Topic: MtGox is bitcoins weakest link!!!!!! - page 2. (Read 7039 times)
poundcoin concept sounds neat but i dont see how you could ever create a digital cryptocurrency equivalent to a fiat currency. Even then whats the point, to have a pseudoanonymous digital fiat? Cause its still gonna get inflated by the central banks, and im sure they would take offense to someone, even with a full reserve system, making a digital banknote on their behalf.
You want to decentralise where bitcoin is traded? It's dead simple.
Create your own exchange that has buy/sell fees of less than 0.25%. Mt gox starts at 0.6% and slowly goes down with bigger trading volume (for the average 50 BTC day trader it goes down to about 0.4%)
If day traders were aware of an exchange that charges less than MT GOX, many would flock!
How about NO fees? I had no idea that Mt Gox charged six percent. Even Paypal charges less, if I remember right.
Dude... c'mon... 6% != 0.6% and MtGox charges 0.6%
Until one can live a comfortable life using only BTC, I don't know how far we'll ever get with decentralized trading. Ripple sounds great, but there's still a huge amount of trust to be had. And traders still gotta make some money to make it worth their time. Capitalism is a bitch ain't it 
If you can make money, there's no reason not to.
If you can make money, there's no reason not to. You want to decentralise where bitcoin is traded? It's dead simple.
Create your own exchange that has buy/sell fees of less than 0.25%. Mt gox starts at 0.6% and slowly goes down with bigger trading volume (for the average 50 BTC day trader it goes down to about 0.4%)
If day traders were aware of an exchange that charges less than MT GOX, many would flock!
How about NO fees? I had no idea that Mt Gox charged .6 percent. Even Paypal charges less, if I remember right.
Edit: I was wrong:
https://www.paypal.com/webapps/mpp/paypal-fees
Paypal charges 2.9 percent and a .30 cent transaction fee.
But, its time to start flocking...
Here is the plan:
https://bitcointalksearch.org/topic/a-new-idea-for-bitcoin-markets-145389
It does not start out with math, but faith.
Bitcoin works great because it is decentralised.
80% of bitcoin trade happens at Mtgox which is centralised.
WE NEED A DECENTRALISED EXCHANGE SYSTEM NOW!!!!!
80% of bitcoin trade happens at Mtgox which is centralised.
WE NEED A DECENTRALISED EXCHANGE SYSTEM NOW!!!!!
You want to decentralise where bitcoin is traded? It's dead simple.
Create your own exchange that has buy/sell fees of less than 0.25%. Mt gox starts at 0.6% and slowly goes down with bigger trading volume (for the average 50 BTC day trader it goes down to about 0.4%)
If day traders were aware of an exchange that charges less than MT GOX, many would flock!
Bitcoin works great because it is decentralised.
80% of bitcoin trade happens at Mtgox which is centralised.
WE NEED A DECENTRALISED EXCHANGE SYSTEM NOW!!!!!
This is my solution: www.poundcoin.org
80% of bitcoin trade happens at Mtgox which is centralised.
WE NEED A DECENTRALISED EXCHANGE SYSTEM NOW!!!!!
This is my solution: www.poundcoin.org
I have already started one. It is superior to Ripple in that the users can make money in two different ways.
See:
https://bitcointalksearch.org/topic/a-new-idea-for-bitcoin-markets-145389
BTW, I am not making something that will be under my control. It is truly decentralized.
Question:
Why is gox doing 80 percent of the business?
Of all the people I'd expect to be willing to support new exchanges, I'd think bitcoiners would least likely to all flock to the same exchange.
Is there something wrong with the other exchanges?
Why is gox doing 80 percent of the business?
Of all the people I'd expect to be willing to support new exchanges, I'd think bitcoiners would least likely to all flock to the same exchange.
Is there something wrong with the other exchanges?
I think ripple will go a long way towards decentralising bitcoin exchange.
At the moment Ripple seems fairly dependent on centralised exchanges as well. But I guess in time this may change.
New Slogan:
Bitcoin - In Gox we Trust !
Bitcoin - In Gox we Trust !
LOL
And he let us down! 
Sorry but you need a centralized exchange that way you can use others to gauge what's worth what...
Right, so that the pump-and-dumpers can gauge what's worth what for you, and eventually .gov regulators can come in and start manipulating that gauge even more, the way they do on traditional exchanges. 
Maybe YOU need that. I don't want Bitcoin to just be more of the same old system.
Sorry but you need a centralized exchange that way you can use others to gauge what's worth what...
I think ripple will go a long way towards decentralising bitcoin exchange.
+1
I think this is a bit early maybe, great idea though.
New Slogan:
Bitcoin - In Gox we Trust !
Bitcoin - In Gox we Trust !
Bitcoin works great because it is decentralised.
80% of bitcoin trade happens at Mtgox which is centralised.
WE NEED A DECENTRALISED EXCHANGE SYSTEM NOW!!!!!
This is my solution: www.poundcoin.org
80% of bitcoin trade happens at Mtgox which is centralised.
WE NEED A DECENTRALISED EXCHANGE SYSTEM NOW!!!!!
This is my solution: www.poundcoin.org
Amen to that. Got some cash to through at this problem?
Bitcoin works great because it is decentralised.
80% of bitcoin trade happens at Mtgox which is centralised.
WE NEED A DECENTRALISED EXCHANGE SYSTEM NOW!!!!!
This is my solution: www.poundcoin.org
80% of bitcoin trade happens at Mtgox which is centralised.
WE NEED A DECENTRALISED EXCHANGE SYSTEM NOW!!!!!
This is my solution: www.poundcoin.org
Great. So go implement it.
Blog post doesn't clarify how these colored coins could get successfully pegged to the pound.
- Issuer would have to be trusted (so much for "decentralized exchange")
- Market would have to trust someone will always be there to buy and sell these colored coins at 1GBP
- No entity, central or aggregate would be able to hold the price pegged without constantly burning wealth in the process (buying and selling at loss to manipulate price free market forces would otherwise randomize)
I think ripple will go a long way towards decentralising bitcoin exchange.
Bitcoin works great because it is decentralised.
80% of bitcoin trade happens at Mtgox which is centralised.
WE NEED A DECENTRALISED EXCHANGE SYSTEM NOW!!!!!
This is my solution: www.poundcoin.org
80% of bitcoin trade happens at Mtgox which is centralised.
WE NEED A DECENTRALISED EXCHANGE SYSTEM NOW!!!!!
This is my solution: www.poundcoin.org
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