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Offline speedy

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Set automatic expiry on my orders
« on: February 22, 2014, 01:29:14 PM »

Would it be possibly to submit buy/sell orders with a guaranteed expiry of a number of blocks. i.e. If my buy order is not matched within at most 10 blocks in the future, it will be canceled automatically.

This way I can protect myself against the price of a Bit asset going against me too much as I leave an order open overnight for example.

The alternative to this would be to manually submit a cancel order, which Im guessing would cost me more transaction fees?
« Last Edit: February 22, 2014, 01:32:14 PM by trader »

Offline bytemaster

Re: Set automatic expiry on my orders
« Reply #1 on: February 23, 2014, 12:28:23 AM »
Would it be possibly to submit buy/sell orders with a guaranteed expiry of a number of blocks. i.e. If my buy order is not matched within at most 10 blocks in the future, it will be canceled automatically.

This way I can protect myself against the price of a Bit asset going against me too much as I leave an order open overnight for example.

The alternative to this would be to manually submit a cancel order, which Im guessing would cost me more transaction fees?

This is an interesting feature request... currently you would have to manually cancel your order.    Technically what you are asking for is possible to implement, but at this late stage will probably have to wait for a future chain.

For the latest updates checkout my blog: http://bytemaster.bitshares.org
Anything said on these forums does not constitute an intent to create a legal obligation or contract between myself and anyone else.   These are merely my opinions and I reserve the right to change them at any time.

Offline bytemaster

Re: Set automatic expiry on my orders
« Reply #2 on: February 23, 2014, 12:28:43 AM »
Would it be possibly to submit buy/sell orders with a guaranteed expiry of a number of blocks. i.e. If my buy order is not matched within at most 10 blocks in the future, it will be canceled automatically.

This way I can protect myself against the price of a Bit asset going against me too much as I leave an order open overnight for example.

The alternative to this would be to manually submit a cancel order, which Im guessing would cost me more transaction fees?

This is an interesting feature request... currently you would have to manually cancel your order.    Technically what you are asking for is possible to implement, but at this late stage will probably have to wait for a future chain.

I will add it as a feature request so that we do not forget it.  It is a good idea.
For the latest updates checkout my blog: http://bytemaster.bitshares.org
Anything said on these forums does not constitute an intent to create a legal obligation or contract between myself and anyone else.   These are merely my opinions and I reserve the right to change them at any time.

Offline bitbadger

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Re: Set automatic expiry on my orders
« Reply #3 on: February 23, 2014, 03:41:41 AM »
I think that it will be a necessary feature for the more important markets.  Nodes acting as market makers by placing a bunch of orders around equilibrium, are going to be targeted regularly by attackers.  A home PC with a consumer level ISP connection is not hard to knock off the network indefinitely.  An attacker could be watching the orders, DDOS all critical nodes, blow through all the orders (up and down) and then have the market effectively to themselves.  Having a couple of nodes act in concert (whether controlled by multiple people, or just one person) they could break BitUSD upwards or downwards to wherever they want to put it.

It may be an "edge case" or a "0.01% situation" but the fact is, people can and will intentionally push the markets to the edge, and do what they can to neuter the 99.99% acting to keep the market stable.  This is an open, anonymous network; there is no way to permanently prevent bad actors from accessing the network over and over and over again.
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