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Offline mf-tzo

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Coinffeine on coindesk
« on: May 30, 2014, 10:25:24 AM »

Offline xeroc

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Re: Coinffeine on coindesk
« Reply #1 on: May 30, 2014, 10:27:20 AM »
I am just reading throught 'the algorithm'
https://github.com/Coinffeine/coinffeine/wiki/Exchange-algorithm#exchanging-bitcoins-and-other-currency

Quote
Coinffeine uses a variant of bitcoin contract known as Micropayment Channel to create deposits which force users to continue to cooperate in the transaction if they want to recover the deposit money.
Looks well thought out!

Quote
They formalize this intent by creating a deposit that expires after a certain amount of time (let's say 1 hour). That is, they are blocking some funds for the next hour, which is the time they will have to perform the exchange. Once the hour is up, they are free to redeem their deposits if the exchange did not happen.

Bob's deposit will be equal to 2 exchange steps. Since they decided the exchange was going to happen 0.01 BTC at a time, Bob commits 0.02 BTC in his deposit. Sam's deposit amounts to 1 exchange step. He also needs to commit the exchange amount he wants to transfer to Sam, so he commits 1.01 BTC.
It basically is just a step-by-step trade in smaller chunks. using a smart-contract that fills up using theses microtransactions!

Can work. No Competitor IMHO
« Last Edit: May 30, 2014, 10:30:50 AM by xeroc »
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Offline santaclause102

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Re: Coinffeine on coindesk
« Reply #2 on: May 31, 2014, 11:31:34 AM »
Bts X is doing something different.

Quote
Currently, anyone seeking to engage in a pure peer-to-peer bitcoin transaction will need to have faith that the other party is going to hold up their end of the bargain.

lol

Wouldn't it be possible to have a smart contract that goes about like this:
As soon as Party A and Party B send the required amount of the two different assets they want to exchange into escrow then the the system will release it to the parties. If the required amount is not sent in by both sides will get her tokens back. The question is if a system / network can hold tokens in escrow?   

Offline toast

Re: Coinffeine on coindesk
« Reply #3 on: May 31, 2014, 02:10:03 PM »
Bts X is doing something different.

Quote
Currently, anyone seeking to engage in a pure peer-to-peer bitcoin transaction will need to have faith that the other party is going to hold up their end of the bargain.

lol

Wouldn't it be possible to have a smart contract that goes about like this:
As soon as Party A and Party B send the required amount of the two different assets they want to exchange into escrow then the the system will release it to the parties. If the required amount is not sent in by both sides will get her tokens back. The question is if a system / network can hold tokens in escrow?

And which chain will this contract operate on? ;)

atomic cross-chain trading is the closest thing to what you're thinking, but it requires both chains to add that feature
Do not use this post as information for making any important decisions. The only agreements I ever make are informal and non-binding. Take the same precautions as when dealing with a compromised account, scammer, sockpuppet, etc.

Offline santaclause102

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Re: Coinffeine on coindesk
« Reply #4 on: May 31, 2014, 02:31:14 PM »
Bts X is doing something different.

Quote
Currently, anyone seeking to engage in a pure peer-to-peer bitcoin transaction will need to have faith that the other party is going to hold up their end of the bargain.

lol

Wouldn't it be possible to have a smart contract that goes about like this:
As soon as Party A and Party B send the required amount of the two different assets they want to exchange into escrow then the the system will release it to the parties. If the required amount is not sent in by both sides will get her tokens back. The question is if a system / network can hold tokens in escrow?

And which chain will this contract operate on? ;)

atomic cross-chain trading is the closest thing to what you're thinking, but it requires both chains to add that feature

Ok. So what you mean is for example: Litecoin and and Bitcoin clients adapt that feature. Now say I send in my finds first and wait for the other one. Where are they for the time being? Or are my funds sent as soon as the other one is sending his?

Wouldn't it be possibe to have a seperate chain that incorporates Litecoin and Bitcoin and can escrow the funds from both parties?  http://letstalkbitcoin.com/e89-goxcoin-and-the-meta-lair/ Skip to the meta lair part...
« Last Edit: May 31, 2014, 02:40:07 PM by delulo »

Offline toast

Re: Coinffeine on coindesk
« Reply #5 on: May 31, 2014, 04:49:22 PM »
Bts X is doing something different.

Quote
Currently, anyone seeking to engage in a pure peer-to-peer bitcoin transaction will need to have faith that the other party is going to hold up their end of the bargain.

lol

Wouldn't it be possible to have a smart contract that goes about like this:
As soon as Party A and Party B send the required amount of the two different assets they want to exchange into escrow then the the system will release it to the parties. If the required amount is not sent in by both sides will get her tokens back. The question is if a system / network can hold tokens in escrow?

And which chain will this contract operate on? ;)

atomic cross-chain trading is the closest thing to what you're thinking, but it requires both chains to add that feature

Ok. So what you mean is for example: Litecoin and and Bitcoin clients adapt that feature. Now say I send in my finds first and wait for the other one. Where are they for the time being? Or are my funds sent as soon as the other one is sending his?

Wouldn't it be possibe to have a seperate chain that incorporates Litecoin and Bitcoin and can escrow the funds from both parties?  http://letstalkbitcoin.com/e89-goxcoin-and-the-meta-lair/ Skip to the meta lair part...

Both *chains* have to adopt the feature (miners), not just special clients. Once you have that there is no need for a third chain/party, the funds either trade or don't atomically.
Do not use this post as information for making any important decisions. The only agreements I ever make are informal and non-binding. Take the same precautions as when dealing with a compromised account, scammer, sockpuppet, etc.

 

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