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Author Topic: Proposal of underground distributed bitcoin exchange  (Read 3046 times)
ArsenShnurkov
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May 13, 2011, 01:25:02 AM
 #1

Inspired by this article:
http://bitcoinweekly.com/articles/anonymous-money-needs-an-anonymous-exchange

We need to start Ripple site in i2p network. (since the owner is unknown - it may be centralized)

Local (sity-wide) bitcoin exchanges can join that site.
Exchanges can trust each other on the basis of length of operation, popularity and so on.

Each local exchange should operate independently and have it's own website,
which explains how to exchange local money (different fiat currencies in different countries) to bitcoins.

In most countries it is legal to sell bitcoins for money, but illegal to cash out.
Cash out can be done by selling locations of treasures (yes, it is Dead drop).
Site sells coordinates of location for bitcoins, visitor goes to location and obtains cash.
This way of cash out gives anonymity to exchanger,
if he visit locations only once and hide his footprints after that.
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There are several different types of Bitcoin clients. EWallets are like banks -- a central organization has complete control over your money. You shouldn't put much money in EWallets.
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Ryland R. Taylor-Almanza
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May 13, 2011, 04:55:04 AM
 #2

I'm extremely tired right now, so I might not be understanding correctly. But, if I do understand, you're asking the same thing I asked here, except you planned it out a lot more than me. If this is the case, count me in! Cheesy Otherwise, I'll check back tomorrow when I can think straight.
kiba
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May 13, 2011, 05:22:25 AM
 #3

Thank you for linking to one of my magazine's article.  Cheesy

Perhaps you would consider a small donation to keep the magazine going? It's at the front page.

Ryland R. Taylor-Almanza
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May 13, 2011, 05:42:44 AM
 #4

I'll donate. Smiley However, you're third in line. First I have to pay for some chainmail once I recieve it, then buy some more namecoins, then I'll make a donation.
BitterTea
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May 13, 2011, 05:43:13 AM
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Kiba, you're such a whore businessman.  Kiss

Arsen, I really like your idea of using Ripple to link exchangers, it rather reminds me of Hawala. I'm not so sure of your idea for cashing out. It sounds like you're describing a dead drop, which I feel is not terribly practical. Useful in some cases certainly, but not all.
ArsenShnurkov
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May 13, 2011, 06:35:32 AM
 #6

I feel {dead drop} is not terribly practical. Useful in some cases certainly, but not all.

In our case we should just protect the exchange infrastructure. We don't need to protect the client.
An we don't need old fashion signals, as in wikipedia -
we can describe drop in details through encrypted connection (even with photographs of the place).

It may be not very convinient, but it will work at any place in the world (bank transfers will not).

If exchanger feels that in can act more openly - he can do so (publish his address and contacts, name and phone number for example).
But It is for his choice. In my country it is better not to risk this way (up to eight years of prison).
Ryland R. Taylor-Almanza
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May 13, 2011, 08:31:38 PM
 #7

I think we should start this as soon as we can. Cheesy
luv2drnkbr
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May 14, 2011, 01:17:52 PM
 #8

omg a deep web ripple exchange would be the bestest most amazing thing evar.

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