Topic: Let Make a Universal Crypto Currency Converter (Read 111 times)

I've always liked Stellar.   I like all the "Blue Chip" coins that have survived 5 or more years.

Have you considered using something like STELLAR for a base trading engine with which to implement your idea?

STELLAR lets any token trade directly against any other token, but it also includes an ability to choose a token you want to obtain some of and display how many it would take of each token you already have to get your desired amount of the token you want.

Also in STELLAR it is trivially easy and trivially cheap to create a token.

So if no-one else has yet created a token representing whatever you are interested in trading, you can trivially create such a token yourself.

You can simply create an issuer account and an issued-to account, have the issued-to account invent a name for a token it wants to trust the issuer account for and specify how many of that token it is willing to trust that issuer account for.

The issuer account doesn't even get a notification that some account somewhere has decided to trust it for something, nor the name of the thing nor the amount of the thing, but, if the issuer account were to opt to send some of that thing to the trusting account, presto that many of that thing comes into existence in the trusting account (the issued-to account as I call it), up to the number of that thing the "trust line" specifies.

Thus for example if there existed a coin named AbitraryCoin that is not on any exchanges but you wished to trade it, you could conjure into existence a token named ArbitraryCoin, trust another account for X number of them, then have that other account (the issuer account as I call it) send some to the trusting account.

You thus will have a number of tokens to use for trading ArbitraryCoin on the STELLAR platform.

You can then offer to trade that token against any other token(s) and/or against XLM itself, for example making a buy offer if you are looking to buy some or a sell offer if you are looking to sell some.

Of course there will need to be provision for "bailing in" and "bailing out" coins into tokens and tokens back to coins, but at least until volumes get large with lots of demands for bailing in and bailing out you could handle that simply by having people directly contact the issuer.

This has been working well for years now, see for example https://makemoney.knotwork.com/stellar/ and https://makemoney.knotwork.com/horizon/assets/ both of which are linked through to from https://makemoney.knotwork.com/ which gives background info about myself and the project.

-MarkM-

I agree, maybe remove ads completely and put donation address ?

If your site gets popular, you may sell the domain for good money too so maybe just try make the site as friendly as possible, the site you would like to use yourself.

I don't code, but my advice for anyone doing this is to reduce the ads on the website or app. Too many ads will make users prefer CoinmarketCap or Coingecko over your app, no matter how much better it is at crypto conversion.

Yes, you could do that, but in a market as volatile as crypto, it wont be nearly accurate enough to be usable by anyone.  Also, there are over ten thousand coins and tokens listed on coinmarketcap and coinecko, I doubt you can do it for all of them.  How will you decide which ones to include and which ones not to include?  In the end, you will get the same thing as the current converters, only less accurate.

All you have to do is plug in the number you get from looking at Coinmarketcap or Coingecko.

Not everything needs to be automated, not if its going to kill the project.

But it is not just a "simple mathematical equation" since it is an exchange rate that changes all the time. Thats why I said that for such a website to work, you must have access to real-time data from one or more exchanges where these coins are actively traded. This is not easy to obtain for most of these not-so-popular, low-cap coins and tokens.

When trading on these smaller exchanges they have many bases of trading.  Xeggex for instances often uses Mouse coin and Rat coin.  It's one way to create value for those coins, to make people use them to sell the coins they stake on coins like Reddcoin or Strongthands. 

All you need to do is know the mathematical equation based on how many of one type of coin there are to one DOGE.

Then you would know one variable, and if you just wanted to know the value of your coins in a more understandable cryptocurrency you would know.

If your exchange is using a strange currency to trade your coins with, it's hard to know where the market is in that coin at any given time.  Then all you need to do is know a mathematical equation based on how many of that second type of coin there are to one DOGE.  Then you can see the relationship in value or do other types of calculations.

If Im not mistaken, there are many low-cap coins and tokens that share the same ticker symbol, so it would be very difficult to code an application that could differentiate between them. Without additional information, a universal converter wouldnt know which specific coin the user is referring to.  Besides, for established coins, data like price and market cap is readily available through APIs.  However, for less popular coins, this data might be unavailable or unreliable.

I see this which bills itself as a Universal Crypto Currency Converter

https://anycoinapp.com/


but I doubt it cares about the smaller coins.

There are some Crypto Currency Converters, such as
https://coinmarketcap.com/converter/
https://www.kraken.com/convert
https://www.coingecko.com/en/converter

but they don't work for many coins, many low cap staking coins with old teams and on exchanges.

It seems it would not be hard to program a universal one.

Simply have a field for a variable that the user can type in which is the rare compared to DOGE, and a field for the amount of that coin.

Wouldn't that work?

I don't code any more so not willing to do it but it should be easy.

Anyone want to post the code?