NASHX is about enabling two untrusted parties to make safe exchanges online by putting them in a Mexican standoff.
We put two untrusted parties into Nash equilibrium,
through a military strategy called Mutually assured destruction
so that neither party has anything to gain by scamming one another.
Bitcoin is revolutionizing the world by bringing the concept of cash on the internet.
We are the bitcoin generation.
Yet, services like eBay and craigslist were made for a pre-bitcoin world by pre-bitcoin generation.
Both eBay and craigslist are great services, but eBay cannot handle digital goods, and puts sellers at an immense risk, while craigslist is limited to local trades and puts people at physical risk of getting robbed.
They do what they do great, but in a post-bitcoin world, we need more. We need to be able to trade anything we want directly with one another with cash, like on craigslist, but not limited by location.
That's where NASHX comes it.
One might say NASHX is like craigslist on crack.
Another might say that NASHX is like a post-bitcoin lovechild of eBay and craigslist.
There has never been anything like NASHX before, so we're not even sure what it is, or what to call it yet.
It has been difficult to explain what it is to people, just as it has been difficult to explain what bitcoin is to people.
However, we believe that bitcoin is here to stay, or at least the idea of cryptocurrency is here to stay for good.
We believe that NASHX is the next step in evolution of direct peer-to-peer ecommerce on the internet.
NASHX is new. Very new. We need your support in getting the word out there, and by being early adopters of this new era of ecommerce. Click on the names below to read more about the stories of our founder/developer and partner/designer.
Seong Yup Yoo : Founder/Developer
When I heard about bitcoins and litecoins for the first time, I didn't think much of it.
I just thought it was another one of those Folding@home type of a thing that pays a little bit of money for processing power. I was wrong.
I looked into it more in depth because I wanted to make a few extra bucks using the server for my business Mosaically.com.
But more I looked into it, the more I found it to be an intriguing concept. Then I started hearing about it more and even seeing it on the Colbert Report,
and MSNBC. Then I started thinking about what it could mean if cryptocurrencies like bitcoin and litecoin goes mainstream.
It could be a global currency that unites the world economy for a truly global economy, while leaving behind companies like Master and VISA,
who, I feel, have been making their money way too easy for way too long.
Anyways, so, I played around with mining bitcoin and litecoin, and after I mined a few,
I tried to go sell one on BTC-E and MTGOX, but I didn't go through with it because it was way too much of a hassle just to sell a few coins.
So, I went on eBay, and sold 1 litecoin for $4 when it was going for $2.60 on BTC-E, but eBay took a fee and PayPal took a fee.
But it's not the fees that bothered me. What bothered me was the fact that eBay actually doesn't let you sell intangible digital goods like litecoin.
Well it can't stop you from posting, but the seller takes
all the risk because the buyer can make any claim with eBay and PayPal, and they will give them a refund.
I found this out the hard way couple years ago when I sold and emailed an Amazon gift crd.
The scammer took the $150 Amazon gift card, and claimed that he never got it, when it clearly showed on Amazon that he redeemed it.
And eBay and PayPal gave him the money back.
Anyways, after selling my first litecoin, I was dissatisfied with the fact that there was no easy to way to sell cryptocurrencies online.
I felt the need for something like NASHX.
The cryptocurrency community lacks an easy, direct, anonymous way to make exchanges currencies without the middlemen like eBay, BTC-E, and MTGOX
making it difficult while taking all kinds of fees at the same time.
After all, cryptocurrency is the cash of internet, but it's still being treated like stocks in a stock market.
I felt that we should be able to make direct exchanges like we would do with cash in person in real life.
But I realized that this is difficult because of lack of trust and
nobody's willingness to send their money first.
Then one scene in the movie "The Departed" came to mind where Jack Nicholson's character exchanges some military-grade microprocessors
with a Chinese triad for briefcases full of cash in a dark alley at night.
Everybody's guns are pointing at each other, and if anybody makes a stupid move, everybody dies.
This effectively made it so that they could trust each other not to do something stupid and make the deal.
It's kind of like Nuclear Deterrence. If everybody has nukes, nobody can use it, because using it means suicide.
Well, I saw how this worked in real-life so I figured something like it could exist on the internet for cryptocurrencies.
That's when I started designing NASHX. I looked into what this is called,
and it is called Mutually assured destruction,
which is a form of Nash equilibrium in game theory,
hence the name NASHX for Nash equilibirum exchange. Anyways, that idea has evolved over time to make the NASHX that you see today. If you read all of this, thank you,
and if you want to get in touch with me, you can contact me on Facebook at http://www.facebook.com/seongyupyoo or on Twitter @seongyupyoo.
I also have a blog at seongyupyoo.com but I haven't really updated it in a long time.
Thanks, and enjoy.
Gilbert Park : Partner/Designer
Not to long ago, I sold my hard earned 4 btc for a total of $600. I simply went about and posted some listings on eBay with buy it now, and couple of people bought it. Once I received my payment, and I sent my bitcoins. However, within 6 hours of sending my bitcoins, both eBay and PayPal took back the money, claiming that I never sent the bitcoins. So I tried sending them screenshots of the blockchain confirming that I sent my bitcoin. But then, eBay/PayPal said that I was not insured because eBay/PayPal do not protect the seller if the goods sold are not tangible. I was very upset because I basically just lost $600 down the drain. About a week later, Seong Yup contacted me (we live in the same area and have a few mutual friends) and we sat down and discussed the risks of trading btc, and btc itself. He then told me about his idea of NASHX, and I got very interested, and decided to become one of his core team members to help make NASHX what it is today.