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Author Topic: Mercury - Fully trustless cryptocurrency exchange - Looking for testers!  (Read 35104 times)
redsn0w
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#Free market


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March 05, 2015, 09:42:59 PM
 #81

Yes for the moment you "can exchange" btc for doge , ltc and btcTestnet ; no at the moment it is not safe to store your coins on it because it is an alpha version

Actually storing coins in Mercury is already pretty safe, it's the trading part that isn't perfect yet. (However, the keys are not yet encrypted).

Can you add in the future version the possibility to see the private key for each address that I own in mercury? Maybe also the opportunity to import/exports the various address.

Thanks for the attention.
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mappum (OP)
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March 05, 2015, 09:59:11 PM
 #82

Is it possible to open 2 or more instances of Mercury on the same computer?

I'd like to test trading with myself.

If it's not possible I know I can use a virtual machine or another computer but I want to confirm first.


Yes, it's possible. Launch one instance of Mercury with the environment variable DATA=data (that will make that instance of Mercury store its wallet in the directory './data'.
mappum (OP)
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March 05, 2015, 10:00:36 PM
 #83

Can you add in the future version the possibility to see the private key for each address that I own in mercury? Maybe also the opportunity to import/exports the various address.

Thanks for the attention.

Sure, import/export is already on my TODO list. Smiley That will be there sometime before the Beta release (which I hope to finish a few months from now).
syleron
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March 05, 2015, 10:34:23 PM
 #84

This is brilliant! I'll will definitely be following this projects progress as well as testing it.
slothbag
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March 05, 2015, 11:42:28 PM
Last edit: March 06, 2015, 12:07:55 AM by slothbag
 #85

Thanks mappum, this is something i've been thinking about for a while now.. Your implementation looks pretty good, I will be supporting this project Smiley

I have a question, the cross-chain protocol for Btc and its clones is not straightforward as you have to use nlocktime and multisig transactions etc to facilitate the process.. however what about crypto-coins that already implement a standardized "pay on secret reveal" API that automatically locks coins for a number of blocks and releases the funds on secret reveal??  Would it be hard/easy to include these coins into Mecury?

Coins with "pay on secret reveal" functionality built in would also not be vulnerable to the malleability issue.

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March 05, 2015, 11:55:26 PM
 #86

Nice job, pretty clean and straightforward. Looking and testing from now on. Keep up the good work!

joele
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March 06, 2015, 01:34:21 AM
 #87

I'm getting error message 'A java exception has occured'
Win7 32bit
slothbag
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March 06, 2015, 01:52:33 AM
 #88

I'm getting error message 'A java exception has occured'
Win7 32bit

Are you on Java 1.8?  I had to upgrade from 1.7 due to the same error.
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March 06, 2015, 01:56:49 AM
 #89

Some feedback..

The auto syncing for each blockchain is not a scalable solution.. the user should be presented with a screen of supported coins and the user selects which coins he wishes to trade.

Each coin chosen should give the user the option to use a pre-existing coin daemon (ipaddress, port) or use the Mecury inbuilt SPV client.

Then you can more easily support coins that arent bitcoin copy/paste clones.
joele
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March 06, 2015, 02:11:03 AM
 #90

I'm getting error message 'A java exception has occured'
Win7 32bit

Are you on Java 1.8?  I had to upgrade from 1.7 due to the same error.
Great, thanks!
capa
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March 06, 2015, 09:32:23 AM
 #91

Awesome response to the centralized exchanges, IMHO BTC needs to stay trustless across the whole ecosystem.

Vires in numeris

thank you mappum
redsn0w
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#Free market


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March 06, 2015, 09:34:46 AM
 #92

Can you add in the future version the possibility to see the private key for each address that I own in mercury? Maybe also the opportunity to import/exports the various address.

Thanks for the attention.

Sure, import/export is already on my TODO list. Smiley That will be there sometime before the Beta release (which I hope to finish a few months from now).

Ok fantastic, good luck with your work. However if someone want to test Mercury I'm available (just send me a PM).

Thanks again for the attention.
jabo38
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March 06, 2015, 03:48:01 PM
 #93

I installed the app on windows no problem.  It looks clean and synced well.

The only problem now is no volume.

I really support this project and will be following it closely.  I think this is a much needed service. 

Thank you for working so hard to make this!

pookielax31
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March 06, 2015, 06:15:23 PM
 #94

Any chance you guys might throw darkcoin into this project? BTW it looks awesome, Ill be following and testing this project! Decentralization FTW
Kienbui
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March 06, 2015, 06:24:01 PM
 #95

Oh, interesting.

When will Mecury supports Darkcoin?
GingerAle
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March 06, 2015, 06:29:57 PM
 #96

I'm hoping to try this out this weekend... first I'll have to obtain a litecoin wallet I guess.

also looking forward to monero implementation! Smiley sorry to hop on the bandwagon of requesting something from an open source project Smiley

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syleron
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March 06, 2015, 06:34:18 PM
 #97

I installed the app on windows no problem.  It looks clean and synced well.

The only problem now is no volume.

I really support this project and will be following it closely.  I think this is a much needed service. 

Thank you for working so hard to make this!

I don't think you can trade atm. I have had 1 ltc buy order up for the last 24 hours with nothing happening so. I have also noticed orders are not getting logged or set as mine goes away after I re-open the application.
delulo
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March 06, 2015, 06:42:01 PM
 #98

Some criticism here https://bitsharestalk.org/index.php?topic=14736.msg191291#msg191291

Quote
Also, the problem I see with the approach Mercury takes is that there is no way to prevent abuse. I assume that there is some nLockTime transaction in the atomic swap protocol to return the funds back after some amount of time, otherwise evil actors could make honest traders burn their money (or better yet extort them for some portion of the money by offering some fraction back). So with the necessary refund transaction in place as part of the protocol, the attackers could only lock the money of the other trader for some amount of time, but the key is that they can do this at no cost to the attacker. The system seems to be designed under the assumption that all actors will be honest. And even under that assumption it still has an additional flaw that it is trading assets that do not have values pegged to one another. This means even if the honest actor does not wish to hurt the other party for the sake of it, they may find that by the time they are going to claim the other coin by revealing the secret, the price could have significantly changed to their disadvantage. In that case, it would be rational to wait for the refund and buy at the new better price. The system described by the links above not only locks the trader in to carry out the exchange in a reasonable amount of time after the bids/asks are matched (or else the bidder loses their bond worth 10% of the value being traded), but there is also no serious volatility issue since the trading would occur between the Cryptocoin and the BitCryptocoin pairs only.

Another critique is that front running is possible with a centralized order book, see https://bitsharestalk.org/index.php?topic=14736.msg191299#msg191299

@mapum would love to hear what you think about all these points.

r4vani
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March 06, 2015, 08:05:12 PM
 #99

I suggest for more market added DRK Wink

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mappum (OP)
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March 09, 2015, 10:12:15 PM
 #100

Some criticism here https://bitsharestalk.org/index.php?topic=14736.msg191291#msg191291

Another critique is that front running is possible with a centralized order book, see https://bitsharestalk.org/index.php?topic=14736.msg191299#msg191299

@mapum would love to hear what you think about all these points.

This protocol is definitely not made under the assumption that all parties are acting honestly, it would not be considered trustless if that were the case. Not going through with orders is much less critical than other types of attacks, since no funds would be stolen, the only damage is that funds will be locked up for a few hours before the refund unlocks.

However, this attack is completely solved by using security deposits: traders pay a one-time deposit or fee when they first begin using the trading platform to initialize their trading identity (which is pseudonymous). If the trader using that identity fails to go through with trades (they could possibly be given 3 strikes), the orderbook server will ban that identity, and the trader will have lost their security deposit. This mechanism makes it unprofitable to back out of trades.

Front running can be solved by including signatures along with orders that prove they are actually backed by unspent outputs, and by communicating over a p2p gossip network to ensure the orderbook is valid. These things will be worked on in the future, and will essentially make this model fully decentralized (but are more complicated, so Mercury's federated model should work fine until then). They will also require full node verification (or UTXO set queries), so they are not yet viable with SPV clients.
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