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Author Topic: Building A fully decentralized, automated, and anonymous bitcoin exchange!  (Read 2412 times)
adamstgBit
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April 05, 2012, 12:27:56 AM
 #1

Check out the Mint Chip video > http://developer.mintchipchallenge.com/index.php

This is very much like bitcoin, in that it is digital cash that can be transferred from person to person without a third party.

Using this new technology we will finally be able to implement a fully decentralized, automated, and anonymous bitcoin exchange.

I plan to use the .NET api for mint chip along with bitcoind to create the first fully decentralized bitcoin exchange!

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April 05, 2012, 12:49:32 AM
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LoL that website and demo instructions etc could just be replaced with bitcoin cause essentially thats what they "introduce"

Is there any mention of bitcoin on that site, to much effort scanning through another website.

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April 05, 2012, 01:34:11 AM
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Is there any mention of bitcoin on that site, to much effort scanning through another website.

their is a thread called bitcoin http://mintchipchallenge.com/forum_topics/757

LoL that website and demo instructions etc could just be replaced with bitcoin cause essentially thats what they "introduce"

the main difference with MintChip and bitcoin is that bitcoin stands alone without anything backing it, MintChip appears to be Fiat money in its digital form.

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April 05, 2012, 02:22:09 AM
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And where does our money end up if mintchip bellies up?

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adamstgBit
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April 05, 2012, 02:40:55 AM
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And where does our money end up if mintchip bellies up?

MintChip is will be issued by the Royal Canadian Mint  

If they ever stop supporting MintChip, my guess they will allow you to return all funds to your bank account.

if not, you can take it up with the government of Canada.

Raoul Duke
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April 05, 2012, 02:41:17 AM
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And where does our money end up if mintchip bellies up?

On the Royal Canadian Mint belly, perhaps?

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April 05, 2012, 02:56:40 AM
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It's nothing like bitcoin.

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April 05, 2012, 03:08:35 AM
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If they are a secure payment clearinghouse with no transaction fees, deposits, or dues, then I'm in. Otherwise, it is just another Roach Motel.

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
adamstgBit
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April 05, 2012, 03:12:22 AM
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It's nothing like bitcoin.

the point is it will allow for the decentralization of exchanging BTC to dollars or dollars to BTC

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April 05, 2012, 08:06:45 AM
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It's nothing like bitcoin.

the point is it will allow for the decentralization of exchanging BTC to dollars or dollars to BTC

I got you,  nice idea.

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April 05, 2012, 09:11:06 AM
 #11

It's nothing like bitcoin.

the point is it will allow for the decentralization of exchanging BTC to dollars or dollars to BTC

I see no mention on the website about this.
Actually, after watching the video and reading the website i still have no idea what is Mintchip all about.

What I see is a lot of marketing mumbo-jumbo, evolution blah blah.

bulanula
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April 05, 2012, 11:39:23 AM
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It's nothing like bitcoin.

the point is it will allow for the decentralization of exchanging BTC to dollars or dollars to BTC

I see no mention on the website about this.
Actually, after watching the video and reading the website i still have no idea what is Mintchip all about.

What I see is a lot of marketing mumbo-jumbo, evolution blah blah.

Yeah. I feel exactly the same.

WTF is this MintChap crap all about Huh

I doubt this is better than Bitcoin ...

Too much focus on Canada = I don't like these "chips".
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April 05, 2012, 12:12:10 PM
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Even if this MintChip thing is any good (TBD), it does nothing to solve the fundamental challenges of making a decentralized exchange - atomic trades (solvable in some contexts), and enforcing orders (to which I don't know of any solution, other than trust networks).

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April 05, 2012, 01:06:37 PM
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Even if MintChip doesn't solve challenges of making p2p exchange, they give opportunity to create centralized but survivable exchange in the dark web. Exchange without any trouble with banking license, regulation and gov. Anyone will be able to create their own.

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Let's talk governance, lipstick, and pigs.


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April 05, 2012, 01:07:44 PM
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Even if this MintChip thing is any good (TBD), it does nothing to solve the fundamental challenges of making a decentralized exchange - atomic trades (solvable in some contexts), and enforcing orders (to which I don't know of any solution, other than trust networks).
I don't understand the problem. If you have an authority, then you have the rule of law. Any contract with consideration is enforceable.
[edit] OK, I think you are talking about the Paypal/Bitcoin problem for lack of a better term. I don't know enough about Mint Chip to address that.

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
adamstgBit
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April 05, 2012, 06:28:06 PM
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Even if this MintChip thing is any good (TBD), it does nothing to solve the fundamental challenges of making a decentralized exchange - atomic trades (solvable in some contexts), and enforcing orders (to which I don't know of any solution, other than trust networks).

I have to admit i only give this a few hours of thought, please continue trying to poke holes in the idea

atomic trades, will need to give this more thought...

enforcing orders, much like no one can simply change the bitcoin app. code, and start doing fraudulent transactions, the p2p exchange will work in similar way.


Meni Rosenfeld
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April 05, 2012, 11:07:10 PM
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enforcing orders, much like no one can simply change the bitcoin app. code, and start doing fraudulent transactions, the p2p exchange will work in similar way.
By enforcing orders I mean - let's say I put up a bid to buy 1000 bitcoins for $4 each. Someone takes me up on my offer. What makes sure I will go forward with it? Maybe I have no interest at all in buying bitcoins and am just trying to manipulate the market?

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adamstgBit
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April 05, 2012, 11:59:03 PM
 #18

enforcing orders, much like no one can simply change the bitcoin app. code, and start doing fraudulent transactions, the p2p exchange will work in similar way.
By enforcing orders I mean - let's say I put up a bid to buy 1000 bitcoins for $4 each. Someone takes me up on my offer. What makes sure I will go forward with it? Maybe I have no interest at all in buying bitcoins and am just trying to manipulate the market?

well to put an order, you will need to have the funds.

at anytime you can cancel the order, but if you put up your order, its very much at risk of being filled.

If someone goes and fills your order, the transaction will automatically be processed by the application. ( Client A sends MintChips to Client B, Client B sends Bitcoins to Client A )

like you said somehow this transaction must be a single atomic trade (or a 2 step processes that cant be cheated) this will be the hard part.



BitcoinAndie
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April 06, 2012, 12:04:40 AM
 #19

Maybe they are forward thinking and they are developing a digital currency back by gold to be used for international clearing of debit and credit transactions.

When someone shows you who they are, believe them the first time.
adamstgBit
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April 06, 2012, 03:24:25 AM
 #20

is this idea sound?

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