Coinffeine - (P2P bitcoin exchange) code now available!

[flix]

These guys claim to be close to launching a working beta for a fully P2P Bitcoin exchange. They have opened their code and are welcoming any programmers that can help them speed up their work and launch within a couple of weeks.


http://www.coinffeine.com/


More here:
http://www.reddit.com/r/Bitcoin/comments/1ytlvx/coinffeine_p2p_bitcoin_exchange_code_now_available/

[flix]

I sincerely cannot think of anything that Bitcoin needs more urgently than a P2P exchange.  I encourage anybody with the necessary skills to contribute.

[sprinkle]

Totally agree -- this platform looks very cool -- the deposit approach is pretty elegant.

[hashme]

Just in time! Let's look into the code.

[Mythul]

Nice stuff. I'll take a look at the code. You made me curious. +1

[eafdeafd]

Definitely gonna keep an eye on this.

[eafdeafd]

Coinffeine's in the news. http://www.cryptocoinsnews.com/2014/03/02/coinffeine-p2p-alternative-centralised-bitcoin-exchanges/

[Buffer Overflow]

Interesting.

[super3]

Very nice, java makes it a little hard to contribute though.

[Phil Dann Ward]

Totally agree -- this platform looks very cool -- the deposit approach is pretty elegant.

The deposit approach *is* elegant but there is a bootstrapping issue with it. If the fiat currency holder has only fiat currency and *no* bitcoins then he can't put up the bitcoin deposit to start the Coinffeine-based exchange which he wants to carry out in order to get bitcoins. :-(

[maxmint]

Very interesting concept. Is it correct that deposits will end up as a mining fee in case they are forfeited?

[flix]

The deposit approach *is* elegant but there is a bootstrapping issue with it. If the fiat currency holder has only fiat currency and *no* bitcoins then he can't put up the bitcoin deposit to start the Coinffeine-based exchange which he wants to carry out in order to get bitcoins. :-(

Actually, it looks like they have a solution for the bootstrapping issue... see their wiki:  http://www.coinffeine.com/


These guys are advancing.. however it is going slower than I'd like. I'm convinced a p2p exchange is key to Bitcoin's stability, future growth and persistent penetration in countries with unfavourable regulations...

[psionin]

These guys claim to be close to launching a working beta for a fully P2P Bitcoin exchange. They have opened their code and are welcoming any programmers that can help them speed up their work and launch within a couple of weeks.


http://www.coinffeine.com/


More here:
http://www.reddit.com/r/Bitcoin/comments/1ytlvx/coinffeine_p2p_bitcoin_exchange_code_now_available/

Where do the bitcoin/fiat safety deposits get stored during the transaction?

[Phil Dann Ward]

The deposit approach *is* elegant but there is a bootstrapping issue with it. If the fiat currency holder has only fiat currency and *no* bitcoins then he can't put up the bitcoin deposit to start the Coinffeine-based exchange which he wants to carry out in order to get bitcoins. :-(

Actually, it looks like they have a solution for the bootstrapping issue... see their wiki:  http://www.coinffeine.com/


These guys are advancing.. however it is going slower than I'd like. I'm convinced a p2p exchange is key to Bitcoin's stability, future growth and persistent penetration in countries with unfavourable regulations...

@flix I re-read their wiki but couldn't see anywhere that the 'one side has no bitcoin deposit' bootstrapping issue was dealt with...can you give me a more precise pointer?

[Phil Dann Ward]

And, if I've understood it correctly, I think their exchange algorithm is inherently susceptible to (accidental and/or malicious) failure due to bitcoin transaction malleability.

Their github wiki shows a worked example of the bitcoin transactions http://github.com/Coinffeine/coinffeine/wiki/Exchange-algorithm#transaction-definitions.

It shows that their algorithm is based on creating and signing transactions to spend outputs from other transactions that haven't even been broadcast yet.

So if, for example, Sam's Tx0.1 is subject to a malleability modification it's hash will not be the same as Tx0.3 assumes thus Tx0.3 is useless as a means for Sam to get his (potentially large chunk of) bitcoins back.

If Bob refuses or is no longer around to help Sam create and sign a new version of Tx0.3 referencing Tx0.1's actual, confirmed hash then Sam's bitcoins are permanently locked in Tx0.1.  

[flix]

The Coinffeine team all just left their regular jobs to work full time on bringing you a distributed Bitcoin-Fiat exchange within the next few months.

They have also raised a first round of seed capital... I encourage you to take a look at their work so far: http://www.coinffeine.com/

[SunSeeder]

How are you going to take electronic dollars? Don't banks have to allow you to run an exchange? That would mean it's regulated.. which doesn't really sound like the bittorrent of exchanges.

[piece of bit]

Totally agree -- this platform looks very cool -- the deposit approach is pretty elegant.

The deposit approach *is* elegant but there is a bootstrapping issue with it. If the fiat currency holder has only fiat currency and *no* bitcoins then he can't put up the bitcoin deposit to start the Coinffeine-based exchange which he wants to carry out in order to get bitcoins. :-(

I agree. If you are going to an exchange to purchase bitcoins and have no bitcoins yourself. How do you put up the deposit?

[sortega]

Totally agree -- this platform looks very cool -- the deposit approach is pretty elegant.

The deposit approach *is* elegant but there is a bootstrapping issue with it. If the fiat currency holder has only fiat currency and *no* bitcoins then he can't put up the bitcoin deposit to start the Coinffeine-based exchange which he wants to carry out in order to get bitcoins. :-(

I agree. If you are going to an exchange to purchase bitcoins and have no bitcoins yourself. How do you put up the deposit?

The amount you can buy is proportional to the amount of bitcoin you have. In principle, with very small initial amounts you can initiate a series of exponentially bigger exchanges. You can find those initial amounts from sources like faucets and, the authors of Coinffeine are considering different ways of providing this small amounts.

BTW, I'm one of the developers

[miffman]

After the bad scam history of exchanges, it would be refreshing to have a nice P2P exchange up