The problem is that all the forms of fiat are not fungible so there is lots of friction. You have to match price *and* "location" (location could mean banking interface).
Bitshares already has fungible price-tracking assets, and they are working on OB integration. You will be able to buy/sell products and services (including BTC) for bitUSD with stuff like multisig and escrow accounts done on the BTS chain.
Topic: Distributed Cryptocurrency-Fiat Exchanges on OpenBazaar (Read 1293 times)
I don't really understand the technical document but I don't assume it is impossible to achieve that!I will wait and see!
BUMP!!!!
I know that there have been dozens and dozens of threads on this forum asking for a decentralized exchange to avoid another MtGox crisis. This is important, and many attempts have been made to achieve it. I believe the answer is here, or atleast, is on it's way.
OpenBazaar, more than being just a market for goods and services, it could also serve as a distributed network facilitating currency exchanges. Here's a proposal on how it could be done:
https://gist.github.com/drwasho/aa6ab79e92f2a876073e
Thats like asking people to trade stocks on ebay. Dont think its gonna jive
You can also say that it's like a distributed localbitcoins.com
That's only one of the possible ways to do it, but real-time trading, or something close to it, is possible on OB too. Though, there is really no way to get fiat into the system without any cetralized intermediary. I'd rather that than lose money just because an exchange lost it's reserves.
I know that there have been dozens and dozens of threads on this forum asking for a decentralized exchange to avoid another MtGox crisis. This is important, and many attempts have been made to achieve it. I believe the answer is here, or atleast, is on it's way.
OpenBazaar, more than being just a market for goods and services, it could also serve as a distributed network facilitating currency exchanges. Here's a proposal on how it could be done:
https://gist.github.com/drwasho/aa6ab79e92f2a876073e
Thats like asking people to trade stocks on ebay. Dont think its gonna jive
I know that there have been dozens and dozens of threads on this forum asking for a decentralized exchange to avoid another MtGox crisis. This is important, and many attempts have been made to achieve it. I believe the answer is here, or atleast, is on it's way.
OpenBazaar, more than being just a market for goods and services, it could also serve as a distributed network facilitating currency exchanges. Here's a proposal on how it could be done:
https://gist.github.com/drwasho/aa6ab79e92f2a876073e
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