We need to address this to make Smartcoins usable with Bitsquare

[nmywn]

Good point.

Would you mind registering at the bitsquare forum and voicing that point of view?

Done.

[svk]

Price feeds are defined with respect to BTS, but you could use the feed for BTC to convert the others to be with respect to BTC.

If that's how it's done internally (in the DEX), then for sure that's what should be replicated to obtain the correct price feeds (in bitsquare).

If I understood you correctly, the (for instance) bitNZD:bitBTC price feed "goes through" BTS/BTC ?

There is no bitNZD:bitBTC feed, feeds are only defined relative to the backing asset of the smartcoin, which for most coins is BTS.

The conversion process I described is only used in the wallet to calculate the equivalent values shown in the account page and dashboard.

[karnal]

Good point.

Would you mind registering at the bitsquare forum and voicing that point of view?

[nmywn]

bitUSD/BTC is actually traded at poloniex, so it gets a price feed on bitsquare - that's where they grab it from.

This is bad idea. USD/BTC is actually traded at many exchanges with much bigger volume. Poloniex price is easy to manipulate, mostly because of unexperienced crowd. This is what happened with bitCNY some time ago:



https://ipfs.pics/QmTkcTcVv25jgQTzjY8uWZVN9tW8vHUZAKccPo2hcNwpsB

[yvv]

Price feeds are defined with respect to BTS, but you could use the feed for BTC to convert the others to be with respect to BTC.

That seems to be the best solution imo.


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The best solution would  be to convince some trusted party, like ccedk, to set up an escrow service right in openledger for peer2peer exchange between bitshares assets and out of chain assets.

I believe you are still grossly misunderstanding the situation.

Your mis-believes is not my problem.

[karnal]

Price feeds are defined with respect to BTS, but you could use the feed for BTC to convert the others to be with respect to BTC.

That seems to be the best solution imo.


Sent from my iPhone using Tapatalk

The best solution would  be to convince some trusted party, like ccedk, to set up an escrow service right in openledger for peer2peer exchange between bitshares assets and out of chain assets.

I believe you are still grossly misunderstanding the situation.

[yvv]

Price feeds are defined with respect to BTS, but you could use the feed for BTC to convert the others to be with respect to BTC.

That seems to be the best solution imo.


Sent from my iPhone using Tapatalk

The best solution would  be to convince some trusted party, like ccedk, to set up an escrow service right in openledger for peer2peer exchange between bitshares assets and out of chain assets.

[karnal]

Price feeds are defined with respect to BTS, but you could use the feed for BTC to convert the others to be with respect to BTC.

If that's how it's done internally (in the DEX), then for sure that's what should be replicated to obtain the correct price feeds (in bitsquare).

If I understood you correctly, the (for instance) bitNZD:bitBTC price feed "goes through" BTS/BTC ?

[svk]

Price feeds are defined with respect to BTS, but you could use the feed for BTC to convert the others to be with respect to BTC.

That seems to be the best solution imo.


Sent from my iPhone using Tapatalk

[karnal]

I don't understand what the issue is. All active smart coins have price feeds, if they don't then bitsquare should not allow trading them.

bitUSD/BTC is actually traded at poloniex, so it gets a price feed on bitsquare - that's where they grab it from.

bitCNY/BTC is actually traded elsewhere as well.

But for all others, there is no centralized exchange trading bit$this/BTC, so bitsquare does not fetch the price from anywhere.

I proposed in the thread that for bitCHF/BTC, bitsquare could just grab CHF/BTC instead. Same for bitSEK/BTC, use SEK/BTC instead, and so on.

I'm not 100% sure that would be a good idea (it will always be off by a few cents due to the median published on the bitshares blockchain).

Alternatively my next best idea is simply grabbing (from bitsquare) the settlement price for bit$this/bitBTC directly from the bitshares blockchain ..

If the above is a good idea, then all we need to do is provide that information through an api, which bitsquare will query.. I'm pretty sure someone has already done this.

Unless someone has better ideas..

[svk]

I don't understand what the issue is. All active smart coins have price feeds, if they don't then bitsquare should not allow trading them.


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[karnal]

This issue is not related to bitsquare. Yes, price feeds should be provided for all smart coins, other vice there was no point to create them.

As for bitsqares, there is no issue. In bitsquares, you buy bitcoin, not other coins. And when you have bitcoin, you don't need bitsqares any more to fund your bitshares wallet.

I believe you grossly misunderstood the situation.

[yvv]

This issue is not related to bitsquare. Yes, price feeds should be provided for all smart coins, other vice there was no point to create them.

As for bitsqares, there is no issue. In bitsquares, you buy bitcoin, not other coins. And when you have bitcoin, you don't need bitsqares any more to fund your bitshares wallet.

[karnal]

So last week, Manfred added support for Smartcoins in Bitsquare, which was a great leap forward (heh)!

Unfortunately there is a show-stopper issue right now, that in my opinion is likely to prevent adoption of smartcoin usage in bitsquare.

To read more about the issue, and to help ratify the situation, read the full article:

http://steem.link/A8HHx


I have completed the next article in my series of how to use bitsquare, but have opted to publish it tomorrow (sundays seem slow over steemit).

The next article in the series is set to deal with how to use bitsquare + bitshares, but with this issue present, adoption will be much lower than it otherwise would.

Please help correct this, it seems like a very simple thing!