Re:That which does not kill Bitcoin makes Bitcoin stronger
by zeckalpha on Wednesday February 26, 2014 @04:35PM
(#7308068)
Isn't number 3 just a variation of number 4, with a middleman? That's all I mean. Can't software exist for individual early adopters to sell their coin in exchange for fiat at market values without a centralized exchange? To me, it seems like centralized exchange just leads to collapse.
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Re:That which does not kill Bitcoin makes Bitcoin stronger
by dragonwriter on Wednesday February 26, 2014 @07:36PM
(#7309407)
> Can't software exist for individual early adopters to sell their coin in exchange for fiat at market values without a centralized exchange?
As I see it, the tricky bit without an exchange is (1) establishing a "market price" in the first place, and (2) coordinating the fiat side of the transaction with the cryptocurrency side (the same problem exists between two different cryptocurrencies with different networks) so that the two either succeed or fail together.
Re:That which does not kill Bitcoin makes Bitcoin stronger
by dcc1 on Wednesday February 26, 2014 @04:52PM
(#7308242)
There is work being done on distributed exchange, the problem is quite difficult tho, I believe there is an exchange in germany that works quite well and users pay by bank transfer between each other (sepa transfers are cheap or free)
There is also localbitcoin
some people used mtgox to trade, but I can not understand why since their fees were high, trading engine slow and buggy and well there are better alternatives