Zhou,
i think u should set up your own exchange as well. this would solve alot of my objections.
still not a huge fan of the leverage but lemmings will be lemmings.
btw, will Singapore be any more favorable towards regulations than what Gox is going thru?
Topic: Do you think Bitcoinica should switch to TradeHill? [Edited] - page 3. (Read 7068 times)
If Bitcoinica were it's own exchange, with a lower spread/fees, quicker updates/processing, I'd probably sign up.
all exchanges have issues getting fiat in and out, why do you believe Bitcoinica will be any different?
in unrelated note, i was considering using TH, but looking how some people have troubles getting their funds from TH i decided to stick with mtgox they proved somewhat to be more or less reliable in that department for now above all other exchanges
If Zhou wants to set up an exchange I'd welcome it, but
- solve some of the most pressing issues of the existing exchanges which I see as being at the mercies of Western financial interests.
- operate it completely independently of Bitcoinica, and as an competitor to both the other exchanges and to the Forex platform (Bitcoinica) itself. In this way things would probably be significantly simplified and also made more robust against various types of system failures and legal attacks.
- solve some of the most pressing issues of the existing exchanges which I see as being at the mercies of Western financial interests.
- operate it completely independently of Bitcoinica, and as an competitor to both the other exchanges and to the Forex platform (Bitcoinica) itself. In this way things would probably be significantly simplified and also made more robust against various types of system failures and legal attacks.
You should consider implementing an engine that interfaces with Mt. Gox, Tradehill, CryptoExchange and any other exchange. You should also implement your own service. Then you would code your algorithms that will pick the lowest cost trade to execute. It would be easy for you to pick one exchange and implement that but the ultimate platform would be to interface with as many exchanges as possible, including one that you run.
Each exchange probably has their quirks so the difficulty would be making sure you take care of these quirks.
Each exchange probably has their quirks so the difficulty would be making sure you take care of these quirks.
As much as I think becoming your own exchange is a good thing for everyone I do think we will be heading to a centralized exchange like stocks and currency is traded. I know we all want a free market and options but I think at this point Mt. Gox is going to be the exchange that ends up becoming the central authority and the rest will simply be brokers. We are still a ways off from that but I think its coming.
+1
I'm all for an independent Bitcoinica exchange!
I'll bite.
Please! Realise "stop loss"! You will have an improbable success!
Zhou, thanks for what you are doing!
I'm all for an independent Bitcoinica exchange!
I'll bite.
Please! Realise "stop loss"! You will have an improbable success!
Zhou, thanks for what you are doing!
I read some of the Bitcoinica threads with interest, not because I use the service, but because of the trouble people get themselves into. This topic is worth commenting on as there is some incentive to reduce the dominance (and perceived problems with Gox).
Switching to TradeHill (or Intersango as the other apparently well run exchange) could do wonders for their liquidity, as Bitcoinica hedges their position in the market being measured against.
One idea is to offer two products, one pegged against Gox, the other against Tradehill - that will give people extra ability to vote with their feet, rather than having a possibly disruptive change in rules (moving from settling against one index to another).
Also, Bitcoinica appears to be working well and setting up an exchange will not necessarily work as well - stick to the thing that works - distracting into a second unknown could kill both.
Switching to TradeHill (or Intersango as the other apparently well run exchange) could do wonders for their liquidity, as Bitcoinica hedges their position in the market being measured against.
One idea is to offer two products, one pegged against Gox, the other against Tradehill - that will give people extra ability to vote with their feet, rather than having a possibly disruptive change in rules (moving from settling against one index to another).
Also, Bitcoinica appears to be working well and setting up an exchange will not necessarily work as well - stick to the thing that works - distracting into a second unknown could kill both.
If Bitcoinica were it's own exchange, with a lower spread/fees, quicker updates/processing, I'd probably sign up.
kill gox! gox must die. don't give a fuck how you do it.
build it and they will come
Anything to take dependence off of gox is good. Even if you go independent I think you should still hedge on gox and tradehill.
And pay a 0.25% fee to Mtgox, have higher slippage risks due to slower response times and have problems with withdrawals processing because of the daily and monthly limits? The first two points will increase the spreads (so the costs) for the costumers, and the last one is downright inconvenient and borderline unacceptable. I'm all for an independent Bitcoinica exchange!
Anything to take dependence off of gox is good. Even if you go independent I think you should still hedge on gox and tradehill.
Ok I'll bite.
Have you considered how difficult it would be for you to offer payment services?
Have you considered how difficult it would be for you to offer payment services?
I have considered that. Things will be easy soon.
A lot of people have chosen "Bitcoinica Independent Exchange" (it will be renamed to something different), I will simply share my ideas for this:
- Insanely low fees, like 0.1%. (Because we have no profit pressure.)
- Websocket API
- BitInstant support
- TCP-based API
- Rackspace Cloud Co-location (1ms to our server)
- Redis-based trading engine (thousands of orders per second)
- Full access to Bitcoinica's limit order liquidity
- Fully independent (You don't have to use Bitcoinica to use the exchange.)
- Insanely low fees, like 0.1%. (Because we have no profit pressure.)
- Websocket API
- BitInstant support
- TCP-based API
- Rackspace Cloud Co-location (1ms to our server)
- Redis-based trading engine (thousands of orders per second)
- Full access to Bitcoinica's limit order liquidity
- Fully independent (You don't have to use Bitcoinica to use the exchange.)
Sounds amazing to me. BTW any chance for PLN support? (Polish currency)
Ok I'll bite.
Have you considered how difficult it would be for you to offer payment services?
Have you considered how difficult it would be for you to offer payment services?
You will have to have Dwolla available or I (and probably many others) will not be able to trade.
Ok I'll bite.
Have you considered how difficult it would be for you to offer payment services?
Have you considered how difficult it would be for you to offer payment services?
A lot of people have chosen "Bitcoinica Independent Exchange" (it will be renamed to something different), I will simply share my ideas for this:
- Insanely low fees, like 0.1%. (Because we have no profit pressure.)
- Websocket API
- BitInstant support
- TCP-based API
- Rackspace Cloud Co-location (1ms to our server)
- Redis-based trading engine (thousands of orders per second)
- Full access to Bitcoinica's limit order liquidity
- Fully independent (You don't have to use Bitcoinica to use the exchange.)
- Insanely low fees, like 0.1%. (Because we have no profit pressure.)
- Websocket API
- BitInstant support
- TCP-based API
- Rackspace Cloud Co-location (1ms to our server)
- Redis-based trading engine (thousands of orders per second)
- Full access to Bitcoinica's limit order liquidity
- Fully independent (You don't have to use Bitcoinica to use the exchange.)
I'd like to add:
- Predictable deposit/withdrawal procedures, times, etc. and predictable identity verification procedures if necessary
- Liquidity rebate (a fraction of the fees charged) to pay liquidity providers/market makers for providing order book depth
And eventually:
- Options and futures on BTCUSD (settled in USD for merchant hedging)
- Options and futures on BTCUSD and other exchange rates, stocks, indexes, commodities, etc. (settled in BTC for trading/synthetic investing in the outside economy)
You've got the knowledge and background of building excellent trading systems. I think you should go for it.
I don't understand why people are voting Mtgox (Or Tradehill for that matter)... If it is technically possible and feasible, using more exchanges is going to be a good thing. It will increase liquidity on the other exchanges, will allow smaller spreads due to arbitrage opportunities for Bitcoinica and will stop Mtgox being a single point of failure.
In my opinion it would still be best if they would become an independent exchange though. They are the only ones currently, who have the funds, popularity and features to make this possible. It would also solve the single point of failure problem and would reduce slippage even further, because they will be able to do high frequency trading and have the least amount of response times. On top of that, they won't have to pay Mtgox a 0.25% fee on every trade, reducing spreads even further! I'm not sure what's not to like?
Edit: And they will set the bar higher, forcing the other exchanges to innovate as well!
In my opinion it would still be best if they would become an independent exchange though. They are the only ones currently, who have the funds, popularity and features to make this possible. It would also solve the single point of failure problem and would reduce slippage even further, because they will be able to do high frequency trading and have the least amount of response times. On top of that, they won't have to pay Mtgox a 0.25% fee on every trade, reducing spreads even further! I'm not sure what's not to like?
Edit: And they will set the bar higher, forcing the other exchanges to innovate as well!
All of this NEEDS to be repeated..
A lot of people have chosen "Bitcoinica Independent Exchange" (it will be renamed to something different), I will simply share my ideas for this:
- Insanely low fees, like 0.1%. (Because we have no profit pressure.)
- Websocket API
- BitInstant support
- TCP-based API
- Rackspace Cloud Co-location (1ms to our server)
- Redis-based trading engine (thousands of orders per second)
- Full access to Bitcoinica's limit order liquidity
- Fully independent (You don't have to use Bitcoinica to use the exchange.)
Excellent. It will force Gox to go hard or go home.
I don't understand why people are voting Mtgox (Or Tradehill for that matter)... If it is technically possible and feasible, using more exchanges is going to be a good thing. It will increase liquidity on the other exchanges, will allow smaller spreads due to arbitrage opportunities for Bitcoinica and will stop Mtgox being a single point of failure.
In my opinion it would still be best if they would become an independent exchange though. They are the only ones currently, who have the funds, popularity and features to make this possible. It would also solve the single point of failure problem and would reduce slippage even further, because they will be able to do high frequency trading and have the least amount of response times. On top of that, they won't have to pay Mtgox a 0.25% fee on every trade, reducing spreads even further! I'm not sure what's not to like?
Edit: And they will set the bar higher, forcing the other exchanges to innovate as well!
In my opinion it would still be best if they would become an independent exchange though. They are the only ones currently, who have the funds, popularity and features to make this possible. It would also solve the single point of failure problem and would reduce slippage even further, because they will be able to do high frequency trading and have the least amount of response times. On top of that, they won't have to pay Mtgox a 0.25% fee on every trade, reducing spreads even further! I'm not sure what's not to like?
Edit: And they will set the bar higher, forcing the other exchanges to innovate as well!
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