I’ve been trading BTC for a couple of years, and I love the idea of a decentralized exchange. However, based on the way I work, Bitsquare has a couple of drawbacks that I’d like to discuss. The biggest one is the cost with adding and removing offers. BTC can be quite volatile, and there’s two opposing forces. First, I’d like to know that a trade will make some profit. But second, I want to keep the margin low to be competitive.
For instance, on LBC I can say, “3% above average rate”, or “convert bitfinex usd to pln and add 2%”. These aren’t foolproof, but they help. But on Bitsquare, I need to set a specific value. This means, the only way to make sure I can meet both criteria would be to remove the offer and add a new one if the price moves too far. Maybe it’s workable if I could do it using an API endpoint (or dao? not sure), but doing that manually is a total no-go for me.
Another idea would be to use a trusted Oracle to report the prices on some exchanges, and then it could become more like the LBC system. I’d love to know if that’s on the roadmap.
Any feedback on this?
There has been an update recently which enables you to reference orders to an exchange price. For now its only Poloniex but others and Indexes are on the queue. Its comparable to localbitcoin as I understand you. Please let us know if this is what you imagine. Best
Yes, this is what I imagined, I did not update recently, and it seemed like a big feature, I’m pleasantly surprised. Let me update and try it out.
Hi lazerdye, thanks for your feedback!
Offer fee is required to avoid spam and market manipulation. It is super low atm (0.0005 BTC) and as alf pointed out the dynamic % price should be good enough for most cases.
Changing price and amount will be added but its not that trivial in a P2P system and not on the top position of the long todo list.
APIs are also planned.
I recommend you to stick to the latest versions.
I am updating quite frequently to react agile on user feedback and bug reports.