Re: Finally! A distributed Bitcoin exchange. Coinffeine.
Hmm..
The Technical WIKI says you need to create a REFUNDABLE BTC deposit.. This is currently NOT possible with Bitcoin as you have TXN malleability issues.. ? They don't mention this in 'Threats and Mitigation' section.
Also - they say you need to use a FIAT payment processor that does not support chargebacks.. That's up to the BANKS isn't it ? I don't know of any fiat processor that does this. And if you need to use Kraken or another exchange, they WILL require KYC ?
And finally - in the example they use 100 steps to transfer $100 - $1 at a time.. the fees on that will be monstrous.. since the min fee will be a huge amount of the $1 transfers ?
Transferring 1BTC in 100 steps will incur 100 * fees. This is not a small amount.
I really hope they can get this to work, it's way cool, but currently, i don't see it..
The Technical WIKI says you need to create a REFUNDABLE BTC deposit.. This is currently NOT possible with Bitcoin as you have TXN malleability issues.. ? They don't mention this in 'Threats and Mitigation' section.
Also - they say you need to use a FIAT payment processor that does not support chargebacks.. That's up to the BANKS isn't it ? I don't know of any fiat processor that does this. And if you need to use Kraken or another exchange, they WILL require KYC ?
And finally - in the example they use 100 steps to transfer $100 - $1 at a time.. the fees on that will be monstrous.. since the min fee will be a huge amount of the $1 transfers ?
Transferring 1BTC in 100 steps will incur 100 * fees. This is not a small amount.
I really hope they can get this to work, it's way cool, but currently, i don't see it..