The need for decentralised exchanges — has never been more important

blunderer

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Quote from: franky1 on February 04, 2016, 10:34:14 AM

Quote from: blunderer on February 04, 2016, 10:10:35 AM

Just pointing out that your suggestion to trade on decentralized exchanges & only use conventional ones to cash out simply adds a layer of inconvenience, without solving a thing.

>concentrate on ways to not even need fiat
Fiat is a tool. Bitcoin is a tool. What you're suggesting is not using screwdrivers by using only hammers.

my point is. "cashing out" is the thing that you cant do without LEGALLY providing ID.(though legit public exchanges)
so if you want bitcoin but dont want FIAT ID headaches. find ways to not need to "cashout" to fiat.

EG imagine your a British citizen and your prefered currency is Pound(analogy of btc). and the american dollar ramped up their KYC.. would you prefer to find ways around not needing ID. or ways to buy things with pounds without needing to touch the dollar..

ok lets flip it around(incase your american and hate my first example)
imagine your an American citizen and your prefered currency is dollar(analogy of btc). and the Chinese Yuan ramped up their KYC.. would you prefer to find ways around not needing ID. or ways to buy things with dollars without needing to touch the Yuan..

I don't understand. Aren't we discussing European exchanges ramping up KYC requirements (i.e. "now you must provide ID")? How can you "cash out" "without LEGALLY providing ID.(though legit public exchanges)"?

franky1

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Quote from: blunderer on February 04, 2016, 10:10:35 AM

Just pointing out that your suggestion to trade on decentralized exchanges & only use conventional ones to cash out simply adds a layer of inconvenience, without solving a thing.

>concentrate on ways to not even need fiat
Fiat is a tool. Bitcoin is a tool. What you're suggesting is not using screwdrivers by using only hammers.

my point is. "cashing out" is the thing that you cant do without LEGALLY providing ID.(though legit public exchanges)
so if you want bitcoin but dont want FIAT ID headaches. find ways to not need to "cashout" to fiat.

EG imagine your a British citizen and your prefered currency is Pound(analogy of btc). and the american dollar ramped up their KYC.. would you prefer to find ways around not needing ID. or ways to buy things with pounds without needing to touch the dollar..

ok lets flip it around(incase your american and hate my first example)
imagine your an American citizen and your prefered currency is dollar(analogy of btc). and the Chinese Yuan ramped up their KYC.. would you prefer to find ways around not needing ID. or ways to buy things with dollars without needing to touch the Yuan..

blunderer

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Activity: 154

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Quote from: franky1 on February 03, 2016, 12:54:46 PM

Quote from: bargainbin on February 03, 2016, 12:46:18 PM

Quote from: franky1 on February 03, 2016, 12:34:30 PM

...
your forgetting ripple that allowed exchanging on ripple. and when finally ready to cash out you would use things like bitstamp/kraken
...

Option A:
1. Give your ID to bitstamp/kraken
2. Trade & cash out on bitstamp/kraken

Option B:
1. Trade via Ripple, the centralized decentralized solution
2. Give your ID to bitstamp/kraken
3. Cash out on bitstamp/kraken

Nice

the funny part of any FIAT handling, whether its direct daytrade exchange, indirectly via ripple or quasi decentralised by otc/brokers is this..
YOUR BANK still knows your life story.
even on bitstamp you doint need to hand over life history upfront. you can deposit bitcoins. and daytrade on ripple,etc and then withdraw bitcoin

the only true way of never connecting your ID would be prepaid debit cards that you can pick up at retail stores or gas stations using bank notes..
so all of the debates that fiat via wire transfer should be anonymous is a silly point to make. as its would never be anonymous.

you just need to accept that wire transfers wont ever be anonymous, and concentrate on ways to not even need fiat.

Just pointing out that your suggestion to trade on decentralized exchanges & only use conventional ones to cash out simply adds a layer of inconvenience, without solving a thing.

>concentrate on ways to not even need fiat
Fiat is a tool. Bitcoin is a tool. What you're suggesting is not using screwdrivers by using only hammers.

Amph

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bitshares 2.0 is a decentralized exchange work in progress, i'm sure there is another, i forgot the name in this moment

Dabs

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The Concierge of Crypto

Quote from: Jet Cash on February 03, 2016, 12:39:42 PM

I used to travel to the US 3 or 4 times a year, and I used to buy my dollars from people in the exchange bank queues. It gave both of us a better deal. How long will it be before people start doing this with Bitcoin.

It's already happening.

I have accounts on most of the big exchanges, but rarely buy or sell directly from them. So my exchange accounts are "clean".

franky1

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Quote from: bargainbin on February 03, 2016, 12:46:18 PM

Quote from: franky1 on February 03, 2016, 12:34:30 PM

...
your forgetting ripple that allowed exchanging on ripple. and when finally ready to cash out you would use things like bitstamp/kraken
...

Option A:
1. Give your ID to bitstamp/kraken
2. Trade & cash out on bitstamp/kraken

Option B:
1. Trade via Ripple, the centralized decentralized solution
2. Give your ID to bitstamp/kraken
3. Cash out on bitstamp/kraken

Nice

the funny part of any FIAT handling, whether its direct daytrade exchange, indirectly via ripple or quasi decentralised by otc/brokers is this..
YOUR BANK still knows your life story.
even on bitstamp you dont need to hand over life history upfront. you can deposit bitcoins. and daytrade on ripple,etc and then withdraw bitcoin.
the only time you need life story is depositing and withdrawing fiat

the only true way of never connecting your ID would be prepaid debit cards that you can pick up at retail stores or gas stations using bank notes..
so all of the debates that fiat via wire transfer should be anonymous is a silly point to make. as its would never be anonymous.

you just need to accept that wire transfers wont ever be anonymous, and concentrate on ways to not even need fiat.

bargainbin

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Activity: 126

Merit: 100

Quote from: franky1 on February 03, 2016, 12:34:30 PM

...
your forgetting ripple that allowed exchanging on ripple. and when finally ready to cash out you would use things like bitstamp/kraken
...

Option A:
1. Give your ID to bitstamp/kraken
2. Trade & cash out on bitstamp/kraken

Option B:
1. Trade via Ripple, the centralized decentralized solution
2. Give your ID to bitstamp/kraken
3. Cash out on bitstamp/kraken

Nice

Quote from: Jet Cash on February 03, 2016, 12:39:42 PM

I used to travel to the US 3 or 4 times a year, and I used to buy my dollars from people in the exchange bank queues. It gave both of us a better deal. How long will it be before people start doing this with Bitcoin.

Being done now. >>> Localbitcoins.com

Kprawn

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A decentralize exchange linked to Fiat is simply impossible... Who will be holding the fiat? I would want someone to explain to me how this could be possible.

I have been saying for a long time... All these 3rd party services {middle men} are not beneficial to Bitcoin, because they are the weak points. The centralized

3rd parties can be targeted to stop decentralized Crypto currencies. We will need to find a solution for that, or we will lose the war against regulations that are

aimed to stop certain Crypto currencies.

Jet Cash

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https://JetCash.com

I used to travel to the US 3 or 4 times a year, and I used to buy my dollars from people in the exchange bank queues. It gave both of us a better deal. How long will it be before people start doing this with Bitcoin.

franky1

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Activity: 4214

Merit: 4458

Quote from: xdrpx on February 03, 2016, 11:47:02 AM

Well I can only recall localbitcoins, but trust becomes an issue with decentralized exchange too. Like in cases where we have to meet up personally and exchange. But yeah, apart from that It makes me realize that localbitcoins has made it possible for me to purchase Bitcoins without having to furnish KYC/KML documents.

your forgetting ripple that allowed exchanging on ripple. and when finally ready to cash out you would use things like bitstamp/kraken

but again localbitcoins/ripple are not perfect. localbitcoins is a little bit better at the trust, but still not perfect solutions to the FIAT swap decentralized idea

DimensionZ

sr. member

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Merit: 250

Shit, did I leave the stove on?

If the now decentralized exchanges get slapped with subpoenas to hand over some suspect's ID do you think they will just refuse? From decentralized to centralized in a matter of seconds.

OmegaStarScream

staff

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Unless people open their minds and understand that Bitcoin is all about "Decentralization" and they stop using Centralized exchanges ... we are not going anywhere .
If users stop using exchanges they will have to stop their services or transform into Decentralized systems wither they like it or not .

Jet Cash

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https://JetCash.com

Pre-paid debit cards were used to avoid a number of government controls. The scrap metal dealers act in the UK was one such law. They were also used to fund various terrorist campaigns. It will be unfortunate if Bitcoin continues to be lumped in with them.

xdrpx

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Well I can only recall localbitcoins, but trust becomes an issue with decentralized exchange too. Like in cases where we have to meet up personally and exchange. But yeah, apart from that It makes me realize that localbitcoins has made it possible for me to purchase Bitcoins without having to furnish KYC/KML documents.

watashi-kokoto

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Quote from: randy8777 on February 03, 2016, 09:21:14 AM

people have been asking for a decentralized exchange since a few years back, and it still haven't showed up. as far as i know it's nxt that has the only successful p2p decentralized exchange. i am not really that technical, but i would like to know what the reason is for not having a decentralized bitcoin exchange today. is it because it's difficult to incorporate fiat into the system? or is there an other reason?

you may be right. There are fiat/coin exchanges and coin/coin "gateways". The fiat ones are hard to pull off.

franky1

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Quote from: bitgolden on February 03, 2016, 11:03:28 AM

I think making a legal and decentralized exchange website is not easy if at least not possible. The inclusion of fiat into sites may be the issue that the site owners and bankers may feel. I think while making a simply e-currency exchange site requires basic knowledge of API and its use.

localbitcoins.com proves it is possible to make quasi decentralised websites. but i think you are more on the mindset of daytrader exchanges, rather than broker exchanges

bitgolden

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Leading Crypto Sports Betting & Casino Platform

I think making a legal and decentralized exchange website is not easy if at least not possible. The inclusion of fiat into sites may be the issue that the site owners and bankers may feel. I think while making a simply e-currency exchange site requires basic knowledge of API and its use.

blunderer

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Activity: 154

Merit: 100

Quote from: NyeFe on February 03, 2016, 09:15:18 AM

European Commission (EC) wants to strength its grip on anonymous payment systems such as Pre-Paid debt cards and digital currencies (Bitcoin / Ripple) this scheme would involve our (their) exchangs being forced to hand private user data OnDemand.
... We know of some upcoming decentralised exchanges such OpenBazaar & bitsquare — if you know any existing & available de-exchanges please list them below — the purpose of bitcoin was not to re-introduce a new for of middle-men in the name of Coinbase or Xapo or in the form of BitLicense. ...

How do decentralized exchanges handle fiat again?

SFR10

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Crypto Swap Exchange

This article does have a point but you should also look at both side of stories for instance since I only use online local exchanges now, they do require for us to provide our real government I.D, address, number and they do double check with the banks as well therefor as result they do know which address is for who and in case someone does act suspicious someday, they could track that person easily. Although this does put a direct restriction on what BTCitcoin was intended in the first place, it also increases the security of it and therefor eliminates criminals from using it.

CIYAM

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Ian Knowles - CIYAM Lead Developer

Quote from: NyeFe on February 03, 2016, 09:42:26 AM

Hi CIYAM, please add any available links to your de-projects here. We need increase the awareness and purpose of de-exchanges because sooner or later they could be the only backbone bridging digital currencies to ensure their survival. I'm sure we could also collectively share resources and knowledge to make this dream a reality.

Other than the topic I referenced the CIYAM project itself is on github (https://github.com/ciyam/ciyam).

Currently work on a "memory-hard" proof algo is underway before being able to offer CIYAM as a decentralised application platform (which is what the project has been heading towards for the last year).

Also I have already created an ACCT Bitcoin script (based upon TierNolan's idea) using CLTV which others are free to use (currently the raw txs need to be created using CIYAM but it wouldn't be so hard to write a stand-alone tool for doing that).

Topic: The need for decentralised exchanges — has never been more important (Read 997 times)