Nice designs!
Topic: [ANN] BuyMyBitcoin.com - NEW auction site for buying and selling bitcoin-BOUNTY! (Read 2254 times)
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"How do you eat an elephant? One bit at a time..."
July 31, 2011, 07:46:16 PM
July 31, 2011, 07:42:37 PM
hero member
Activity: 836
Merit: 1007
"How do you eat an elephant? One bit at a time..."
July 31, 2011, 03:51:54 PM
just spotted the 2 ii's in bitcoin if it's the best design I'll eat my hat and remove the stray "i" 
Looking good but you have typo...
July 31, 2011, 02:21:54 PM
just spotted the 2 ii's in bitcoin if it's the best design I'll eat my hat and remove the stray "i" hero member
Activity: 836
Merit: 1007
"How do you eat an elephant? One bit at a time..."
July 28, 2011, 10:26:44 PM
Edits & Updates made to original post.
July 28, 2011, 08:48:40 PM
The advantage is that, while the reputation system is imperfect, it is one of the few ways of reducing risk and facilitating trade when dealing with digital cash. Escrows are imperfect too but if you combine the two you can achieve a great alternative to the traditional exchanges. It helps to decentralize the exchange process as well. If one or two big exchanges go down, the price discovery mechanism suffers - especially if there are no alternatives.
This also avoids the (possible) event where exchanges will be brought under the "know your customer" rules and you may have to provide identification documents and such. The auction format avoids the need to handle other people's money and this reduces the risks of future regulation.
this makes alot of sense.
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Activity: 836
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"How do you eat an elephant? One bit at a time..."
July 28, 2011, 08:42:57 PM
Yes, at BuyMyBitcoin.com all transactions are settled off-site. Reputations help build trust and the actors can work out their own arrangements - be it escrow or trust.
Reputation doesn't matter on an exchange when you are guaranteed to get your btc/$ the instant the trade goes through.
With your method, sure you can trust somebody until they decide a certain trade is worth ruining their reputation. Until then you need to deal with language and time zone issues, and wait until the transfer goes through through various means.
I really don't see the advantage.
The advantage is that, while the reputation system is imperfect, it is one of the few ways of reducing risk and facilitating trade when dealing with digital cash. Escrows are imperfect too but if you combine the two you can achieve a great alternative to the traditional exchanges. It helps to decentralize the exchange process as well. If one or two big exchanges go down, the price discovery mechanism suffers - especially if there are no alternatives.
This also avoids the (possible) event where exchanges will be brought under the "know your customer" rules and you may have to provide identification documents and such. The auction listing format avoids the need to handle other people's money and this reduces the risks of future regulation.
July 28, 2011, 08:26:36 PM
we definitely need an alternative to the realtime exchanges.
i find it interesting to see the different minor nuances btwn the alternative exchanges popping up.
one of them is gonna hit it big. is it this one?
i find it interesting to see the different minor nuances btwn the alternative exchanges popping up.
one of them is gonna hit it big. is it this one?
July 28, 2011, 08:17:30 PM
Yes, at BuyMyBitcoin.com all transactions are settled off-site. Reputations help build trust and the actors can work out their own arrangements - be it escrow or trust.
Reputation doesn't matter on an exchange when you are guaranteed to get your btc/$ the instant the trade goes through.
With your method, sure you can trust somebody until they decide a certain trade is worth ruining their reputation. Until then you need to deal with language and time zone issues, and wait until the transfer goes through through various means.
I really don't see the advantage.
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"How do you eat an elephant? One bit at a time..."
July 28, 2011, 08:09:27 PM
These reputations will be useful for conducting other transactions as well. Much like people point to their ebay reputations for off-site transactions. Same security precautions should be taken though.
hero member
Activity: 836
Merit: 1007
"How do you eat an elephant? One bit at a time..."
July 28, 2011, 08:08:07 PM
thats an exchange just like mtgox right? he's talking about an auction site like ebay.
Correct.to be more exact :
thats an exchange -> yes
like mtgox -> no
mtgox is a real time exchange, you wont know who is selling you bitcoin and the seller scammed by the buyer ( reverse paypal for example )
bitmarket.eu is a p2p exchange, you will know the seller, send payment yourself . . . and you can be scammed by your buyer
Yes, at BuyMyBitcoin.com all transactions are settled off-site. Reputations help build trust and the actors can work out their own arrangements - be it escrow or trust.
hero member
Activity: 836
Merit: 1007
"How do you eat an elephant? One bit at a time..."
July 28, 2011, 08:05:55 PM
is there an auction site for Bitcoin related items?
Not sure, but we've decided against that for this site. This is intended to be focused on auctioning bitcoin only so widgets don't clutter it up. The purpose is to build reputations and create price discovery off of the exchanges. It's another way of helping to create publicly viewable price discovery without having to rely on the major exchanges - it's also another effort to decentralize the exchange mechanism.
July 28, 2011, 08:05:44 PM
thats an exchange just like mtgox right? he's talking about an auction site like ebay.
Correct.to be more exact :
thats an exchange -> yes
like mtgox -> no
mtgox is a real time exchange, you wont know who is selling you bitcoin and the seller cant be scammed by the buyer ( reverse paypal for example )
bitmarket.eu is a p2p exchange, you will know the seller, send payment yourself . . . and you can be scammed by your buyer
July 28, 2011, 08:03:48 PM
thats an exchange just like mtgox right? he's talking about an auction site like ebay.
Not really an exchange like MtGox. It's a person-to-person BTC sale site. They match buyers and sellers and then you pay the seller directly. They hold the BTC in escrow and release it when the seller acknowledges payment. They check you out before you join, I had to prove my ebay account and they used my positive feedback there to aprove me.
It's closer to what Trader Steve is proposing than MtGox.
July 28, 2011, 07:56:36 PM
is there an auction site for Bitcoin related items?
July 28, 2011, 07:54:59 PM
One of the primary benefits of using BuyMyBitcoin.com is that you can build a reputation. Also, this creates another form of price discovery away from the exchanges.
i think the reputation thing is good.
hero member
Activity: 836
Merit: 1007
"How do you eat an elephant? One bit at a time..."
July 28, 2011, 07:54:47 PM
thats an exchange just like mtgox right? he's talking about an auction site like ebay.
Correct.
hero member
Activity: 836
Merit: 1007
"How do you eat an elephant? One bit at a time..."
July 28, 2011, 07:54:25 PM
One of the primary benefits of using BuyMyBitcoin.com is that you can build a reputation. Also, this creates another form of price discovery away from the exchanges.
July 28, 2011, 07:54:20 PM
thats an exchange just like mtgox right? he's talking about an auction site like ebay.
July 28, 2011, 07:48:13 PM
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