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Topic: help (Read 518 times)
Will direct peer-to -peer bitcoin transactions (by pass an exchange ) be possible in future?
It seems to me that we should not want it. This will have a negative impact on us business but it's just my opinion. If someone does not agree with me, please be understanding
Will direct peer-to -peer bitcoin transactions (by pass an exchange ) be possible in future?
I think he meant to bypass centralised exchanges.There are already projects like that, peer to peer exchange
, try it. 
Dude what are you talking about lul. Like what dothebeats said, bitcoin IS a peer to peer electronic cash system. [
Is it really peer to peer if it has to go through an intermediary, the miner, for the transaction to be processed?
I'm playing devil's advocate as much as I am looking to learn. What's the true definition of peer to peer - no business entity involvement or a truly 1:1 transaction where there is no "middle man" at all?
Thanks
Alright. This is what I personally think. For the readers, feel free to correct me as well as I could be wrong.
Basically in P2P each party has the same capabilities or privileges. I wouldn't call a miner/miners an "intermediary" as they generally don't get to have hold over your coins. They're just there to confirm if a certain transaction is actually legitimate or to basically provide more security in general.
But yea what matters the most really is that there is no one single entity that has control over the blockchain.
Miners and nodes aren't intermediaries; they are peers that validate and confirm that your transaction is valid and ensure nothing has been compromised.
Also, anyone with >51% of the mining power on the entire network can split off from the main chain and create his own chain at will, prevent miners from finding blocks, invalidate transactions of other people, reverse their own transactions thus making double spending possible for them. Not really catastrophic but you get the jist; someone with enough computational power can control the blockchain.
Dude what are you talking about lul. Like what dothebeats said, bitcoin IS a peer to peer electronic cash system. [
Is it really peer to peer if it has to go through an intermediary, the miner, for the transaction to be processed?
I'm playing devil's advocate as much as I am looking to learn. What's the true definition of peer to peer - no business entity involvement or a truly 1:1 transaction where there is no "middle man" at all?
Thanks
Alright. This is what I personally think. For the readers, feel free to correct me as well as I could be wrong.
Basically in P2P each party has the same capabilities or privileges. I wouldn't call a miner/miners an "intermediary" as they generally don't get to have hold over your coins. They're just there to confirm if a certain transaction is actually legitimate or to basically provide more security in general.
But yea what matters the most really is that there is no one single entity that has control over the blockchain.
Dude what are you talking about lul. Like what dothebeats said, bitcoin IS a peer to peer electronic cash system. [
Is it really peer to peer if it has to go through an intermediary, the miner, for the transaction to be processed?
I'm playing devil's advocate as much as I am looking to learn. What's the true definition of peer to peer - no business entity involvement or a truly 1:1 transaction where there is no "middle man" at all?
Thanks
Will direct peer-to -peer bitcoin transactions (by pass an exchange ) be possible in future?
If that were possible what would happen to the validation and confirmation of the network? It seems like this suggestion would have less security and this is not what we want
to do. Also if you did not go through a ledger but just went purely peer to peer, what stops somebody from creating their own "bitcoin"? It seems like a slippery slope for some
convenience
Dude what are you talking about lul. Like what dothebeats said, bitcoin IS a peer to peer electronic cash system. "It seems like this suggestion would have less security and this is not what we want " this is definitely what we wanted. one of the selling points of bitcoin is that it doesn't need any mediator whatsoever. Hence "peer to peer". Not because bitcoin is peer to peer it doesn't mean that it can't have validation and confirmations from the network. Not sure if you misunderstood OP's question or you didn't understand correctly what bitcoin is.
Will direct peer-to -peer bitcoin transactions (by pass an exchange ) be possible in future?
If that were possible what would happen to the validation and confirmation of the network? It seems like this suggestion would have less security and this is not what we want
to do. Also if you did not go through a ledger but just went purely peer to peer, what stops somebody from creating their own "bitcoin"? It seems like a slippery slope for some
convenience
The way I read your question I could say that it is already possible. You can transfer from one wallet to other wallet without an exchange.
Yes, some clarification would be nice. Will direct peer-to -peer bitcoin transactions (by pass an exchange ) be possible in future?
please tell us in full details.I can't understand your post 
Will direct peer-to -peer bitcoin transactions (by pass an exchange ) be possible in future?
Question is unclear, please ask in another way
What do you mean by direct peer-to-peer transactions? P2P is pretty much what bitcoin is now, but idk what you mean about direct P2P since having one would completely render nodes and miners useless as they wouldn't be needed to validate these transactions, moreso that it would, at the least lessen the security and integrity of each transactions created in this way.
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