I like the features you proposed but I was wondering about this feature, say I deposit 10 BTC and specify a timelock address for the BTC to be sent to incase I loose access to the account. What happens if that 10 BTC gets traded by the user and thus is no longer 10 BTC but X amount of LTC and X amount of PPC instead? Seeing as a BTC address obviously would be invalid to send LTC & PPC to.
Also I and several others still don’t quite understand how B&C Exchange works on a fundamental level. From a user perspective do they need to have a certain B&C Exchange wallet in order to use B&C Exchange? Also I would very much like to hear how ones B&C Exchange account is secured, what is required to gain access to a B&C Exchange account? (only a login or more?) Also what is your opinion of the technical aspect of things like 2FA and email verification are they technically possible?
The LTC and PPC will be on multi signature LTC and PPC addresses after the trade (order fill) happened.
If these blockchains support OP_CHECKLOCKTIMEVERIFY there can be an automatic withdrawal at a given point of time as well.
I don’t know the trading will work.
But I think…
As long as you can only trade pairs you have “BCE” deposit addresses configured (I don’t know how else it could be made - you need a deposit address where the traded coins can be credited to), you can configure automatic withdrawal during the (LTC, PPC, etc.) deposit address creation process.
I wrote “BCE”, because the addresses are as always on the foreign blockchains. They are “BCE” addresses, because BCE reputed signers control the funds on these addresses and the corresponding BCE user can authorize the funds to be withdrawn of put into orders.
[quote=“masterOfDisaster, post:22, topic:2505, full:true”]As long as you can only trade pairs you have “BCE” deposit addresses configured (I don’t know how else it could be made - you need a deposit address where the traded coins can be credited to), you can configure automatic withdrawal during the (LTC, PPC, etc.) deposit address creation process.
I wrote “BCE”, because the addresses are as always on the foreign blockchains. They are “BCE” addresses, because BCE reputed signers control the funds on these addresses and the corresponding BCE user can authorize the funds to be withdrawn of put into orders.[/quote]
So you can only use the timelock function if you specify an address where the coins need to be sent to incase you lose access right? Which means you’ll have to imput a lot of addresses if you trade a lot of coins.
So to acces ones B&C Exchange you need your BKC private key, which is presumably stored in your BKC wallet? Dous this mean you can only acces your B&C Exchange account through your wallet? And how do we secure our private key? In the same way we secure our BTC private key with a wallet password?
It would be nice to have some basic derivatives such as put and call options, which may potentially be utilized by TLLPs for revenue. More generally, I hope the exchange is implemented with some flexibility to introduce different kinds of smart contracts (not necessarily Turing complete) without too much work.
I can’t find the thread that talked about making bids/asks so I’ll bring up the discussion here again. A good supplement to the exchange would be a platform for users to negotiate prices easily, something like an informal order book, rather just using datafeeds. An issue would be risk-free manipulation (i.e. I post that I put up a huge buy wall to pump but I am not forced to fulfill the order), which will need to be mitigated in some way. That would bridge the useability gap between BCE and traditional exchanges.
As far as I understand, we can announce bid and ask orders on the blockchain explorer. I’m pretty sure whether there’s an order or not is 100% verifiable by anyone with a downloaded blockchain. I could be wrong, but that’s what I thought.
The problem is it takes money to put down an order, so the order book in the blockchain won’t contain a large part of orders that could be seen in other exchanges, and definitely won’t be a place for price discovery. There was this part of the discussion that considers tying orders to a data feed, which is hard to make feasible. An external platform could allow users negotiate prices themselves or maintain an unofficial order book, which again has its own issues, but it would be nice to focus on finding BCE some lubricant.
If an existing exchange gives B&C order book by the side of its own order book, and provide a function of “best price” to execute the user’s order at the best price of the two order books. This will allow users of the existing exchange to take advantages of B&C and benefit B&C by providing volume and a relevant order book. If many exchanges do this, B&C with its open architecture could become a hub for interexchange arbitraging