The following is a crude, first attempt to try and define a way for an online market to operate that is entirely decentralized (i.e. there is no central exchange).
In addition to describing some of the mechanisms that would allow such a market to operate, I am also calling for a) the establishment of a foundation or industry association to ensure that standards are created for the necessary systems, and b) the voluntary acceptance of some level of regulation (i.e. government) by the virtual market community. I’ll make cases for both below. Continue reading