Mint-Gox

TanteStefana

TanteStefana

Well-known member
Foundation Member
The current situation with Mintpal shows us that something simply has to be done about these exchanges. It's a trusted system in what should be an entirely untrusted, on the blockchain solution. It's high time someone does this, and I think that our masternode network is the perfect structure to implement the first p2p exchange/market place. I only wish I could code! But I know some of you can do this, so I'm putting out a plea for someone to create a coin to coin decentralized exchange. With ... oh gosh, who made the escrow, multi sig program???... Well, I can see his multisig wallet being the base for such a system. I can see logically that it can be done. All one would need to know is how to make an exchange, then implement it into multi sig wallets somehow.

Anyone interested/capable, or want to support this kind of a project? I'd say the creators could earn coin off of each transaction as could the masternodes via fees (that would / should be very low)

I summon you to fulfill your potential !

WHAT SAY YOU!
 
TanteStefana said:
The current situation with Mintpal shows us that something simply has to be done about these exchanges. It's a trusted system in what should be an entirely untrusted, on the blockchain solution. It's high time someone does this, and I think that our masternode network is the perfect structure to implement the first p2p exchange/market place. I only wish I could code! But I know some of you can do this, so I'm putting out a plea for someone to create a coin to coin decentralized exchange. With ... oh gosh, who made the escrow, multi sig program???... Well, I can see his multisig wallet being the base for such a system. I can see logically that it can be done. All one would need to know is how to make an exchange, then implement it into multi sig wallets somehow.

Anyone interested/capable, or want to support this kind of a project? I'd say the creators could earn coin off of each transaction as could the masternodes via fees (that would / should be very low)

I summon you to fulfill your potential !

WHAT SAY YOU!
Click to expand...
I really like the idea - Bitcoinica, BitFloor, Mt.Gox, Bitcurex, Cryptorush, C-CEX, Mintpal ... how many breakdowns do we want to experience?

And i agree: It's time for a decentralized coin exchange - and why not benefit from a 900+ high performance server network to create such? The p2pool concept has shown that decentralized mining works, and so should coin exchange.

So my vote for implementing this (may be even completely independant from DRK) - but i am to busy to get this started. Community members, one pace forward!

Holger
 
I only do localbitcoin (for BTC obviously) and this is just great !
fast , secure, and done !

If we had the same for DRK it would be amazing !

Escrow system,
Mulisig
smart contract
give +/- for Sellers/ buyers (trust) and done

Who is able to do that ?!
 
Actually this would be quite immense. Imagine developing an exchange that people could trust based on decentralisation and then promoting Dark and not Bitcoin as the main coin (but including Bitcoin of course).
 
tungfa said:
I only do localbitcoin (for BTC obviously) and this is just great !
fast , secure, and done !

If we had the same for DRK it would be amazing !

Escrow system,
Mulisig
smart contract
give +/- for Sellers/ buyers (trust) and done

Who is able to do that ?!
Click to expand...

Sounds like the deep web type markets but transplanted to something a bit more sensible.
 
miningpros said:
Great Idea , Also a good moment to cut DRK loose of BTC , trade with USD as main exchange.
Click to expand...
Well, that would require regulation compliance, so I see this as only being a coin to coin exchange. Masternode owners are linked to the real world, usually, so they can be responsible for fiat to coin conversions without a license :p
 
tungfa said:
I only do localbitcoin (for BTC obviously) and this is just great !
fast , secure, and done !

If we had the same for DRK it would be amazing !

Escrow system,
Mulisig
smart contract
give +/- for Sellers/ buyers (trust) and done

Who is able to do that ?!
Click to expand...
Well, this should be trustless, and incognito, so no real identification should be gathered (if you use darksend). And if it could function with the same tools the exchanges give us, like a market ticker, that'd be really good. That way both parties can see where the price is going. I see this as an actual exchange, working just like a normal exchange except that the funds are held (and locked) when up for sale until a trade is made, inside the user's wallet, rather than in an exchange, under their control.

it's not going to be easy...

I would guess that BTC to DRK would be first, with the "team" implementing it in a duel wallet, and hopefully other coin teams adding to their wallet the technology, so we don't have to make something for each coin. When a pairing is made, it is recorded and put on a separate chain perhaps, where data on price and volume can then be charted for all to see.
 
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Someone will need to project manage this and see it through all the way... There will be a lot of moving parts to this one.
 
I guess it comes down to what it would entail. Does anybody know roughly how much the set up costs for an exchange are? Are there any known designers in the area? If we gain get that then we simply need to crowdfund, hire and then buy the server space/domain and so on. From there it is promotion. I know that deep web exchanges have people who set them up for a fee so surely this can be done for sure for cheaper (since, of course, what we are doing is legal). Or perhaps we could talk to the ccedk guy about his site which is a bit flat at the moment and might be open to this new approach.
 
Hmmm.... to start off for our internal use so to speak and before releasing it to the open, why not keep it quick and dirty and then build up on that? I think we could use an existing escrow solution with arbiters and implement automated trustless arbiters powered by masternodes at a later stage. A currency exchange would be perfect to implement automated arbiters, because all the arbiters need to do is look up the blockchains of the exchange pair's currencies and check if the transactions really were executed. Still, implementing this nicely is not a child's play and could be done in a later step. Teamer's escrow service could be used as a base. His escrow page doesn't explicitly explain, but I guess he must have implemented multisig. https://drkescrow.com/ . In case he hasn't implemented it already it shouldn't be too dificult thanks to thelonecroutons multisig tool https://darkcointalk.org/threads/qu...g-ui-in-python-qt-new-unimproved-perver.2197/. Obviously the page would need to be changed quite a bit to serve as a real currency exchange with order book, bid and ask prices etc. I like the design solution of http://shapeshift.io/ as an example of an exchange that doesn't require an account/identity. Maybe the fastest way to achieve this is would be if Teamer could put the source of drkescrow.com on github and whoever is able to adapt it can give it a go? To start off we could run it with arbiters from the community if a dispute comes up. Teamer what say you?
 
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i just heard of bitsquare.io (guys out of vienna)
http://bitsquare.io
with a decentralized BTC Exchange Idea !

i believe this is running into the direction we are talking !!
They are not up yet, but there are so good videos to see how they plan to do it and the code is on github (open source)


I we would build something like that into the Masternode Network for DRK
we would save ourself and our DRK friends and new comers a whole lot of trouble
(with these dam exchanges) !
 
tungfa said:
i just heard of bitsquare.io (guys out of vienna)
http://bitsquare.io
with a decentralized BTC Exchange Idea !
Click to expand...
Neat. Very nice find Tunga!

Quote from their whitepaper:

"A crypto-crypto exchange could be build in a real trustless way, so no arbitration and none of the other protection mechanisms are needed. The main problem would be how to connect without too much effort to a huge variety of different alt coins and systems.

An interesting aspect of an crypto-crypto exchange would be the anonymisation of digital currencies."

https://docs.google.com/document/d/1d3EiWZdaM89-P6MVhS53unXv2-pDpSFsN3W4kCGXKgY/edit?pli=1#

Only minus for me personally: it's coded in Java! But if it works, who cares :)
Will try to play around with it a bit as soon as I find time.
 
Cofresí said:
Neat. Very nice find Tunga!

Quote from their whitepaper:

"A crypto-crypto exchange could be build in a real trustless way, so no arbitration and none of the other protection mechanisms are needed. The main problem would be how to connect without too much effort to a huge variety of different alt coins and systems.

An interesting aspect of an crypto-crypto exchange would be the anonymisation of digital currencies."

https://docs.google.com/document/d/1d3EiWZdaM89-P6MVhS53unXv2-pDpSFsN3W4kCGXKgY/edit?pli=1#

Only minus for me personally: it's coded in Java! But if it works, who cares :)
Will try to play around with it a bit as soon as I find time.
Click to expand...

i have no idea about coding thought !
but ja java is not really used i imagine for things like this.

Ja would be great if you could look into that

imagine we had a DRK exchange running on the MN's !
Dam we would so beat the system of screwup's, illicit exchanges, greedy scam brothers , and whatever else is out there !
 
The question is, do we have the development capacity to take this on? I'm not part of the dev team but from where I'm standing Evan seems to be having trouble finding help for the day to day progression of Darkcoin let alone for a major feature like this.

It might be that their code/product/idea is unsuitable. It be that they're owned by Alex Green (joke!). My point being is that we don't know if we need them or not.
 
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