Quote from: DeathAndTaxes on February 06, 2012, 10:52:00 PM

Couple issues:
You haven't explained how the trade happens without 3rd party. This is a non-trivial problem.
Buyer has USD. Seller has BTC. They agree on an exchange. How EXACTLY do you intend to faciltate the transfer so that Seller's BTC go to Buyer's wallet and Buyer's USD get transfered to seller's Dwolla account without one party just taking both and leaving.

You haven't explained how you will enforce bids without a 3rd party. This is a non-trivial problem.
I offer for sale 1,000,000 BTC @ $1 ea. How do you ensure that I have 1,000,000 BTC and that I can't remove the order once matched and executed.

There likely are solutions but you seem to have glossed away the entire problem which isn't reassuring.

I haven't glossed away anything. I said that I want people to give their ideas. I'm aware (and even said so) that the trade system is not full-proof. However, the bids are simple as far as I can see. Before placing a bid the software will check to see if the amount you are trading exists in your wallet before allowing it to go through.

All Best,

Michael