Guest Posted May 13, 2017 Share Posted May 13, 2017 Seeing the POLO DDOS (?)/SCAMs repeating and feeling the agony of those losing their entire wealth (see POLO trollbox) I feel it is time the community stood up and made sure something happens. I believe that traders deserve a FAIR marketplace, FREE of the very possibility of these. We need an exchange that is distributed and can not be manipulated, tampered with and can not be attacked. A place where traders can take their earnings/savings/invest their shirts with confidence, that it will be possible to trade and they will be able to transact and not have to helplessly watch their investment being burnt in a matter of an hour. I would like to call all those who morally agree with this initiative for whatever the reasons, personal loss or just sympathy, to comment on the idea. First off, I'd like to assess what the general perception of the demand for such an exchange is. I have some ideas of the key requirements myself, but would like to invite you to comment without influencing inputs. The technology will be there and parts of it are already available, separately. I believe something like this requires smart contracts and transactions can be done through the ILP.. I will be looking into this as I see a market gap. Am I the only one??? Link to comment Share on other sites More sharing options...
Pipton Posted May 13, 2017 Share Posted May 13, 2017 Count me in, while I do not know that much about blockchain technology, I think I could be of use for the creation of a frontend website and API. If the demand is there of course. Link to comment Share on other sites More sharing options...
panmores Posted May 13, 2017 Share Posted May 13, 2017 Count me in, whatever it takes. Can't contribute much tech but other knowledge that's fundamental to mitigate risk and make such a venture successful. Link to comment Share on other sites More sharing options...
Hodor Posted May 13, 2017 Share Posted May 13, 2017 I've heard of this idea before, and it's intrigued me. It would require some sort of DAPP to pull off, or else a revolutionary DAPP wallet to allow direct trading with other wallets? Way back in the day, I remember a forum member who had launched a failed "one million gateways" project that was pretty ambitious, but regulations got in the way... Pipton 1 Link to comment Share on other sites More sharing options...
Guest Posted May 13, 2017 Share Posted May 13, 2017 Noted and welcome! Yes, mitigating the risk of these and not having to TRUST an exchange (Think Mt.Gox/Polo..) with your coins is the value such a platform could deliver. Link to comment Share on other sites More sharing options...
Guest Posted May 13, 2017 Share Posted May 13, 2017 1 minute ago, Hodor said: I've heard of this idea before, and it's intrigued me. It would require some sort of DAPP to pull off, or else a revolutionary DAPP wallet to allow direct trading with other wallets? Way back in the day, I remember a forum member who had launched a failed "one million gateways" project that was pretty ambitious, but regulations got in the way... Fully agree.. No point starting another failed project. It needs to be decentralized and trading ALTS only (no fiat, go to an exchange for that) to begin with. I'd *assume* that's where it failed. If its fully P2P, with no middle-man, it can't be shut down/controlled. Link to comment Share on other sites More sharing options...
Graine Posted May 13, 2017 Share Posted May 13, 2017 Well, you have RCL already. Just need to trust the custodians of the IOUs. Maybe some sort of Escrow functionality that is tied to RCL on one end and to hard-coded wallet of whatever blockchain you want to exchange your money for. RafOlP, T8493 and DarthTrader 3 Link to comment Share on other sites More sharing options...
Hodor Posted May 13, 2017 Share Posted May 13, 2017 1 minute ago, daddybear said: I'd *assume* that's where it failed. If its fully P2P, with no middle-man, it can't be shut down/controlled. You are correct (if I remember - other "old" forum members can correct me on that). The idea of individuals becoming gateways was abandoned after the FINCEN fine. Then the focus went straight to gateways with a money transmitter license. Link to comment Share on other sites More sharing options...
Guest Posted May 13, 2017 Share Posted May 13, 2017 1 minute ago, Graine said: Well, you have RCL already. Just need to trust the custodians of the IOUs. Maybe some sort of Escrow functionality that is tied to RCL on one end and to hard-coded wallet of whatever blockchain you want to exchange your money for. Yes, indeed. It could be built on RCL, need smart contracts and storing all user (account) data on blockchain, encrypted only you having your private keys so it can't be tampered with. Link to comment Share on other sites More sharing options...
Guest Posted May 13, 2017 Share Posted May 13, 2017 Just now, Hodor said: You are correct (if I remember - other "old" forum members can correct me on that). The idea of individuals becoming gateways was abandoned after the FINCEN fine. Then the focus went straight to gateways with a money transmitter license. ALTs are not money AFAIK. They are digital assets at best. Regulation is key and so is compliance. But look at Bitcoin and other "anonymous" ALTs. They won their market share due to the technology advantage. Something like this could easily go viral, if implemented.. Link to comment Share on other sites More sharing options...
Guest Posted May 13, 2017 Share Posted May 13, 2017 IMO the key is to avoid FIAT exchange - but allow you to withdraw ALT to any wallet. No KYC required that way since you are not exchanging MONEY. Link to comment Share on other sites More sharing options...
Hodor Posted May 13, 2017 Share Posted May 13, 2017 3 minutes ago, daddybear said: ALTs are not money AFAIK. They are digital assets at best. Regulation is key and so is compliance. But look at Bitcoin and other "anonymous" ALTs. They won their market share due to the technology advantage. Something like this could easily go viral, if implemented.. Agree... COMPLETELY! No transfer to fiat, no risk, as far as I can see. Let's do this thing! Link to comment Share on other sites More sharing options...
Guest Posted May 13, 2017 Share Posted May 13, 2017 Okay. We're gonna do it! Link to comment Share on other sites More sharing options...
Chan_Maddanna Posted May 13, 2017 Share Posted May 13, 2017 (edited) Many have tried this. The single most key issue is maintaining a "global orderbook" that is up-to-date down to the milli-second, in a decentralized way that uses network connected computing assets. Blockchain with multiple confirmations are not suited for this. Math based consensus like RCL is better, but still not suitable. Paychan is not global-consensus. hmm.... just sharing things so that you get a good start. good luck, not at all saying it can't be done, but some new idea to solve this problem is required. orderbook reflecting real-time 'demand state dynamics' of sell and buy orders is the foundation and is a necessity. 'lag' in order acceptance and execution cannot happen. which means mathematically speaking, one will need some kind fo guarantee from the distributed nodes ( laptops, computers, phones ? etc ) that's part of such a trading network. they can't be down, or perhaps guarantee their internet and bandwidth access etc ... its a good challenge, and a multi-billion dollar worth. Edited May 13, 2017 by R8102V1D2D Link to comment Share on other sites More sharing options...
Guest Posted May 13, 2017 Share Posted May 13, 2017 Let's collect expectations and pain points and consider how they can be addressed. I would like to make sure we capture these best as we can as they are what can make or break such a thing. Link to comment Share on other sites More sharing options...
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