Originally posted by: APlus
"We probably need a clearing house?"
Definitely. If you can remove all the other intermediaries you do need a clearing house. And not any bank, but a proper central counterparty, to guarantee you that you have the settlement. It is exactly what is missing now. The selling-sites were sort of central clearing houses but they did an awful job.
Maybe there should be a Bitcoin "10 Commandments", e.g. 1. "build on (existing) (technical) infrastructure". To start all over again would be krazy.
In the 70s/80s you had (expensive!) proprietary XNS, DECNET. NEtbios, Ungermann-Bass networks that talked to each other with difficultty. Then came OSI (and TCP/IP) and Cisco and soon things became more interop.
DNS, (ATM??) etc. Bitcoin?
Maybe like the early Internet folk did it?