The idea is to use the group bitcoin system I mentioned in another thread as the basis for it where the central exchange is merely an organisation that manages  agents in different countries. An exchange that uses the hawala style system where settlements occur using a clearing house or ledger system to track funds.

This is also similar to a franchise system where the exchange would be the public face of a network of owner operators which doesnt actually trade itself - the same way visa is not controlled by one bank it is only the face of thousands of banks working together to look like one entity.

Agents would hold a balance in their local currency and only settle with the clearing house once a certain amount is reached to cut out fees charged to members. ACH payments work similarly to this so why cant we mirror it for bitcoin ?

If one of the nodes/agents goes down it shouldn't take the whole network down and the ach could be mirrored with a copy of the books held by each agent who participates. Like a wiki any changes could be tracked and queried and would have full transparency amongst the members.


How many shares would need to be issued to start a community funded exchange clearing house like this ?