Author Topic: What's the biggest bottleneck of our internal exchange?  (Read 5982 times)

0 Members and 1 Guest are viewing this topic.

Offline clayop

  • Hero Member
  • *****
  • Posts: 2033
    • View Profile
    • Bitshares Korea
  • BitShares: clayop

The conclusion so far looks to me like this:
low fees -> trading bots -> liquidity -> most of us are satisfied
So lowering the trading fees is the key here.
I don't see a majority in your poll that says the fees are too high?!
That was an indirect conclusion.
The poll results show that the main bottleneck is liquidity. But to have liquidity we need trading bots. And to have good working conditions for the bots we need low fees.
So the fees seem to be the primary reason.

There are no bots because the API is incomplete.  Last I checked you can not cancel an order via API nor can you query your open orders.  Thats a pretty essential feature for any bot.
That explains a lot. So both the fees and the unfinished API are the main culprits.

So we can conclude that there is no liquidity because there cannot be any liquidity in those circumstances.
For me it's good news because I can see a rational explanation for the current situation.
+5%
Bitshares Korea - http://www.bitshares.kr
Vote for me and see Korean Bitshares community grows
delegate-clayop

Offline roadscape


The conclusion so far looks to me like this:
low fees -> trading bots -> liquidity -> most of us are satisfied
So lowering the trading fees is the key here.
I don't see a majority in your poll that says the fees are too high?!
That was an indirect conclusion.
The poll results show that the main bottleneck is liquidity. But to have liquidity we need trading bots. And to have good working conditions for the bots we need low fees.
So the fees seem to be the primary reason.

There are no bots because the API is incomplete.  Last I checked you can not cancel an order via API nor can you query your open orders.  Thats a pretty essential feature for any bot.

cancel_order should be in the latest release!
https://github.com/cryptonomex/graphene/pull/424

Not sure about querying open orders..
http://cryptofresh.com  |  witness: roadscape

Offline Empirical1.2

  • Hero Member
  • *****
  • Posts: 1366
    • View Profile

The conclusion so far looks to me like this:
low fees -> trading bots -> liquidity -> most of us are satisfied
So lowering the trading fees is the key here.
I don't see a majority in your poll that says the fees are too high?!
That was an indirect conclusion.
The poll results show that the main bottleneck is liquidity. But to have liquidity we need trading bots. And to have good working conditions for the bots we need low fees.
So the fees seem to be the primary reason.

There are no bots because the API is incomplete.  Last I checked you can not cancel an order via API nor can you query your open orders.  Thats a pretty essential feature for any bot.
That explains a lot. So both the fees and the unfinished API are the main culprits.

So we can conclude that there is no liquidity because there cannot be any liquidity in those circumstances.
For me it's good news because I can see a rational explanation for the current situation.

 +5%
If you want to take the island burn the boats

jakub

  • Guest

The conclusion so far looks to me like this:
low fees -> trading bots -> liquidity -> most of us are satisfied
So lowering the trading fees is the key here.
I don't see a majority in your poll that says the fees are too high?!
That was an indirect conclusion.
The poll results show that the main bottleneck is liquidity. But to have liquidity we need trading bots. And to have good working conditions for the bots we need low fees.
So the fees seem to be the primary reason.

There are no bots because the API is incomplete.  Last I checked you can not cancel an order via API nor can you query your open orders.  Thats a pretty essential feature for any bot.
That explains a lot. So both the fees and the unfinished API are the main culprits.

So we can conclude that there is no liquidity because there cannot be any liquidity in those circumstances.
For me it's good news because I can see a rational explanation for the current situation.

Xeldal

  • Guest

The conclusion so far looks to me like this:
low fees -> trading bots -> liquidity -> most of us are satisfied
So lowering the trading fees is the key here.
I don't see a majority in your poll that says the fees are too high?!
That was an indirect conclusion.
The poll results show that the main bottleneck is liquidity. But to have liquidity we need trading bots. And to have good working conditions for the bots we need low fees.
So the fees seem to be the primary reason.

There are no bots because the API is incomplete.  Last I checked you can not cancel an order via API nor can you query your open orders.  Thats a pretty essential feature for any bot.

jakub

  • Guest

The conclusion so far looks to me like this:
low fees -> trading bots -> liquidity -> most of us are satisfied
So lowering the trading fees is the key here.
I don't see a majority in your poll that says the fees are too high?!
That was an indirect conclusion.
The poll results show that the main bottleneck is liquidity. But to have liquidity we need trading bots. And to have good working conditions for the bots we need low fees.
So the fees seem to be the primary reason.

Offline btswolf


The conclusion so far looks to me like this:
low fees -> trading bots -> liquidity -> most of us are satisfied
So lowering the trading fees is the key here.
I don't see a majority in your poll that says the fees are too high?!


If you want me to trade on the DEX I need the following things, sorted by priority:
  • Privacy (Stealth Accounts/Transfers per default)
  • Keep it sweet and simple (self-explanatory and at least midrange class UI)
  • Liquidity
  • FIAT Gateway
  • Make me feel I'm a Customer 'customer is king' (Support)
I have not yet claimed my main BTS1.0 stake cause of privacy concerns and the poor UI experience so far.
I also bought some BTS via Poloniex but I'm not gonna withdraw them until the reasons above are fixed.
- Well if Polo gets Goxed I'll lose some of my stake but I'm lazy and at the moment I trust Polo more than my own security measures to protect my OpenLedger wallet.
I don't trade often but if I do - I don't care much about fees as long as they are not impertinently high.
- I think if someone wants lower fees than the standard fees s/he should be able to buy a Flatrate or Premium package, like the annual or lifetime subscription.

So far I think BitShares 2.0 does not offer much more incentives to use it than 0.9 did.
BUT the foundation and ecosystem seems solid, fast and scalable enough for future improvements, that's why I'm still buying and holding till I'm dead or rich.

Offline Ben Mason

  • Hero Member
  • *****
  • Posts: 1070
  • Integrity & Innovation, powered by Bitshares
    • View Profile
  • BitShares: benjojo
I am not a trader, nor am I a developer though I think I have a firm enough grasp of the concepts to attempt to contribute in certain areas. I've not yet imported my private keys to Graphene because I've not had time but I've recently helped a few of my friends to do so. They are not traders and have the barest understanding of blockchain's potential and only my enthusiasm for Bitshares as a corruption resistant dex and incredible bitasset products to get them involved. To a man they found the process of upgrading and  finding information stressful. They were only confident that what they were doing was not compromising their BTS because I was there to help and offer encouragement. The vast majority of people and businesses need simplicity. They care about the incredible things that blockchains can do, but only on a superficial level at the moment. I had hoped to integrate Bitshares into my vape business, using product discounts to incentivise referrals. Unfortunately, I'm only a minor partner and although the main partners are interested, the whole thing seemed too complex and risky for them at this time. I fully intend to change their minds though!

So the liquidity problem from my perspective is a lack of simple tools for people and businesses. A lag in the number of existing BTS holders claiming their BTS in the Graphene client. A lack of demand for normal value retention or non-trading purposes. A lag in centralised exchanges updating to Graphene. Finally, everyone, especially the traders at the moment need to want to utilise the Bitshares dex.....for all the reasons we know very well. I hope this perspective helps.

I just wanted to add that in my opinion, CNX had it absolutely right to expend their resources ensuring the engine was top notch. The responsibility lies with us to support those making moves to build out the next layers of development, partnerships, investment and marketing.

Offline Empirical1.2

  • Hero Member
  • *****
  • Posts: 1366
    • View Profile
With all the new money flowing into BTC there will be corrections, crashes and profit taking, this is when the opportunity for BitAssets will present itself.

The best thing we can do now is create 'An idiots guide to trading BitAssets' (With pictures)

I also still think we need an internal market maker for BitUSD and BitCNY, even if the spread is REALLY wide.  People need confidence that they can exit easily even if they take a fairly big hit.
http://www.howstuffworks.com/
Why not make a post on How Stuff Works? Add pictures and explanations on how a person can make a legitimate profit using BitAssets.

Yeah looks good. Or even just  a guide to 'buying & selling' instead of 'trading.' I think people just want a safe place to store value at times without leaving crypto even if costs them a little.

If you want to take the island burn the boats

jakub

  • Guest
But committee proposal cannot be accepted until BM agrees with it or we have enough (over 130M) votes.
It's hard for me to imagine BM won't agree.
Unless he'll prefer the BitShares DAC to be profitable but useless. In other words, profitable in the short term but making a loss in the long term.

Offline luckybit

  • Hero Member
  • *****
  • Posts: 2921
    • View Profile
  • BitShares: Luckybit
With all the new money flowing into BTC there will be corrections, crashes and profit taking, this is when the opportunity for BitAssets will present itself.

The best thing we can do now is create 'An idiots guide to trading BitAssets' (With pictures)

I also still think we need an internal market maker for BitUSD and BitCNY, even if the spread is REALLY wide.  People need confidence that they can exit easily even if they take a fairly big hit.
http://www.howstuffworks.com/
Why not make a post on How Stuff Works? Add pictures and explanations on how a person can make a legitimate profit using BitAssets.
https://metaexchange.info | Bitcoin<->Altcoin exchange | Instant | Safe | Low spreads

Offline clayop

  • Hero Member
  • *****
  • Posts: 2033
    • View Profile
    • Bitshares Korea
  • BitShares: clayop
The conclusion so far looks to me like this:
low fees -> trading bots -> liquidity -> most of us are satisfied

So lowering the trading fees is the key here.
Why don't we have a committee proposal for that?

(In my case it's because committee proposals cannot are not supported in the GUI yet. But maybe someone more tech savvy will step up and save us)

Then we need a worker proposal for the trading bot.
And than we have liquidity and most of us are happy.

Yes  +5%
But committee proposal cannot be accepted until BM agrees with it or we have enough (over 130M) votes.
Bitshares Korea - http://www.bitshares.kr
Vote for me and see Korean Bitshares community grows
delegate-clayop

Tuck Fheman

  • Guest
The best thing we can do now is create 'An idiots guide to trading BitAssets' (With pictures)

Step 1 : Buy High.

Step 2 : Sell Low.


jakub

  • Guest
The conclusion so far looks to me like this:
low fees -> trading bots -> liquidity -> most of us are satisfied

So lowering the trading fees is the key here.
Why don't we have a committee proposal for that?

(In my case it's because committee proposals cannot are not supported in the GUI yet. But maybe someone more tech savvy will step up and be our savior)

Then we need a worker proposal for the trading bot.
And then we have liquidity and most of us are happy.
« Last Edit: November 03, 2015, 08:00:30 pm by jakub »

Offline Empirical1.2

  • Hero Member
  • *****
  • Posts: 1366
    • View Profile
With all the new money flowing into BTC there will be corrections, crashes and profit taking, this is when the opportunity for BitAssets will present itself.

The best thing we can do now is create 'An idiots guide to trading BitAssets' (With pictures)

I also still think we need an internal market maker for BitUSD and BitCNY, even if the spread is REALLY wide.  People need confidence that they can exit easily even if they take a fairly big hit.
If you want to take the island burn the boats