If so, how is the execution of a deal guaranteed then? Say, I want to exchange my asset for another asset from someone else at this exchange, and then I change my mind and decide to cancel the deal (or even run away with a purchased asset), what would not allow me to do just that?
When you place an order, it's a transaction, once it's confirmed it's irreversible, amount that you placed in your order is locked, you cannot spend it, unless you issue another transaction, which cancels the order.You can try it, it works. But it's not suitable for high frequency trading, placing many small orders (you pay fee per transaction, not per amount), but it's perfect for relatively rare big trades.
If I got you right, then the whole blockchain works as an exchange. This being the case, why do we need an exchange at all (as a distinct entity)?
Didn't know that, seems to be worth trying. But what about nxt's that got stolen (or expropriated) at bter? How could this happen at all, and why would people move their nxt's to that exchange (or any other exchange for that matter) in the first place?
Is it possible to create some metacoin with a single purpose of making its blockchain a decentralised exchange for trading other major coins? Say, you want to sell a bitcoin and send it to a randomly generated address whose private key is distributed across this metacoin blockchain and which will be available only to whoever sells what you want to buy.
Would such a scheme work?
UPDATE: Since this is off-topic here, I created a new topic for the discussion of this question.
