Bitalo to support Feathercoin
-
[url=http://www.bitalo.com/]http://www.bitalo.com/[/url]
Note: Will be at the Bitcoin Conference Nov 30th
[url=http://bitcoinexpo.co.uk/]http://bitcoinexpo.co.uk/[/url]"Hi John,
thanks for your email :-)
It is our long term plan to implement also many types of altcoins, PPC would be in our first batch together with Litecoin and Feathercoin. However this is not a simple task as many altcoin clients do not support .multi signature wallets.
THerefore, in the future, we would also be contacting people from the community to implement certain features and functionalities into the altcoin clients so that our service would be supported.
Thanks alot
Martin Albert"
-
Does FTC support Multi-sig transactions? That should be an easy one to implement!!!
-
I dont get it, they plan to do p2p trading BTC/USD over the internet?
thats not possible!
you need a 3rd party to deal with the USD, no?
-
[quote name=“adamstgbit” post=“31581” timestamp=“1382042433”]
I dont get it, they plan to do p2p trading BTC/USD over the internet?thats not possible!
you need a 3rd party to deal with the USD, no?
[/quote]Yes, it’s possible… yes you need a third party for the USD part.
Immagine the following scenario:
Party A has USD to trade, Party B has BTC to trade.
A bank or other money transmitter (bitalo.com in this case) publishes their public signing key. We will call them Party C.
Party B, the owner of the BTC, creates a 2 of 2 multisig transaction for X amount of BTC requiring party B’s sig, AND party C’s sig. He signs it, and publishes the transaction for all to see, along with the terms of the agreement (the price he’s willing to trade his X BTC for, which is Y USD).
Party C picks up this transaction, and says, “Ok, I’ll broker this deal, send your USD here, and when you do, I’ll sign the transaction.” Party A wires their funds to Party C. Party C signs the transaction, adding Party A’s address, and broadcasts it, and wires Party B the USD.
What’s interesting about this protocol is that ANYONE can play the role of party C. Party C doesn’t have to be Bitalo, it could be your bank. Or your stock broker, or your financial adviser (think Schwab). So, it’s about who you trust. You could do this with a 2 of 15 transaction, where the other 14 are ALL the participating exchanges that you trust, and any one of the exchanges can fulfill the trade without you depositing your funds with them.
-
[quote name=“Kevlar” post=“31594” timestamp=“1382046659”]
[quote author=adamstgbit link=topic=4088.msg31581#msg31581 date=1382042433]
I dont get it, they plan to do p2p trading BTC/USD over the internet?thats not possible!
you need a 3rd party to deal with the USD, no?
[/quote]Yes, it’s possible… yes you need a third party for the USD part.
Immagine the following scenario:
Party A has USD to trade, Party B has BTC to trade.
A bank or other money transmitter (bitalo.com in this case) publishes their public signing key. We will call them Party C.
Party B, the owner of the BTC, creates a 2 of 2 multisig transaction for X amount of BTC requiring party B’s sig, AND party C’s sig. He signs it, and publishes the transaction for all to see, along with the terms of the agreement (the price he’s willing to trade his X BTC for, which is Y USD).
Party C picks up this transaction, and says, “Ok, I’ll broker this deal, send your USD here, and when you do, I’ll sign the transaction.” Party A wires their funds to Party C. Party C signs the transaction, adding Party A’s address, and broadcasts it, and wires Party B the USD.
What’s interesting about this protocol is that ANYONE can play the role of party C. So, it’s about who you trust. You could do this with a 2 of 15 transaction, where the other 14 are ALL the participating exchanges that you trust, and any one of the exchanges can fulfill the trade without you depositing your funds with them.
[/quote]well there you go, its not peer to peer, all this does is make the process way more complex than it needs to be
Bitalo WILL be the trusted 3rd party and will need to comply with regulation like every other “centralized” exchange.
I would be more excited to see BTC traded with FTC without any need for 3rd party whatsoever. NO MORE FIAT, WE DON’T NEED THAT S&*% -
[quote name=“adamstgbit” post=“31595” timestamp=“1382047231”]
[quote author=Kevlar link=topic=4088.msg31594#msg31594 date=1382046659]
[quote author=adamstgbit link=topic=4088.msg31581#msg31581 date=1382042433]
I dont get it, they plan to do p2p trading BTC/USD over the internet?thats not possible!
you need a 3rd party to deal with the USD, no?
[/quote]Yes, it’s possible… yes you need a third party for the USD part.
Immagine the following scenario:
Party A has USD to trade, Party B has BTC to trade.
A bank or other money transmitter (bitalo.com in this case) publishes their public signing key. We will call them Party C.
Party B, the owner of the BTC, creates a 2 of 2 multisig transaction for X amount of BTC requiring party B’s sig, AND party C’s sig. He signs it, and publishes the transaction for all to see, along with the terms of the agreement (the price he’s willing to trade his X BTC for, which is Y USD).
Party C picks up this transaction, and says, “Ok, I’ll broker this deal, send your USD here, and when you do, I’ll sign the transaction.” Party A wires their funds to Party C. Party C signs the transaction, adding Party A’s address, and broadcasts it, and wires Party B the USD.
What’s interesting about this protocol is that ANYONE can play the role of party C. So, it’s about who you trust. You could do this with a 2 of 15 transaction, where the other 14 are ALL the participating exchanges that you trust, and any one of the exchanges can fulfill the trade without you depositing your funds with them.
[/quote]well there you go, its not peer to peer, all this does is make the process way more complex than it needs to be
Bitalo WILL be the trusted 3rd party and will need to comply with regulation like every other “centralized” exchange.
I would be more excited to see BTC traded with FTC without any need for 3rd party whatsoever. NO MORE FIAT, WE DON’T NEED THAT S&*%
[/quote]Multi-sig transactions are the answer for that too. https://en.bitcoin.it/wiki/Distributed_markets