newbie
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answers on discord, here is transcript if you want to laugh:
ME 13:34
There are many questions on bitcointalk and reddit there arent answered for a long time, some of them over month
Crypto Robo 13:35
I don't handle BTC talk or Reddit, sorry. There is a large community here and on Telegram, and nearly every question is answered or has been answered. Please feel free to let me know if you have a question.
ME 13:35
if team with 3 million dollars from ICO couldn't pay someone to answer questions and do proper community management, ok
CryptoRobo 13:36
Do you have a question?
I am not here to debate or talk about the ICO, just here to help get your questions answered buddy.
ME 13:36
I want to know what is the difference between my money on exchange and doing trading and exchange broker - what are the safety mechanisms for exchange brokers in case of sudden price spike / drop?
When will be money from Crypto App be available to withdraw to wallet?
I am asking that question for 2 months on bitcointalk over and over, and no respose from the team
CryptoRobo 13:39
I think a lot of the exchange broker pieces are still being worked out and tweaked. There is a new video in the #announcements channel that helps explain them, but precise details have not yet been released. I think a lot of that is up to each exchange broker to set up and manage, and negotiate with other exchanges for best deals. There certainly seems to be some risk involved with exchange brokering, unless you were an actual exchange.
ME 13:40
That video didn't answer any question
Let's imagine this situation:
current GRAFT market price is 208 satoshis
CryptoRobo 13:41
As I said, a lot of the precise details are likely still being worked out, so there is not an answer to the question yet. Graft team has really improved on communication and explanation of how things will work, to include putting out a lot of good videos to help understand. Remember, this is ALL new tech and processes, so there is some R&D that gets done "along the way", as this eco system evolves.
ME 13:42
I want to buy it as exchange broker 100k at 205 satoshis
in meanwhile BTC drops and it drops 10% so new market price is 185 satoshis
where is the safety mechanism to prevent me from failing, like I would fail on regular exchange?
(if I just leave my bid as is, and not following the market constantly)
to rephrase the question - what is the purpose of exchange broker then?
CryptoRobo 13:43
I saw your question about the price fluctuations, and unfortunately, I don't have the answer man. Is your question just about buying Graft on exchange?
an exchange broker is used when:
ME 13:44
No my question was about safety mechanism for exchange broker, since zero details are release about it
CryptoRobo 13:44
a customer wants to pay for their purchase in, lets say....BTC at time of purchase.
let me type please
ME 13:44
I don't want a powerpoint presentation with money circulation, that's all we got now
CryptoRobo 13:44
stop responding at every sentence. I am trying to answer your question
a customer wants to pay for their purchase in, lets say....BTC at time of purchase. So, they select the proper buttons at that time, scan BTC QR code on pos device with their BTC wallet (likely from their phone), and their BTC is sent. Now, BTC doesn't move on the Graft Network. Graft Does. So...the BTC comes in, is validated the funds are good, then that BTC needs to be exchanged to Graft, to travel across the network, so it goes to an "exchange broker", is exchanged to Graft. Then moves across the network. Now, let's say the merchant wants to accept Graft at final settlement of each transaction. Then he gets the Graft.
Now - let's say he wants paid in USD
at time of settlement
well, then the Graft now needs to be exchanged for USD once it moves across the network, so a pay out exchange broker will take in the Graft, exchange for USD and send that payment on to the merchant.
This can be said for any currency
so, the exchange broker allows the Graft Network to accept and pay out in any currency
make sense?
ME 13:48
Thanks I got that from that powerpoint presentation that explains money flow
CryptoRobo 13:48
ok, so that's all we know at this point
we know 0 more than that
ME 13:50
There is Stellar for example that makes literally instant transaction, and there is Graft which takes a lot of time for transaction and now all that with exchanging this to that and confirming this to that, even from technological side it is impossible to make it instant. So I can freely scan BTC code at cashier and step aside line for 15-20 min and return untill everything is confirmed?
CryptoRobo 13:50
I believe there is a lock in period for prices as well - as this all happens very rapidly of course
no - because the network validates you have the funds
there are also off chain transaction processing capabilities
ME 13:52
It sounds nice but what you are saying doesn't really mean anything. Let's say I am leaving home now and I want to go to store, where I will be in like 20 minutes and I am just transfering my BTC to my mobile wallet
CryptoRobo 13:52
I also believe that exchange brokers can choose whether they'll accept instant or want confirmations, since the network checks the senders wallet for funds available.
ME 13:52
Untill I get there I will have money in BTC wallet
CryptoRobo 13:52
Then don't pay with BTC....simple
ME 13:52
So offchain transactions and validating funds and that
LOL
LOL ok thanks for your time