BitShares Forum
Main => General Discussion => Topic started by: Chris4210 on February 03, 2017, 03:28:07 pm
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Hi guys,
I would like to crowdsource the framework for a BitShares Liquidity Contest that will promote the BitShares DEX, increase Liquidity and reward those with the best TradingBot/Trading Skills.
To get the contest off the ground I need your help to create the framework, the rules, marketing, liquidity, feedback etc.
- What is the Framework for the contest
- What is the timeframe?
- When does the contest start?
- What is the reward?
- How do we define the winner?
- Who can participate?
- What are the main markets we trade?
- Who is marketing the event?
- Who makes a Tutorial video to attract e.g. polo traders
- Trading bots allowed?
- Live Mumble during the contest?
Some sources:
https://www.fxcm.com/why-fxcm/trading-contest/
This Forum post will evolve and I will add your feedback here.
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Very interested! Will have to think this over as I am busy this week with other stuff and only so much online time some days.
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Chris, thanks for taking this initiative. I would model it largely on the linked Forex contest. So I would suggest that the contest runs monthly. Anyone can join. Required starting funds should be low (maybe ~$25 equivalent). Winner should be based on percentage gain during the contest period. Bots have to be allowed because there is no way to distinguish bot trading from human trading.
Regarding live Mumbles, it would make sense to discuss the contest on one or more regularly scheduled, live Mumble sessions that take place during the contest period. Initial contest announcement and ongoing standings should be published on bitshares.org website. I think it would be helpful to have new bitshares.org website in place already when contest is announced.
As for the main markets to trade, we should carefully consider this. Although this should be fun, the whole point is to jump start liquidity. So we need to be strategic about it. Generally speaking, it should probably be a few key pairs involving bitUSD and bitCNY.
I also think there are some serious pre-requisites before conducting such a contest: a) we need proper market makers on key pairs otherwise we're just wasting our time, and b) certain aspects of the wallet UX need to be ironed out. I will write another post discussing these items.
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As mentioned in my previous post, a trading contest could be very effective, but there is no point wasting time and money on such an effort unless some basic things are in place first. This includes at least one market maker in key pairs, and resolution of some wallet UX issues. In this post I'll talk about the UX issues that need to be resolved. In a later post I'll talk about the liquidity issue.
Wallet UX - Charting
Currently the charting does not offer a proper experience for traders despite the great work @svk has done to upgrade the chart engine. The problem lies with the API servers which do not make available the minimum required timeframes.
Currently the only timeframes available are 5m, 1hr and 1d. Whereas a proper chart offering includes 1m, 5m, 15m, 30m, 1hr, 2hr, 4hr, 6hr, 12hr, 1d, 3d, 1w, 1mo. We don't need all of those at this stage. But we should AT LEAST have 5m, 15m, 30m, 1hr, 4hr, 1d. That should be the absolute bare minimum. Although ideally it would also include 2hr, 12hr, 3d, and 1w (and even 1m, 6hr, and 1mo if we wanted to get really serious). But anyway, before launching any trading contest we should at least have the minimum required timeframes.
Another charting issue is that the data doesn't go back far enough. Again, I understand this is a limitation of the API servers. This needs to be cleared up either way, but especially before conducting any trading contest.
Wallet UX - Deposit/Withdraw
Right now the deposit/withdraw page is too confusing and it's scaring people away. I believe @svk is working on this, which is great. I don't know what the timeframe is. But until this is resolved, running a trading contest would be counterproductive.
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I like the Live Mumble during the contest ideal. This would be a great learning opportunity.
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I'd like to play a game.