So I can see that the Max trade duration is 4 days… so if I make an offer and no one takes it I need to re enter my offer and pay again 0.0005 BTC? If this is the case I recommend making a much higher trade duration… because the cost for having a trade up for 1 month is 1.70 usd at current BTC/USD ratio which seems a little high to me.
Also it seems to me that it discourage people from trading small amount… wouldn’t it be more appropriate to make a % of the total order let say 25bps like other exchanges? I understand we don’t want people to fake orders but we do want people to trade and right now I’m feeling It is way 2 expensive for small orders i.e 1 ETH trade
Don’t forget that you’re competing with other exchanges and people will take the risk going to a centralised exchange if it’s cheaper for them.
First you place an order. Its stays in the order book till you cancel it or someone ‘trades’ it. The max. trade duration depends on the payment method and could be longer than 4 days (holidays etc.)
Similar to the quote convention topic one can not fit all. But the order fee is also a spam protection. Anyway if you have other suggestions …
There are no other exchanges/networks that protect the users privacy and allows him to keep control over his funds at any time. People can decide which feature they value more, low fees vs. loss of control, privacy vs. ‘big brother’. Keep spreading the word about Bitsquare so people get to know what is available. Raising awareness …
The trade duration is not applied for the offer. a published offer can stay without limits.
If the price changes and u want to remove the offer, then u lose the offer fee. But if u use percentage based price then u surf with the price moves…
Offer fee is required for protection against spam and market manipulation, a percentage fee would not serve that goal. Any offer has the same costs for the P2P network (distributioon to all nodes) independent of the price. Though a combination might be uses later when the fee will be more in the market range (currently its is super low, kust above mining fee).
So you think 0.0005 BTC (0.2 EUR) is too much of a fee? Just think on the price volatility and what you lose every minute when you did not take the best trade… that is much more…
Bitsquare’s focus is not to attract those people who are just looking for a cheap deal. They often sell their privacy and are either not aware of that or don’t care. Both sad. Bitsquare was created for those who care about privacy.
I think that this can be improved by adding other options, example:
If I know (as a trader) that I’ll need to make many transactions (offers) in the next month (example), than I’ll lock somewhere a larger sum of bitcoin (larger than the current offer fee), and then I’ll be able to make X offers in the next month (blocks time).
The number of offers should be related to the sum of bitcoins locked somewhere.
Maybe it can be: X offers * current offer fee.
After the selected month (likely 4464 blocks), if I didn’t spam, then I’ll be able to get back my bitcoins by paying “one only” offer fee. (or a %, chosen by the arbiter that is following my behavior, to see if I’m a spammer o something else)
So the trader can chosen how many trades he thinks that he is going to do in the next Y blocks time, and he need to select an arbiter, that he is going to be paid after the Y blocks time.
Is this idea good? Can it be improved?
Anyway, the common user that is going to do one or few spot trades can still pay the offer fee as now.
Interesting idea. Though when u start to look on the ways how it could be abused and how to secure it it get easily complicated… though will consider those ideas…
But I would like to see more movement, more offers and demands of all kinds.
and for the others its a chicken and egg problem. But we are working on it.