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Author Topic: Mt Gox must die  (Read 2214 times)
jojo69
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January 18, 2012, 12:22:05 AM
 #1

Strong words, I know

It is painfully obvious that we need to decentralize the exchange if we want bitcoin to survive

we are one well placed STUXNET or drone strike from total disaster

this single point of vulnerability is unacceptable

not to mention the fact that they refuse to keep pace with the currency's hardware and bandwidth needs

This is not some pseudoeconomic post-modern Libertarian cult, it's an un-led, crowd-sourced mega startup organized around mutual self-interest where problems, whether of the theoretical or purely practical variety, are treated as temporary and, ultimately, solvable.
Censorship of e-gold was easy. Censorship of Bitcoin will be… entertaining.
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teflone
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January 18, 2012, 12:25:12 AM
 #2

BINGO!!!!!!!!!!!!!!!!!!!!!!!

The mtgox sloth cant even handle 1000 connections..

Their equipment is older than apollo 13

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Mushoz
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January 18, 2012, 12:25:43 AM
 #3

We do need Mtgox, but we need other big exchanges as well. And Mtgox needs to get their shit together.
Aaaaand Mtgoxlive is down again. They can't get anything right today =/

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chsados
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January 18, 2012, 12:25:48 AM
 #4

i wonder what kind of funds it would take to make a clone of sorts?  perhaps it is feasible to start a donation fund and get one started within this community with all fees from transactions not going towards an owners profit but to be reinvested into hardware.
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January 18, 2012, 12:26:11 AM
 #5

We need an established forex company to offer trading imo.

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January 18, 2012, 12:27:08 AM
 #6

Magic The Gathering.

'Nuff said.

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kinghajj
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January 18, 2012, 12:28:37 AM
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The obvious answer is a decentralized exchange. Wasn't somebody working on that, once upon a time?
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January 18, 2012, 12:29:14 AM
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January 18, 2012, 12:30:12 AM
 #9

i wonder what kind of funds it would take to make a clone of sorts?  

development is a least of a problem, getting fiat funds in an out - you will have to deal with some regulations and acquire some money transmitting business license
chsados
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January 18, 2012, 12:33:41 AM
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i wonder what kind of funds it would take to make a clone of sorts?  

development is a least of a problem, getting fiat funds in an out - you will have to deal with some regulations and acquire some money transmitting business license

true but i would consider whatever it takes to get those proper licenses in order part of the "funds."  or maybe something could be negotiated with bitinstant.  even if it was only able to handle dwolla transactions id say its a project worth doing.  
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January 18, 2012, 12:39:09 AM
 #11

BITCOINICA needs some decentralisation badly as well.
Zotia
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January 18, 2012, 01:01:36 AM
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BITCOINICA needs some decentralisation badly as well.

Why?

Have you had problems with Bitcoinica before (other than the "no reserve" issue)?
bittenbob
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January 18, 2012, 01:02:54 AM
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My trades arent being executed even though they are below the price on Gox. Maybe you got your wish and someone stuxnetted it.
Hunterbunter
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January 18, 2012, 01:08:14 AM
 #14

so what do you mean by decentralize the exchange?

How do you do that with fiat currency?

Or do you mean have more exchanges that talk to one another?
jojo69
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January 18, 2012, 01:17:29 AM
 #15

so what do you mean by decentralize the exchange?

How do you do that with fiat currency?

Or do you mean have more exchanges that talk to one another?

that would be a good step

ultimately a fully open source decentralized platform on TOR maybe?

This is not some pseudoeconomic post-modern Libertarian cult, it's an un-led, crowd-sourced mega startup organized around mutual self-interest where problems, whether of the theoretical or purely practical variety, are treated as temporary and, ultimately, solvable.
Censorship of e-gold was easy. Censorship of Bitcoin will be… entertaining.
antoineph
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January 18, 2012, 01:21:28 AM
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so what do you mean by decentralize the exchange?

How do you do that with fiat currency?

Or do you mean have more exchanges that talk to one another?

that would be a good step

ultimately a fully open source decentralized platform on TOR maybe?

If you think mtgox is slow, TOR would be suicide.
notme
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January 18, 2012, 01:22:17 AM
 #17

so what do you mean by decentralize the exchange?

How do you do that with fiat currency?

Or do you mean have more exchanges that talk to one another?

that would be a good step

ultimately a fully open source decentralized platform on TOR maybe?

You missed his point... the exchanges are the bridge between fiat and bitcoin... try getting a bank to give you an account owned by a decentralized network.

https://www.bitcoin.org/bitcoin.pdf
While no idea is perfect, some ideas are useful.
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jojo69
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January 18, 2012, 01:24:51 AM
 #18

does the exchange have to fill the role of the moneychanger

there is a place for fiat interface for a fee in the market, doesn't mean it needs to be an effective monopoly on trading

This is not some pseudoeconomic post-modern Libertarian cult, it's an un-led, crowd-sourced mega startup organized around mutual self-interest where problems, whether of the theoretical or purely practical variety, are treated as temporary and, ultimately, solvable.
Censorship of e-gold was easy. Censorship of Bitcoin will be… entertaining.
GeniuSxBoY
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January 18, 2012, 01:31:24 AM
 #19

none of this shit would have happened if it weren't for your dumbfucks fucking around with bitcoinica.
SlaveInDebt
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January 18, 2012, 01:32:06 AM
 #20

none of this shit would have happened if it weren't for your dumbfucks fucking around with bitcoinica.

Some never learn from debt.

"A banker is a fellow who lends you his umbrella when the sun is shining, but wants it back the minute it begins to rain." - Mark Twain
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