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Overstock.com Assembles Coders to Create a Bitcoin-Like Stock Market

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Re: Overstock.com Assembles Coders to Create a Bitcoin-Like Stock Market

#11

Post by iheartmemcache »

alphonse23 wrote: post #10

This is sort of the idea I've been waiting to come out of the bitcoin universe for some time now. A decentralized stock exchange seems like an obvious killer application for bitcoin. Though, the only thing I don't like about it is counterpart. Was never a fan of them, nor open transactions... Why go to the SEC? I feel like the advantage of doing something like this would be the ability to build a trading exchange wit…

It's already been trading on CMFX (one of the most reputable Forex markets around, on par with BATS or CME) against the USD for a while now. This is nothing new.

Re: Overstock.com Assembles Coders to Create a Bitcoin-Like Stock Market

#12

Post by slg »

alphonse23 wrote: post #10

This is sort of the idea I've been waiting to come out of the bitcoin universe for some time now. A decentralized stock exchange seems like an obvious killer application for bitcoin. Though, the only thing I don't like about it is counterpart. Was never a fan of them, nor open transactions... Why go to the SEC? I feel like the advantage of doing something like this would be the ability to build a trading exchange wit…

I am curious how someone can come away from the last decade of Wall Street behavior and conclude the answer to the problem is less regulation.

Re: Overstock.com Assembles Coders to Create a Bitcoin-Like Stock Market

#13

Post by awt »

slg wrote: post #12
alphonse23 wrote: post #10

This is sort of the idea I've been waiting to come out of the bitcoin universe for some time now. A decentralized stock exchange seems like an obvious killer application for bitcoin. Though, the only thing I don't like about it is counterpart. Was never a fan of them, nor open transactions... Why go to the SEC? I feel like the advantage of doing something like this would be the ability to build a trading exchange wit…

I am curious how someone can come away from the last decade of Wall Street behavior and conclude the answer to the problem is less regulation.

If there were a law that could prevent regulatory capture then I would say go for it, more regulation.

Re: Overstock.com Assembles Coders to Create a Bitcoin-Like Stock Market

#14

Post by bobjordan »

This is great. Patrick Byrne is doing a great service here. Development of crypto-security tools being pushed by an already successful publicly traded company adds instant credibility to the project and will lead many more successful business leaders to give it closer inspection, sooner.

Re: Overstock.com Assembles Coders to Create a Bitcoin-Like Stock Market

#15

Post by ne0n »

So what happens when somebody doesn't secure the private keys to their Overstock shares well enough? A hacker steals your Overstock shares, and now they own them? What happens if someone steals the shares from the CEO? Obviously the hacker could never make use of those shares or else they would get caught. In a system like this, it can't be truly decentralized, can it?

Re: Overstock.com Assembles Coders to Create a Bitcoin-Like Stock Market

#16

Post by chc »

awt wrote: post #13
slg wrote: post #12

Earlier quoted context omitted.

I am curious how someone can come away from the last decade of Wall Street behavior and conclude the answer to the problem is less regulation.

If there were a law that could prevent regulatory capture then I would say go for it, more regulation.

With or without regulatory capture, I can't see how the problem we face is too much oversight on Wall Street.

Re: Overstock.com Assembles Coders to Create a Bitcoin-Like Stock Market

#17

Post by lukifer »

chc wrote: post #16
awt wrote: post #13

Earlier quoted context omitted.

If there were a law that could prevent regulatory capture then I would say go for it, more regulation.

With or without regulatory capture, I can't see how the problem we face is too much oversight on Wall Street.

The counterargument is that regulation hurts small players more than large ones. Citibank can afford an army of compliance officers; most of us can't.

I'm generally pro-regulation, if the details are sensible, but regulatory capture is a real problem, and it is not an unreasonable stance that the cure is sometimes worse than the disease.

Re: Overstock.com Assembles Coders to Create a Bitcoin-Like Stock Market

#18

Post by NhanH »

Can anyone knowledgeable (especially those that do not like bitcoin) weigh in as to why this would be a bad idea ?

I'm asking this sincerely, and not being sarcasm, as I don't know enough about either Bitcoin or stock market to make a judgement. And this seems ... different enough that I'm not sure my reaction should be "damn the future is here", or "what a bunch of craps".

Re: Overstock.com Assembles Coders to Create a Bitcoin-Like Stock Market

#19

Post by wyager »

slg wrote: post #12
alphonse23 wrote: post #10

This is sort of the idea I've been waiting to come out of the bitcoin universe for some time now. A decentralized stock exchange seems like an obvious killer application for bitcoin. Though, the only thing I don't like about it is counterpart. Was never a fan of them, nor open transactions... Why go to the SEC? I feel like the advantage of doing something like this would be the ability to build a trading exchange wit…

I am curious how someone can come away from the last decade of Wall Street behavior and conclude the answer to the problem is less regulation.

The obvious answer is that wall street has never been in a state of no regulation; at least, not for a very long time.

When you have a bunch of poorly thought out regulation, much of it designed to exclude competition, that's when things go bad.

The cool thing about the internet is that regardless of what you or the SEC or John Q. Public thinks is a bad idea or improper, people are free to experiment with it anyway. Technology has outpaced the ability of governments to proscribe voluntary interaction.

Re: Overstock.com Assembles Coders to Create a Bitcoin-Like Stock Market

#20

Post by chc »

lukifer wrote: post #17
chc wrote: post #16

Earlier quoted context omitted.

With or without regulatory capture, I can't see how the problem we face is too much oversight on Wall Street.

The counterargument is that regulation hurts small players more than large ones. Citibank can afford an army of compliance officers; most of us can't. I'm generally pro-regulation, if the details are sensible, but regulatory capture is a real problem, and it is not an unreasonable stance that the cure is sometimes worse than the disease.

That isn't really a counterargument; it's just a factoid. A counterargument would be something along the lines of "Regulation hurts small players more than large ones, and the scarcity of small players has been the biggest problem with Wall Street over the past decade because _____, therefore the problem with Wall Street is too much oversight."
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