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Topic: The next Mt Gox? (MtGox 2.0) (Read 15282 times)

full member
Activity: 151
Merit: 100
August 06, 2013, 08:04:43 PM
#34
Let's smoke Smiley


There is more weed than there are Bitcoin people...http://www.meetup.com/bitcoin-denver/

hero member
Activity: 924
Merit: 501
August 06, 2013, 05:51:48 PM
#33
Let's smoke Smiley
full member
Activity: 151
Merit: 100
August 06, 2013, 04:51:44 PM
#32
I would happily run this in Colorado USA without fear of the FED.  There is nothing illegal about buying or selling or mining bitcoin in America.  The process of becoming a "money transmitter" which allows a company to trade in cash is relatively straight forward and quite inexpensive.  

Chad is a buddy who *might* fund it.  Do you have a specific proposal to create the beast?  As I say, I'm happy to host it and run it IN AMERICA.

Not sure how to promote it any more than this:
http://www.reddit.com/r/Buttercoin/comments/1d134o/tired_of_buttercoin_lets_start_again_with_a_team/

and in the comments here:
http://www.huffingtonpost.com/max-keiser/bitcoins-problem-with-liquidity_b_3140557.html

Colorado? I'm in Colorado... lets talk!
hero member
Activity: 896
Merit: 500
Dolphins Finance TRUSTED FINANCE
June 02, 2013, 11:58:22 PM
#31
Agreed with previous poster.  It is TOO capital intensive to launch a site like mt gox.  It would cost millions and millions just to get through US law, let alone the entire free world's regulations...  
https://bitcointalksearch.org/topic/trading-with-non-license-money-transmitters-aka-lending-btc-to-anyone-215951

Anything is possible - with the right business plan, contacts, and $$$ - it IS possible Smiley
hero member
Activity: 924
Merit: 501
May 25, 2013, 09:56:30 AM
#30
Agreed with previous poster.  It is TOO capital intensive to launch a site like mt gox.  It would cost millions and millions just to get through US law, let alone the entire free world's regulations...  
https://bitcointalksearch.org/topic/trading-with-non-license-money-transmitters-aka-lending-btc-to-anyone-215951

hero member
Activity: 490
Merit: 500
May 16, 2013, 11:57:45 PM
#29
Well, first and foremost: follow the laws.  People talk about MtGox like it's a big government crackdown, but I think the only reasons that they're cracking down is that a) bitcoins are getting popular and b) they didn't follow the laws for creating an exchange like that.  That's going to be an issue for any exchange that deals with the US currency.  If you want to be legit and not get shut down, this is a must.

After that's taken care of, I pretty much agree with Viceroy on the issues needed.  Secure and scalable are the key points.  There was an article in one of my business magazines recently about Netflix using a third of all the internet traffic during much of the time to stream videos, so scalability is definitely possible.  How do they do it?  Amazon web services.  I think this, or something similar, is the key to a successful exchange. 

AWS is a great system because from what I've heard it's basically infinitely scalable, you need more resources, simply allocate more to it.  But it's not trivial either, whoever runs this system would likely need a sysadmin or several to keep it running.  If the person / people running the exchange is willing to put the time and money into figuring out AWS, however, I think they have a real good shot at making a system that's much more scalable and stable than MtGox.

full member
Activity: 238
Merit: 100
RMBTB.com: The secure BTC:CNY exchange. 0% fee!
May 15, 2013, 10:58:26 PM
#28
I'm about to launch a new exchange, but it's for China. I was going to encourage USD IN too, but not any more -- at least not at first.

I think the big part missing from most current exchanges is real scaleability; I don't see many properly utilising cloud infrastructure, or parallelising operations.

Having looked at a few existing trading engines when I was getting started, and not being terribly impressed, I have the feeling that there are a few crufty old lines of code still doing the rounds on other exchanges.

This is the best example I found, and it appears a few exchanges adopted the code...

... lock all database tables
... match all possible orders
... Hope nothing goes wrong. If it does, just print an error.
... unlock all tables
... sleep for a bit
... repeat

Sigh.
hero member
Activity: 924
Merit: 501
May 15, 2013, 10:23:00 PM
#27
Please, we need your help more than ever.  If you have anything useful to add, please do so now.

MAJOR NEWS:

http://www.zdnet.com/us-department-of-homeland-security-issues-court-order-against-mt-gox-7000015389/

member
Activity: 98
Merit: 10
Mine hard!
May 14, 2013, 08:42:38 AM
#26
Wow, human ingenuity, a community of like-minded people, there's no stopping progress! It amazes me that people can get together on something as trivial as Bitcoin (come on, have you seen what some people say about it? How divided the opinions?), yet we continue to wage wars, kill innocents...

Keep it up!

Back on track, I think the most important thing is low fees and a stable exchange rate. Really that only happens with regulation and central authority, which is the complete opposite of what Bitcoin stands for, so I think we have to rethink this!
legendary
Activity: 3472
Merit: 1724
May 13, 2013, 01:16:34 PM
#25
If a sepa is anything like a wire transfer it WILL take days.  Not much you can do to expedite that, I don't think...

What is a better way to get FIAT into or out of bitcoin?

SEPA shouldn't take more than 3 business days.

The reason why Mt.Gox has such massive delays (not days but often weeks) is because their accounts have limits and having a lot more customers now, their withdrawal orders are queued.
newbie
Activity: 56
Merit: 0
May 13, 2013, 01:14:47 PM
#24
But everyone knows that a wire transfer should take around 2-5 days, and there are a lot of people saying it took more than 20 days, almost a month to receive their money.
hero member
Activity: 924
Merit: 501
May 13, 2013, 01:02:38 PM
#23
If a sepa is anything like a wire transfer it WILL take days.  Not much you can do to expedite that, I don't think...

What is a better way to get FIAT into or out of bitcoin?
newbie
Activity: 56
Merit: 0
May 13, 2013, 12:58:40 PM
#22
The international or sepa withdrawals should be more fast, they take a lot of days to get processed, that is ridiculous.
hero member
Activity: 924
Merit: 501
May 13, 2013, 12:54:38 PM
#21
Mt gox needs to add a more fast transaction withdrawals service,


Per your suggestion I just added this to the OP:

5) More, better and faster withdrawal methods:
 a) wire transfer takes days
 b) instant cash deposit to my account at a major bank?
 c) sepa withdrawl (European Only)
 d) something like a money pak code?
 e) overnight precious metals delivery?
member
Activity: 98
Merit: 10
May 13, 2013, 05:41:20 AM
#20
It will be realy interesting to see what they roll out.
legendary
Activity: 1008
Merit: 1007
May 13, 2013, 04:21:38 AM
#19
As far as I can see bitcoin exchanges have two major unsolved problems with a huge potential for improvement:

* Actually being able to deposit money frictionlessly
* Getting shut-down by governments / banks

These two need addressing before anything else. In an ideal world, the exchange would be located in a part of the world sympathetic to bitcoin but at the same time, not somewhere associated with scams (Nigeria, for example) because the public has to feel confident enough to entrust real money.

Is there any scope for actually setting up some kind of genuine regulated bank of bitcoin upon which to form the basis of any exchange infrastructure?

Cheers, Paul.
sr. member
Activity: 364
Merit: 250
May 13, 2013, 12:49:38 AM
#18
Mt Gox are doing Litecoin shortly aren't they? Or is that not what you meant.

On BTC-E the new currencies have generally tanked when they've been added, but Mt Gox may be different.
newbie
Activity: 28
Merit: 0
May 12, 2013, 10:38:16 PM
#17
Quote
Should this new exchange take Litecoin and other Crypto Currencies?

One massive exchange medium for the major crypto currencies is an awesome idea. Just think if Mt.Gox picked up LiteCoin, millionaires over night.
legendary
Activity: 1008
Merit: 1007
May 11, 2013, 06:56:41 AM
#16
Let me put myself out there, as well: I have a lot of love for bitcoin and I've been a professional software developer for well over 10 years.

If you find some investment for this project I would be interested in working with you because I believe the market is crying out for a better exchange than MtGox.

Cheers, Paul.
newbie
Activity: 13
Merit: 0
May 10, 2013, 08:41:41 PM
#15
Would it be possible to design a p2p based exchange?  It would be in the spirit of Bitcoin, decentralized, and resistant to DDOS.  I'm not sure of the technical details it would take to design, but a basic idea would be similar to how p2pool keeps track of stats and payouts.  The client would display current market data.  You could submit trades and the network would process them.  When you wanted to cash out you would have to actually trade cash for bitcoin with an individual or an entity, but while trading you could have wallets like the exchanges have that keep track of your Bitcoin and USD.  Not sure if it would work, but it would pretty cool.

PB
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