Quote from: DobZombie on March 07, 2013, 04:39:06 PM

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!

Not really. Day traders are going to trade on the exchange with the consistently lowest spread. Because MtGox is the most used exchange, it'll have the lowest spread. And because it has the lowest spread, it is the most used exchange.

Exchanges already exist with fees below MtGox, but they aren't as successful, because they all have various problems. Bitfloor was hacked and not smart with security. Coinbase has issues with downtime. Most other exchanges aren't available for one particular main currency or another - MtGox has the most world-wide currencies supported AFAIK.

MtGox isn't nearly as good as it could be, but nothing better has yet presented itself.