From mboxrd@z Thu Jan 1 00:00:00 1970 Received: from sog-mx-1.v43.ch3.sourceforge.com ([172.29.43.191] helo=mx.sourceforge.net) by sfs-ml-4.v29.ch3.sourceforge.com with esmtp (Exim 4.76) (envelope-from ) id 1WEBCe-0003oh-Dh for bitcoin-development@lists.sourceforge.net; Fri, 14 Feb 2014 05:20:44 +0000 Received-SPF: pass (sog-mx-1.v43.ch3.sourceforge.com: domain of petertodd.org designates 62.13.149.58 as permitted sender) client-ip=62.13.149.58; envelope-from=pete@petertodd.org; helo=outmail149058.authsmtp.co.uk; Received: from outmail149058.authsmtp.co.uk ([62.13.149.58]) by sog-mx-1.v43.ch3.sourceforge.com with esmtp (Exim 4.76) id 1WEBCc-0000m1-JC for bitcoin-development@lists.sourceforge.net; Fri, 14 Feb 2014 05:20:44 +0000 Received: from mail-c235.authsmtp.com (mail-c235.authsmtp.com [62.13.128.235]) by punt14.authsmtp.com (8.14.2/8.14.2) with ESMTP id s1E5KY0N039433; Fri, 14 Feb 2014 05:20:34 GMT Received: from savin (76-10-178-109.dsl.teksavvy.com [76.10.178.109]) (authenticated bits=128) by mail.authsmtp.com (8.14.2/8.14.2/) with ESMTP id s1E5KTQ2027329 (version=TLSv1/SSLv3 cipher=DHE-RSA-AES128-SHA bits=128 verify=NO); Fri, 14 Feb 2014 05:20:31 GMT Date: Fri, 14 Feb 2014 00:20:36 -0500 From: Peter Todd To: Dan Carter Message-ID: <20140214052036.GE31437@savin> References: <20140209180458.GB20126@savin> MIME-Version: 1.0 Content-Type: multipart/signed; micalg=pgp-sha256; protocol="application/pgp-signature"; boundary="Uwl7UQhJk99r8jnw" Content-Disposition: inline In-Reply-To: User-Agent: Mutt/1.5.21 (2010-09-15) X-Server-Quench: b9c35046-9537-11e3-b802-002590a15da7 X-AuthReport-Spam: If SPAM / abuse - report it at: http://www.authsmtp.com/abuse X-AuthRoute: OCd2Yg0TA1ZNQRgX IjsJECJaVQIpKltL GxAVKBZePFsRUQkR aAdMdwYUHlAWAgsB AmIbW1FeUl17WmE7 bAxPbAVDY01GQQRq WVdMSlVNFUsrAGkE fXp/UBlwcAZEcTBx ZUJrWT4JVRd5cEZ5 RFNdEG4BeGZhPWMC AkhYdR5UcAFPdx8U a1UrBXRDAzANdhES HhM4ODE3eDlSNilR RRkIIFQOdA4nEzUx QQwYFDEuD0AJDyky IB06I1pUFV0KP1l6 PEsqWVsePBJaFQxC HyMFAChfKkIdDzIx DAhbW0FWGTtRCSJV GB4lPldEDyROWkIA X-Authentic-SMTP: 61633532353630.1023:706 X-AuthFastPath: 0 (Was 255) X-AuthSMTP-Origin: 76.10.178.109/587 X-AuthVirus-Status: No virus detected - but ensure you scan with your own anti-virus system. X-Spam-Score: -1.5 (-) X-Spam-Report: Spam Filtering performed by mx.sourceforge.net. See http://spamassassin.org/tag/ for more details. -1.5 SPF_CHECK_PASS SPF reports sender host as permitted sender for sender-domain -0.0 SPF_PASS SPF: sender matches SPF record X-Headers-End: 1WEBCc-0000m1-JC Cc: bitcoin-development@lists.sourceforge.net Subject: Re: [Bitcoin-development] Decentralized digital asset exchange with honest pricing and market depth X-BeenThere: bitcoin-development@lists.sourceforge.net X-Mailman-Version: 2.1.9 Precedence: list List-Id: List-Unsubscribe: , List-Archive: List-Post: List-Help: List-Subscribe: , X-List-Received-Date: Fri, 14 Feb 2014 05:20:44 -0000 --Uwl7UQhJk99r8jnw Content-Type: text/plain; charset=us-ascii Content-Disposition: inline Content-Transfer-Encoding: quoted-printable On Wed, Feb 12, 2014 at 08:34:48AM -0800, Dan Carter wrote: > I'm not sure how well this would work. >=20 > Sure it would provide honest historical pricing, but those who wait for= =20 > publication confirmation may be at a disadvantage -- to get the best=20 > deal possible Bob would connect to as many nodes as he could, examine=20 > the stream of unconfirmed asks coming in and sign the best ones before=20 > someone else does. The network would gravitate towards an O(n^2) fully= =20 > connected network, because being fully connected means one is fully=20 > aware of all unconfirmed asks at any moment so one can make the best=20 > judgement and buy before someone else does. >=20 > The seller needs a guarantee that all bidders can act on the ask=20 > transaction simultaneously. Maybe the partial ask transaction could be=20 > time-locked with a network propagation delay, there would be multiple=20 > bidder responses and the winner is chosen by lottery (and fee priority)= =20 > by the bitcoin/alt-coin miner who confirms the atomic transaction in=20 > their block. That would eliminate the advantage to being fully=20 > connected as it would no longer matter that one can act first, so you=20 > have a more sane network. You're assuming the seller cares about fairness - why should they? They offered a price for an asset and someone bought it; exactly which buyer willing to buy at that price was able to complete the trade is irrelevant to them. What they do care about is being sure that at whatever given price they offered 100% of the buyers willing to buy at that price actually see the offer in a reasonable amount of time - at the best price the seller will get there will be only a single buyer after all so you need that solid proof that said buyer was actually able to get the offer. --=20 'peter'[:-1]@petertodd.org 0000000000000000c34e2307bf2d8e1de9db0351acfe7320a08826a5de3c146a --Uwl7UQhJk99r8jnw Content-Type: application/pgp-signature; name="signature.asc" Content-Description: Digital signature -----BEGIN PGP SIGNATURE----- Version: GnuPG v1.4.14 (GNU/Linux) iQGrBAEBCACVBQJS/aekXhSAAAAAABUAQGJsb2NraGFzaEBiaXRjb2luLm9yZzAw MDAwMDAwMDAwMDAwMDBjMzRlMjMwN2JmMmQ4ZTFkZTlkYjAzNTFhY2ZlNzMyMGEw ODgyNmE1ZGUzYzE0NmEvFIAAAAAAFQARcGthLWFkZHJlc3NAZ251cGcub3JncGV0 ZUBwZXRlcnRvZC5vcmcACgkQJIFAPaXwkfu5NAgAvXT6nnZhsVjsDDmg3CR+fmvW FGJ1Xk2hOxKKJSCWIhhHFFVF8imFhpGAQckRmzOqimI76Ef9Ii9tlZhn6t6m/LXu UK8ia7gs7yg47GJGb+4fZOfYqISTPzhXzcAlAHO37WHqo+qMe2kxGurnL9Fg5WJS I9VcoHVusyVKHUv4Qzk+vET77OB63UhlRcAs2BMx/h1xb23t2sQrajWlCCiaOqjB Yj3lcB3BkLJv4xZzOBydzJqzGiK5DawSWN/DFGiDuUDnvTFLj6ACZ5CwMj7R0sWU j7IyvE1aearUTMr433OsTVdDx7ECFgQAMF4V7WT6UvBnllceNnDy0AKWTnrhnQ== =hPBs -----END PGP SIGNATURE----- --Uwl7UQhJk99r8jnw--