Would you mind giving an update on your project? I must have missed the later post you're mentioning above. It might be interesting both for you and your future clients if you could sketch how you would handle core issues of Futures, settling, margining, matching? I'm sure many of us have pet hates about existing exchanges and how they deal with their users. Taking early feedback on board might prevent repeating mistakes certain exchanges or market data providers keep making over and over again.? I'd appreciate any information you can share, maybe an early prototype for testing the idea?

I can imagine markets where instantaneous confirmation would be absolutely crucial. Less critical when you can delay shipping something physical via mail, or offering the client who just bought that mega flat screen TV a coffee and a seat. But how about prediction markets or betting exchanges settled in BTC? Here the counterparty wants to know immediately if the deal will go through, otherwise the price might have changed once they realise they need a new match on the exchange for their deal.

I don't understand how that proxy-bitcoin concept would work in reality - either it is doing the same thing as Bitcoin and is slow, or I have to trust it (for small amounts) and then I could simply use small Bitcoin transfers?

Somehow banks delaying payments for 2-3 business days (for technical reasons, if you are one of the many dud banks with ancient systems, or because you just happen to like your free lunch:) should not be the benchmark for Bitcoin. Wasn't the key concept that it is a lot faster (as long as you need to be convinced by confirmations) and doesn't require specific trust in one specific, reputable 3rd party (like Mt Gox or Gavin), only the nodes?

Would it be hard to establish an alternative channel to prove I'm neither bot nor spammer? I'd really prefer to solve 10 captcha or similar and wait exactly a board prescribed random time (~30sec) in between providing input. A combination of a minimum waiting time and some proof of human, time-consuming work should deter posters the board doesn't want? Hopefully nobody will judge me by my 5 useless initial posts. All I wanted is to ask more question on a couple of interesting threads before thy die down...

I think it would already be a huge step forward to be able to use BTC for everything I now do with online transfers, starting from rent, utility bills, ISP/mobile phone provider, buying goods online etc. Basically everything where it is not that crucial for a payment to be confirmed within the hour. Either the service has been provided anyway already in good faith, or shipment can be hold until payment is confirmed.

 

Somehow it appears to be hard to include some kind of retail instant-quote button for a price in BTC to existing operations. Someone selling software via a webstore, or a utility company billing residents shouldn't have to deal with monitoring rates and taking the hassle to pipe it through, isn't that what financial service provider are for? Then again, why would an existing large bank or payment servicer volunteering to cut off the branch that is earning the fees. I just think it's not beneficial if a normal seller has to worry about exchanges rates at different and changing BTC exchanges.


Btw, I think the bar for postings was lowered to 5 posts now, looks like you're good to go..

And that's why miners then will be getting paid mostly in transaction instead fees I guess. To remain safe the network needs to keep enough parties interested in competing to do proof-of-work. Maybe the inventors envisioned that a large number of transactions per block in a mature network would generate sufficient pay-off even with low fees per single transaction.