TRADE.BTC and TRADE.LTC are up and running

[xiahui135]

What the gateway can get to do so. The exchange fee is too low.
And the fee to place an order is high. Why not lower the fee to place order and increase the exchange fee? (Even can be set by the issuer)

[alt]

this is so amazing, it's the best BTC exchange. this can be very very big business.
you need  a good team to  focus this exchange, and find a good marketmaker.

I just did a test run of depositing BITCOIN via TRADE.BTC  on the Deposit/Withdraw tab in the wallet and it worked.   

I suggest you try it out and then look at this market.

https://bitshares.openledger.info/#/exchange/trade/TRADE.BTC_BTS

For trading BTC vs BTS on the blockchain.    This way you never have to trust your BTS to an exchange again.

[xiahui135]

I can not create my deposit address for trade.BTC or trade.LTC.

[svk]

I have few questions:

1. Why I cannot find  BTS_TRADE on Exchange Tab?



I can only go there with link:
https://bitshares.openledger.info/#/exchange/trade/BTS_TRADE.BTC

2. When market history will be fixed? (reported https://github.com/cryptonomex/graphene-ui/issues/339, known isuee since 17 June!!!)

3.

Minimal counter party risk.   Right now you have to trust the exchange with both BTS and BTC.   Now you only have to trust the Gateway with BTC.

No. This is not minimal. I think all TRADE_BTS can be stolen by the owner of the gateway. Why this just cannot automatically buy bitBTC with BTC? Gateway should automatically provide an information about rate bitBTC/BTC and when user deposit real BTC on gateway those BTC should be automatically converted to bitBTC.

1. You need to add that market to your favourites first by searching on the left side, the input you're trying to use is only a filter.

Unfortunately the search functionality is waiting on a new api call so for now you need to enter the exact name of the quote asset (TRADE.BTC) in the second input field.

[dannotestein]

It should probably be emphasized that we're mainly just testing this path right now. I do not recommend purchasing large amounts of TRADE assets until we've had more testing by many users. Please view this as a beta test and spend appropriately.

Also, this is largely a stopgap measure as far as Blocktrades is concerned to allow for an on-ramp for getting into bitshares from btc/ltc/etc. Ultimately we prefer to resume operating as an instant exchange for purchase of bts and bitassets as soon as the webwallet allows it.

[dannotestein]

What I said is about market transactions. So the clicked price (of sell order) is not the same as my order price (0.000017 vs. 0.000016995)

oh, sorry, didn't understand that before, thought you were talking about deposits/withdrawals. Yes, there is a fee for market transactions, it should be 0.2%. I guess my confusion is that seems smaller than 0.2% so maybe the fee has been set wrong (or it could be some other fee associated with market orders charged by the graphene exchange itself).

[clayop]

What I said is about market transactions. So the clicked price (of sell order) is not the same as my order price (0.000017 vs. 0.000016995)

[dannotestein]

There is also another decimal bug.
I clicked 0.00017 and 0.037xxxx TRADE.BTC. But the confirmation page tell me the price is 0.00001699995 something. It should exactly be 0.000017.

BTW I made the first transaction!

That's actually not a bug:
It's slightly less than .000017 because we charge the "transaction fee" that it costs us to send the TRADE.BTC to the user. If you visit blocktrades.us, you can see the fee it charges (it's approximately 2 cents USD, IIRC).

The graphene wallet gui doesn't yet display our conversion price, which is why it only allows buying/selling of our UIA TRADE assets currently (where it's aproximately 1 for 1). Once the wallet gui is updated to show conversion prices, users will have the option to directly buy any bitshares asset (including bts, of course) supported by blocktrades.

Do you mean market transaction fee?

No, in this case the fee is the "transaction fee" to send a bitshares asset (TRADE.BTC) on the bitshares network. And when doing a withdrawal, we charge a bitcoin transaction fee to send the bitcoin. Naturally, this fee is very small and it's fixed (it's not relative to the amount of funds being transferred).

[clayop]

There is also another decimal bug.
I clicked 0.00017 and 0.037xxxx TRADE.BTC. But the confirmation page tell me the price is 0.00001699995 something. It should exactly be 0.000017.

BTW I made the first transaction!

That's actually not a bug:
It's slightly less than .000017 because we charge the "transaction fee" that it costs us to send the TRADE.BTC to the user. If you visit blocktrades.us, you can see the fee it charges (it's approximately 2 cents USD, IIRC).

The graphene wallet gui doesn't yet display our conversion price, which is why it only allows buying/selling of our UIA TRADE assets currently (where it's aproximately 1 for 1). Once the wallet gui is updated to show conversion prices, users will have the option to directly buy any bitshares asset (including bts, of course) supported by blocktrades.

Do you mean market transaction fee?

[dannotestein]

So each gateway will have to create own SomethingBTC? That would be insane!

This is so overwhelming even right now with: BTC, bitBTC and TRADE.BTC. People will not use it because they will not understand it.

Blocktrades is run by people who have commit access to the BitShares repositories.

Is that mean, that gateways would be only govern by people with commit access to BitShares? This seems to be a huge abuse of power.

I dont think its like that - Metaexchange is being integrated soon.

Yes it is confusing - all the gateways should be focusing on depositing into BitBTC.

I have no idea why BM mentioned we have access to the BitShares repository, other than maybe to say we're already trusted by the BitShares community. There's certainly no plan to exclude anyone from offering gateways.

The only reason we're first is because we've been integrating with the graphene wallet as it's being developed (which is a painful process, as things were rapidly changing). Even now, we don't yet support getting market pricing from the graphene internal exchange, so we've got a few more days of work there.

[dannotestein]

Gateway IOU Bitcoin such as TRADE.BTC should trade at absolute face value whe returning to real bitcoin.  Ie charge all fees on the way in to gateway btc.

The rate is 1-1 except for the cost of sending the bitcoin (the bitcoin transaction fee).

[dannotestein]

I have few questions:

1. Why I cannot find  BTS_TRADE on Exchange Tab?



I can only go there with link:
https://bitshares.openledger.info/#/exchange/trade/BTS_TRADE.BTC

2. When market history will be fixed? (reported https://github.com/cryptonomex/graphene-ui/issues/339, known isuee since 17 June!!!)

3.

Minimal counter party risk.   Right now you have to trust the exchange with both BTS and BTC.   Now you only have to trust the Gateway with BTC.

No. This is not minimal. I think all TRADE_BTS can be stolen by the owner of the gateway. Why this just cannot automatically buy bitBTC with BTC? Gateway should automatically provide an information about rate bitBTC/BTC and when user deposit real BTC on gateway those BTC should be automatically converted to bitBTC.

For 1), I have the same issue as you, but it doesn't happen on BMs machine. Possibly it's something to do with different browsers, but this needs to be fixed.
For 2), don't have any input on this
For 3), the risk is minimal if you don't hold TRADE.BTC for long. Essentially you do the following:
1) Deposit BTC to get TRADE.BTC (delay time of 1 bitcoin confirmation)
2) Buy BTS on the TRADE.BTC vs BTS market (or whatever BitAsset you desire). At this point, the BTS or BitAsset is in your wallet under your control.

For the reverse process, you buy TRADE.BTC with BTS from the bitshare exchange.
Then withdraw the TRADE.BTC to BTC (once again asset is under your control).
In short, you can rapidly trade out of TRADE.BTC if you're concerned that the keys to it will be compromised.

TRADE.BTC isn't really intended as a speculative investment, so most people should be willing trade in and out of it for BitBTC or BTS quickly. We'll also have a pair up soon that allows blocktrades visitors to trade into BitBTC from TRADE.BTC. The intent of TRADE.BTC is to offer an "off-ramp" to bitcoin, whereas BitBTC is intended to be the speculative coin to hold for investment purposes.

[JonnyB]

Gateway IOU Bitcoin such as TRADE.BTC should trade at absolute face value whe returning to real bitcoin.  Ie charge all fees on the way in to gateway btc.

[speedy]

So each gateway will have to create own SomethingBTC? That would be insane!

This is so overwhelming even right now with: BTC, bitBTC and TRADE.BTC. People will not use it because they will not understand it.

Blocktrades is run by people who have commit access to the BitShares repositories.

Is that mean, that gateways would be only govern by people with commit access to BitShares? This seems to be a huge abuse of power.

I dont think its like that - Metaexchange is being integrated soon.

Yes it is confusing - all the gateways should be focusing on depositing into BitBTC.

[noisy]

So...TRADE.BTC was created by blocktrades?


So each gateway will have to create own SomethingBTC? That would be insane!

This is so overwhelming even right now with: BTC, bitBTC and TRADE.BTC. People will not use it because they will not understand it.

Blocktrades is run by people who have commit access to the BitShares repositories.

Is that mean, that gateways would be only govern by people with commit access to BitShares? This seems to be a huge abuse of power.