[BTC-TC] Virtual Community Exchange [CLOSED] - page 45.

carpetbagger

sr. member

Activity: 258

Merit: 250

You can trust me, I have an avatar

Quote

So say you place a sell order for 100 shares but then the share price falls suddenly by quite a bit. Could you be left trying to sell 100 shares that no one will buy?

Yes but you can simply cancel the order if you want.

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And say if the share price falls and everyone then decides to sell there shares at the same time, if you want to be successful in selling them is it really about time and how quick you react to the fall in share price, or is it more about trying to predict when a share price may fall and selling it just before it falls?

You will be more successful if you can predict the moves before the rest of the herd. Something to keep in mind with that style of trading is that the sites often have issues with the sheer volume and speed involved. Just because your plan is to sell at x and buy at y doesn't mean it will necessarily play out like that.

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Also say you want to by a particular number of shares say 317 shares and you place a buy order for that amount, do you have to wait for a seller to be selling that exact quantity 317 for the exact price you bid?

Your buy order will fill the first (up to 317) ask orders equal to or under your bid.

carface

newbie

Activity: 30

Merit: 0

So say you place a sell order for 100 shares but then the share price falls suddenly by quite a bit. Could you be left trying to sell 100 shares that no one will buy?
And say if the share price falls and everyone then decides to sell there shares at the same time, if you want to be successful in selling them is it really about time and how quick you react to the fall in share price, or is it more about trying to predict when a share price may fall and selling it just before it falls?

Also say you want to by a particular number of shares say 317 shares and you place a buy order for that amount, do you have to wait for a seller to be selling that exact quantity 317 for the exact price you bid?

odolvlobo

legendary

Activity: 4522

Merit: 3426

Quote from: carface on September 07, 2013, 09:53:34 PM

So when I place a buy order for say 1 share will I own that share instantly or do I have to wait for it to be filled by someone? The same with selling, if I place a sell order will they be sold instantly?

The exchange matches buyers with sellers. If you place a buy order for a particular price (called a "bid") and there is already a seller that has placed an order to sell shares (called an "ask") at that price, then you will immediately buy from that seller. If there is nobody selling at that price, then the exchange will save your buy order, and later when there is someone that wants to sell shares at your price, his shares will be sold to you.

That's it in a nutshell.

carface

newbie

Activity: 30

Merit: 0

So when I place a buy order for say 1 share will I own that share instantly or do I have to wait for it to be filled by someone? The same with selling, if I place a sell order will they be sold instantly?

twentyseventy

legendary

Activity: 1386

Merit: 1000

Quote from: carface on September 07, 2013, 08:12:10 PM

Where do I find the Auth code when I want to place a Buy Order?

You only need to do that if you have 2 Factor Authentication enabled.

carface

newbie

Activity: 30

Merit: 0

Where do I find the Auth code when I want to place a Buy Order?

dexX7

legendary

Activity: 1106

Merit: 1026

Very low priority stuff:

When I use the Internal Transfer to transfer Bitcoin to myself, this results in "Could not acquire wallet locks.".

Also, an amount of 0.000000000001 Bitcoin is accepted, transfered as 1.0E-12 BTC (according to the status message + email confirmation), but displayed as "0.00000000 BTC" in the Withdrawal History.

A transfer of 0.000123123123 BTC is displayed both in status message and Withdrawal History 0.00012312 BTC.

After trying to exceed the displayed balance by 0.000000000001 BTC (which should be slightly above due to the dust transaction) this results in "You do not have enough funds for that amount.", thus I think the 1.0E-12 transfer didn't went through and the other one was cut.

No problem with that, though you could limit the amount of digits in Internal Transfer.

Rannasha

hero member

Activity: 728

Merit: 500

Quote from: SebastianJu on September 06, 2013, 04:37:27 PM

Quote from: dexX7 on September 06, 2013, 03:33:47 PM

Quote from: SebastianJu on September 06, 2013, 02:58:23 PM

Can someone explain why there are 6 decimals (why not Cool

but of those 6 only 4 can be used otherwise its rounded? I tried to sell something for x.xx9999 but it rounded up. With 999 the same. Only x.xx99 worked finally.

Yes. It was done to prevent super smallish outbids. Earlier there was a spread bot which frequently placed orders above and below the current bid and ask prices, but only with a difference of 0.00000001 Bitcoin and people did this, too. This was kinda annoying for some and they demanded a solution which finally resulted in the implementation of minimum increment size or to be more precise the limitation to a maximum of 4 significant digits.

https://bitcointalksearch.org/topic/m.2776705 and following.

Wouldnt it make sense then to cut it to 4 decimals? Though i see its not nice to be outbid that way i think a bot wouldnt care much if he outbids someone 4 digits after after the dot or 8 digits. And the anger would remain the same. But ok...

The problem is not with outbidding, but with outbidding by amounts that have 0 effect. Suppose I'm bidding on ASICMINER-PT shares... A 1 satoshi difference in bid is completely irrelevant. So if I bid 2 BTC and then someone else (bot or human) bids 2.00000001 BTC, for all intents and purposes we have the same bid, but the other bid gets executed first since it's a higher value after all.

Capping bids to 4 significant digits does a great deal to alleviate the problem. You can still make a minimal increment, but this minimal increment will more rapidly start to affect the profitability of your trades, which makes it an actual decision whether to overbid or not. As a side effect, larger bid increments will help reduce the spread when people (or bots) are bidding against eachother.

SebastianJu

legendary

Activity: 2674

Merit: 1083

Legendary Escrow Service - Tip Jar in Profile

Quote from: dexX7 on September 06, 2013, 03:33:47 PM

Quote from: SebastianJu on September 06, 2013, 02:58:23 PM

Can someone explain why there are 6 decimals (why not Cool

but of those 6 only 4 can be used otherwise its rounded? I tried to sell something for x.xx9999 but it rounded up. With 999 the same. Only x.xx99 worked finally.

Yes. It was done to prevent super smallish outbids. Earlier there was a spread bot which frequently placed orders above and below the current bid and ask prices, but only with a difference of 0.00000001 Bitcoin and people did this, too. This was kinda annoying for some and they demanded a solution which finally resulted in the implementation of minimum increment size or to be more precise the limitation to a maximum of 4 significant digits.

https://bitcointalksearch.org/topic/m.2776705 and following.

Wouldnt it make sense then to cut it to 4 decimals? Though i see its not nice to be outbid that way i think a bot wouldnt care much if he outbids someone 4 digits after after the dot or 8 digits. And the anger would remain the same. But ok...

dexX7

legendary

Activity: 1106

Merit: 1026

Quote from: SebastianJu on September 06, 2013, 02:58:23 PM

Can someone explain why there are 6 decimals (why not Cool

but of those 6 only 4 can be used otherwise its rounded? I tried to sell something for x.xx9999 but it rounded up. With 999 the same. Only x.xx99 worked finally.

Yes. It was done to prevent super smallish outbids. Earlier there was a spread bot which frequently placed orders above and below the current bid and ask prices, but only with a difference of 0.00000001 Bitcoin and people did this, too. This was kinda annoying for some and they demanded a solution which finally resulted in the implementation of minimum increment size or to be more precise the limitation to a maximum of 4 significant digits.

https://bitcointalksearch.org/topic/m.2776705 and following.

SebastianJu

legendary

Activity: 2674

Merit: 1083

Legendary Escrow Service - Tip Jar in Profile

Can someone explain why there are 6 decimals (why not Cool

but of those 6 only 4 can be used otherwise its rounded? I tried to sell something for x.xx9999 but it rounded up. With 999 the same. Only x.xx99 worked finally.

Rannasha

hero member

Activity: 728

Merit: 500

Quote from: carface on September 06, 2013, 12:19:35 PM

Quote from: Carnth on September 06, 2013, 10:49:04 AM

Quote from: carface on September 06, 2013, 10:42:33 AM

When it comes to actually buying shares the page has terms I dont understand. I take it if I want to buy or sell shares then I enter the details in the Place buy order and Place sell order tabs. But what do the bid and ask tabs below it mean especially the Fill buttons I'm not sure what they are?

The Fill buttons pre-fill out the corresponding Buy and Sell sections.
If there is a line for someone selling (ASK) 5 at 2.... and you click the Fill button, your Buy window will fill in 5 at 2 for a total of 10. At which point you can click the Place Buy Order button if you wish.

It's OK to click the Fill buttons to see what they do (they won't process an order).

Ok so
1. say if I want to buy 60 shares do I have to find a quantity of 60 then click fill and then click buy order?
2. How come the quantity to buy or sell is pre-defined?
3. How am I able to set a price I would like to sell at or do I have to choose one of the pre-defined bids then click fill?

The bids and asks are orders that are currently open, bids are orders to buy, asks are orders to sell. When you place your own order, you can choose between filling out an existing order from someone else (for example, someone is selling shares at a price you find reasonable and buy them) or create your own order in the order book (which is then added to either the bids or asks list).

If your order to buy has a price that matches or exceeds the best ask order in the order book, the order is executed immediately. If not, your order is posted among the other bid orders waiting for someone else to sell at the price you offer (and vice versa when you want to sell).

You can do all this without the fill button. All the fill button does it fill out the buy (or sell) form with the data that matches a specific order in the book, matching price and quantity. But it's rare that you want to buy the exact same quantity that the cheapest seller is selling. So the fill button doesn't have much use and I never use it and instead manually enter the price and quantity.

carface

newbie

Activity: 30

Merit: 0

Quote from: Carnth on September 06, 2013, 10:49:04 AM

Quote from: carface on September 06, 2013, 10:42:33 AM

When it comes to actually buying shares the page has terms I dont understand. I take it if I want to buy or sell shares then I enter the details in the Place buy order and Place sell order tabs. But what do the bid and ask tabs below it mean especially the Fill buttons I'm not sure what they are?

The Fill buttons pre-fill out the corresponding Buy and Sell sections.
If there is a line for someone selling (ASK) 5 at 2.... and you click the Fill button, your Buy window will fill in 5 at 2 for a total of 10. At which point you can click the Place Buy Order button if you wish.

It's OK to click the Fill buttons to see what they do (they won't process an order).

Ok so
1. say if I want to buy 60 shares do I have to find a quantity of 60 then click fill and then click buy order?
2. How come the quantity to buy or sell is pre-defined?
3. How am I able to set a price I would like to sell at or do I have to choose one of the pre-defined bids then click fill?

Carnth

hero member

Activity: 634

Merit: 500

Quote from: carface on September 06, 2013, 10:42:33 AM

When it comes to actually buying shares the page has terms I dont understand. I take it if I want to buy or sell shares then I enter the details in the Place buy order and Place sell order tabs. But what do the bid and ask tabs below it mean especially the Fill buttons I'm not sure what they are?

The Fill buttons pre-fill out the corresponding Buy and Sell sections.
If there is a line for someone selling (ASK) 5 at 2.... and you click the Fill button, your Buy window will fill in 5 at 2 for a total of 10. At which point you can click the Place Buy Order button if you wish.

It's OK to click the Fill buttons to see what they do (they won't process an order).

carface

newbie

Activity: 30

Merit: 0

When it comes to actually buying shares the page has terms I dont understand. I take it if I want to buy or sell shares then I enter the details in the Place buy order and Place sell order tabs. But what do the bid and ask tabs below it mean especially the Fill buttons I'm not sure what they are?

runeks

legendary

Activity: 980

Merit: 1008

Hi burnside

Are you planning on adding the ability to put out bids for options contracts on btct.co?

As it is now, only sellers of options can put out offers. For bids, people usually post in the relevant security thread here on bitcointalk, and the seller of the option then puts up the offer on btct.co, which the bidder then takes.

It would be a lot easier if I could add a bid on an option on btct.co - provided I have sufficient funds in my account - which a seller can then take.

I think this would help immensely in increasing the liquidity for options on btct.co. A market without bids is only half a market

.

ventolin

newbie

Activity: 20

Merit: 0

Quote from: Carnth on September 05, 2013, 05:06:00 PM

Quote from: ventolin on September 05, 2013, 04:06:57 PM

I can't remeber public shareholder vote due to bASIC-Mining's about it before 18 jule:

http://commondatastorage.googleapis.com/share100%2Fbasic-miner.png

[UPD]: And public vote not protect minor shareholders.

Go to https://btct.co/security/BASIC-MINING

Click on the "Motions" tab. It currently is still the last motion (at the very top).

Quote

Motion to buy BFL Minirig with shares.
Shall bASIC-Mining issue 1625 new shares in exchange for an immediately available BFL Minirig?

YES: 40345 - NO: 49

Right, my second mistake (COGNITIVE first). Shame me.

Quote from: creativex on September 05, 2013, 06:45:58 PM

Quote from: ventolin on September 05, 2013, 04:06:57 PM

[UPD]: And public vote not protect minor shareholders.

Yes, that's what you keep saying.

Yes, I'm sure. Please understand my example. Every time any company in real-life after approve dilution will offer special price old shareholder, every time!

Please read, if you not trust or understand me (my english of course):
http://www.netlawman.co.uk/ia/preventing-share-dilution-right-of-first-offer
http://www.calstartuplawfirm.com/business-lawyer-blog/anti-dilution-provisions.php
http://www.nybusinessdivorce.com/2008/08/articles/corporate-governance/controlling-shareholders-dilution-of-minority-interest-requires-bona-fide-business-purpose/

short article in wiki http://en.wikipedia.org/wiki/Stock_dilution.

I have see 2 diffrent way to solve this problem.
1. Dissallow dilution.
2. Establish a mechanism of special offer for old shareholders. It's posible to make with option. Every old shareholders free recieved option call in rate of number shares they have. And if you (minor or major) want new shares you can excercise it. Then issuer send shares and take cash. It's fair for all: nobody use inside information about date of dillution.

creativex

sr. member

Activity: 434

Merit: 250

Quote from: ventolin on September 05, 2013, 04:06:57 PM

[UPD]: And public vote not protect minor shareholders.

Yes, that's what you keep saying.

Carnth

hero member

Activity: 634

Merit: 500

Quote from: ventolin on September 05, 2013, 04:06:57 PM

I can't remeber public shareholder vote due to bASIC-Mining's about it before 18 jule:

[UPD]: And public vote not protect minor shareholders.

Go to https://btct.co/security/BASIC-MINING

Click on the "Motions" tab. It currently is still the last motion (at the very top).

Quote

Motion to buy BFL Minirig with shares.
Shall bASIC-Mining issue 1625 new shares in exchange for an immediately available BFL Minirig?

YES: 40345 - NO: 49

ventolin

newbie

Activity: 20

Merit: 0

Quote from: creativex on September 05, 2013, 03:28:46 PM

There seems to be a fundamental misunderstanding at work here. Simply having more shares does not entitle one to advanced knowledge of the inner workings of a company, save in the case of companies that have board members or an advisory board. Company officers that provide such information are indeed benefiting one group of virtual shareholders and putting another group at a disadvantage, but there's no way to police this. The transaction that you've referenced with my company occurred at a share price of .61 and every investor that held shares at that time benefited as they were afforded an opportunity to sell their shares at a higher price and their shares then received higher dividends. As this transaction was necessarily preceded by a public shareholder vote due to bASIC-Mining's unchanging contract everything was done transparently in the light of day.

Cheers.

I can't remeber public shareholder vote due to bASIC-Mining's about it before 18 jule:

http://commondatastorage.googleapis.com/share100%2Fbasic-miner.png

[UPD]: And public vote not protect minor shareholders.

Topic: [BTC-TC] Virtual Community Exchange [CLOSED] - page 45. (Read 316636 times)