All exchanges will will cause serious problems for Bitcoin until they are either regulated or decentralized
I prefer the latter but more time required
Topic: The Future of Bitcoin Exchanges (Read 2354 times)
Stopped reading the moment I see "IOU" 
If you refer to the OP: You should read further and see that it is all about eliminating IOUs from centralized issuers!
How to get rich with IOUs
1. Bob asks Alice for one trillion dollars.
2. Alice writes Bob an IOU for one trillion dollars.
3. Bob sells one trillion dollar IOU on the internet.
It is not quite that simple. If the person writing the IOU is not reputable enough so that it can be reasonably inferred that the IOU will be honored and paid then the IOU will have no value 1. Bob asks Alice for one trillion dollars.
2. Alice writes Bob an IOU for one trillion dollars.
3. Bob sells one trillion dollar IOU on the internet.
Stopped reading the moment I see "IOU"
yeah, but thankfully got some BTC out of stamp thanks to ripple. wish i had all my bitstamp funds in ripple, so i could at least have control still.
but it's hard trading in ripple from bitstamp to snapswap, not much liquidity, so it's a waiting game.
edit: and just to be clear, those IOU's aren't IOU's anymore as the BTC is safe and sound in my bitcoin wallet.
Stopped reading the moment I see "IOU"
This all same option can build over Bitcoin with Counterparty?
https://bitcointalksearch.org/topic/annxcp-counterparty-pioneering-peer-to-peer-finance-official-thread-395761
http://counterparty.io/
https://bitcointalksearch.org/topic/annxcp-counterparty-pioneering-peer-to-peer-finance-official-thread-395761
http://counterparty.io/
is asset to asset trading possible in counterparty?
Yes I think that have been possible almost one year.
i thought they weren't. i thought everything has to go through XCP first. NXT is also the same, but will soon change when instantDEX rolls out.
and getting back to IOU's, i got 5 BTC worth of bitstamp IOU's by trading them for snapswap IOU's and sent the BTC to my wallet via the bitcoin bridge.
Our aim.
To raise the value of Bitcoin.
1 BTC = 1100 USD
What should I do?
1. Increasing loyalty to our currency. Bitcoin.
2. The increase in transactions.
3. The increase in the total money supply.
And as a consequence increase the value of this digital currency!
To raise the value of Bitcoin.
1 BTC = 1100 USD
What should I do?
1. Increasing loyalty to our currency. Bitcoin.
2. The increase in transactions.
3. The increase in the total money supply.
And as a consequence increase the value of this digital currency!
counterparty.io?
What a crock.
Why did they even bother? The whole thing is built on sand. BTC is flawed and inferior to Ripple:
1. Not only is the energy required by the BTC network a disgusting waste; mining is becoming more and more centralised and very soon miners will need to be paid to perform basic transactions which limits the free flow of capital. What happens if there are 10bn people using Bitcoin 10 times a day?
2. The transaction time for BTC is inpractical and unusable for so many real-world use-cases
3. Average Joe finds BTC far too complicated
Ripple addresses most of the flaws inherent in BTC.
What a crock.
Why did they even bother? The whole thing is built on sand. BTC is flawed and inferior to Ripple:
1. Not only is the energy required by the BTC network a disgusting waste; mining is becoming more and more centralised and very soon miners will need to be paid to perform basic transactions which limits the free flow of capital. What happens if there are 10bn people using Bitcoin 10 times a day?
2. The transaction time for BTC is inpractical and unusable for so many real-world use-cases
3. Average Joe finds BTC far too complicated
Ripple addresses most of the flaws inherent in BTC.
I think the future of pretty much most things in bitcoin will involve decentralization, especially exchanges and marketplaces, but also things like social networks.
How to get rich with IOUs
1. Bob asks Alice for one trillion dollars.
2. Alice writes Bob an IOU for one trillion dollars.
3. Bob sells one trillion dollar IOU on the internet.
1. Bob asks Alice for one trillion dollars.
2. Alice writes Bob an IOU for one trillion dollars.
3. Bob sells one trillion dollar IOU on the internet.
i wish it were that simple.
I think that the future is the decentralized exchange
coinfeinne is a good option for this, I hope they can come out soon
coinfeinne is a good option for this, I hope they can come out soon
link?
This video here explains how Coinffeine works etc
https://www.youtube.com/watch?v=evyidvV7Xqw
... the manipulation of today's exchanges is too hard as to it should be.
Says the person whoring out their sig space to an exchange that is almost certainly a scam (PayBase).
...just sayin'
How to get rich with IOUs
1. Bob asks Alice for one trillion dollars.
2. Alice writes Bob an IOU for one trillion dollars.
3. Bob sells one trillion dollar IOU on the internet.
1. Bob asks Alice for one trillion dollars.
2. Alice writes Bob an IOU for one trillion dollars.
3. Bob sells one trillion dollar IOU on the internet.
i wish it were that simple.
It is. Or it at least was. This was done "to prove a point" at the inception of Ripple. Ostensibly to show that Ripple BitcoinIOUs are not Bitcoins. But perhaps just to scam. I forget.
It was a big conflagration here on BCT a number of quarters back.
This all same option can build over Bitcoin with Counterparty?
https://bitcointalksearch.org/topic/annxcp-counterparty-pioneering-peer-to-peer-finance-official-thread-395761
http://counterparty.io/
https://bitcointalksearch.org/topic/annxcp-counterparty-pioneering-peer-to-peer-finance-official-thread-395761
http://counterparty.io/
is asset to asset trading possible in counterparty?
Yes I think that have been possible almost one year.
What they don't have are bitassets (bitusd, bitbtc etc.) which is the only reason that trading is really free of any counterparty risk on a decentralized exchange (counterparty risk in the sense that a central party (gateway, exchange) could default on its promise to pay back the deposits).
This all same option can build over Bitcoin with Counterparty?
https://bitcointalksearch.org/topic/annxcp-counterparty-pioneering-peer-to-peer-finance-official-thread-395761
http://counterparty.io/
https://bitcointalksearch.org/topic/annxcp-counterparty-pioneering-peer-to-peer-finance-official-thread-395761
http://counterparty.io/
is asset to asset trading possible in counterparty?
Yes I think that have been possible almost one year.
How to get rich with IOUs
1. Bob asks Alice for one trillion dollars.
2. Alice writes Bob an IOU for one trillion dollars.
3. Bob sells one trillion dollar IOU on the internet.
1. Bob asks Alice for one trillion dollars.
2. Alice writes Bob an IOU for one trillion dollars.
3. Bob sells one trillion dollar IOU on the internet.
This. Yes, I realize that it's sarcasm (duh!). But it summarizes pretty well the problems that BitShares has. Let me expand a bit on the problems I have with it:
1) Pegs. Countries try to peg currencies all the time. Central banks with trillions in reserves try to maintain the pegs. Yet every now and then pegs still collapse, because nobody is larger than the market. How does BitShares "solve" this problem? They force those who bet against you to put up 200% collateral. Okay. Explain it to me again how is it going to prevent the peg from collapsing if in a thinly traded market the majority of players panic and say "screw the collateral, I'm out of here"? And, if that was such a magic solution, why don't the established exchanges use it? I mean, stock exchanges require only 50% collateral to trade on margin and currency and commodity exchanges require anything between 1% and 80% collateral.
2) Counter-party risk. Risk does not disappear, it can only change form and shift around. BitShares' position seems to be that "there is no counter-party risk because the risk was offloaded to many counter-parties". Okay. And the sub-prime mortgage risk was packaged into AAA-rated securities and sold off all over the world (including to clueless pension funds in Norway). Explain me again how that prevented the sub-prime collapse?
3) Decentralized trustless exchange. I am sorry, but you cannot have that. The moment you want to convert your electronic tokens into cold, hard cash, you have to trust someone particular. Localbitcoins? You have to trust them to hold your money in escrow, or you have to trust somebody you've never met to fulfill their promise of giving you money or bitcoins. OpenBazaar? You have to trust a notary to resolve the dispute correctly. Not to mention that the moment a conventional bank is involved, you lose any anonymity.
The bitAsset peg works like a prediction market or a CFD market that pops out fungible pegged currencies. You can read about it here http://bytemaster.bitshares.org/article/2014/12/18/What-are-BitShares-Market-Pegged-Assets/
By established exchanges, do you mean that centralized exchanges could provide a pegged currency too. They could if they would use blockchain technology. If they don't then such a pegged curency is just a debt like USD is anyway. Maybe I didn't get your point though...
2) Risk doesn't vanish, that is true. Read about it in the link I provided above.
3) You are right again, you have to trust the gateway as described in the OP. But you only have to trust the gateway for as long as the process takes to convert your bitusd or your bitbtc into usd or btc. You don't have to trust any particular company or individual for the vast majority of the time (while you are trading or waiting for an opportunity to trade).
This all same option can build over Bitcoin with Counterparty?
Possible through CFDs in Counterparty, but they are not fungible like BitBTC, thus defeating the very purpose.
This all same option can build over Bitcoin with Counterparty?
https://bitcointalksearch.org/topic/annxcp-counterparty-pioneering-peer-to-peer-finance-official-thread-395761
http://counterparty.io/
https://bitcointalksearch.org/topic/annxcp-counterparty-pioneering-peer-to-peer-finance-official-thread-395761
http://counterparty.io/
is asset to asset trading possible in counterparty?
This all same option can build over Bitcoin with Counterparty?
https://bitcointalksearch.org/topic/annxcp-counterparty-pioneering-peer-to-peer-finance-official-thread-395761
http://counterparty.io/
https://bitcointalksearch.org/topic/annxcp-counterparty-pioneering-peer-to-peer-finance-official-thread-395761
http://counterparty.io/
How to get rich with IOUs
1. Bob asks Alice for one trillion dollars.
2. Alice writes Bob an IOU for one trillion dollars.
3. Bob sells one trillion dollar IOU on the internet.
1. Bob asks Alice for one trillion dollars.
2. Alice writes Bob an IOU for one trillion dollars.
3. Bob sells one trillion dollar IOU on the internet.
i wish it were that simple.
you wish to be rich without too much work. All of us want the same.
you won't give a fuck on BTC, LTC, MMA,bla bla if you would be rich.
)You won't care about any fucking centralized system or on any digital money or whatever
all these are BS...
)all it matters are the money that you have in your BANK now. Imagine that you have many millions. would be on this forum? maybe to make fun in a short break while you are on a tropical island with 2-3 girls(not fatty ones)
)))Jump to: