Bitcoin Forum
May 25, 2018, 01:39:45 PM *
News: Latest stable version of Bitcoin Core: 0.16.0  [Torrent]. (New!)
   Home   Help Search Donate Login Register  
Pages: [1]
Author Topic: A P2P Exchange(s): putting this out there  (Read 878 times)
Andrew Bitcoiner
Sr. Member
Offline Offline

Activity: 397
Merit: 250

Send correspondance to GPG key A372E7C6

View Profile WWW
October 18, 2011, 01:44:07 AM

The price crash and ExchB closing has gotten me thinking about this problem again.

Bitcoin (and crypto-currencies in general) need a p2p exchange mechanism to mitigate the risk of any centralized supernode (an exchange) gets taken down. 

What I am picturing in my mind is a method built into the client software to buy or sell the coins for real dollars through 1) either some kind of real-time escrow service 2) a socketed API from an existing service (like paxum).

I am putting this idea out there because I have don't have the skills to make it happen but I hope someone out there that reads this does.

Bitcoin News Site
Bitcoin Blackjack
Bitcoin, Darknet, IT consulting
Hero Member
Offline Offline

Posts: 1527255585

View Profile Personal Message (Offline)

Reply with quote  #2

Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
Hero Member
Offline Offline

Activity: 868
Merit: 1000

View Profile WWW
October 18, 2011, 04:31:26 PM

I think it's inevitable that someone will do it at some point.  The key question for me (I need to study scripting capabilities in more detail to answer it for myself) is: if you have an alternate coinage (that is substantially like bitcoin), can you craft a pair of transactions in each block chain such that you have an irreversible exchange of one for the other.  Some people have posted about utilizing transaction expiration features to implement escrow like and transactions that can clear immediately...I think something like that would have to be used.  You would need to make sure both transactions on both block chains are embedded deep enough before the transactions are finalized.

The difference between being able to craft a pair of irreversible transactions on two different block chains and not is likely the difference between being able to implement a p2p exchange using bitcoin vs having to either use a new type of coin or make some pretty significant changes to bitcoin (if you want to make that p2p exchange be secure, irreversible, and only involve 2 parties).  With some of the stuff I've read about using expirations and exchanging transactions privately before announcing them, I'm optimistic that it can be done, but as I said, I need to study the scripting capabilities in more depth.

(gasteve on IRC) Does your website accept cash?
Offline Offline

Activity: 72
Merit: 10

View Profile
October 20, 2011, 02:18:54 AM

Is this the kind of thing you(OP)'re thinking about?

"Democracy is the original 51% attack." - Erik Voorhees
Pages: [1]
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!