Topic: Complete decentralized exchange solution and mass adoption and fundraising (Read 1218 times)
September 03, 2013, 02:01:18 PM
project will be launching within 2 days with full in depth details on bitcoinstarter. look forward to it.
August 30, 2013, 09:18:53 AM
quick update to the poll to avoid confusion:
The idea will be to eventually build the solution into a semi-p2p software with no one single point of failure. It is going to be basically, a peer to peer exchange. To put it more accurately a "peer to peer scalable dispute resolution service". The Solution will be completely resilient to censorship and government control.
Secondly "the entity/ developers or business" will only be needed to develop and guide the solution in the right track. Every other process: Like the exchanges and rules of value exchange are dictated by the traders, secured with front-end encryption and enforced by a pseudonymously represented third party when there is a dispute between traders. In the early stages (pre-p2p version) Even if government tries, there is nothing to seize, just Hash of encrypted contracts and a list and credential of the mediators.
Third parties (mediators) are blind to the process unless a trader raises a dispute, in which case each party(trader) has to decrypt contracts and provide evidence support contract fulfillment to be able to win dispute. Mediators are involved though multi-signature transactions and are incentivized to make the right decision by gamified system of payment and other peer mediator assessments. The possibility of an unscrupulous entity does not apply in the case because traders set their own rules and protocols and bring in a blind third party to make a decision based on evidence and pre-agreements.
The solution will be centralized initially due to the limited human and financial capital. It is the goal to port the solution into a p2p software. Also early centralization will help adoption through various Web marketing techniques..i.e SEO, social media marketing etc.
I have decided that I will be putting the project up for crowd funding even though I did not see a large response to the poll.
From this thread: https://bitcointalksearch.org/topic/preventing-government-and-corporate-control-of-bitcoin-need-new-approach-280119
The idea will be to eventually build the solution into a semi-p2p software with no one single point of failure. It is going to be basically, a peer to peer exchange. To put it more accurately a "peer to peer scalable dispute resolution service". The Solution will be completely resilient to censorship and government control.
Secondly "the entity/ developers or business" will only be needed to develop and guide the solution in the right track. Every other process: Like the exchanges and rules of value exchange are dictated by the traders, secured with front-end encryption and enforced by a pseudonymously represented third party when there is a dispute between traders. In the early stages (pre-p2p version) Even if government tries, there is nothing to seize, just Hash of encrypted contracts and a list and credential of the mediators.
Third parties (mediators) are blind to the process unless a trader raises a dispute, in which case each party(trader) has to decrypt contracts and provide evidence support contract fulfillment to be able to win dispute. Mediators are involved though multi-signature transactions and are incentivized to make the right decision by gamified system of payment and other peer mediator assessments. The possibility of an unscrupulous entity does not apply in the case because traders set their own rules and protocols and bring in a blind third party to make a decision based on evidence and pre-agreements.
The solution will be centralized initially due to the limited human and financial capital. It is the goal to port the solution into a p2p software. Also early centralization will help adoption through various Web marketing techniques..i.e SEO, social media marketing etc.
I have decided that I will be putting the project up for crowd funding even though I did not see a large response to the poll.
From this thread: https://bitcointalksearch.org/topic/preventing-government-and-corporate-control-of-bitcoin-need-new-approach-280119
August 28, 2013, 05:08:15 PM
Very interesting idea. If you're in need of a user interface designer, let me know.
I've just completed/am working on a personal for trading securities (KryptoTrader)
My portfolio is in my sig.
I've just completed/am working on a personal for trading securities (KryptoTrader)
My portfolio is in my sig.
Thanks blackswan. We would definitely need a user interface designer, If the campaign does become successful if i do decide to crowd fund.
August 28, 2013, 11:30:27 AM
Very interesting idea. If you're in need of a user interface designer, let me know.
I've just completed/am working on a personal for trading securities (KryptoTrader)
My portfolio is in my sig.
I've just completed/am working on a personal for trading securities (KryptoTrader)
My portfolio is in my sig.
August 27, 2013, 02:38:14 PM
I feel like you have seen the details of my project before, because every one of the issues you bring up, is exactly what the project aims to satisfy. Thanks you for your endorsement. I will be notifying you if and when I launch the campaign.
Nah haven't seen it, it's the very nature of Bitcoin to be concerned with its modality of law.
Thanks in advance for the heads-up!
you are welcome. Feedback is 50 / 50 so far
August 25, 2013, 08:25:36 PM
The most complicated part about running an exchange, I assume, would be the exchange rate formula. If there were discussions held publicly to discuss all variables that would be included into the exchange rate per currency then I could see a trustworthy endeavor, especially for Bitcoin.
Dude, the exchange rate is calculated by demand and supply, there is no magic formula. Or did I completely misunderstand something here?
Very true the exchange rate is calculated by demand and supply, but I think what tripyl was referring to is the rumors going around about exchange owners manually shifting embedded price tickers on their sites by hand. This anti-bitcoin resource (http://nerdr.com/bitcoin-exchange-scam-bitcoins-are-worthless/) talks about one example and try to use it as a basis to discredit the whole bitcoin concept. This Flaw does not apply to the concept being discussed here at all.
What would be the issue at that point still since the application / web services would essentially be treated as an exchange by whatever laws a centralized bank's homeland currency may have on their currency, there is still the legal bounds for the traceable transactions within it if the money is transferred electronically.
One way I could see an application like this becoming widely used is if each person involved with the trade were kept private but the escrow itself be transparent. The payments would have to be handled away from the application itself where each party would make the exchange personally.
Bitcoin would be the only currency that would be electronically handled within the escrow. So you'd only either be buying or selling Bitcoin. All "fiat" currencies would have to be traded off the site putting the taxation and legal liabilities on the individuals buying and selling fiat currencies rather than those who build and operate the application // web service.
Makes me think about the pirate bay and how they lost their biggest lawsuit.
Kind of a shame, too. Since I think they got pinned because their site made money off their ads within the same visual real estate as the illegal distribution of copyrighted content. Their site is still up, but I doubt they get to keep their ad revenue.
Anyways, this project has my endorsement, whatever the hell that's worth. ^_^
1) This service will not be classified as a money transmitter of exchange, only modeled as such to leverage discovery through google, social media etc. The service is a "Scalable Dispute Mediation Service" which leverages paid dispute mediators who make simple final decisions on "locked up bitcoins" when there are problems between traders. Of course those decisions are only based on evidence and terms of agreements between traders.
2) The service is completely transparent. Every one involved is private. Unless when disputes arise. When there are disputes, it usually means that someone is trying to be sketchy, so they forfeit every privacy by revealing identity, contract terms and other evidence to mediators presiding pseudonymously over the disputes, if the traders want to prove they are entitled to locked up bitcoins.
3) payments are handled away from the application and evidence of payment MUST be brought back as evidence incase of a dispute to prove entitlement to locked up coins
I feel like you have seen the details of my project before, because every one of the issues you bring up, is exactly what the project aims to satisfy. Thanks you for your endorsement. I will be notifying you if and when I launch the campaign.
August 25, 2013, 06:53:55 PM
The most complicated part about running an exchange, I assume, would be the exchange rate formula. If there were discussions held publicly to discuss all variables that would be included into the exchange rate per currency then I could see a trustworthy endeavor, especially for Bitcoin.
Dude, the exchange rate is calculated by demand and supply, there is no magic formula. Or did I completely misunderstand something here?
August 25, 2013, 06:22:57 PM
Sounds like a really dope idea.
The most complicated part about running an exchange, I assume, would be the exchange rate formula. If there were discussions held publicly to discuss all variables that would be included into the exchange rate per currency then I could see a trustworthy endeavor, especially for Bitcoin.
However what I've seen in most exchanges is this magical "exchange rate" that seems like it was just generated by some impatient hacker trying to make some easy money.
Unfortunately for Bitcoin, in order to see an HONEST EXCHANGE RATE, this new exchange would have to work with whatever financial executive from each centralized bank of their homeland currency, if it were to try and legally exchange their currencies.
I really dig this idea and could have a lot of potential if everyone played fair and under public surveillance.
At that point Bitcoin wouldn't just be a digital currency anymore. It would be the buying and selling of privacy.
and everyone knows privacy is priceless which costs just as much as security.
The most complicated part about running an exchange, I assume, would be the exchange rate formula. If there were discussions held publicly to discuss all variables that would be included into the exchange rate per currency then I could see a trustworthy endeavor, especially for Bitcoin.
However what I've seen in most exchanges is this magical "exchange rate" that seems like it was just generated by some impatient hacker trying to make some easy money.
Unfortunately for Bitcoin, in order to see an HONEST EXCHANGE RATE, this new exchange would have to work with whatever financial executive from each centralized bank of their homeland currency, if it were to try and legally exchange their currencies.
I really dig this idea and could have a lot of potential if everyone played fair and under public surveillance.
At that point Bitcoin wouldn't just be a digital currency anymore. It would be the buying and selling of privacy.
and everyone knows privacy is priceless which costs just as much as security.
Well That is why this system is completely different. Everything is completely decentralized which means the terms of the exchanges, including the "Exchange Rate" are set by traders trading between each other. We provide references of course...but it at the discretion of traders to use them. Much like how you would trade using Local bitcoins, but in this case all actions can be carried out completely online and function globally. "Glogalbitcoins" would have been a cool name to have. and also privacy and complete transparency are a virtue in this plan
August 25, 2013, 02:31:28 PM
hello I am ola, I have a complete trust-less decentralized exchange solution using m of n transactions (multi-signature contracts) and paid, vetted pseudonomously represented mediators. The system enabling scalability of transaction mediations and preventing collusion with mediators has been protected using patent application in the USPTO office. This will provide trust and transparency to patrons using the service. I am using this poll as a basis of validation to decide weather to seek 3000 btc to hire a development team and a sales force. The Dev team will eventually help build the service into a decentralized service. The sales force will not only help the service gain customers (retailers), but spread the use Of bitcoin through NYC to educating retailers using https://en.bitcoin.it/wiki/Casascius_Bitcoin_POS_system and https://github.com/javgh/greenaddress-pos-tools, also telling them its benefits and how to reward customers using bitcoin. I am currently a lone wolf planning and building everything myself. I Built a solid beautiful product at my last startup. I Left my last startup after all my co-founders left due to lack of venture capital funding. The rewards for funding us will range from merchandize, to board positions, equity share, and invitation to launch party in NYC and annual stake holder/ donor party. If this receives enough positive votes I will release all the information about the project and put up everything on bitcoinstarter and here. Thanks, Let me you let me know what you think 
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