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mjr___: so how would you do a transaction now
mjr___: your point being that banks will never work?
mjr___: you would walk into starbucks, and do armed robbery
mjr___: but fine, let's say starbucks
mjr___: in fact, in union square the subway station is below the park and has its own precinct
mjr___: they are big grassy areas...the cops are usually on the sidewalks around the park
mjr___: and if you have seen parks
mjr___: and again, you would be in the middle of a groiup
mjr___: you would have to walk up to a group of people...get them all to hand over cash or bitcoins...all while attracting no attention
mjr___: i picked a public park for a reason
mjr___: your reward in this scenario is small, with very high risks
mjr___: because of risk/reward
mjr___: i would say LESS likely than in a one on one scenario
mjr___: would you really feel like walking into a group of people and saying give me the cash and then running?
mjr___: compared to localbitcoins which is "meet me in this alley over here" (joking but it is let me meet this guy i don't know)
mjr___: compare and contrast scenario 1 and 2...my web app can't physically protect you
mjr___: if you choose to link an address you can load that address with coins so people know you have coins for sale and are not just bullshitting
mjr___: not what it actually does, which is say hello to bob and show the time
mjr___: we are talking specs right now
mjr___: this would be part of the app, you can link a btc address and the app will do a mouseover with info from blockexplorer or bitcoininfo
mjr___: this is practice to the former's theory
mjr___: truff1es: there is the follow up piece
mjr___: I guess I will write a follow-up to specify how i see it playing out
mjr___: integrate with #bitcoin-otc
mjr___: once you get this first level idea to spread, then brokers could deal cross exchange
mjr___: if the app makes your life easier (address prepopulated into webwallet/coinapult) etc
mjr___: you are by default free to do whatever you want
mjr___: again, the app is not necessary...you are free to show up (the fact i would say that is only because people don't understand) and do whatever you want
mjr___: anyways, the web app will be a facilitator of trade
mjr___: bitcoin is easily split up into whatever amount you need, dollars aren't
mjr___: but do you really want to?
mjr___: i mean...you could use change if you want
mjr___: I added some pics of possible looks at the bottom
mjr___: i think i will denominate trades in $10 bill increments...not sure, $20 is more common to have, but also bigger size
mjr___: since i have a $20 bill
mjr___: but for cash, $20 for .243 bitcoin is useful
mjr___: but that is how prices are shown
mjr___: for example: 1btc for $115 is not useful
mjr___: think a chatroom/messageboard where all messages are orders and they are sorted and displayed a certain way
mjr___: but, you are on the right track somewhat
mjr___: also IRC won't have a one button solution to taking an order
mjr___: though i think i will link this to an IRC channel as well
mjr___: IRC still doesn't maintain a best bid and ask
mjr___: (hence GPS, if you aren't there i can't take your order huh?)
mjr___: with cash settlement on the spot
mjr___: ideally you can just easily see an order book and either place an order or take an order already listed
mjr___: so project buttonwood is aiming to solve those issues
mjr___: they will not know necessarily what the other 2 people bought or sold for
mjr___: they will have to calculate how much they are buying and selling
mjr___: so for now (unless i get this site up in less than 18 hours) they will need to walk around to each other person, or yell it out
mjr___: they are all there to trade bitcoins
mjr___: basically, i have a bunch of people meeting me in union square tomorrow
mjr___: hmmm, post 2 i suppose
mjr___: geolocate is not a "requirement" in fact, the whole site will have as few requirements as possible
mjr___: if other cities want to set up an open air exchange, they could all ideally figure out where and when using app
mjr___: and consensus building
mjr___: all clearing is done p2p
mjr___: i will hold no coins or fiat
mjr___: i'll see if i can do something else
mjr___: just so you know, i don't really care about the second one
mjr___: ugh i wish i could make it commentable by anyone
mjr___: slight change to annoy the glaring copy paste
mjr___: if this reaches critical mass we can bypass all of that
mjr___: hence id's and aml and kyc and etc etc
mjr___: but they rely on banking system
mjr___: though i may be a bit more academically rigorous in the futuer
mjr___: It was not questionable enough for me to bother with citations
mjr___: though most of it is not very controversial
mjr___: truff1es: you are welcome to fact check
mjr___: truff1es: i think i'll edit the formatting on the copy and pasted parts...i'll see if there is a different way to show that they are not my words
mjr___: oh well if fontas said it...
mjr___: yeah, that was due to the copy and paste
mjr___: love some feedback on that
mjr___: I might change the them
mjr___: mainly trying to show the history of community based exchanges and how this could work for bitcoin