Bitcoin Forum
October 19, 2019, 01:44:43 PM *
News: Latest Bitcoin Core release: 0.18.1 [Torrent]
 
  Home Help Search Login Register More  
  Show Posts
Pages: « 1 ... 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 [62] 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112 »
1221  Bitcoin / Project Development / Re: UK exchange: Britcoin on: June 27, 2011, 11:45:06 AM
yep, it was done a little afterwards since phantom forgot to do it.
1222  Other / Off-topic / Re: LulzSec hacked by TeaMp0isoN on: June 26, 2011, 11:16:00 PM
lol joepie is so obviously not lulzsec. dumbasses.
1223  Bitcoin / Project Development / Re: UK exchange: Britcoin on: June 26, 2011, 07:58:18 PM
You're right, we do ignore the want field. It's mostly left for display and is kind of redundant. It's not even needed.
1224  Bitcoin / Project Development / Re: UK exchange: Britcoin on: June 26, 2011, 01:13:08 PM
What really happens is:

Code:
   ...
    Order 14-1: We are offering 5 GBP for 2.5 BC
    Order 14-2: We are offering 5 GBP for -1.5 BC
    ...

and since our want_amount is now negative, our order is closed too.  We don't get to spend the other 5 GBP that we asked to spend on bitcoins because we already got more than the 1 BC we initially requested.  We'll have to make a new request and hope that that time it all gets spent.

Ahh, I meant to actually say 0.5 instead of 2.5... But your reasoning is valid and correct. I updated the document in the repo :p (although it's no longer true since you fixed it)
1225  Bitcoin / Project Development / Re: UK exchange: Britcoin on: June 26, 2011, 01:08:15 PM
Merged dooglus's gitorious branch after testing it today. Grin
1226  Bitcoin / Project Development / Re: UK exchange: Britcoin on: June 26, 2011, 01:42:30 AM
    ...
    Order 14: We are offering 10 GBP for 1 BC
    ...
    Order 18: They are offering 2.5 BC for 5 GBP
    ...

We need to calculate how much of our order will be chipped off, while
preserving their exchange rate.

    ...
    Order 14-1: We are offering 5 GBP for 2.5 BC
    Order 14-2: We are offering 5 GBP for 2.5 BC
    ...

We fulfill our order and close their order.

    ...
    Order 14-2: We are offering 5 GBP for 2.5 BC
    ...

A new transaction is created for record keeping purposes and the users funds are
updated accordingly.

I'm not sure this is a good way of doing it.

Suppose I'm trying to buy 1,000 BTC at 10 GBP each.  The sellers are wanting 12 GBP each at the moment, so no trade happens.  I'm waiting for a seller to ask for less.  Then some joker comes along and offers to sell 1 BTC for 1 GBP.  His offer matches my request to buy, and so, working the example as before:

    ...
    Order 14: We are offering 10,000 GBP for 1,000 BC
    ...
    Order 18: They are offering 1 BC for 1 GBP
    ...

We need to calculate how much of our order will be chipped off, while
preserving their exchange rate.

    ...
    Order 14-1: We are offering 1 GBP for 1 BC
    Order 14-2: We are offering 9,999 GBP for 9,999 BC
    ...

We fulfill our order and close their order.

    ...
    Order 14-2: We are offering 9,999 GBP for 9,999 BC
    ...

A new transaction is created for record keeping purposes and the users funds are
updated accordingly.

After buying the joker's 1 BTC for 1 GBP, the rest of out order is now changed, offering only 1 GBP per BTC.  Unless someone else comes along with a very cheap sale, our buy order will never get matched.  Even if some 2nd guy comes and offers 1 BTC for 2 GBP, we won't get to buy it, because we're now only offering 1 GBP per BTC.  What's the reasoning for changing the rate in "Order 14-2" above?  I think it should either keep the GBP spend and rate the same, and buy more BTC with the saving we made from the joker, so if the 2nd part is matched at the rate we requested we end up getting a total of 1,000.9 BTC for 10,000 GBP:

    ...
    Order 14-1: We are offering 1 GBP for 1 BC
    Order 14-2: We are offering 9,999 GBP for 999.9 BC
    ...

or keep the rate and BTC requested the same, and spend less GBP, so if the 2nd part is matched at the requested rate we end up getting 1,000 BTC for a total of 9991 GBP:

    ...
    Order 14-1: We are offering 1 GBP for 1 BC
    Order 14-2: We are offering 9,990 GBP for 999 BC
    ...

Did I misunderstand something?  Was the example I quoted wrong?  Or is the current implementation kind of weird?  Notice this is what happened to Caesium.  He offered to sell BTC at a low price when someone was already trying to buy at a higher price and the trade was carried out at his low price.

This is wrong since it uses the initial_amount and initial_want_amount to calculate the exchange rate you set. The amount left that you want is more for display purposes and isn't used internally.
1227  Bitcoin / Project Development / Re: UK exchange: Britcoin on: June 23, 2011, 02:52:45 PM
Thanks dooglus for your help. We sent you 10 BC for your help Grin

After some testing, we're going to pull that change.

Did you get my email dooglus?
1228  Bitcoin / Bitcoin Discussion / Re: More bitcoin client problems on: June 23, 2011, 01:31:28 AM
Your wallet or blockchain db is probably corrupted. backup wallet, delete folder and see if it works. otherwise use bitcointools to try to recover your wallet if you have no backup
1229  Bitcoin / Development & Technical Discussion / Re: Are the exchanges open source? on: June 23, 2011, 12:51:52 AM
https://gitorious.org/intersango/
Britcoin
1230  Bitcoin / Bitcoin Discussion / Re: #mtgox IRC channel hacked too.... jesus? on: June 22, 2011, 09:32:55 PM
Not on his twitter, http://twitter.com/#!/lulzsec

probably impostor
1231  Local / Other languages/locations / Re: Esperanto ! on: June 22, 2011, 05:47:31 PM
Mi afisxis pri Bitmono antaux multaj jaroj, http://eo.lernu.net/komunikado/forumo/temo.php?t=7710

Kaj plu antaux tiam sed neniu rigardis multe  Tongue Nun ni havas pli da esperantistoj cxi tie
1232  Local / Other languages/locations / Re: Lojban on: June 22, 2011, 05:43:36 PM
Ne parolu iomete da lojbano. Tiu lingvo malbonas kaj malbelaasssssss
1233  Bitcoin / Project Development / Re: UK exchange: Britcoin on: June 22, 2011, 04:30:00 PM
Can you give us an update about the payments on the 13th?

Have you managed to access them yet and do you know when you'll be able to credit the accounts? also, will the 30 day notice from the bank affect these payments in any way?

Many thanks

Yep. This will be fixed by the end of the day. We got the problem fixed.
1234  Bitcoin / Project Development / Re: UK exchange: Britcoin on: June 22, 2011, 01:41:47 PM
BTW is anyone in London and want to meet up later? We might get a pizza or something with a few other community members.
1235  Bitcoin / Project Development / Re: UK exchange: Britcoin on: June 22, 2011, 01:36:17 PM
There's no letter. It's been an ongoing thing with LLoyds for nearly 2 weeks now everyday. They think our business is too high risk for them, so we've been given a 30 day notice to move to another bank.

Anyway, it's too difficult answering every small message here otherwise I/we won't get any work done. I think everything should be OK since we have several contingency plans already in place from before. The new setup will either be rescinding the LLoyds notice (somewhat likely) or registering under a sole trader before forming a new LL to move the account to. Currently Britcoin runs under the Bitcoin Consultancy umbrella, so we'd be maybe looking to form a new platform for Britcoin (either Britcoin or an exchange group under Intersango) and find a backer.

I'm trying to stay away from backers if possible since that could mean turning the Britcoin platform into a 'product' rather than a service, and mean making the sourcecode closed. Wherever possible I want to stay away from making political decisions that negatively affect the quality of the site... But it might be something my hand will be forced to do. I've already been fighting a ton with everyone to keep this software as an open platform but it's exhausting. We have the new exchange in the works which we plan to roll out (intersango 2). I hope it's opensourced.
1236  Bitcoin / Project Development / Re: UK exchange: Britcoin on: June 22, 2011, 09:36:12 AM
The process I detail above *is* how the current exchange works.

---------------

Our bank says they no longer wish to do business with us (due to what we're dealing with), so we're required to move elsewhere in 1 month's time.

Do not deposit into this LLoyds TSB bank account after 21st July. We will update the new details on the website, and add a new bank account soon.
1237  Economy / Trading Discussion / Re: Regulating Bitcoin Exchanges on: June 22, 2011, 12:21:00 AM
Even if you are an anarchist (as myself but not the rest of our group- we're a diverse bunch), you should still be pushing for regulation of exchanges.

1) We're dealing with people's money. Do you realise that the banks hold people's funds? At any time if the government doesn't like us, they can make one phone call and pull the plug.

2) Governments will eventually take a look at Bitcoin. If there is a good precedent, they are far more likely to make a positive ruling on Bitcoin than ban it. An honest, long-running, regulation abiding exchange sets a good example and allows us to take part in policy making decision rather than 60 year old guys in suits.

3) Mainstream people like legal legitimate things. If you want Bitcoin adopted, we have to cater to them.

Right now Bitcoin can go the way of the poker sites, or into mainstream acceptance. The poker sites all went offshore and were playing a game of cat and mouse for a long time by setting up these short lives payment services to get money on their sites.

Eventually the US DOJ got pissed and shut them all down, seizing their domain names. This already tarnished industry now had all their secrets come out. The poker world is dominated by 4 big companies controlling > 90% of the industry. PokerStars was OK (the only trustworthy site with a 60% market share). Full Tilt Poker was offering 999% rakeback to their friends (you could lose and still earn money through these loyalty points- normal amount is 25%). Cereus network (owns AP/UB) only has $5 mil of the $54 mil of the player's funds. All the sites were apparently engaging in some way in money laundering, although I'm not sure how verifiable that rumour is.

Is it your goal that Bitcoin become the sole preserve of money launderers and drug dealers, forever shunned from mainstream acceptance? Bitcoin has an immense power to positively transform the world and perform an amazing social good. If Bitcoin is made illegal, then all that good would disappear and only the shady things will continue... perhaps even proliferate.

Also, we pay the cost for abiding by regulation, not you. Why would you be against something which ensures we're an honest operation? Something like mtgox would never have happened if they were properly abiding to regulations. People have lost a ton of money. Many laws suck hard. But why would you be against something that at least protects the consumer. Especially if we abide by it willingly.

This is all about protecting Bitcoin. Why else are we pulling 14 hour days for months working around the clock... We interface with the financial system, and we want to play on their turf. They set the rules.

We're the only exchange AFAIK that has opensourced our code, and contributes back software we write to the community. We don't only develop exchanges, but write other software too which is released for free. We use project funds to hire more community members to keep doing cool Bitcoin projects. I'm sorry that everything isn't perfect, but in the real world you have to make strategic compromises to allow things to move forwards for the benefit of all.
1238  Bitcoin / Project Development / Re: UK exchange: Britcoin on: June 22, 2011, 12:01:48 AM
Yep, it's a block of payments on the 13th that we're having trouble getting access to. Trying to fix that.

I had to write this document for phantom & the new exchange we're all working on. You might all find this info useful:

==============================
How does order matching work?
==============================

When you place an order, it goes into the orderbook. Every new order is umarked
at first. It just gets filed to be processed.

Every minute, cron kicks in and starts processing the orders. Each matched order
is marked with a flag indicating that it's been processed.

For each order that is processed, we look to find other equivalent orders which
are open, want the currency we own, have the currency we want and have a rate
equivalent to or better than us. Looping through the matching orders with no
ordering (we plan to fix that) we try to fulfill our order with the opposing
order. Each loop creates a new transaction that indicates a trade occured
between two users.

We keep doing this until the entire order is fullfilled (order is closed) or we
run out of matching orders; the remaining amount stays in the orderbook (order
is open).

The fulfilling part checks to see if our order has a smaller depth than the
other one. If so, our order is completed at their exchange rate and closed. The
matching finishes up.

The other case is where we have a larger depth, and want to fulfill ourself
partly using their order.

    ...
    Order 14: We are offering 10 GBP for 1 BC
    ...
    Order 18: They are offering 2.5 BC for 5 GBP
    ...

We need to calculate how much of our order will be chipped off, while
preserving their exchange rate.

    ...
    Order 14-1: We are offering 5 GBP for 2.5 BC
    Order 14-2: We are offering 5 GBP for 2.5 BC
    ...

We fulfill our order and close their order.

    ...
    Order 14-2: We are offering 5 GBP for 2.5 BC
    ...

A new transaction is created for record keeping purposes and the users funds are
updated accordingly.

A better algorithm would firstly order the matching equivalent orders by best
price first so we move up the orderbook, rather than select random matches.
Secondly an improvement perform linear programming to find the optimised rate
for two given orders given the constraints- although that isn't too important.

One minor addition would be to never accept orders where the want / offer
doesn't produce a perfectly divisible amount so we don't get these random
remainders that are credited to a random account once the order matching is
completed.

* See process_orders.php. pacman does the order fulfillment once the new amounts
  are computed.

1239  Bitcoin / Project Development / Re: Bitcoin Businesses giving 1% on: June 21, 2011, 07:48:05 PM
The purpose of our group ( http://bitcoinconsultancy.com/ ) is to generate enough funds to support Bitcoin developers and drive Bitcoin forwards.
1240  Bitcoin / Project Development / Re: UK exchange: Britcoin on: June 21, 2011, 01:12:59 PM
About the payments in on the 13th... I see them online, but when we try to download the CSV file they aren't showing up.
Pages: « 1 ... 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 [62] 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112 »
Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!