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authorTier Nolan <tier.nolan@gmail.com>2016-08-08 10:56:24 +0100
committerbitcoindev <bitcoindev@gnusha.org>2016-08-08 09:56:27 +0000
commita815be4a7b91b934de259a2e2c9a53102abc2cb8 (patch)
tree45d5a2cbae75dca1b1167851c841d5e7d9d53c11
parent26ddb033334ed87b09fe2c434bed78e03f910d75 (diff)
downloadpi-bitcoindev-a815be4a7b91b934de259a2e2c9a53102abc2cb8.tar.gz
pi-bitcoindev-a815be4a7b91b934de259a2e2c9a53102abc2cb8.zip
Re: [bitcoin-dev] BIP clearing house addresses
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+From: Tier Nolan <tier.nolan@gmail.com>
+Date: Mon, 8 Aug 2016 10:56:24 +0100
+Message-ID: <CAE-z3OXkvZdr2AqQyySdZWmtpoED8yp=K1HXfNSc5pd9anLh3w@mail.gmail.com>
+Cc: Bitcoin Protocol Discussion <bitcoin-dev@lists.linuxfoundation.org>
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+Subject: Re: [bitcoin-dev] BIP clearing house addresses
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+--94eb2c0544b8da9d9905398c6d4e
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+
+On Mon, Aug 8, 2016 at 1:48 AM, Matthew Roberts <matthew@roberts.pm> wrote:
+
+> Not everyone who uses centralized exchanges are there to obtain the
+> currency though. A large portion are speculators who need to be able to
+> enter and exit complex positions in milliseconds and don't care about
+> decentralization, security, and often even the asset that they're buying.
+>
+
+Centralized exchanges also allow for things like limit orders. You don't
+even have to be logged in and they can execute trades. This couldn't be
+done with channels.
+
+> Try telling everyone who currently uses Btc-e to go do their margin
+> trading over lightning channels, for example.
+>
+
+Using channels and a centralized exchange gets many of the benefits of a
+distributed exchange.
+
+The channel allows instant funding while allowing the customer to have full
+control over the funds. The customer could fund the channel and then move
+money to the exchange when needed.
+
+Even margin account holders might like the fact that it is clear which
+funds are under their direct control and which funds are held by the
+exchange.
+
+If they are using bitcoin funds as collateral for a margin trade, then
+inherently the exchange has to have control over those funds. A 2 of 3
+system where the customer, exchange and a 3rd party arbitration agency
+holds keys might be acceptable to the exchange.
+
+--94eb2c0544b8da9d9905398c6d4e
+Content-Type: text/html; charset=UTF-8
+Content-Transfer-Encoding: quoted-printable
+
+<div dir=3D"ltr"><div class=3D"gmail_extra"><div class=3D"gmail_quote">On M=
+on, Aug 8, 2016 at 1:48 AM, Matthew Roberts <span dir=3D"ltr">&lt;<a href=
+=3D"mailto:matthew@roberts.pm" target=3D"_blank">matthew@roberts.pm</a>&gt;=
+</span> wrote:<br><blockquote class=3D"gmail_quote" style=3D"margin:0 0 0 .=
+8ex;border-left:1px #ccc solid;padding-left:1ex"><div dir=3D"ltr"><p style=
+=3D"margin-bottom:0in">Not everyone who uses centralized
+exchanges are there to obtain the currency though. A large portion
+are speculators who need to be able to enter and exit complex
+positions in milliseconds and don&#39;t care about decentralization, securi=
+ty, and often even the asset that they&#39;re buying.<br></p></div></blockq=
+uote><div><br></div><div>Centralized exchanges also allow for things like l=
+imit orders.=C2=A0 You don&#39;t even have to be logged in and they can exe=
+cute trades.=C2=A0 This couldn&#39;t be done with channels.<br></div><div><=
+/div><blockquote class=3D"gmail_quote" style=3D"margin:0 0 0 .8ex;border-le=
+ft:1px #ccc solid;padding-left:1ex"><div dir=3D"ltr"><p style=3D"margin-bot=
+tom:0in"></p>
+
+<p style=3D"margin-bottom:0in">Try telling everyone who currently uses
+Btc-e to go do their margin trading over lightning channels, for
+example.</p></div></blockquote><div><br></div><div>Using channels and a cen=
+tralized exchange gets many of the benefits of a distributed exchange.<br><=
+/div><div><br></div><div>The channel allows instant funding while allowing =
+the customer to have full control over the funds.=C2=A0 The customer could =
+fund the channel and then move money to the exchange when needed.=C2=A0 <br=
+><br></div><div>Even margin account holders might like the fact that it is =
+clear which funds are under their direct control and which funds are held b=
+y the exchange.<br><br></div><div>If they are using bitcoin funds as collat=
+eral for a margin trade, then inherently the exchange has to have control o=
+ver those funds.=C2=A0 A 2 of 3 system where the customer, exchange and a 3=
+rd party arbitration agency holds keys might be acceptable to the exchange.=
+<br></div></div></div></div>
+
+--94eb2c0544b8da9d9905398c6d4e--
+