What do you want in a new Bitcoin Exchange?

StewartJ

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Quote from: TheMarketAnarchist on December 24, 2011, 08:40:01 PM

A friend of mine is thinking about opening a Bitcoin exchange and I told him I'd see what the community is looking for. I know a lot of the exchanges have problems so I'm wondering what you would like to see in the 'perfect' exchange?

TMA

Two things I would want to see in a new exchange:

1) Lots of volume!

Not sure how an exchange could compete with Mt Gox on that, maybe with lower fees, awesome data/trading interface?

2) Stop Loss Orders!

Mt Gox to their shame does not have this most basic trading function...arrrghhh!

Good Luck!!!

giszmo

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WalletScrutiny.com

Quote from: DrKennethNoisewater on January 05, 2012, 06:19:32 PM

Free Bitcoins.

Isn't that a pleonasm?

tvbcof

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Quote from: TheMarketAnarchist on December 24, 2011, 08:40:01 PM

A friend of mine is thinking about opening a Bitcoin exchange and I told him I'd see what the community is looking for. I know a lot of the exchanges have problems so I'm wondering what you would like to see in the 'perfect' exchange?

TMA

I want explicit and official state sponsorship from a non-aligned nation of size, and one which would be exceedingly cumbersome to cut economic ties with at a state level. e.g., Russia, China, Venezuela.

DrKennethNoisewater

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Free Bitcoins.

qxzn

hero member

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Merit: 505

What I want is not this:

Quote

{
"Error":
"Database is busy and cannot be locked. Please try again in a few minutes."
}

giszmo

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Quote from: giszmo on December 31, 2011, 01:52:46 PM

Ok, now I just tried it out and instead of my available €€ I set an order that was rounded up. Result is that I have one order with state "Not enough funds".
I have no idea if you opted in for automated splitting or what but here it does not work that way out of the box.

:/ ok, now the order got clipped to the available amount somehow but it was first listed as "not enough funds".

giszmo

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WalletScrutiny.com

Quote from: notme on December 26, 2011, 02:59:58 PM

Quote from: giszmo on December 26, 2011, 02:28:33 PM

Quote from: notme on December 26, 2011, 01:38:07 PM

Holy crap, that's complicated.

Not really. It could be additional to the pure text based interface just to let you easily see where you have your orders. A personal market depth should not be complicated for a trader that also somehow has to understand the global market depth. Allowing to manipulate the own market depth is only logical.

Quote from: notme on December 26, 2011, 01:38:07 PM

I'll stick to price, quantity, submit thank you.

My main criticism was the case where I want to change an order, so you stick to delete one order, enter a quanity, enter a price and submit.

Quote from: notme on December 26, 2011, 01:38:07 PM

BTW, on MtGox, your fist example would be activated just fine (buy 50BTC@$2). The fee comes out after the trade, so you would end up with 0.994*50 BTC if your order was filled.

I'm pretty sure I ran exactly into this problem. They improved a lot since then.

Quote from: notme on December 26, 2011, 01:38:07 PM

Even if you only had $98, the order would automatically split into an active order of 49BTC@$2 and an "insufficient funds" order of 1BTC@$2.

Splitting is definitely new.

The behavior I have described has been in place for at least 8 months (including on the previous trading engine). I guess in the big scheme it may be "new".

Ok, now I just tried it out and instead of my available €€ I set an order that was rounded up. Result is that I have one order with state "Not enough funds".
I have no idea if you opted in for automated splitting or what but here it does not work that way out of the box.

papa_snurf

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Quote from: TheMarketAnarchist on December 24, 2011, 08:40:01 PM

A friend of mine is thinking about opening a Bitcoin exchange and I told him I'd see what the community is looking for. I know a lot of the exchanges have problems so I'm wondering what you would like to see in the 'perfect' exchange?

TMA

Shorting. Options. Futures. Security. And auditing by a serious audit company.

papa_snurf

newbie

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Merit: 0

Quote from: TheMarketAnarchist on December 24, 2011, 08:40:01 PM

A friend of mine is thinking about opening a Bitcoin exchange and I told him I'd see what the community is looking for. I know a lot of the exchanges have problems so I'm wondering what you would like to see in the 'perfect' exchange?

TMA

Shorting. Options. Futures. Security. And auditing by a serious audit company.

qxzn

hero member

Activity: 609

Merit: 505

Quote from: nmat on December 30, 2011, 11:43:01 PM

Quote from: qxzn on December 30, 2011, 11:27:00 PM

I use Tradehill's API withdraw call all the time.

With bitcoins? I also couldn't get it to work...

Yes, with bitcoins. Do you get an error?

nmat

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Quote from: qxzn on December 30, 2011, 11:27:00 PM

I use Tradehill's API withdraw call all the time.

With bitcoins? I also couldn't get it to work...

qxzn

hero member

Activity: 609

Merit: 505

Quote from: eldentyrell on December 28, 2011, 01:07:57 PM

An API call to withdraw BTC.

Currently only MtGox and CampBX have this.

Tradehill claims to have this but it doesn't actually work (or at least their tech support staff doesn't think it works).

I use Tradehill's API withdraw call all the time.

Stn

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Merit: 100

MtGox is fine but leave it alone. It is just another niche which already accomplished and hardly need any improvement at the moment. While exchange system for lay people (not forex traders) is merely doesn't exist. That why we are talking here about exchange (network of booths or whatever else).

anu

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RepuX - Enterprise Blockchain Protocol

Quote from: Stn on December 29, 2011, 11:09:03 PM

I believe that currency speculation and down-to-earth-need-it-right-now currency exchange are completely different operations. Even they referred by the same term "exchange". Volumes are different, purpose is different, choice of currencies/means is different, time frame demand different. So it is better not to mix them up the same way as forex is not mixed with currency exchange booth in airport.

Agree, but the problem is that only MtGox is anywhere close to a viable business. Just do the math:
BTC 50k /day *0.6% = BTC 300 / day ~ USD 1200 / day ~ USD 36,000 / month (@ $4 / Bitcoin )

Any Xchange booth at the airport with that kind of revenue will have to close down.

Stn

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I believe that currency speculation and down-to-earth-need-it-right-now currency exchange are completely different operations. Even they referred by the same term "exchange". Volumes are different, purpose is different, choice of currencies/means is different, time frame demand different. So it is better not to mix them up the same way as forex is not mixed with currency exchange booth in airport.

anu

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RepuX - Enterprise Blockchain Protocol

Quote from: Stn on December 28, 2011, 11:30:22 PM

Quote from: anu on December 28, 2011, 11:57:01 AM

I think you miss my point which is that a Bitcoin exchange must be a gateway between the proprietary, centralized world of financial institutions and the free, decentralized world of Bitcoin or other XCoin. As those institutions assume that the counter party is also a financial institution registered as a company, and possibly with a banking license, an exchange has to conform to those expectations.

And in your turn you miss my point which is exactly how to avoid those expectations. You can refer to www.centraw.com as an approximation to such model.

Not decentralized at all. It's a centralized order book / escrow service like http://bitmarket.eu. But I agee that this could in principle be distributed (except for resolving disputes) if you find an incentive for a community to play that game.

But the really bad thing IMHO is that you have to manually deal with all transactions your offer is matched with. Which can be quite a bit of PITA if you do large amounts. On MtGox this is completely transparent. My BTC 10,000 ask can be matched with 10,000 BTC 1 bids on MtGox without me having to to 10,000 Bank transfers like I have to do on Centraw.

Andrew Vorobyov

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I'm doing http://www.centraw.com/ clone now... who is the guy behind http://www.centraw.com ?

Stn

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Quote from: anu on December 28, 2011, 11:57:01 AM

I think you miss my point which is that a Bitcoin exchange must be a gateway between the proprietary, centralized world of financial institutions and the free, decentralized world of Bitcoin or other XCoin. As those institutions assume that the counter party is also a financial institution registered as a company, and possibly with a banking license, an exchange has to conform to those expectations.

And in your turn you miss my point which is exactly how to avoid those expectations. You can refer to www.centraw.com as an approximation to such model.

blueadept

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Quote from: zhoutong on December 25, 2011, 09:18:38 PM

If there are exchanges with these features right now I will divert all Bitcoinica volume into it. And it will have at least 25% of market volume.

What about Bitfloor? I don't think they have all those features, but they do have a 0.1% liquidity rebate (which would make a high-volume market maker a good amount of profit).

eldentyrell

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felonious vagrancy, personified

Quote from: mc_lovin on December 25, 2011, 11:15:32 PM

- Fixed deposit addresses, so we can deposit directly in from a pool

I'm not aware of any exchange that will ever "expire" a BTC deposit address they've issued to you. What would happen if you sent money to it after the hypothetical "expiration" date? It just disappears? Very bad business.

I think what you're looking for is already possible.

Topic: What do you want in a new Bitcoin Exchange? (Read 5783 times)