Topic: HELP REPLACE MTGOX! (Read 692 times)

Its true that Bitstamp is very good.

But I would like to have more than one exchange that is "very good" and although I have never used MtGox, nobody seems to have a nice word to say about them right now.

So I too have been thinking whats wrong and how should an exchange be written? This is blue sky ideas on paper: please forgive any naiveties, I have never written an exchange before. 

As I daily walk past the original London stock exchange building, I got to thinking how did exchanges work in the 1940's and 1950's. No Computers see. Well the answer is that people (brokers) acted as agents bundling up small trades into bigger ones that they would pass higher up the chain, sometimes accepting some of the risk themselves, while all the while the newspapers acted as a daily heartbeat of what the rates were at the highest level. Only the very largest bids or offers would findthemselves on the stock exchange floor. At least thats my my view and it would be viable with Bitcoin.

So what happens is that we have a database and a trading engine one one non-specialist machine. This softaware can run on many machines as needed, but a user registers with a single database. There is negotiation, perhaps on a p2p basis between machines using keys.  If machine A has more sells and machine B more buys, then this and other "done deals" are forwarded to equalise between the two.

Now the advantage of this is that it is completely an uttly distributed model. The communications would be encrypted and only carried out on the basis of virtual cryptographic identities just like bitcoin. Thus each exchange knows that it is dealing with a bonafide other exchange running the same software. In the same way that a small time stock broker of the 1950's would have been very much trusted to keep to his word based on his identity, and to settle up in three days time, and if he ever didnt he would know he would never trade again.  This was an age in which a cheque really did take 3 or 4 business days to clear, and there was no fast clearing.

Another advantage is that there should be little lag because the communication between exchanges is not essential for trade, it is essential to decide which business exchanges push to each other rather than make themselves. Indeed this is really rather similar to a built in arbitrage. Arbitrage - where people take advantage of slightly different prices on different exchanges also serves to equalise up exchanges. One possibility would be to build into the market excellent arbitrage facilities as another method of keeping exchanges in step.

Indeed, keeping the exchanges many and small I see as having so many advantages. Large trades can still be placed because these would still be spread around other exchanges. If someone deposits a cool million fiat and trys to buy bitccoins , the exchange software should rapidly redistribute this via the heartbeat.

Thoughts?

If you really want investment, why not set your exchange up as a security on btct or bitfunder.
Sell some dividend paying stock in your company, people are more likely to invest if they will get a share in the profits.

I think a successful exchange can be made, but not by a single man. If we really want to build a successful exchange, we don't have to be greedy. We have to gather a lot different profiles and give shares to workers and founding members.
Of course each of the people involved will gain less money compared with a personally own exchange, but it is a lot more likely to succeed.

The way these things usually work is you have so much faith in the project that you to get the ball rolling. Of the Kickstarted campaigns I've looked at, the most successful ones started out with the creators themselves putting up $10k+.

Yep, DDOS of MtGox and fall of bitcoin are conjuncture

Hey, what kind of low-level trolling is this?

You really think somebody is going to fund YOUR exchange, with no reward at all?

Keep dreaming.

I don't trade on Gox but I can see that it has vastly improved since the downtime it had during the shut down.  I don't think so many people should be trading on Gox but people tend to gravitate towards the largest company because of word of mouth.  Not much you can do about it.

So you want US to fund YOUR bitcoin exchange? That's not going to happen.
If you start a project to create an free and open-source easily usable exchange system, and build an exchange based on it... That's more likely!

Code of original intersango/britcoin: https://github.com/HongPong/intersango

edit: It seems there is such project already: https://github.com/buttercoin/buttercoin

Mtgox had nothing to do with the big fall...

MtGox needs serious rewamp since it was the main reason for the 'big fall of bitcoin' two weeks ago. I support you guys!

I think MtGox needs to be acquired more so than they need to be replaced.

Mark Karpeles should take millions of dollars (or equivalent) to sell his brand, his platform, his momentum, and be a highly paid consultant to the big boys who will do a better job of running it.

But sure, healthy competition is good as well.

Where is this exchange located?  What banks will you use?  What are your plans for keeping your accounts open?

What is your bank? Will probably get blocked for money laudering if you got a lot of customers making deposits/withdrawals quite often.

That site is MTGOX and that is who we are trying to topple.

Oh wow, "a site that controls 80% of the market" can't find money to replace itself? Lol

The available trading platforms for cryptocurrencies are laughable at best. A site that controls 80% of the market can barely keep it's servers afloat. Our team of web developers and coders are working tirelessly to present a trading platform to envelop ALL cryptocurrencies under one platform.

 

We will make it easy to deposit and withdraw your funds in whatever way you wish to receive them (fiat or crypto). We are also developing an API for third party trading software.

 

If we are going to move Bitcoin, Litecoin, and other cryptocurrencies into any prominence we need a powerful, effective exchange that sets a true value on these currencies. JOIN US BY LENDING YOUR SUPPORT HERE! http://igg.me/at/replacemtgox/x/2833550