTC directly. I also think a totally alt-coin solution that puts BTC to bed would be a phyric victory in the end.

Regardless, I will dig in and see what I can see. Whatever I find, I will update here. Everyone else, feel free to post links here so the ideas flow for all...
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February 21, 2014, 05:57:51 AM
 #9

First time poster here...

I was just thinking about this whole MtGox thing... It seems that there is really bad price discovery between the crypto/fiat worlds.

BitCoin came about as a decentralized way of doing business, trading ideas, and the like...

Is there not a way we can have a decentralized way of doing price discovery and get away from the centralized exchanges? Maybe not a new coin, but rather a patch that can be added onto BitCoin? Maybe? If not, would a new coin be needed?

It just seems that the idea of a centralized exchange defeats the whole point of the crypto currency concept.

Now, I am not a coder, so I have no idea how to implement it... But if is not possible to patch Bitcoin, a new Crypto Currency is needed, and someone runs with my idea of a decentralized crypto exchange, please call the new trading unit a YAVORSK, instead of a Satoshi    Grin

This is my white paper  Cool

Steve

edited for grammar...

Bitcoin isn't really what is holding back decentralized exchanges. Fiat is preventing them. How do you transfer fiat in a decentralized manner while verifying amounts and transactions and then put all of that information into a database where you can safely trade it for Bitcoins? Figure that out and let us know!

If you aren't the sole controller of your private keys, you don't have any bitcoins.
yavorssj
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February 21, 2014, 06:12:23 AM
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Bitcoin isn't really what is holding back decentralized exchanges. Fiat is preventing them. How do you transfer fiat in a decentralized manner while verifying amounts and transactions and then put all of that information into a database where you can safely trade it for Bitcoins? Figure that out and let us know!

Find out a way to link your fiat bank account directly to your crypto wallet? Or even better, develop a wallet that can hold multiple currencies, crypto AND fiat...

Now, getting that past the SEC, Treasury Department, or FED...  Shocked
waxwing
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February 21, 2014, 09:34:53 AM
 #11

Bitcoin isn't really what is holding back decentralized exchanges. Fiat is preventing them. How do you transfer fiat in a decentralized manner while verifying amounts and transactions...

Please take a look here: https://bitcointalk.org/index.php?topic=173220.msg3903951#msg3903951

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