Somebody please explain what the fee required and provided mean exactly. Understand that lay people who are used to buying and selling on an exchange have no idea what
this means and who pays which. I made two sell xcp for btc orders. The first one was matched and expired without btc pay. I then cancelled it. The second time I just let it expire. Now my btc balance has been reduced permanently. Really? So just putting up innocent sell orders and nobody buying them results in me losing btc? Please explain for all the non techs.
In order to disincentivise trolling of the orderbook, offers to sell BTC must provide a fee to miners, which must match the 'fee required' by orders buying BTC. The default fee is 1%. You can extend the expiration time of your order when selling BTC, so that the fee paid per unit time is as low as you want. I've just opened up a GitHub issue about this, so that the default expiration time for BTC sell orders is greater than for other orders.
Yes but I was
Buying BTC. Why was my btc balance reduced permanently twice after 2 unsuccessful orders.
That may be a bug in the UI. The only BTC you spend when buying BTC is the (very small) regular Bitcoin tx fee.
EDIT: What's your address?
16khUbFwUK6X7U5X919RJeWyfBHSLfJMda
My btc balance is 0.0144398 I know before it was .016xxxx
Does a buy BTC order still spend the regular Bitcoin tx fee if it is never filled? Another problem I have with the wallet is I do not have a way to see an accounting of my btc
balance. I mean like I know it has been reduced but I do not know by how much because I do not remember exactly how much I had. Shouldn't there be a history transaction
list for btc to verify that your balance is what it should be weather it be a math error or a sent payment I don't remember doing.
The difference in those two balances was probably the fee for merely broadcasting the transaction to the network. If you want to see how much you are paying in network fees to Bitcoin miners, then look at Blockchain.info.
The logic for calculating these fees was very recently changed to keep it as low as possible.
So to make it clear for me and other laymen you are saying that every time I want to place an order for btc in counterparty as opposed to bter I have to pay a small btc fee?
How is this better than a centralized exchange? At bter I can place orders all day and not lose anything until my order is filled which is fair obviously. If this is the only way to prevent order trolling and other things then perhaps we should push much harder services like XBTC so orders can be escrowed properly. When XBTC is automated .1% sounds low but it is not low enough. It should be close to free because if bter charges .2% I think its worth it to people who trust bter more than the XBTC issuer who you basically
have to blindly trust. At least bter is a known company.
Thank you for everything you have created something special with counterparty. But I just want to remind you guys to think in terms of regular Joes. Even to Joe the idea to
trade btc without trust is exciting. But it has to be simple like cryptsy.
I am wondering what you guys have planned to make XCP valuable enough for people to want to use it to make bets in the future. If people ever see XCP as valuable like BTC
and then they can use it in a completely trustless way with no middle man to make bets and KNOW you will get paid if you win will be huge.