[ANN] The Decentralized Bitcoin Exchange

[John S.]

For Sellers of US Dollars/Euros/etc.

1. Go to http://glbse.com and create an account.
2. Create a security for your exchange's currency reserves.
3. Denominate your shares to your liking and sell them for BTC.
4. Make a method to where shareholders can redeem their shares for cash whether it be for every $10 or $1000.

For Buyers of US Dollars/Euro/etc.

1. Wait for a seller of your liking to do the above and purchase the shares on http://glbse.com .
2. Redeem your shares for cash.

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[kangasbros]

Really just a more cumbersome alternative to sites like bitcoin.de and bitcoin-otc. What's the point?

[John S.]

Really just a more cumbersome alternative to sites like bitcoin.de and bitcoin-otc. What's the point?

You can use the interface of GLBSE which should enable better liquidity?

[John S.]

Also you can use the GLBSE shares as cash: You can transfer the shares to anyone as you please, correct?

If so, it would be an irreversible method of payment.

[hazek]

I smell fractional reserve banking. But an interesting idea.

[LightRider]

I like how you decentralize the exchange by centralizing it on GLBSE.

[Red Emerald]

I like how you decentralize the exchange by centralizing it on GLBSE.

Yeah. I don't get how this is decentralized.

[Explodicle]

I like how you decentralize the exchange by centralizing it on GLBSE.

Yeah. I don't get how this is decentralized.

I gleefully clicked on the title expecting something else too. 

[MarketNeutral]

Is a real decentralized bitcoin exchange feasible?

I can't imagine how it would work, but neither could I have imagined a decentralized p2p currency before I found out about bitcoin.

[terrytibbs]

typical atlas

[Sukrim]

Is a real decentralized bitcoin exchange feasible?

I can't imagine how it would work, but neither could I have imagined a decentralized p2p currency before I found out about bitcoin.

It can for the Bitcoin part and might already be possible with other cryptocurrencies like Namecoins.

For fiat money the problem is that except for cash money (which isn't easy to transfer at all) there's nearly no way to transfer it fast, cheap and irreversible to anyone in the world. MintChip looks a bit like a solution there, but I guess we'll have to wait and see what comes out of it. MasterCard also announced some kind of Webwallet today, but usually these come with "buyer protection" = merchant fees + chargeback.