[ANN] RMBTB.com: New China Bitcoin exchange - page 2.

TimJBenham

sr. member

Activity: 280

Merit: 250

Quote from: monsterer on May 28, 2013, 07:14:34 AM

Quote from: TimJBenham on May 28, 2013, 03:40:47 AM

The relevant distinction is between orders that provide liquidity and those that take it. Your idea would just cause all market orders to be entered as limit orders with an extreme limit.

Simply impose a restriction that limit orders cannot be placed between Bid or Ask.

That would forbid reducing the spread. I think that's the opposite of what you want.

monsterer

legendary

Activity: 1008

Merit: 1007

Quote from: BitPirate on May 28, 2013, 03:54:16 AM

I was toying with the idea of introducing new order types, such as "volatility reducing" orders that automatically lead/trail the last price by around 10% (and get re-placed every 20 minutes or so, so they would catch sudden dips/spikes).

You don't need to do that - if there is a big enough incentive for market-markers, the volatility (and spread) will be automatically reduced by their actions. You can achieve this either through rebate on limit orders, or by changing your fee model so the round-trip trade cost is less.

monsterer

legendary

Activity: 1008

Merit: 1007

Quote from: TimJBenham on May 28, 2013, 03:40:47 AM

The relevant distinction is between orders that provide liquidity and those that take it. Your idea would just cause all market orders to be entered as limit orders with an extreme limit.

Simply impose a restriction that limit orders cannot be placed between Bid or Ask. Or you can have a restriction that says you give a rebate for all limit order which sit in the book for 'long enough'.

BitPirate

full member

Activity: 238

Merit: 100

RMBTB.com: The secure BTC:CNY exchange. 0% fee!

Quote from: TimJBenham on May 28, 2013, 04:16:53 AM

Quote from: BitPirate on May 28, 2013, 03:54:16 AM

It's a nice idea though but would need to be applied in a different way (there's no way to distinguish between order types until they are executed anyway, which happens asynchronously).

Orders that execute against the order book take liquidity; orders that enter the order book add liquidity. That implies that you charge the fee when the order executes.

yes, the fee is charged at execution time; but don't users expect to be informed of the fee rate at order time? Perhaps "the fee is 0.3% but could be cheaper" isn't so bad...?

TimJBenham

sr. member

Activity: 280

Merit: 250

Quote from: BitPirate on May 28, 2013, 03:54:16 AM

It's a nice idea though but would need to be applied in a different way (there's no way to distinguish between order types until they are executed anyway, which happens asynchronously).

Orders that execute against the order book take liquidity; orders that enter the order book add liquidity. That implies that you charge the fee when the order executes.

BitPirate

full member

Activity: 238

Merit: 100

RMBTB.com: The secure BTC:CNY exchange. 0% fee!

It's a nice idea though but would need to be applied in a different way (there's no way to distinguish between order types until they are executed anyway, which happens asynchronously).

I was toying with the idea of introducing new order types, such as "volatility reducing" orders that automatically lead/trail the last price by around 10% (and get re-placed every 20 minutes or so, so they would catch sudden dips/spikes).

It would take some time to implement and test, but it was on my to-do list anyway. They could carry lower fees.

Anyway, the offer is still open for arbitrageurs in the meantime :-)

TimJBenham

sr. member

Activity: 280

Merit: 250

Quote from: monsterer on May 28, 2013, 02:21:59 AM

Here's an idea if you want to increase liquidity - make your fees lower for limit orders than they are for market orders?

The relevant distinction is between orders that provide liquidity and those that take it. Your idea would just cause all market orders to be entered as limit orders with an extreme limit.

monsterer

legendary

Activity: 1008

Merit: 1007

Quote from: BitPirate on May 28, 2013, 12:58:30 AM

The giveaway is now over, as expected we had quite a lot of takers....

We're looking to build market depth. The prevailing bitcoin price in China is quite significantly lower than Mt Gox at the moment, but there is also a nice gap between the China exchanges.

If there are any potential market makers interested in exploiting the gap, please PM me -- we can cut a good deal and I can help you get money in.

Here's an idea if you want to increase liquidity - make your fees lower for limit orders than they are for market orders?

BitPirate

full member

Activity: 238

Merit: 100

RMBTB.com: The secure BTC:CNY exchange. 0% fee!

The giveaway is now over, as expected we had quite a lot of takers....

We're looking to build market depth. The prevailing bitcoin price in China is quite significantly lower than Mt Gox at the moment, but there is also a nice gap between the China exchanges.

If there are any potential market makers interested in exploiting the gap, please PM me -- we can cut a good deal and I can help you get money in.

TimJBenham

sr. member

Activity: 280

Merit: 250

Quote from: BitPirate on May 24, 2013, 04:57:11 AM

btb is pinyin transliteration of 比特币, and there is more than one pun in the name....

Yeah, "rm" means remove in un*x, so one interpretation is that you are going to take all the 比特币!

BitPirate

full member

Activity: 238

Merit: 100

RMBTB.com: The secure BTC:CNY exchange. 0% fee!

Thanks. Yes the site is completely bi-lingual.

I'm not sure of the problem with the domain name -- the name is quite memorable in Chinese -- btb is pinyin transliteration of 比特币, and there is more than one pun in the name....

We don't trade CNC or CHNcoin; may be a misunderstanding. :-)

We do have a trollbox.... but that's where the similarities with btc-e end I think...

usscfounder

member

Activity: 84

Merit: 10

Like the Russian BTC-e, does your site fully support English and Chinese?

Also, just some advice: Get a better domain name. rmbtb is not good to remember. How about cnc-e.com or chn-e.com or chn-direct.com or cnc-trade.com

One more thing. Post this in the alternative currency sub-forum and the main bitcoin forum. That's where it needs to be.

BitPirate

full member

Activity: 238

Merit: 100

RMBTB.com: The secure BTC:CNY exchange. 0% fee!

Hi,

We plan to institute a sliding scale later on -- we certainly have the ability to set per-user fees.

Right now, since we charge no deposit/withdrawal fee, our marketing expenses are huge and income still effectively 0 -- but once they converge we will definitely be working to look after our big fish :-)

BitPirate

full member

Activity: 238

Merit: 100

RMBTB.com: The secure BTC:CNY exchange. 0% fee!

Quote from: nyusternie on May 22, 2013, 03:39:24 PM

Quote from: BitPirate on May 21, 2013, 08:46:26 AM

Thank you very much -- do let us know if you have any problems. We switch on the trade engine tomorrow, and will be giving away 0.5BTC and a year of waived trading fees to the first people who have their trades executed!

just executed my first trade and no problems at all; very nice system with great details over a well thought out ui. would absolutely recommend this over btcchina.

Quote

Moving or withdrawing coins from our blockchain.info account requires intervention of an RMBTB administrator, with a separate key and password that is never stored electronically.

what is the average turnaround time for a withdrawal to btc? will requests be processed 24 hours a day? your security practices are the best i've seen, however, I am concerened how that will affect convenience.

just submitted a withdrawal request that shows "Awaiting Review" (23 May 04:36:05).
i'll update here the time that it takes to deliver.

Thank you very much! We still have a long way to go -- lots of small bugs to iron out with charts etc.... Oh... and volume! Sorry you didn't get a good deal!

I saw your deposit request this morning, processed it about 8am. :-)

Once we get busy (hopefully), we plan to process CNY deposits and BTC withdrawals every hour or so, except at the dead of night... We're putting in place processes so we can get to them as quickly as possible. CNY deposits should be fast too, during working hours and hopefully not more than a few hours' wait...

nyusternie

full member

Activity: 211

Merit: 100

"Living the Kewl Life"

Quote from: BitPirate on May 21, 2013, 08:46:26 AM

Thank you very much -- do let us know if you have any problems. We switch on the trade engine tomorrow, and will be giving away 0.5BTC and a year of waived trading fees to the first people who have their trades executed!

just executed my first trade and no problems at all; very nice system with great details over a well thought out ui. would absolutely recommend this over btcchina.

Quote

Moving or withdrawing coins from our blockchain.info account requires intervention of an RMBTB administrator, with a separate key and password that is never stored electronically.

what is the average turnaround time for a withdrawal to btc? will requests be processed 24 hours a day? your security practices are the best i've seen, however, I am concerened how that will affect convenience.

just submitted a withdrawal request that shows "Awaiting Review" (23 May 04:36:05).
i'll update here the time that it takes to deliver.

BitPirate

full member

Activity: 238

Merit: 100

RMBTB.com: The secure BTC:CNY exchange. 0% fee!

Quote from: btctraderr on May 21, 2013, 05:06:57 AM

Nice, Good to see more CNY exchanges! Massive untapped potential for Bitcoin.

Thank you!
There are lots of exchanges springing up, and lots of in-fighting, DDoSing going on, etc...

We're hoping that with a bit of planning behind RMBTB we will rise up beyond that and provide a safer place for people to Trade in/with China...

Quote from: nyusternie on May 21, 2013, 07:25:26 AM

Great work BitPirate!

Just registered and I look forward to my first trade.

Best of luck to you and your team Cheesy

Thank you very much -- do let us know if you have any problems. We switch on the trade engine tomorrow, and will be giving away 0.5BTC and a year of waived trading fees to the first people who have their trades executed!

nyusternie

full member

Activity: 211

Merit: 100

"Living the Kewl Life"

Great work BitPirate!

Just registered and I look forward to my first trade.

Best of luck to you and your team Cheesy

btctraderr

full member

Activity: 120

Merit: 100

Nice, Good to see more CNY exchanges! Massive untapped potential for Bitcoin.

BitPirate

full member

Activity: 238

Merit: 100

RMBTB.com: The secure BTC:CNY exchange. 0% fee!

Almost imperceptibly, the lights flicker and dim. Far away, you hear what sounds almost like the distant roar of thunder.

What's that, you ask? It's the RMBTB trading engine warming up, of course.

Grand switch-on is at 12pm Beijing Time (4am UTC) tomorrow, Wednesday 22 May. :-)

BitPirate

full member

Activity: 238

Merit: 100

RMBTB.com: The secure BTC:CNY exchange. 0% fee!

Some FAQs (and answers).

Q: Waaa, I have to give you so much in order to get 0.1 BTC (etc)...

A: Not really. Depositing != giving. Say for example, you deposit your money and trade it all (which, incidentally, we're not requiring you to do). We would earn CNY 15 from that. So -- you'd be giving us CNY 15 and getting CNY 75 - 100. Still sound like a bad deal?

Q: Must be a scam then, why are you giving away free money?

A: Because we want you to use our site. We think our site is great, but that means nothing without users. We want people to join up and trade. You have to make your own judgement on if it's a scam; but ask yourself: "Does this site look like a cookie cutter set up quickly as a scam"? I can assure you: We don't want your deposits... we want your trade.

Q: I found error [x/y/z]

A: There are still a few... not with the functionality, but mainly with the template and translations. Please let us know -- we'd be happy to fix them and throw some BTC your way.

Q: I can't log in, it says my username and password are incorrect
A: This is probably our account protection feature blocking brute force attacks -- it should only be affecting our admins, unless you have a common username. We still need to tweak it further to stop it being an annoyance and only block potential hackers. If you can't log in, please use the contact form to contact us and we will fix it for you -- or wait for a few minutes and try again.

Topic: [ANN] RMBTB.com: New China Bitcoin exchange - page 2. (Read 8881 times)