Author Topic: too many bts in centralized exchanges. Danger!  (Read 5902 times)

0 Members and 1 Guest are viewing this topic.

Offline lil_jay890

  • Hero Member
  • *****
  • Posts: 1197
    • View Profile
Re: too many bts in centralized exchanges. Danger!
« Reply #30 on: March 11, 2016, 06:28:29 pm »

Real platforms have interactive charts, script editors, more than 4 indicators and so much more.... Polo has none of that.

All this stuff does not appear from the air. It takes full time labour of dozens or even hundreds of developers to create a professional trading platform. This is not feasible for a small open source project.

I agree it would be dumb for us to do all this from scratch.  But there are several platforms out there, my preference being MT4, that already have everything we need to be viewed as a professional exchange.  All we need to do is incorporate our system with theirs.  This is feasible for a small open source project.

Offline yvv

  • Hero Member
  • *****
  • Posts: 1186
    • View Profile
Re: too many bts in centralized exchanges. Danger!
« Reply #31 on: March 11, 2016, 06:34:32 pm »

Real platforms have interactive charts, script editors, more than 4 indicators and so much more.... Polo has none of that.

All this stuff does not appear from the air. It takes full time labour of dozens or even hundreds of developers to create a professional trading platform. This is not feasible for a small open source project.

I agree it would be dumb for us to do all this from scratch.  But there are several platforms out there, my preference being MT4, that already have everything we need to be viewed as a professional exchange.  All we need to do is incorporate our system with theirs.  This is feasible for a small open source project.

But then you need to buy MT4 to trade on DEX. How good are open source clones of MT4? There should be a bunch of them.

Offline xh3

  • Full Member
  • ***
  • Posts: 90
    • View Profile
    • Bit-Cents
Re: too many bts in centralized exchanges. Danger!
« Reply #32 on: March 11, 2016, 06:37:59 pm »
Having to purchase MT4 is not an obstacle for serious traders.

Offline yvv

  • Hero Member
  • *****
  • Posts: 1186
    • View Profile
Re: too many bts in centralized exchanges. Danger!
« Reply #33 on: March 11, 2016, 06:45:45 pm »
Having to purchase MT4 is not an obstacle for serious traders.

Can serious traders cover integration cost? :)

Offline yvv

  • Hero Member
  • *****
  • Posts: 1186
    • View Profile
Re: too many bts in centralized exchanges. Danger!
« Reply #34 on: March 11, 2016, 06:49:54 pm »
It looks like MT4 is free to download for iOS and for Android. Definitely worth integrating with DEX, if possible.

Offline lil_jay890

  • Hero Member
  • *****
  • Posts: 1197
    • View Profile
Re: too many bts in centralized exchanges. Danger!
« Reply #35 on: March 11, 2016, 07:00:52 pm »
It looks like MT4 is free to download for iOS and for Android. Definitely worth integrating with DEX, if possible.

MT4 works through a licensing approach.  It's not paid for on a "per trader" basis.  Usually a broker buys a license in which he can have a certain amount of traders trade on.  I believe there are "unlimited trader" licenses as well.  The broker foots the bill for the platform, but makes money back as traders use him as their broker.

Cost of the license would be around 100k i'm guessing.  There are other cheaper and better alternatives, but MT4 is the most popular.

The biggest issue is that we need to have order types that match standard forex order types... Limits, stops, market, etc
« Last Edit: March 11, 2016, 07:02:37 pm by lil_jay890 »

Offline xh3

  • Full Member
  • ***
  • Posts: 90
    • View Profile
    • Bit-Cents
Re: too many bts in centralized exchanges. Danger!
« Reply #36 on: March 11, 2016, 07:05:38 pm »
this should all  be handled by the trader-coders.  I would love to help in any way I can

Offline xh3

  • Full Member
  • ***
  • Posts: 90
    • View Profile
    • Bit-Cents
Re: too many bts in centralized exchanges. Danger!
« Reply #37 on: March 11, 2016, 07:09:04 pm »
the Bitshares API could be wrapped in something that matches those specs

Offline hcf27

  • Full Member
  • ***
  • Posts: 116
    • View Profile
  • BitShares: hcf27
Re: too many bts in centralized exchanges. Danger!
« Reply #38 on: March 11, 2016, 08:54:59 pm »
I agree with this, its stressfull having to log in the DEX all the time to look at your margin, if you had a stop loss option you could sleep better at night  :D

Quote
2.Is there a way to put a stop loss or take profit order?
Because right now I can't figure out how to do it.  This means there is no money management ability.  Without the ability to manage a trade, the DEX is unusable for serious traders.  There needs to be at a minim stop loss orders.  There really should be a way to put trailing stops in as well.

Offline tbone

  • Hero Member
  • *****
  • Posts: 632
    • View Profile
  • BitShares: tbone2
Re: too many bts in centralized exchanges. Danger!
« Reply #39 on: March 11, 2016, 09:00:04 pm »
I agree with those saying Poloniex's UI is not one that we should emulate to a tee.  It's a decent interface, but not great by any stretch.  The reason they are so popular is that they have almost any coin one might want to trade, they are US-based and trustworthy, and they get a lot more right than Bittrex (whose UI is a total abomination).  So that's why Poloniex has been so successful and Bittrex is getting very little traction.  Not to mention Poloniex has lending.  Obviously we could greatly benefit from lending, but that is a big project and there is other lower hanging fruit, although hopefully a growing market cap will afford us the opportunity to work on more projects in parallel.   

In any event, we should take what is good from Poloniex and improve what isn't so good.  In fact, that's what [member=11456]svk[/member] has been trying to do and the UI has come a long way.  I can't imagine the reference wallet is ever going to be a professional trading platform.  That will likely have to be delivered by 3rd parties.  I imagine even an MT4 integration will likely be delivered by a 3rd party.  Either way, that is not going to happen instantly, and in the meantime there are obviously improvements we can and should make. 

For example, we need basic position management capability (e.g. showing open positions with P/L, etc), which I started bringing up recently.  We also need order types beyond the standard limit and market orders, such as stop-loss, stop limit, take profit, trailing stops, etc.  The chart also needs a lot of work (especially the indicators), although I don't see it as the highest priority since it's not difficult to use external charting.  So for the time being (until higher priority items are completed), basic charting without useful indicators is good enough.   

Finally, the issue of multiple versions of the same base asset (i.e. BTC, USD, etc) is not caused by the interface.  It's just the nature of the DEX.  Although sidechains should help eliminate multiple versions of BTC and other digital assets.  And perhaps much more liquid fiat BitAssets will help eliminate the need for the fiat IOU tokens.  In the meantime, the way the markets are grouped now should at least help in this regard.  I think we should give [member=11456]svk[/member] credit for a lot of excellent work on the UI.  Let's keep making progress.