I understand that BSQ token is partly used to prevent spam offers. However, if the market moves up during your open offer to the point where you would no longer have the fiat amount to complete a trade, you are forced to cancel your offer in order to reset the quantitative details to within your available fiat amount (or leave your obsolete offer sitting there, praying the market returns to a lower state, which is a guess). And when you cancel, you forfeit all your BSQ that was used in making the offer. Kind of scammy, considering a situation like market movement is out of your control as a maker.
And if your offer is very big, you lose the full amount of that BSQ which also scales with your offer amount… Just to reset your offer’s quantitative details because the market moved significantly. This definitely is a big negative for user experience, very annoying to deal with as a person who regularly makes offers.
I like Bisq as a platform overall, but it would be nice if there was at least a free cancellation allowed for every completed trade you have done on the platform, or one cancellation for every 2-3 successful trades, etc. Just to have some freedom to deal with market movements like this to adjust your offer. Otherwise I start to feel scammed and start looking for other alternatives. The way it is now is kind of cheap. Especially considering the significant BSQ fees already in place on the taker’s side of every trade (~0.44%). Platforms like Strike charge a 0.25% spread and that’s it. Bisq charges in total (0.5%) in fees, which is at least double Strike’s, and on top of that keeps all cancellation BSQ fees. Should we just go off and use Robosats instead?
Thanks for your response, however even when editing an offer, the only fields that can be changed are still the percentage premium over market price, or the fixed price per bitcoin.
To try and clarify my question, the situation occurs when the market itself increases significantly during the period you made your offer, potentially making your equivalent fiat payment amount surpass that which you have available, or making your offer price uselessly low if you have a fixed price. Thus in order to maintain a competitive buy offer (sufficiently high premium/price), the amount of bitcoin purchased itself would have to be adjusted downward, which is not possible.
It seems the only way to adjust the actual BITCOIN amount of the offer is to completely cancel and create a new offer, forfeiting all your maker fees.
To try and clarify my question, the situation occurs when the market itself increases significantly during the period you made your offer, potentially making your equivalent fiat payment amount surpass that which you have available, or making your offer price uselessly low if you have a fixed price. Thus in order to maintain a competitive buy offer (sufficiently high premium/price), the amount of bitcoin purchased itself would have to be adjusted downward, which is not possible.
Yes this is the way Bisq work due to BTC being used as the security deposit. Therefore it is only possible to specify the BTC amount. It would be nice to specify an exact fiat amount to be bought or sold. Eg Making an offer to buy $100 USD of BTC but this is not currently possible.
It seems the only way to adjust the actual BITCOIN amount of the offer is to completely cancel and create a new offer, forfeiting all your maker fees.
I would try and avoid cancelling the offers as you lose out on miner and trade fees. Maybe make the offers a bit smaller so that the volatility of the BTC price does not affect your ability to complete the trade.