Decentralized exchange Bitsquare crowdfunding campain now live!

[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?

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.

is it not Bitcoin about liberty, anonymity, freedom, no centralized authority? Gemini makes sense in what why? it will be a MSB exchanger....which will MUST require a lot of documents and they will report to IRS and  other tax authorities.

Why would someone still use Bitcoin when he/she has a huge market outside of Bitcoin where the forex/brokers are requesting the same documents.

[HostFat]

150,000 readers? They are only needed 567 donators (with minimum 0.175 BTC ) to fund the next version of Bitsquare! - P2P exchange
https://www.reddit.com/r/Bitcoin/comments/2tlfi5/150000_readers_they_are_only_needed_567_donators

Just trying to give it even more voice

[k99]

150,000 readers? They are only needed 567 donators (with minimum 0.175 BTC ) to fund the next version of Bitsquare! - P2P exchange
https://www.reddit.com/r/Bitcoin/comments/2tlfi5/150000_readers_they_are_only_needed_567_donators

Just trying to give it even more voice

Thanks HostFat!

[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/

Its not Fiat. IOU are not Fiat.

You do realize that if you have your money in bank, exchange or on paypal that you have an IOU for fiat.

The stable currencies on the bitshares block chain are not IOUs from a centralized entity, it is an IOU from the block chain that is backed by more the 2x its value in a liquid collateral and earns interest. If you understand how a bank works than you understand that you can automate the functionality of it on the block chain. That is you can create a collateralized debt instrument that is enforced by the block chain and is not subject to counterparty risk.

We don't want fiat, we just want the price stability of fiat and to not really on opaque financial intermediaries that can lose or seize our money.  

[QuestionAuthority]

I want to exchange 100 btc for dollars in the USA right away. Can this exchange do that? How would it happen and what would I need to do? Are you licensed to do it? Explain it to me like I'm 5.

[knight22]

Current status: 29 pledgers and 22% funded.

Keep it up folks!

[freequant]

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.

There is Ripple, it's been two years, and its working great. Oh no, wait, TradeFortress said it was a scam, and we are supposed to follow and herd around any troll who sounds like a Bitcoin fundamentalist. I forgot here is Bitcointalk, my apologies.

[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?

Prefer? Ther is no decentralized alternative yet out.

There is Ripple, it's been two years, and its working great. Oh no, wait, TradeFortress said it was a scam, and we are supposed to follow and herd around any troll who sounds like a Bitcoin fundamentalist. I forgot here is Bitcointalk, my apologies.

Give me a break. Ripple is still centralized shit.

[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.

There is Ripple, it's been two years, and its working great. Oh no, wait, TradeFortress said it was a scam, and we are supposed to follow and herd around any troll who sounds like a Bitcoin fundamentalist. I forgot here is Bitcointalk, my apologies.

Give me a break. Ripple is still centralized shit.

Haha... Darling of the banks....

[mayax]

who is Ripple owner? Who is Bitstamp's owner? Who is CoinBase's owner? Same guys

[knight22]

New status 31 pledges and 26% funded. Keep going people! 

[Jace]

Great initiative! I'll donate.

[DahRookie]

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")  

Have you been successful in the meantime? Can I help?

[Kazimir]

I want to exchange 100 btc for dollars in the USA right away. Can this exchange do that? How would it happen and what would I need to do? Are you licensed to do it? Explain it to me like I'm 5.

1. You publish an offer on the BitSquare P2P exchange to sell 100 BTC for, let's say, 25000 USD.
Note that "The BitSquare P2P exchange" can be either software that you download and install on your PC, or an app you run on your tabler or phone, or any of the many online bitsquare web portals that will become available.

2. Somebody accepts your offer. You get confirmation that the buying party has deposited their end of the deal (FYI, that is: they deposit 25000 USD + 1 BTC with the 1 BTC being their security deposit, but that doesn't really matter for you).

3. You deposit 101 BTC to a special address. That's 100 BTC to sell + 1 BTC security deposit, and the address you're sending to is a multi-sig address where the buyer's 1 BTC is being sent to as well.

4. You receive $25000 on your bank account, with some payment description that has nothing to do with "Bitcoin", so it won't trigger any security flags, and neither your bank nor the NSA won't even know you're trading bitcoins. The money comes from some random bank account within the USA (not neccesarily the buyer's).

5. You confirm that your received $25000.

6. You receive back your 1 BTC security deposit, minus 0.0001 BTC fee. The buyer receives your 100 BTC + their own 1 BTC security deposit minus 0.0001 BTC fee (the fees are for the particular arbitrator who happened to have effectuated the trade through the multi-sig deposit).

7. Everybody happy!


Notice that steps 1 and 2 can also be: you look around on the BitSquare P2P exchange, you see an existing proposal from someone who wants to buy 100 BTC for $25000, and you accept their offer.

[DahRookie]

1. You publish an offer on the BitSquare P2P exchange to sell 100 BTC for, let's say, 25000 USD.
Note that "The BitSquare P2P exchange" can be either software that you download and install on your PC, or an app you run on your tabler or phone, or any of the many online bitsquare web portals that will become available.

2. Somebody accepts your offer. You get confirmation that the buying party has deposited their end of the deal (FYI, that is: they deposit 25000 USD + 1 BTC with the 1 BTC being their security deposit, but that doesn't really matter for you).

3. You deposit 101 BTC to a special address. That's 100 BTC to sell + 1 BTC security deposit, and the address you're sending to is a multi-sig address where the buyer's 1 BTC is being sent to as well.

4. You receive $25000 on your bank account, with some payment description that has nothing to do with "Bitcoin", so it won't trigger any security flags, and neither your bank nor the NSA won't even know you're trading bitcoins. The money comes from some random bank account within the USA (not neccesarily the buyer's).

5. You confirm that your received $25000.

6. You receive back your 1 BTC security deposit, minus 0.0001 BTC fee. The buyer receives your 100 BTC + their own 1 BTC security deposit minus 0.0001 BTC fee (the fees are for the particular arbitrator who happened to have effectuated the trade through the multi-sig deposit).

7. Everybody happy!


Notice that steps 1 and 2 can also be: you look around on the BitSquare P2P exchange, you see an existing proposal from someone who wants to buy 100 BTC for $25000, and you accept their offer.

Well explained, thanks.

Note: That is a wall of text, but in fact the trade process runs extremely smooth and is just a couple of clicks. I really wish people would join our  testing sessions and try it out. We intend to faciliate all irreversible/sufficiently hard to reverse payment methods. One candidate is OKPay. Once you have fiat on OKPay for example, the whole transfer ca be done within a couple of minutes. (At one point you'll have to wait for 1 confirmation)

[evok3d]

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

I was under the impression that the nxt exchange was decentralized?

nxtblocks.info/

[Carlton Banks]

whoa there....

Looking at the funding page, TLS Notary doesn't even make it into the development schedule until another 8 rounds of funding/development. That's an essential part of Bitsquare IMO. What happens if the Bitsquare team decide to do something the community dislikes between now and then? All momentum could unravel very quickly. This sounds like it has just as much potential to be an expensive mistake as it has to realise the promises made. And 120 BTC per round, with 9 rounds, is pretty damn expensive (although arguably worthwhile in the event of total success)

[xDan]

Funding a decentralised virtual currency exchange on a decentralised funding platform... It really feels like the future is here

[QuestionAuthority]

I want to exchange 100 btc for dollars in the USA right away. Can this exchange do that? How would it happen and what would I need to do? Are you licensed to do it? Explain it to me like I'm 5.

1. You publish an offer on the BitSquare P2P exchange to sell 100 BTC for, let's say, 25000 USD.
Note that "The BitSquare P2P exchange" can be either software that you download and install on your PC, or an app you run on your tabler or phone, or any of the many online bitsquare web portals that will become available.

2. Somebody accepts your offer. You get confirmation that the buying party has deposited their end of the deal (FYI, that is: they deposit 25000 USD + 1 BTC with the 1 BTC being their security deposit, but that doesn't really matter for you).

3. You deposit 101 BTC to a special address. That's 100 BTC to sell + 1 BTC security deposit, and the address you're sending to is a multi-sig address where the buyer's 1 BTC is being sent to as well.

4. You receive $25000 on your bank account, with some payment description that has nothing to do with "Bitcoin", so it won't trigger any security flags, and neither your bank nor the NSA won't even know you're trading bitcoins. The money comes from some random bank account within the USA (not neccesarily the buyer's).

5. You confirm that your received $25000.

6. You receive back your 1 BTC security deposit, minus 0.0001 BTC fee. The buyer receives your 100 BTC + their own 1 BTC security deposit minus 0.0001 BTC fee (the fees are for the particular arbitrator who happened to have effectuated the trade through the multi-sig deposit).

7. Everybody happy!


Notice that steps 1 and 2 can also be: you look around on the BitSquare P2P exchange, you see an existing proposal from someone who wants to buy 100 BTC for $25000, and you accept their offer.

Thanks for the lengthy explanation. I'm cool with everything except step 4. I've had more than a couple of commercial bank accounts in my life. I've owned and sold a few businesses. Who's bank account does the $25k come from? How do you open, control and fund "random" bank accounts. The commercial banking industry is a little more restrictive than you might think. Funny thing is these silly banks require things like a business TIN, articles of association, organization, formation, business license, trade name certificate. If a company provides money services, including check cashing, issuing money orders, issuing store value cards, exchanging currency, or wiring funds in exchange for a fee, banks will not allow you to open an account online. You will need to go to the branch personally to open an account and provide mucho proofs of who and what you are. You're right though, you start moving large amounts of cash around multiple accounts and the NSA won't think about Bitcoin. They'll think your a drug dealer. 

[QuestionAuthority]

That's the way it works with OTC exchanges like bitcoin.de, they just act as escrow and an order book and I've never had a problem with it in over two years, some scammers try it but not often and if its not cleared in a week or so the coins are returned. Ymmv of course but 10k euro transactions are the point where banks are expected to have a look and make sure everything's legit and most users will be well below that. Not sure about the rest of the worlds but Fiador bank in Germany understand crypto's (bitcoin.de are connected to them in some way) and Germany's well up on it too so if the dinosaur's give any trouble in this part of the world there's at least one to move to.

I could see it working with a huge network of registered users bank accounts being drawn from all over the world for very small amounts per account. But if a large transaction hits a single U.S. account from several hundred accounts worldwide that would create questions and possibly an investigation. These controlled accounts would have to be from Bitcoin users, right? Are we all expected to link a personal bank account to use the service or are the accounts controlled by someone?