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A decentralized Bitcoin exchange

github.com

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Re: A decentralized Bitcoin exchange

#3

Post by cocktailpeanuts »

Just finished watching their video and got nothing other than "Read our white paper if you're interested", plus bunch of buzzwords.

Why make the video at all? If I were them I would scrap all the bullshit and just spend the two minutes in the video explaining the basics of WHY and HOW it works. People visiting that site already know what a "decentralized bitcoin exchange" is.

Re: A decentralized Bitcoin exchange

#4

Post by xiphias »

cocktailpeanuts wrote: post #3

Just finished watching their video and got nothing other than "Read our white paper if you're interested", plus bunch of buzzwords. Why make the video at all? If I were them I would scrap all the bullshit and just spend the two minutes in the video explaining the basics of WHY and HOW it works. People visiting that site already know what a "decentralized bitcoin exchange" is.

It helps a lot to understand what it does exactly and how, and we can see the development status (usable, but needs lots of cleanup) before installing the app.

Re: A decentralized Bitcoin exchange

#6

Post by xur17 »

placeybordeaux wrote: post #5
brian_herman wrote: post #2

Who enforces it?

Looks like third party arbitration. Guessing it ends up being reputation enforced.

It looks like this is only required for withdrawing to a national currency (USD, EUR, etc). Being able to trade between altcoins trustlessly is pretty neat.

Re: A decentralized Bitcoin exchange

#7

Post by quickthrower »

cocktailpeanuts wrote: post #3

Just finished watching their video and got nothing other than "Read our white paper if you're interested", plus bunch of buzzwords. Why make the video at all? If I were them I would scrap all the bullshit and just spend the two minutes in the video explaining the basics of WHY and HOW it works. People visiting that site already know what a "decentralized bitcoin exchange" is.

From the readme I'm getting that you find someone to buy Bitcoins from. Agree with them a method of payment. Buy coins. For added protection appoint an arbitration person and set up escrow using multi sigs.

A bit like gumtree for Bitcoin?

Re: A decentralized Bitcoin exchange

#8

Post by Jaepa »

placeybordeaux wrote: post #5
brian_herman wrote: post #2

Who enforces it?

Looks like third party arbitration. Guessing it ends up being reputation enforced.

   As there is no concept of arbitrator reputation, it makes
   no sense to deselect arbitrators, as this will only 
   reduce his trading possibilities. Traders will only be 
   able to take offers of users with whom they have at least
   one overlapping selected arbitrator
- http://bitsquare.io/arbitration_system.pdf

Re: A decentralized Bitcoin exchange

#9

Post by bkolobara »

cocktailpeanuts wrote: post #3

Just finished watching their video and got nothing other than "Read our white paper if you're interested", plus bunch of buzzwords. Why make the video at all? If I were them I would scrap all the bullshit and just spend the two minutes in the video explaining the basics of WHY and HOW it works. People visiting that site already know what a "decentralized bitcoin exchange" is.

I felt the same way. There are so many open questions after watching the video.

How do I get my Euros to someone selling me bitcoin? Is there a central bank account everyone deposits the money? Some cryptocurrencies like Stellar have a built-in decentralised exchange[1]. They solve the problem of getting fiat into the system through anchors[2]. I wonder if there is a better way.

[1] https://www.stellar.org/developers/guides/concepts/exchange.... [2] https://www.stellar.org/developers/guides/concepts/assets.ht...

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