Decentralized exchange Bitsquare crowdfunding campain now live!

[knight22]

Decentralized bitcoin exchange Bitsquare crowdfunding campain now is live on Lighthouse!

Let's make this happen  


https://bitsquare.io/crowdfunding/

More about Lighthouse:


https://www.youtube.com/watch?v=Y--lBpouUVs

Download Lighthouse here: https://www.vinumeris.com/lighthouse

[thejaytiesto]

This is what we need, i want to see tons of working decentralized exchanges happening.
What is the difference if you compare this to Coinffeine??

[knight22]

This is what we need, i want to see tons of working decentralized exchanges happening.
What is the difference if you compare this to Coinffeine??

I wasn't aware of Coinffeine so I have no idea...

[mayax]

This is what we need, i want to see tons of working decentralized exchanges happening.
What is the difference if you compare this to Coinffeine??

then why does the BTC community prefers centralized shit exchangers?

[ticoti]

This is what we need, i want to see tons of working decentralized exchanges happening.
What is the difference if you compare this to Coinffeine??

then why does the BTC community prefers centralized shit exchangers?

there is not any decentralized exchange yet

[Gumbork]

nice to see something like this using lighthouse, good luck and maybe ill jump in with a bit.

[DahRookie]

This is what we need, i want to see tons of working decentralized exchanges happening.
What is the difference if you compare this to Coinffeine??

Hi, I'm Marc from Bitsquare.

Coinffeine is a company, a startup business model, which we're not. Bitsquare is a non-profit, supposed to be from the community for the community. We take decentralization seriously, our main focus is to avoid single points of failure.

Coinffeine are essentially paid by investors, like in their first funding round by the spanish bank bankinter: http://blog.coinffeine.com/2014/11/17/the-spanish-bank-bankinter-invests-in-coinffeine/
As you can see in their blog http://blog.coinffeine.com/ they are on the look for more vc capital in NYC. In fact Coinffeine considers banks as clients:
https://letstalkbitcoin.com/blog/post/bitcoins-and-gravy-49-coinffeine-the-distributed-bitcoin-exchange

That wouldn't be acceptable for Bitsquare.

Bitsquare will hopefully be paid for by the community that it's aimed at. We actually made a start by working and paying for v0.1, including fuctional public software.

Last time I checked, Coinffeine didn't do public testing. (they do closed testing, I'm not sure if that has changed yet)

Coinffeine uses micro-payment channels to mitigate risk of fraud, whereas our protection system is a combination of security deposits and a decentralized arbitration system: https://bitsquare.io/bitsquare.pdf

Coinffein will use OKPay as fiat payment processor. Bitsquare will support most if not all 'hard' payment methods https://en.bitcoin.it/wiki/Payment_methods


I made this post to answer your question, to show the differences there are even if they use the same terminology like we do. I, by no means, want to discredit Coinffeine.



Feel free to ask anything or get involved. We're in need of a strong community.

https://bitsquare.io/

Edit: Replaced arbitration paper with white paper, because the arbitration paper is a bit outdated

[k99]

This is what we need, i want to see tons of working decentralized exchanges happening.
What is the difference if you compare this to Coinffeine??

then why does the BTC community prefers centralized shit exchangers?

Prefer? Ther is no decentralized alternative yet out.

[BittBurger]

Love that there are so many projects jumping on board with Lighthouse already.

I was worried this was just another money making scheme for Mike Hearn (sorry mike - the decentralized trustless world has turned me into a paranoid freak that doesn't trust anyone.  ironically.)

Are there any projects dedicated to bringing on more developers for Bitcoin protocol?

-B-

[1Referee]

Very interesting project, it will take a lot effort from devs and people around it to make it a success.

Once I have a bit more free time I will thoroughly review the whitepaper.

Is there some sort of a ticker somewhere to see how much there is collected?

[LiteCoinGuy]

"Download both the Lighthouse application and the Bitsquare project file and import the project file into the Lighthouse application"

thats a big hurdle to raise funds  . maybe i dot that, but the 99 other people that go an that website.

[k99]

This is what we need, i want to see tons of working decentralized exchanges happening.
What is the difference if you compare this to Coinffeine??

The main concern I see with Coinffeine is that they use that micropayment on the Fiat side, that means you have a high number of small fiat payments between 2 accounts of the same payment processor.
That is a pattern which even the dumbest monitoring system will be able to track and so the payment processor or bank will know exactly that those 2 account holders are involved in a BTC exchange.
Who else make hundreds of 1 EUR payents in 1 minute?

So the Single point of failure test will fail as you are dependent on that payment processor/bank to support bitcoin and you lose your privacy.
Furthermore it is limited to OKPay so both traders need an account there. They plan to add more paymnet options/banks, but I cannot image that there will be a big variety (they need an open banking API which is normally not available beside a few modern payment processors). Also I think it will not be possible between different banks due the cost structure of the micropayments. Micropayments can be cheap inside one bank as its only an internal database entry change, but as soon you leave the bank you have higher costs and delays.

It is an exchange model built for banks to letting them take part in the bitcoin exchange business without getting involved directly with Bitcoin (see interview with CEO: https://letstalkbitcoin.com/blog/post/bitcoins-and-gravy-49-coinffeine-the-distributed-bitcoin-exchange).
Its an interesting business model for banks but has nothing to do with the idea of decentralisation.

It is good to have additional exchange models like Coinffeine but as I said it is not decentralized.
I see it similar to those attempts to include an exchange into the banking account like some banks have tried it (and got closed again after regulatory pressure). http://www.dagensia.eu is one example for such...

[k99]

Is there some sort of a ticker somewhere to see how much there is collected?

If you download the Lighthose app and import our project file you can view the current pledges. At the moment we have 13 pledges and 20.5 BTC.
A generous 10 BTC from Olivier Janssens as well as a donation from Mike Hearn.

[LiteCoinGuy]

i installed it but why do i need to enter an emailaddress?

and even when i enter one, i cant sent the funds (cant "confirm")  

[clout]

This is what we need, i want to see tons of working decentralized exchanges happening.
What is the difference if you compare this to Coinffeine??

then why does the BTC community prefers centralized shit exchangers?

there is not any decentralized exchange yet

bitshares is a decentralized exchange

http://bytemaster.bitshares.org/article/2015/01/05/The-Future-of-Crypto-Currency-Exchanges/

[mayax]

This is what we need, i want to see tons of working decentralized exchanges happening.
What is the difference if you compare this to Coinffeine??

then why does the BTC community prefers centralized shit exchangers?

there is not any decentralized exchange yet

bitshares is a decentralized exchange

http://bytemaster.bitshares.org/article/2015/01/05/The-Future-of-Crypto-Currency-Exchanges/

and why the people are not using it and they do still prefer centralized shit exchangers?

[BillyBobZorton]

This is what we need, i want to see tons of working decentralized exchanges happening.
What is the difference if you compare this to Coinffeine??

then why does the BTC community prefers centralized shit exchangers?

there is not any decentralized exchange yet

bitshares is a decentralized exchange

http://bytemaster.bitshares.org/article/2015/01/05/The-Future-of-Crypto-Currency-Exchanges/

and why the people are not using it and they do still prefer centralized shit exchangers?

Too complicated, mr old man investor just wants to log in and spend some money in the broker like they do in forex, thats why the Gemini exchange makes sense, unless they fail at running it and it becomes another centralized fail.

[knight22]

This is what we need, i want to see tons of working decentralized exchanges happening.
What is the difference if you compare this to Coinffeine??

then why does the BTC community prefers centralized shit exchangers?

there is not any decentralized exchange yet

bitshares is a decentralized exchange

http://bytemaster.bitshares.org/article/2015/01/05/The-Future-of-Crypto-Currency-Exchanges/

and why the people are not using it and they do still prefer centralized shit exchangers?

Too complicated, mr old man investor just wants to log in and spend some money in the broker like they do in forex, thats why the Gemini exchange makes sense, unless they fail at running it and it becomes another centralized fail.

Mr old man investor doesn't have the same need than honeybadger.

[k99]

This is what we need, i want to see tons of working decentralized exchanges happening.
What is the difference if you compare this to Coinffeine??

then why does the BTC community prefers centralized shit exchangers?

there is not any decentralized exchange yet

bitshares is a decentralized exchange

http://bytemaster.bitshares.org/article/2015/01/05/The-Future-of-Crypto-Currency-Exchanges/

Its not Fiat. IOU are not Fiat.

[k99]

i installed it but why do i need to enter an emailaddress?

and even when i enter one, i cant sent the funds (cant "confirm")  

Email is only important if you donate >= 1 BTC so we can contact you for shipping the reward (wood wallet). Otherwise enter anything there...

There is a user guide on the Lighthouse page if you have troubles: https://www.vinumeris.com/lighthouse/usage
If you can explain more in details or send a screenshot I might help more.