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Offline FreeTrade

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Cross-Coin Satoshi Dice Idea (Exchange)
« on: January 15, 2014, 06:18:14 PM »

Here's an idea -

I mentioned already that it is possible to convert any altcoin address to a MemoryCoin address for tipping.

It would also be possible to create a dice service that accepted bets in one coin (say BTC), and made payouts in another (say MMC) or vice versa.

If there were a payout that had 100% odds - (say minus a 2% house edge) it works just like an exchange.

The exchanger doesn't need to keep the funds online (doesn't need to reveal his IP - just needs liquidity in both currencies) so it's easier to operate.

Users don't need to trust the exchanger much, because they can exchange over time rather than all at once.

“People should be more sophisticated? How are you gonna get that done?” - Jerry Seinfeld reply to Bill Maher

Offline BTChris

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Re: Cross-Coin Satoshi Dice Idea (Exchange)
« Reply #1 on: January 15, 2014, 06:35:33 PM »
Where can i find the information to convert a public BTC address to a public MMC address with the same private key?
edit: without knowing the private key

Offline FreeTrade

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Re: Cross-Coin Satoshi Dice Idea (Exchange)
« Reply #2 on: January 15, 2014, 06:36:31 PM »
“People should be more sophisticated? How are you gonna get that done?” - Jerry Seinfeld reply to Bill Maher

Offline FreeTrade

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Re: Cross-Coin Satoshi Dice Idea (Exchange)
« Reply #3 on: January 15, 2014, 06:40:30 PM »
Here's how it would work for the user,

1. User copies his Bitcoin-qt wallet to MemoryCoin directory
2. Starts both QT clients
3. Sends coins from Bitcoin-qt to exchange address
4. Waits for suitable number of confirmations
5. Receives funds in MemoryCoin wallet.

The whole thing is very transparent - anyone people can audit that payment have been made, and the exchange rate given.

The more I think about it, the more I like it.
“People should be more sophisticated? How are you gonna get that done?” - Jerry Seinfeld reply to Bill Maher

Offline svyatoslav

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Re: Cross-Coin Satoshi Dice Idea (Exchange)
« Reply #4 on: January 15, 2014, 07:53:26 PM »
what what exchange rate will be taken ?

I feel you gonna come up with idea similar to Ripple :)
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Offline isaacgoldbourne

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Re: Cross-Coin Satoshi Dice Idea (Exchange)
« Reply #5 on: January 16, 2014, 12:44:40 AM »
Only problem is maintaining liquidity when money is going predominantly one way
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Offline FreeTrade

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Re: Cross-Coin Satoshi Dice Idea (Exchange)
« Reply #6 on: January 16, 2014, 02:51:33 AM »
Yes, you'd probably want to be trading in an exchange to maintain liquidity.

You could also bounce transactions back if you suddenly found yourself unable to meet demand.
“People should be more sophisticated? How are you gonna get that done?” - Jerry Seinfeld reply to Bill Maher

Offline FreeTrade

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Re: Cross-Coin Satoshi Dice Idea (Exchange)
« Reply #7 on: January 16, 2014, 07:13:37 AM »
what what exchange rate will be taken ?

I feel you gonna come up with idea similar to Ripple :)

I think the exchanger would have to set an exchange rate and a buy/sell spread.

Did I re-invent Ripple? I haven't looked into Ripple so I'm not sure.
“People should be more sophisticated? How are you gonna get that done?” - Jerry Seinfeld reply to Bill Maher

Offline FreeTrade

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Re: Cross-Coin Satoshi Dice Idea (Exchange)
« Reply #8 on: January 17, 2014, 07:46:21 AM »
I now think this is of key strategic importance to the coin.

I'd prefer someone in the marketplace set it up, but if we don't see anyone running with this idea, I'm going to get started on it.
“People should be more sophisticated? How are you gonna get that done?” - Jerry Seinfeld reply to Bill Maher

Offline SlyWax

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Re: Cross-Coin Satoshi Dice Idea (Exchange)
« Reply #9 on: January 17, 2014, 02:49:04 PM »
The buyer would need a way to specify the exchange rate he is willing to trade.

Offline FreeTrade

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Re: Cross-Coin Satoshi Dice Idea (Exchange)
« Reply #10 on: January 17, 2014, 02:57:12 PM »
The buyer would need a way to specify the exchange rate he is willing to trade.

I think that's a nice-to-have . . and there's ways we could do it, maybe using the last 4 satoshi digits, or a secondary output.

However I don't think it's a necessity - I'm thinking of a service where users are trading directly with the exchange (with a published exchange rate and history of trades - user trusts exchange to provide reasonable rate).

I guess another possibility is that the service just acts as an escrow, and matches buy and sell bids that have specified an exchange rate - that would work too . . . maybe bouncing back funds if no match is found within X blocks.
« Last Edit: January 17, 2014, 03:01:42 PM by FreeTrade »
“People should be more sophisticated? How are you gonna get that done?” - Jerry Seinfeld reply to Bill Maher

Offline biophil

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Re: Cross-Coin Satoshi Dice Idea (Exchange)
« Reply #11 on: January 21, 2014, 12:12:33 AM »
Seems very clever - what if you specified an asymmetrical fee? Charge more to convert MMC to BTC than BTC to MMC; remove as many barriers to MMC acquisition as possible.

 

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