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Is something like a distributed peer-to-peer bitcoin exchange in the works? Will something like that ever be released?
by mikemoka 14y ago
Is something like a distributed peer-to-peer bitcoin exchange in the works? Will something like that ever be released?
- swinglock 14y agoDistributed how? I don't think such a thing is possible, someone will have to deal with the banks.
- mikemoka 14y agoI edited the original post, what I was referring to was a P2P bitcoin exchange, impossible to DDoS, and possibly built upon the technology shown by the bitcoin project itself
- shredfvz 14y agoA solution exactly like what you've just described is in the works. Zyocoin is a P2P Bitcoin exchange utilizing multi-signature issued "debt", where debt can be BTC, USD, EUR, or bananas. Real contracts are created with verifiable blockchain-based timestamping. Debt is issued with colored coins. Ripple attempts to do something like this but I feel it must be done natively on the blockchain to see widespread acceptance. Python programmers wanted. Send a BitMessage to BM-oq7iLGGH7e7JJaqiTcUj1qGQYxeZVo65b; IM zyocoin@jabber.org or join #zyocoin on Freenode.
- eric_bullington 14y agoAre you using Entangled? I've looked at doing the same thing, also using colored coins. But it's going to take a lot of work + luck to go up against someone as well-monetized as Ripple. Plus, the technical issues are not even the biggest challenge, it's forming and managing a clearing house in a decentralized manner. I'm not sure it's possible. But someone has to physically conduct the exchange of dollars, euros, or bananas. Otherwise, you've just developed a p2p version of localcoins.
- deleted 14y ago[deleted]
- dmix 14y agoBitcoin exchanges are already distributed. Free markets are decentralized. If MtGox can't function, there are plenty of competitors.
- citricsquid 14y agoThere's already quite a few bitcoin exchanges and some people are working on a new open source exchange: http://www.reddit.com/r/buttercoin http://www.reddit.com/r/buttercoin
- whackedspinach 14y agoAn idea for this has been proposed. See the "ripple currency exchange": https://en.bitcoin.it/wiki/Ripple_currency_exchange https://en.bitcoin.it/wiki/Ripple_currency_exchange
- pdog 14y agoYeah. Check out Ripple: https://ripple.com/ https://ripple.com/
- scoot 14y agoHow the heck did they get a 2-sylable 6-character dictionary word .com domain for this?!
- crgt 14y agoI imagine they bought it? With the intent of making their money back.
- clarkm 14y agoThey bought it from a Grateful Dead fan for something like $10k.
- lectrick 14y agoI work for Desk.com, owned by a company that also owns Work.com and a few other one-syllable domains. That company is Salesforce.com. They paid quite a bit for those domains. :O
- terhechte 14y agoThanks for the link. What I couldn't find out while reading the site: Since it is a decentralized network, who runs the nodes, what's the incentive for doing so? I suppose running a node will give you their ripple currency, but this information seems to be not visible on their site. Apart from that, it looks like a really interesting project.
- mikemoka 14y agoThat is an interesting project indeed but I think the actual solution will not require previous trust among exchangers, because it would render it useless for the majority of potential users in my opinion. There has to be something like an escrow service connected to it though (centralized or distributed) in order to guarantee for the transaction to be completed, do you agree? ps. ripple's website appears to be down..
- epscylonb 14y agoI don't see any way to do a decentralized exchange, at some point in needs to deal with local currencies. I can see a federated exchange, lot's of exchanges using using each others liquidity to do trades.