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?
