Safety measurements of major exchanges

stcupp

full member

Activity: 209

Merit: 100

Quote from: Gabi on January 13, 2012, 05:48:29 PM

Quote from: jake262144 on January 13, 2012, 02:41:32 PM

"Safety measures" is what you wanted to use.
http://translate.google.com/ doesn't hurt.

Quote from: codymanix on January 12, 2012, 12:35:12 PM

For example somebody want to sell his coins for 10.1234 USD per Coin and accidently misses one key and is selling the coins for 0.1234 USD instead.

Answer that: how is MtGox supposed to know that you ACCIDENTALLY missed a key as opposed to using a very low rate rate ON PURPOSE?
People do crazy trades eg. when trying to manipulate the btc/usd rate. Is the purpose of a bitcoin exchange to interfere with their users' trading?
Does your bank tell you what they think about a bank transfer you are sending? No, because it's none of their business. The same goes for exchanges.

Don't trade when you're in a hurry, sick, tired, or intoxicated

Wake up please.

It just need to pop up a warning if the price you entered is like 120% or 150% different from current prices.

There is such a thing in the game EVE Online, if something cost 1000 and you type a sell order for 100 it warn you.

For example, http://wiki.eveonline.com/wikiEN/images/a/ab/Market3.jpg it tell you the % difference from regional average.

So please take back things like

Quote

Don't trade when you're in a hurry, sick, tired, or intoxicated

Quote

how is MtGox supposed to know that you ACCIDENTALLY missed a key as opposed to using a very low rate rate ON PURPOSE?

And other hurr durr

+1

Gabi

legendary

Activity: 1148

Merit: 1008

If you want to walk on water, get out of the boat

Quote from: jake262144 on January 13, 2012, 02:41:32 PM

"Safety measures" is what you wanted to use.
http://translate.google.com/ doesn't hurt.

Quote from: codymanix on January 12, 2012, 12:35:12 PM

For example somebody want to sell his coins for 10.1234 USD per Coin and accidently misses one key and is selling the coins for 0.1234 USD instead.

Answer that: how is MtGox supposed to know that you ACCIDENTALLY missed a key as opposed to using a very low rate rate ON PURPOSE?
People do crazy trades eg. when trying to manipulate the btc/usd rate. Is the purpose of a bitcoin exchange to interfere with their users' trading?
Does your bank tell you what they think about a bank transfer you are sending? No, because it's none of their business. The same goes for exchanges.

Don't trade when you're in a hurry, sick, tired, or intoxicated

Wake up please.

It just need to pop up a warning if the price you entered is like 120% or 150% different from current prices.

There is such a thing in the game EVE Online, if something cost 1000 and you type a sell order for 100 it warn you.

For example, http://wiki.eveonline.com/wikiEN/images/a/ab/Market3.jpg it tell you the % difference from regional average.

So please take back things like

Quote

Don't trade when you're in a hurry, sick, tired, or intoxicated

Quote

how is MtGox supposed to know that you ACCIDENTALLY missed a key as opposed to using a very low rate rate ON PURPOSE?

And other hurr durr

jake262144

full member

Activity: 210

Merit: 100

I find a pop-up an interference.
As I'd said time and time again, since the pool has no way of knowing what I MEANT to do, it is in no position to assume the role of the nosy transaction TSA-agent.

stcupp

full member

Activity: 209

Merit: 100

As DeathAndTaxes pointed out it would just sell to the highest bidder so this really isn't a problem.

Quote from: jake262144 on January 13, 2012, 02:41:32 PM

"Safety measures" is what you wanted to use.
http://translate.google.com/ doesn't hurt.

Quote from: codymanix on January 12, 2012, 12:35:12 PM

For example somebody want to sell his coins for 10.1234 USD per Coin and accidently misses one key and is selling the coins for 0.1234 USD instead.

Answer that: how is MtGox supposed to know that you ACCIDENTALLY missed a key as opposed to using a very low rate rate ON PURPOSE?
People do crazy trades eg. when trying to manipulate the btc/usd rate. Is the purpose of a bitcoin exchange to interfere with their users' trading?
Does your bank tell you what they think about a bank transfer you are sending? No, because it's none of their business. The same goes for exchanges.

Don't trade when you're in a hurry, sick, tired, or intoxicated

The bitcoin exchange wouldn't need to interfere with your trading. Just pop a prompt up and ask you if your sure you wanna make that trade.

jake262144

full member

Activity: 210

Merit: 100

"Safety measures" is what you wanted to use.
http://translate.google.com/ doesn't hurt.

Quote from: codymanix on January 12, 2012, 12:35:12 PM

For example somebody want to sell his coins for 10.1234 USD per Coin and accidently misses one key and is selling the coins for 0.1234 USD instead.

Answer that: how is MtGox supposed to know that you ACCIDENTALLY missed a key as opposed to using a very low rate rate ON PURPOSE?
People do crazy trades eg. when trying to manipulate the btc/usd rate. Is the purpose of a bitcoin exchange to interfere with their users' trading?
Does your bank tell you what they think about a bank transfer you are sending? No, because it's none of their business. The same goes for exchanges.

Don't trade when you're in a hurry, sick, tired, or intoxicated

codymanix

full member

Activity: 203

Merit: 122

Gir: I'm gonna sing the Doom Song now..

> And how should an automated script know that a user had just made a mistake, pray tell?

I already explained how it could work.

> Do you think you could fix those nasty typos in the thread title?

It wasn't a typo - english isn't my mother tongue. Are there any other mistakes in the title, I only found one?

jake262144

full member

Activity: 210

Merit: 100

Quote from: codymanix on January 12, 2012, 12:35:12 PM

Does anybody know if the major exchanges like Tradehill or MtGox warns or prevents user from making mistakes?

And how should an automated script know that a user had just made a mistake, pray tell?
The user's mind is a PRIVATE class without any interface, the exchange can't see whether what you did was what you meant to do.
The exchange should therefore NOT assume the role of order police, checking all orders to see whether they might or might not be a mistake on the user's part.

EDIT:: Do you think you could fix those nasty typos in the thread title?

stcupp

full member

Activity: 209

Merit: 100

Quote from: nmat on January 12, 2012, 06:40:37 PM

There are no such measures. You can easily try that with a bitcent or other small amount.

idk about mtgox but on tradehill you can't make any trades below $1 so you wouldn't be able to try it with a bitcent

nmat

hero member

Activity: 602

Merit: 502

There are no such measures. You can easily try that with a bitcent or other small amount.

DeathAndTaxes

donator

Activity: 1218

Merit: 1079

Gerald Davis

There are no blocks on low prices but I am pretty sure Mt. Gox executes at the best price (don't try or if you do use small amount).

So say best bid is $10.00 nad you wanted to sell @ $10.1234 but accidentally type in $0.1234 it will execute a limit order of $0.1234 or GREATER. Assumming the amount you want to sell if less than the amount bid @ $10.00 you will get $10.00 not $0.12. Assumming the bid & ask is relatively small (which it usually is) if you wanted to you could buy right back and only lose ~1.2% plus the spread. So catastrophic losses like losing 99% of wealth aren't possible.

Now if you had a ton of coins (like tens of thousands) you likely could drive down the price significantly (buy all the $10.00, all the $9.99, all the $9.98.... etc all depending on how large your order is).

stcupp

full member

Activity: 209

Merit: 100

I'm not sure but I don't think there is. It's a very good idea though.

codymanix

full member

Activity: 203

Merit: 122

Gir: I'm gonna sing the Doom Song now..

Does anybody know if the major exchanges like Tradehill or MtGox warns or prevents user from making mistakes?

For example somebody want to sell his coins for 10.1234 USD per Coin and accidently misses one key and is selling the coins for 0.1234 USD instead.
There are different kinds of mistakes possible like this, especially when people are tired or want to buy or sell in panic if exchange rate if chaning quickly?

This would be an easy to implement feature, one has to simple check if the price the user enters is less (when selling) or more (when buying) than, say, 120% of the current exchange rate.

I have not tried it because Iam too fearful what might happen

Topic: Safety measurements of major exchanges (Read 992 times)