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Author Topic: Ubitex: In-person Bitcoin exchange [EARLY BETA!] [STOCK AVAILABLE]  (Read 34170 times)
cuddlefish
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April 26, 2011, 08:27:00 PM
 #1

Ubitex is early beta software. Please report any and all bugs in this thread.

Person A and Person B register Ubitex accounts. They enter their addresses (Or rough location). This will never ever be made public.

Person A puts in a sell order for 50 BTC at 1.5 USD each, with a Max Distance of 50 miles. Person A pays a 0.5 BTC listing fee to Ubitex.

Person B then puts in a buy order for 50 BTC at 1.5 USD each, with a Max Distance of 25 miles. (Person B does not pay a listing fee, as it is a buy order.)

If Person A and Person B's locations are less than 25 miles away, the moment Person B's order is processed, both Person A and Person B receive emails that their orders have been filled. They can then communicate through Ubitex with each other. They can then arrange a meeting to exchange the Bitcoins.

When the trade is completed, they can rate each other.

Ideas? Suggestions?

In the future Ubitex may allow the exchange of things other than Bitcoins.
http://ubitex.org
Development server: http://zode.ubitex.org

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Jered Kenna (TradeHill)
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April 26, 2011, 08:29:40 PM
 #2

I like the idea, could work pretty well.
I'd assume you could just put an ad on craigslist but I like this better and there shouldn't be any issues on the price.
I'd also like to see the option to add more locations to trade.
For example if I live in X city but work in Y and I go to Z every weekend to go fishing.
Maybe use zipcodes to keep it simple.

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Ian Maxwell
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April 26, 2011, 09:27:08 PM
 #3

Suggestion: when given an address or location, add a small random offset (like 2 miles) and store that instead. That way exact locations are safe even if your database is compromised.

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April 26, 2011, 09:29:58 PM
 #4

I'll be one of your first users.

"The powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the systems was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations. Each central bank...sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world."

- Carroll Quigley, CFR member, mentor to Bill Clinton, from 'Tragedy And Hope'
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April 26, 2011, 09:51:01 PM
 #5

They could geolocate drop points so that the buyers and sellers don't even have to meet.

cuddlefish
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April 26, 2011, 10:19:43 PM
 #6

Suggestion: when given an address or location, add a small random offset (like 2 miles) and store that instead. That way exact locations are safe even if your database is compromised.

I'm using Google's geocoding API, so anything you can put into Google Maps will work here. Share what you're comfortable sharing, from zipcode down to apartment number.

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April 27, 2011, 01:22:10 AM
 #7


Basic concept is sound. If the implementation is well-thought out it should have a lot of utility.

Kind of like a geographic co-located, OTC, trade exchange. Neat.

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April 27, 2011, 01:27:03 AM
 #8

Very nice. You dont have to share your exact location which is helpful.
cuddlefish
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April 27, 2011, 03:55:52 AM
 #9

Okay! We're making progress. I have a mockup and a lot of code done. We are set to release within the week!

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April 27, 2011, 04:04:33 AM
 #10

Okay! We're making progress. I have a mockup and a lot of code done. We are set to release within the week!
Can't wait. This sounds like an interesting idea!

*Next Draw Feb 1*  BitLotto: monthly raffle (0.25 BTC per ticket) Completely transparent and impossible to manipulate who wins. TOR
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April 27, 2011, 04:19:09 AM
 #11

very interested
cuddlefish
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April 27, 2011, 04:24:35 AM
 #12

The mockup can be found https://gomockingbird.com/mockingbird/#jl2r6mp/EW9ozb if anyone's interested.

Also, Bitcoin donations are greatly appreciated and will go towards hosting costs, etc. as we try to get off the ground. 161eFswCmjZvijEmiEdXVCKy8EXYfybZzx

Thanks for your patience!

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April 27, 2011, 07:13:41 AM
 #13

This sounds good. Maybe the listing price should only be paid if the sell order is fulfilled? That would encourage new users to start using the service, especially when it's just taking off.

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April 27, 2011, 07:33:03 AM
 #14

This sounds good. Maybe the listing price should only be paid if the sell order is fulfilled? That would encourage new users to start using the service, especially when it's just taking off.

Yeah, a lot of people will be shooting in the dark at first so it won't be worth much until you get critical mass.

Like MtGox did in the beginning. Offer free service, get user base, charge fee, people keep coming because that's where all the people are.

Play Bitcoin Poker at sealswithclubs.eu. We're active and open to everyone.
Keefe
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April 27, 2011, 08:04:55 AM
 #15

Hopefully I notice when it goes live, as I am interested in using this service.

cuddlefish
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April 27, 2011, 03:04:59 PM
 #16

This sounds good. Maybe the listing price should only be paid if the sell order is fulfilled? That would encourage new users to start using the service, especially when it's just taking off.
Good idea, I'll probably do that. Thanks.

cuddlefish
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April 27, 2011, 05:45:48 PM
 #17

Okay, things are getting formalized.

There are no listing fees. However, once a match has been found, the seller must pay 0.5 BTC in order to communicate with the buyer. This will be handled through MtGox's Merchant Interface. The buyer will not be notified until the seller has paid, and the buyer's order will remain un-filled.

Thoughts?

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April 27, 2011, 05:49:05 PM
 #18

good plan

"The powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the systems was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations. Each central bank...sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world."

- Carroll Quigley, CFR member, mentor to Bill Clinton, from 'Tragedy And Hope'
cuddlefish
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April 28, 2011, 03:50:05 PM
 #19


We're quite close! There'll probably be a demo in time for the SF meetup.

cuddlefish
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April 30, 2011, 04:50:08 AM
 #20

Ubitex is now publically traded on the Global Bitcoin Stock Exchange. (http://glbse.com/)

1000 shares are currently available. As a shareholder, you get a portion of the profits that come from listing fees proportional to the number of shares you own.

Ubitex is launching officially on 5/7/11. A private beta for all shareholders will be available up to 3 days before the public launch.

Our ticker symbol is "UBX" (NOT "ubitex"!). The 1000 shares are available for just 1 BTC each. As Ubitex takes a 0.5 BTC profit for each trade made, your investment will most likely turn into profit within 1 month or less!

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