I haven't done any kind of research into how to create an exchange, but I came 
across some info that could be useful to somebody who wants to.  This article 
about software completion bonds for open source software gives a suggestion for 
hwo to create the bond trading exchange.

Technically, there are several software platforms which could be used to create the 
market. I'm biased toward the ArsDigita Community System. It's an open source 
(GPL) toolkit designed and maintained by the 250+ software engineers at 
ArsDigita. Extensive documentation is freely available online, and several 
universities (MIT, Stanford, Caltech, Carnegie Mellon, among others) train students 
to build web sites using the ACS. ArsDigita also offers free 1 - 3 week training 
courses almost every month, at one of number of locations in the U.S. and 
internationally. Although ACS "Classic" (the primary version supported by 
ArsDigita) is built on top of the proprietary Oracle database, it has been ported to 
PostgreSQL by the OpenACS team. Finally, the ACS has already been used to 
create a working bond market, (www.muniversal.com), a web site for municipal 
bond traders. 
End Quote

Here is arsdigita's case study about the muniversal exchange:

Ideally, the exchange should allow trading not just of e-gold vs. dollars, but should 
allow trading of the various e-metals, standard reserve's currency, goldmoney's gold 
grams, and perhaps a few major fiat currencies besides dollars.  The exchange 
should probably be located offshore in some country that doesn't regulate 
exchanges, so as not to have to deal with the CFTC.

One thing that occured to me is that if an exchange allows trading the various gold 
based currencies against each other, it will defeat artificial obstacles that the 
issuers set up against redemption.  For instance, standard reserve charges a 1.5% 
fee to convert their currency to e-gold, but nothing to convert from e-gold to their 
currency.  If their currency were traded against e-gold on an exchange, it would 
trade at a discount to e-gold.  Nobody would transfer directly to or from standard 
reserve's website, they would use the exchange.  If somebody wanted to convert 
from e-gold to standard reserve, they could find somebody else who wants to 
convert from standard reserve to e-gold.  Buyer and seller could meet in the middle, 
with the standard reserve converting to e-gold with a .75% discount instead of 
1.5%, and the person moving e-gold into standard reserve getting .75% more than if 
they transfered their e-gold directly to standard reserve.  Bypassing artificial 
barriers to redemption will keep all of these organizations more honest.

~ Vincent

http://two-cents-worth.com/?263239&[EMAIL PROTECTED]

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