• Forum has been upgraded, all links, images, etc are as they were. Please see Official Announcements for more information

Mint-Gox

thelonecrouton said:
It would be difficult to maintain the same financial barrier to setting up a rogue node without integrating the exchange into the core daemon, which I don't think is a good idea, for financial/legal liability as well as security reasons. But you could in theory implement a similar but separate requirement for exchange nodes.

Are Masternodes themselves ever charged collateral fees? I don't see how they can be, the MN balance remains locked up.

I think a far simpler approach to a decentralised exchange would be to just keep trades between individual buyers and sellers. Any 'depositing' anywhere and you're back to Bot Town.
Click to expand...


I agree
Buy to seller .... seller to buyer .... keeping it simple but save !!!
(DRK - BTC ... BTC to DRK ONLY)

So what about Smart Contracts ?!
I sell 10 DRK for BTC (smart contract) with Escrow !
You buy 10 DRK for BTC, smart contract sais YES (as payment is correct) does his signature, I do mine .... 2 out of 3 (Multi Sig)
Escrow release and done !
Everybody Happy ?!
 
thelonecrouton said:
It would be difficult to maintain the same financial barrier to setting up a rogue node without integrating the exchange into the core daemon, which I don't think is a good idea, for financial/legal liability as well as security reasons. But you could in theory implement a similar but separate requirement for exchange nodes.

Are Masternodes themselves ever charged collateral fees? I don't see how they can be, the MN balance remains locked up.

I think a far simpler approach to a decentralised exchange would be to just keep trades between individual buyers and sellers. Any 'depositing' anywhere and you're back to Bot Town.
Click to expand...
No, masternodes are not charged collateral fees.

The problem with that, tungfa, is that you'll still have to find someone to trade with, then agree on a price, etc... it's not as liquid, it's clunky and slow. We seriously need an exchange that functions as fast and smooth as the stock market, but is decentralized. We need it if cryptos are ever going to act like cash. We can't run away from the need just because it seems difficult. I am certain this can be done, if we think outside the box. We just have to pretend we're Evan, and we'll find the way! (I'm actually serious! LOL)
 
TanteStefana said:
Unfortunately, I don't understand how exchanges are programmed, BUT
Click to expand...

Thank god you don't know :). You know what would happen if we'd ask people who actually program stock exchanges if we could run them in masternodes? Some would shake their heads in dismay, while most of them would probably explode with laughter. That's because no single one of them would have a freaking idea about masternodes. Problably already the concept would blow their minds. It's way better fresh people like you that don't see too many limitations everywhere push for this. Only fresh people can really think outside the box. The good thing is we don't need to think outside the box too much for this one. Evan already did that for us. I say forget the traditional decentralised exchange (like what their doing at OpenBazaar and Bitsquare and Lighthouse. We still should talk to bitsquare though). These will be great projects but not really suitable for our purpose of a currency exchange.

Look: we already did the currency exchange in Darkcoin. Even something more complex than that. What is darksend? In my naive mind, it is a more complicated thing than a currency exchange. It premixes denominated amounts of multiple people together. Pretty fucking complex. A currency exchange would be less complicated and not so far from what already has been done.

I like thelonecrouton's skepticism as to not overloading the core function of the deamon and the legal implications a currency exchange brings with it in some countries. But we have a testnet for developing it outside the core darkcoin development. It could be programmed as an optional module like was proposed for other possible masternode services like the tor function. No one should be forced to run the exchange module on his masternodes. But those who run it could earn a little commission per trade as an incentive. Just like a broker does. The client gui could have a simple interface, optionally made available in a tab, for the trading. Done.
 
Last edited by a moderator:
Hey TanteStefana i hear you
but then you still need that 3rd party to put a ton of coins on that market to be traded !
decentralized or not ! you gotta rely on a 3rd party ! or is there a way that we as a community put our coins out there, agree on a price and see how buys it with the fluctuations we have ?!
I do not think so ?!
I know what you mean about my 'simple' idea, and you are probably right that we are not looking outside the box of a regular exchange, there must be a way to do that in a pooling kind of way .... i am gonna talk to some people who maybe can point me in the right direction.

good ideas already here ! well done guys, we gotta crack that nut eventually, keep it coming

we still should talk to the bit square guys !
 
In the meantime I have just reached out to an Exchange based in the city of London, not far from my house suggesting that now might be a good time for them to up their game and make some introductory deals for people affected by Mintpal collapse and Cryptsy instability.

They might not figure high on the volume charts but they are a real company, with real people working in a real office. They also have very robust verification and offer FIAT markets.

Lets see if they throw us a temporary line.
 
I'm deliberately not saying who they are because I think they didn't pay masternodes for a while (they have a mining arm) but lets see if they can redeem themselves.

Once again, I volunteer myself to extend some corporate hospitality. Two miles is a lot closer than Vienna :D
 
I can get volume due to a very strong reputation on the Bitcoin lending forums. I'd have to seriously plan it, but I could certainly get enough these days to get the ball rolling on other altcoins.
 
pbleak said:
I can get volume due to a very strong reputation on the Bitcoin lending forums. I'd have to seriously plan it, but I could certainly get enough these days to get the ball rolling on other altcoins.
Click to expand...

Well, if I was one of the exchanges that was functioning at the moment I'd be raising hell to catch as much volume as I can while the Mintpal fallout continues and Cryptsy has an outage. I like Cryptsy but you can't help but give them a low trust rating based on the number of tech faults that they have.
 
I left cryptsy many moons ago for that reason. Too many little errors here and there. I think Bittrex will be the winner here even though I don't trust them 100% but if they do well now they will have taken their chance.
 
how about the new Danish exchange who just signed us up !? super secure and whatnot !?
is there any volume by now ??
ccedk something
 
ccedk is nice looking but no volume whatsoever. I had a look, there are a few people looking for the odd trade, but damn is it quiet. The admin should have added some volume to help kick it off. I was going to write to him but I felt it would be a bit out of the blue for him.
 
How can you not trust this lot? :D

https://cex.io/about/

Seriously, from a user experience, they are what cryptsy try to be...secure and useable. Good customer services too (had some trouble with FIAT payments that were resolved quickly).

I have no affiliation with them at all and actually don't really care who we end up adopting but my best experience so far has been with these ladies and gents.
 
Also a few other problems on ccedk: the trading pairs are awesome, but the withdrawal limits for FIAT at minimum 100 usually. Nobody wants to be the first to test that out. There's also some quirky Russian language stuff mixed in there, but why? Is it not a Danish site?
 
Thats the kind of spot that we need to be making.

The warning signs for Mintpal were there for months. I know that it seems that way with the benefit of hindsight but also, some individuals involved with other coins seem to have sat on information. One Doge kingpin resigned when his warnings were ignored.

Its a free market but we want to be encouraging as many exchanges as possible to step up.

In the meantime, I'd like to look into what our colleagues in Austria have to say and whether I/We'd be able to fund a collaboration. I'd much rather go into such discussions with Evan's blessing though. Open source or not.
 
I tagged Minotaur already and here again,
i will send him an email later, as he is the one who should talk to Evan / fernando about this !

Edit: emailed !
 
Last edited by a moderator:
ok, i talked to somebody (a very clever guy) about this to get an idea where something like this would go
Tungfa translation is : (please bear with me)

- The exchange would work on the QT Wallets (some other coin is doing that already i believe)
- and everything would work secure on the MN Network
- Different Exchanges can compete for customers (voting system, who is best and trusted...
let the exchanges compete on quality of service and user experience)
- Exchanges, rates, volumes feed off one blockchain
- this way if MintGox goes down, everyone is still protected... another Exchange picks up the refugees
no one loses their money
- the money is ether on that exchange or on my wallet, i buy and they send it over
- when you make a trade it is locked in, just like the MN's hold 1000 locked otherwise they get rejected / are invalid !
- the Qt client has be built with these features so trading happens on the Qt client
- you choose the exchange that has the best deal/volumes
but the exchange doesn't really hold the coins
the network locks the trade
like DRK masternodes lock in 1000 DRK
- the trades are held in the blockchain
- it's just a few tweaks to the blockchain and Qt client
and change with the price
- the exchanges then get fees for helping to process the orders
those with the best hardware do that
- if you make a trade it is locked by the network, if no one fulfills the order, you can cancel
it's just an on/off flag
- if the trade happens then it is logged and secured by the entire MasterNode mesh
- so multi sig with a smart contract ?
everyone should compete on customer service, analytics, charts, insights, etc
it's all of that and more
Bitcoin 3.0 technology

You guys still with me ?
Would love to hear Evan's opinion on this !!
To do it over the QT Wallets (based on the MN network is definitely the way!!)
Tx TT for the input
 
tungfa said:
ok, i talked to somebody (a very clever guy) about this to get an idea where something like this would go
Tungfa translation is : (please bear with me)

- The exchange would work on the QT Wallets (some other coin is doing that already i believe)
- and everything would work secure on the MN Network
- Different Exchanges can compete for customers (voting system, who is best and trusted...
let the exchanges compete on quality of service and user experience)
- Exchanges, rates, volumes feed off one blockchain
- this way if MintGox goes down, everyone is still protected... another Exchange picks up the refugees
no one loses their money
- the money is ether on that exchange or on my wallet, i buy and they send it over
- when you make a trade it is locked in, just like the MN's hold 1000 locked otherwise they get rejected / are invalid !
- the Qt client has be built with these features so trading happens on the Qt client
- you choose the exchange that has the best deal/volumes
but the exchange doesn't really hold the coins
the network locks the trade
like DRK masternodes lock in 1000 DRK
- the trades are held in the blockchain
- it's just a few tweaks to the blockchain and Qt client
and change with the price
- the exchanges then get fees for helping to process the orders
those with the best hardware do that
- if you make a trade it is locked by the network, if no one fulfills the order, you can cancel
it's just an on/off flag
- if the trade happens then it is logged and secured by the entire MasterNode mesh
- so multi sig with a smart contract ?
everyone should compete on customer service, analytics, charts, insights, etc
it's all of that and more
Bitcoin 3.0 technology

You guys still with me ?
Would love to hear Evan's opinion on this !!
To do it over the QT Wallets (based on the MN network is definitely the way!!)
Tx TT for the input
Click to expand...

I'm totally with you! I can see it, and even better, exchanges (private enterprise) can still be a part of the system! Wow! I love you guys! You're all stepping up to the plate wonderfully!
 
and
if we DRK really had something like that working ! OMG think about it , no more MintGox, paranoia about scammers and fuxxed exchanges , no more people loosing coins or getting "hacked" ... save and happy customers !
Happy Days !...>
 
You must log in or register to reply here.
Back
Top