The problem with most exchanges is that you need to deposit coin
in their wallets in order to be able to trade. When there are thousands
of customers the total amount deposited in the exchange wallets gets
huge making them an attractive target for attacks or theft.
I wont a system where the exchange acts as a mediator, or
clearing house between parties that want to trade. In that system
coins are only moved to the exchange to execute an agreed trade so
there is no accumulation of coins on the exchange itself.
On such an exchange traders can put up buy/sell 'contracts' for
coins. The exchange lists all available contracts so traders can
easily select a deal. For instance, if you want to buy some BTC
you could enter into a contract with someone offering to sell say
1BTC at USD$7000
After selecting a contract the exchange will send a message to both
buyer and seller - the seller will be asked to put 1 BTC into the
exchange wallet and the buyer will be asked to deposit $7000.00 to
the exchange account. When both parties have done their part the exchange
will perform the actual transfer to the contract parties. If either one
of the parties fails to respond in time the deal will be canceled and funds
received will be returned to the originating party.
Besides being a secure way of trading coins the system will also much easier
to understand and use than regular exchanges.
this new exchange will support any coin
that has an online wallet available. It will charge a modest listing fee which
MUST be paid using BTC plus a tiny BTC fee for every transaction involving the coin
which will be charged to the same party that paid the listing fee.
active traders can earn 'points' that are redeemable in BTC.
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