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Topic: Interest in a P2P Exchange - page 2. (Read 5301 times)

legendary
Activity: 1134
Merit: 1008
CEO of IOHK
May 22, 2013, 12:28:01 PM
#74
Quote
Can you please specify the rate of return you expect to get on your investment and over what period of time?

It is incredibly difficult to determine VAR in something related Bitcoin and it is entirely possible to design a P2P exchange without any profit to a central hub. I may assess my ROI based upon the effect having an exchange like the one BTCLuke described would have on the value of my current bitcoin holdings. For example, this exchange would functionally remove most of the liquidity issues resulting in actors like Amazon and Paypal likely entering the market. Such an increase in demand could drive the price per BTC up at least an order of magnitude.

As the initial investment is measured based upon its effect on the price of bitcoin, my investment would be proportional to my holdings of btc.

To answer your question, I would view an investment of this nature as a gamble. I would be entirely ok with losing everything for a chance at seeing this work. Thus I may consider an X-Prize style investment with a set of criterion and the first person to satisfy them would receive the prize. 
sr. member
Activity: 378
Merit: 250
Born to chew bubble gum and kick ass
May 22, 2013, 12:21:07 PM
#73
Yes

Can you please specify the rate of return you expect to get on your investment and over what period of time?
legendary
Activity: 1134
Merit: 1008
CEO of IOHK
May 22, 2013, 12:15:50 PM
#72
Yes
sr. member
Activity: 378
Merit: 250
Born to chew bubble gum and kick ass
May 22, 2013, 12:09:52 PM
#71
I'd be happy to discuss investments over email or in a PM. Investment would be proportional to return and likely around low 6 figures for the angel phase.

Okay, so you have between USD 100,000 and 500,000 available for an investment, correct?
legendary
Activity: 1134
Merit: 1008
CEO of IOHK
May 22, 2013, 12:05:16 PM
#70
Quote
How much money do you have available for this investment? Seriously, give a rough estimate in USD or BTC

I'd be happy to discuss investments over email or in a PM. Investment would be proportional to return and likely around low 6 figures for the angel phase.

Quote
Is there a single threat on this forum you contributed and didn't yet mention these fantastic courses of yours?

Probably not because the course is community built and forever free. I will continue to solicit feedback, contributions, marketing support and donations for the Bitcoin Education Project until it has reached its goal of educating one million new people on Bitcoin. I can't accomplish that alone and it is in everyone's best interest to bring well-informed people into the ecosystem.
sr. member
Activity: 378
Merit: 250
Born to chew bubble gum and kick ass
May 22, 2013, 11:47:59 AM
#69
Did you come up with an idea but couldn't get funded?

I am considering funding some new ventures in the Bitcoin community after the Summer and if there is a working P2P exchange on the table, then it would be high on my list. Let's start a discussion.

How much money do you have available for this investment? Seriously, give a rough estimate in USD or BTC



Over the Summer, I'm going to be doing a huge amount of reading and coding for my course:

https://www.udemy.com/bitcoin-or-how-i-learned-to-stop-worrying-and-love-crypto/

Is there a single threat on this forum you contributed and didn't yet mention these fantastic courses of yours?
member
Activity: 84
Merit: 10
May 22, 2013, 10:46:05 AM
#68
I have created a system for a P2P orderbook here:

https://bitcointalksearch.org/topic/ann-ussc-crypto-p2p-server-decentralized-p2p-exchange-application-209269

I figured out how to make a P2P Orderbook for a decentralized exchange:

I am updating the post daily but will add more in a few minutes:

https://bitcointalksearch.org/topic/ann-ussc-crypto-p2p-server-decentralized-p2p-exchange-application-209269





Decentralized Orderbook - BTA System (Bus - Train - Plane)

BTA - Bus. Train. Plane. BTA is a concept I came up with the solve the problem of a decentralized orderbook for P2P systems.

BTA is a system to move orders from Tier I exchange nodes to Tier II exchange nodes to Tier III exchange nodes according to a predetermined cycle.

BTA is a system akin to a mass-transit public transportation system.

example:
In a mass transit system you could have a bus that would route and cycle through a city with 25 bus stops, stopping at every stop to pick up people. The bus would then drop all of the people off at the last stop which for the purposes of this demonstration is the city's train station. The bus would then repeat the cycle continuously bringing more and more people to the train station.

Eventually the train would arrive to that city and pick up the people who got off the bus and are waiting at the train station. The train would then continue on and cycle through all of the cities of that particular province/state picking up people (who were dropped off by the bus) at every city train station. At the end of the train route would be an airport with a planes ready to pick people up and take them to a specific destination. The train would cycle continuously through all of the cities picking up people and dropping them off at the airport.

The people who were first on the bus and then on the train and now at the airport would then board the plane (jumbo jet if you will) and travel on the plane from the province/state they were in to a final location all the while making stops in every major province/state of that country to pick up additional people. After the plane arrived at the final location it would take off again and cycle through all the provinces/states of the country continuously picking up and dropping off people.

Now, imagine if you will a dating and match making service on one of the sides of that county that has a big convention to help people find a spouse. That service decides to utilizes the same aforementioned mass transportation system to bring people together from all over the country.

People would leave their homes and go to the bus stop. Some people would find compatible matches for themselves at the bus stop or while riding on the bus. Those people would get off the bus pay the fee and then go home with no need to go to to the convention. Those people have what they want; a spouse.

The rest of the people would continue on to the train station and get on the train. But again some people would find matches on the train and at the station; so, they too would pay the fee and go home. They have what they want; a spouse.

What remains of the people would continue on to the airport then get on the plane to go to the convention hoping to find a good match for a spouse.

A P2P BTA (Bus-Train-Airplane) exchange would operate the same way only picking up orders instead of people.

(More in a few minutes)

 
More here in a few minutes:

https://bitcointalksearch.org/topic/ann-ussc-crypto-p2p-server-decentralized-p2p-exchange-application-209269

Here is how it works:

P2P BTA Application

How does it work?

In a P2P BTA system a "Bus" exchange node would cycle through and collect orders from P2P "home-server" nodes mentioned in the above posts.  "Home-server" nodes house user accounts and wallets in a P2P network.

1. The Bus exchange server node would collect orders from home-server nodes 1 through 25 (for example).

2. Matching orders (if any) are fulfilled in a mini exchange. Receipts are generated. All unfulfilled orders and receipts are then stored for pickup by an "Train" exchange node.

3. On a predetermined cycle the higher Train exchange node would pick up all of the unfulfilled orders and receipts from all four (for example) of the Bus exchange nodes in the P2P network. All matching orders are fulfilled in a medium sized exchange and more receipts are generated.  Again, All unfulfilled orders and collected receipts are then stored for pickup by an "Airplane" exchange node.

4. Finally, on a predetermined cycle the higher Airplane exchange node would pick up all of the unfulfilled orders and receipts from all four (for example) of the Train exchange nodes in the P2P network. The Airplane exchange is the highest exchange on our example P2P network. All orders would attempt to be fulfilled here. Collected receipts are used to generate reports and to display fulfilled orders.

In our example P2P network, if no orders were fulfilled by the Bus or Train exchange nodes then the Airplane exchange node would have picked up 400 orders.

(MORE TO COME LATER TODAY)




https://bitcointalksearch.org/topic/ann-ussc-crypto-p2p-server-decentralized-p2p-exchange-application-209269
legendary
Activity: 1134
Merit: 1008
CEO of IOHK
May 22, 2013, 10:44:32 AM
#67
Quote
Summary: Retarded idea. There is currently no way to implement a p2p exchange. The problem is there is no way to move fiat.

Thanks for your kind words.
newbie
Activity: 22
Merit: 0
May 22, 2013, 10:42:08 AM
#66
Anyone interested at taking a shot of a summary and recap of what we currently know about P2P exchanges?

Summary: Retarded idea. There is currently no way to implement a p2p exchange. The problem is there is no way to move fiat.
legendary
Activity: 1134
Merit: 1008
CEO of IOHK
May 22, 2013, 10:36:52 AM
#65
Quote
This thread has degraded past repair. Let's step back to the last logical point and pick it up over here:

https://bitcointalksearch.org/topic/primer-for-a-p2p-distributed-exchange-212841

Lol, the purpose of the thread was to ask about the community's interest in P2P exchanges. It definitely has worked. That said, fucking nice thread Luke. Seriously its exactly what I was looking for.
hero member
Activity: 526
Merit: 508
My other Avatar is also Scrooge McDuck
May 22, 2013, 04:03:00 AM
#64
This thread has degraded past repair. Let's step back to the last logical point and pick it up over here:

https://bitcointalksearch.org/topic/primer-for-a-p2p-distributed-exchange-212841
legendary
Activity: 1134
Merit: 1008
CEO of IOHK
May 22, 2013, 12:03:40 AM
#63
ussc this is solid work. Could you PM me your contact info.
member
Activity: 84
Merit: 10
May 21, 2013, 06:38:36 PM
#62
I am updating the post daily:

https://bitcointalksearch.org/topic/ann-ussc-crypto-p2p-server-decentralized-p2p-exchange-application-209269

I have figured out a way to create a decentralized orderbook with built in security against fraud and ddos.  I will post my design updates daily. Check the post daily.
legendary
Activity: 1134
Merit: 1008
CEO of IOHK
May 21, 2013, 02:41:12 PM
#61
Anyone interested at taking a shot of a summary and recap of what we currently know about P2P exchanges?
hero member
Activity: 686
Merit: 500
May 21, 2013, 01:55:46 AM
#60
I know how to make a p2p Exchange >> I'll come to your house and I will give you a dollar.
sr. member
Activity: 408
Merit: 261
May 20, 2013, 10:52:29 PM
#59
I can envision some clever developer coming up with an open-source distributed exchange client that could perhaps cryptographically escrow your BTC and LTC holdings, maintain a distributed order book, and then instantly swap the BTC for LTC when a trade has been agreed, without counterparty or clearing risk.

Something like that would probably catch on.

I am designing a P2P cryptocurrency exchange that can plug into sites like mtgox and btce: ...

Well that was quick!
member
Activity: 84
Merit: 10
May 20, 2013, 05:22:44 PM
#58
legendary
Activity: 1078
Merit: 1006
100 satoshis -> ISO code
May 20, 2013, 04:54:06 PM
#57
Quote
ipple will be completely decentralized.  It is not designed to be a 'single entity', and though there will be nodes that will be regulated -- there will be those which will not.  The final project is however not yet complete, though they must be getting close by now.

I've asked the Ripple community several time to record a lecture for the Bitcoin Education Project on how ripple works and explain how to conduct commerce. They have never replied back. I really hate being ignored. Yet, until I get a detailed explanation on Ripple, I honestly don't know if what you are saying is completely correct.

If this project is to be permanently derailed then the way to do it is by trying to get it done via Ripple.

My suggestion was: https://bitcointalksearch.org/topic/m.2197907 (earlier in thread)

This is the best outline solution thus far.
legendary
Activity: 1134
Merit: 1008
CEO of IOHK
May 20, 2013, 01:38:43 PM
#56
Quote
ipple will be completely decentralized.  It is not designed to be a 'single entity', and though there will be nodes that will be regulated -- there will be those which will not.  The final project is however not yet complete, though they must be getting close by now.

I've asked the Ripple community several time to record a lecture for the Bitcoin Education Project on how ripple works and explain how to conduct commerce. They have never replied back. I really hate being ignored. Yet, until I get a detailed explanation on Ripple, I honestly don't know if what you are saying is completely correct.
newbie
Activity: 20
Merit: 0
May 20, 2013, 01:34:27 PM
#55
because the third party can never take the money

It is not enough. There should be a mechanism for the 3rd party to make the right decision, and I don't see that being addressed by the escrow system.

For example me and you agree to trade my bitcoins for your USD. I put the bitcoins in escrow, you wire me the money, now it's turn for the 3rd party to release my bitcoins to you. Based on what? If I don't admit I received your USD, you'll have to initiate a dispute, provide your bank statements, etc and this is becoming just another legal battle. How is the 3rd party supposed to get perfect information to make the right decision?
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