buryfarmer



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hi







MemberActivity: 71Merit: 10hi MtGox is bitcoins weakest link!!!!!! March 07, 2013, 01:07:31 AM #1



80% of bitcoin trade happens at Mtgox which is centralised.



WE NEED A DECENTRALISED EXCHANGE SYSTEM NOW!!!!!



This is my solution: Bitcoin works great because it is decentralised.80% of bitcoin trade happens at Mtgox which is centralised.WE NEED A DECENTRALISED EXCHANGE SYSTEM NOW!!!!!This is my solution: www.poundcoin.org

HappMacDonald



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NewbieActivity: 26Merit: 0 Re: MtGox is bitcoins weakest link!!!!!! March 07, 2013, 08:43:31 AM #3



Issuer would have to be trusted (so much for "decentralized exchange")

Market would have to trust someone will always be there to buy and sell these colored coins at 1GBP

No entity, central or aggregate would be able to hold the price pegged without constantly burning wealth in the process (buying and selling at loss to manipulate price free market forces would otherwise randomize) Blog post doesn't clarify how these colored coins could get successfully pegged to the pound.

WishIStartedSooner



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Sr. MemberActivity: 252Merit: 250 Re: MtGox is bitcoins weakest link!!!!!! March 07, 2013, 03:15:49 PM #13 Question:



Why is gox doing 80 percent of the business?



Of all the people I'd expect to be willing to support new exchanges, I'd think bitcoiners would least likely to all flock to the same exchange.



Is there something wrong with the other exchanges?

mobile4ever



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Hero MemberActivity: 546Merit: 500 Its already started March 07, 2013, 04:26:10 PM #14 Quote from: buryfarmer on March 07, 2013, 01:07:31 AM



80% of bitcoin trade happens at Mtgox which is centralised.



WE NEED A DECENTRALISED EXCHANGE SYSTEM NOW!!!!!



This is my solution:

Bitcoin works great because it is decentralised.80% of bitcoin trade happens at Mtgox which is centralised.WE NEED A DECENTRALISED EXCHANGE SYSTEM NOW!!!!!This is my solution: www.poundcoin.org



I have already started one. It is superior to Ripple in that the users can make money in two different ways.



See:



https://bitcointalk.org/index.php?topic=145389.0





BTW, I am not making something that will be under my control. It is truly decentralized. I have already started one. It is superior to Ripple in that the users can make money in two different ways.See:BTW, I am not making something that will be under my control. It is truly decentralized.

DobZombie



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Former curator of The Bitcoin Museum







Hero MemberActivity: 896Merit: 528Former curator of The Bitcoin Museum Re: MtGox is bitcoins weakest link!!!!!! March 07, 2013, 04:39:06 PM #15 Quote from: buryfarmer on March 07, 2013, 01:07:31 AM Bitcoin works great because it is decentralised.



80% of bitcoin trade happens at Mtgox which is centralised.



WE NEED A DECENTRALISED EXCHANGE SYSTEM NOW!!!!!





You want to decentralise where bitcoin is traded? It's dead simple.



Create your own exchange that has buy/sell fees of less than 0.25%. Mt gox starts at 0.6% and slowly goes down with bigger trading volume (for the average 50 BTC day trader it goes down to about 0.4%)



If day traders were aware of an exchange that charges less than MT GOX, many would flock! You want to decentralise where bitcoin is traded? It's dead simple.Create your own exchange that has buy/sell fees of less than 0.25%. Mt gox starts at 0.6% and slowly goes down with bigger trading volume (for the average 50 BTC day trader it goes down to about 0.4%)If day traders were aware of an exchange that charges less than MT GOX, many would flock! Tip Me if believe BTC 1 will hit $1 Million by 2030

1DobZomBiE2gngvy6zDFKY5b76yvDbqRra

mobile4ever



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Hero MemberActivity: 546Merit: 500 Re: MtGox is bitcoins weakest link!!!!!! March 07, 2013, 04:42:43 PM

Last edit: March 07, 2013, 05:41:59 PM by mobile4ever #16 Quote from: DobZombie on March 07, 2013, 04:39:06 PM

You want to decentralise where bitcoin is traded? It's dead simple.



Create your own exchange that has buy/sell fees of less than 0.25%. Mt gox starts at 0.6% and slowly goes down with bigger trading volume (for the average 50 BTC day trader it goes down to about 0.4%)



If day traders were aware of an exchange that charges less than MT GOX, many would flock!





How about NO fees? I had no idea that Mt Gox charged .6 percent. Even Paypal charges less, if I remember right.



Edit: I was wrong:



https://www.paypal.com/webapps/mpp/paypal-fees



Paypal charges 2.9 percent and a .30 cent transaction fee.



But, its time to start flocking...



Here is the plan:



https://bitcointalk.org/index.php?topic=145389.0



It does not start out with math, but faith. How about NO fees? I had no idea that Mt Gox charged .6 percent. Even Paypal charges less, if I remember right.Edit: I was wrong:Paypal charges 2.9 percent and a .30 cent transaction fee.But, its time to start flocking...Here is the plan:It does not start out with math, but faith.

don giovanni



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MemberActivity: 80Merit: 10 Re: MtGox is bitcoins weakest link!!!!!! March 07, 2013, 05:22:57 PM #19 poundcoin concept sounds neat but i dont see how you could ever create a digital cryptocurrency equivalent to a fiat currency. Even then whats the point, to have a pseudoanonymous digital fiat? Cause its still gonna get inflated by the central banks, and im sure they would take offense to someone, even with a full reserve system, making a digital banknote on their behalf.