Potential worker proposal - The copycat market maker bot

[mindphlux]

I'm working on such a bot that copies over orders from central exchanges into the internal orderbook.

[noisy]

great idea. We will need test network to check whether this is working as expected.

[jakub]

 
If you create a worker proposal, as a proxy I would be happy to support it.

[EstefanTT]

That's a great idea ! 

Also agree with Tbone, the trading UI needs to be improved. (Poloniex is a good exchange for inspiration)

[tbone]

Clayop, we sorely need liquidity so I love where you are going with this and hope someone will take your idea and run with it.  But I also hope that you and others will join me in making the case that the trading UI needs to be FINISHED (currently we have NO market history, charts need work, exchange requires multiple clicks to get into, setting market favorites is a convoluted process, etc). 

It's great to bootstrap the liquidity with market makers, but ultimately we need to attract and retain users/traders.  Problem is, traders are simply NOT going to take this UI seriously in it's current state (no market history, it's hard to believe!!).  Please join me in making this case!

[Akado]

Why not add the fees to the spread so it can pay itself and still be profitable? So 20bts + 0.5% or if that sounds too much make it 20bts + 0.3% or something

[clayop]

sounds like a great idea!

would the profit be enough to run this bot?

also, how much would it cost?

I have no idea atm. Looking for someone to realize my dream

[fav]

sounds like a great idea!

would the profit be enough to run this bot?

also, how much would it cost?

[clayop]

The biggest problem our DEX is liquidity. Resolving this issue is one of the key of our success.
Here's a very draft idea. If anyone can grab it and can complete it, I will support him.

The copycat market maker bot means it copies other exchanges' order book into the DEX with some profit.
For preparation, the bot owner should put 50% of BTC and BTS in external exchange and the rest of them in DEX (e.g. 5 BTC / 200k BTS on Poloniex, 5 TRADE.BTC / 200k BTS on DEX)

And if Poloniex has the following order book,

SELL                                                                     BUY
0.00001200   20000 BTS                                  0.00001100 70000 BTS
0.00001300   30000 BTS                                  0.00001000 20000 BTS
0.00001400   40000 BTS                                  0.00000900 10000 BTS

The bot place orders in DEX as follows (with 0.5% profit)
SELL                                                                     BUY
0.00001206   20000 BTS                                  0.00001094 70000 BTS
0.00001307   30000 BTS                                  0.00000995 20000 BTS
0.00001407   40000 BTS                                  0.00000895 10000 BTS

Once an order (0.00001206 20000 BTS, as an example) filled, the bot buys the same amount of BTS in Poloniex, and send them to DEX. Meanwhile, the bot withdraws TRADE.BTC (obtained by the order) to Poloniex, to balance 50/50.

In this way, we may be able to make our DEX more attractive. If it's open sourced, the bot should avoid duplicated order.