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I think the exchanges as we know them today, they could change to where there's no 3rd party holding your coins. Maybe some kind of "escrow coin" runs on a "pr

I think the exchanges as we know them today, they could change to where there's no 3rd party holding your coins. Maybe some kind of "escrow coin" runs on a "proof of trade" concept where the escrow coin miner gets a small percentage of the trade value when buy and sell orders match up, the fee would discourage fake trades and make the escrow coin worth mining. I had the idea a few nights ago. Would a "proof of trade" escrow coin work? Not sure. But I think it could work to where there's no tempting "cryptsy jar" to reach into.

PhantomGremlin 11y ago
it could work to where there's no tempting "cryptsy jar" to reach into Something, perhaps your idea, needs to be done, before Bitcoin can have long-term success. Because you're exactly right. It's just too tempting. This isn't the first time something like this has happened. Not the second time. Not the third time!!!
mappum 11y ago
It's actually possible to do this without even requiring a 3rd party for escrow. Two parties can perform a "cross-chain atomic swap", where special transactions are created that move both of the funds on both chains at once, requiring zero trust. This of course requires a custom client to create these special transactions. I've been working on this exact thing for a while: https://github.com/mappum/mercury https://github.com/mappum/mercury However, I'm still waiting for the altcoins to adopt BIP65, a Bitcoin patch that adds a new script opcode, which is necessary for cross-chain atomic swaps. Bitcoin recently adopted this change, so the altcoins should follow in the near future.