I had an open order to sell btc and buy Monero. On November 30th, the price of Monero jumped by about 20% in literally minutes. Someone smart who was paying attention entered a trade on my open order near the high. If I had been paying attention, I wouldn’t have purchased Monero on a 20% pump. Not surprisingly, the price of Monero began to immediately fall off and I have a nice loss on that purchase. What’s worse is that there is no way to avoid this currently. With any big pop, someone will dump Monero on me. My suggestion therefore is to enable a price limit for an order so that the trade will not be executed if a crypto jumps x% in y amount of time.
Another suggestion is the ability to edit an order without having to close it and lose the deposit. I know the amount is small, but it is surely a barrier to or penalty for using Bitsquare. At the very least, the deposit should not be kept if the user simply wants to edit an order (but keep the order alive). I continue to keep orders on Bitsquare despite these complaints to support the platform. Others may not be so willing to do so.
Oh I am sorry for you.
The security deposit is NOT lost when you cancel an offer. Only the createOfferFee (0.0005 BTC) is lost.
Only when a trade has started and one peer does not follow the trade protocol he will lose his security deposit to the other trader. In future we will make the security deposit custimizable in the offer to avoid that people are not starting the altocin/fiat payment if the price has changed too much against their favor. Then the other peer would receive a higher re-imbursement for a lost trade opportunity. Its then basically a bit like an option trade.
One thing you can do now is to use the %based price.
I am working on be a bigger update for supporting dynamic mining fees, custom security deposits,…
I could add new features to the offer as well like min/max prices.
Editing the offer is on the todo list as well, but too much other hi-prio tasks in the pipeline before that (and not enough dev resources).
Thanks a lot for your support and feedback!
I know its not all perfect yet, but we try to improve as fast as it is possible with our very limited resources and no funding. I always thought its easier to get more developers on board but without funding its really hard. Thats why my hi-prio task is to get our DAO model implemented, but will take a few months at least. That DAO model should also give some reward to people supporting use in the bootstrapping phase (like you) . Though I cannot provide details or promise anything yet, but we have some plans.
And btw: Buying Monero is never a loss, u just might need a bit more patience I am strongly long at least
Manfred. Thank you for your response. I and others appreciate all the work you do and realize this is a labor of love. I also hope you’re right about the long term prospects for Monero!
Monero and Bitsquare has a lot in common. At least with the long term prospects for Monero I am pretty sure