A Useful Trading Hub?

[Coinprotrade]

Hey everyone,

I'm re-purposing a former site launched here, BitcoinOPX (cancelled due to regulation), instead as a cross-platform trading tool, possibly with social networking features (following profitable traders etc.).

I'm looking for feedback. As a trader I think I have a good idea of what to include, but it never hurts to ask. Starting with the basics, BTC-E is now supported (Bitstamp probably next). Account balances can be viewed, and orders placed for market, limit, and stop-limit types (pairs BTC/USD, LTC/USD). I'm thinking about bots. It would be great if people could construct their own profitable bots, but for simplicity to start some basic functions might work. Last, this forum is great for speculation discussion, but I thought of having reddit style up-vote ability for different trading ideas, posts, etc.

What are your thoughts?

Thanks

EDIT: also, the site utilizes API keys for trading, but requires no withdrawal access.

screenshot

https://i.imgur.com/qNksG5l.png

[Raystonn]

If you can make your website into a front-end for P2P exchanges, you will become the new de facto exchange for all BTC/USD trades.  This means you will effectively be an escrow service that matches orders, and you will not store any USD or BTC yourself.  This would be the ultimate in a trustworthy exchange.  It can be done.  You can make it look like any other exchange for ease of use.  You can still collect trading fees for your services, etc.  So it will still be profitable.  Any interest?

[Raystonn]

Also note that escrow isn't even required.  There are algorithms that allow for a decentralized exchange without escrow.
See https://bitcointalk.org/index.php?topic=212490.0 for details.

[Coinprotrade]

If you can make your website into a front-end for P2P exchanges, you will become the new de facto exchange for all BTC/USD trades.  This means you will effectively be an escrow service that matches orders, and you will not store any USD or BTC yourself.  This would be the ultimate in a trustworthy exchange.  It can be done.  You can make it look like any other exchange for ease of use.  You can still collect trading fees for your services, etc.  So it will still be profitable.  Any interest?

Are there any successful P2P exchanges? I know Coinffeine is just getting started, but I think there will always be a need for centralized exchanges. There are ones that do a decent job, like Kraken and Bitstamp. So a mixture is probably what we'll see. The promise of high volume P2P exchanges seems a ways off though, IMO 

Is there some need you think isn't being met?

[Raystonn]

If you can make your website into a front-end for P2P exchanges, you will become the new de facto exchange for all BTC/USD trades.  This means you will effectively be an escrow service that matches orders, and you will not store any USD or BTC yourself.  This would be the ultimate in a trustworthy exchange.  It can be done.  You can make it look like any other exchange for ease of use.  You can still collect trading fees for your services, etc.  So it will still be profitable.  Any interest?

Are there any successful P2P exchanges? I know Coinffeine is just getting started, but I think there will always be a need for centralized exchanges. There are ones that do a decent job, like Kraken and Bitstamp. So a mixture is probably what we'll see. The promise of high volume P2P exchanges seems a ways off though, IMO 

Is there some need you think isn't being met?

Yes.  I'd like to help our friends in countries that have banned Bitcoin, and prepare in case a ban comes closer to home.  Bitcoin need a decentralized exchange that cannot be taken down by any government.

[Raystonn]

We need a decentralized web in general.  All websites should be hosted like a torrent.  We'd need to handle web apps differently, probably like Ethereum and NXT handle running apps.

[Coinprotrade]

We need a decentralized web in general.  All websites should be hosted like a torrent.  We'd need to handle web apps differently, probably like Ethereum and NXT handle running apps.

That's what projects like Coinffeine can help with. There is also LocalBitcoins for basic in-person exchanges. Things like that are nearly impossible to shut down. If and when we start seeing more decentralized services gain strength, like Coinffeine, OpenBazaar, etc. adding front-ends to link them will certainly be a good idea.

For now my primary focus is on building tools to help people make money

Does anyone have any thoughts in that regard? Is this a good idea? I don't want to sink a lot of effort into a site nobody will use.

[Raystonn]

We need a decentralized web in general.  All websites should be hosted like a torrent.  We'd need to handle web apps differently, probably like Ethereum and NXT handle running apps.

That's what projects like Coinffeine can help with. There is also LocalBitcoins for basic in-person exchanges. Things like that are nearly impossible to shut down. If and when we start seeing more decentralized services gain strength, like Coinffeine, OpenBazaar, etc. adding front-ends to link them will certainly be a good idea.

For now my primary focus is on building tools to help people make money

Does anyone have any thoughts in that regard? Is this a good idea? I don't want to sink a lot of effort into a site nobody will use.

The only thing I can think of along your original lines is giving ordinary folks the ability to arbitrage between the exchanges quickly and easily.

[Coinprotrade]

The only thing I can think of along your original lines is giving ordinary folks the ability to arbitrage between the exchanges quickly and easily.

Yeah, that's the original idea behind the site. The thing about arbitrage is there are only so many opportunities. If the site is handling all orders neutrally, it would be on a first served basis, so there would be only a few traders reaping the profits.

That's when I started thinking more about order control like stop-limit orders. I can't count how many times I've checked in on a price and thought to myself I knew I should have planned to buy or sell. Stop-limit orders would make me money just in those missed opportunities. Then there is also bots, which is more complex of course, but simple bots can be set to perform some buy/sell action over and over again on a given criteria. It's then up to the thought behind the criteria to determine whether that's profitable or not.

Anybody else want to chime in? What software would help you make money?

[Raystonn]

Why not just go for something like Tradestation, but for cryptocurrency markets?

[Coinprotrade]

Why not just go for something like Tradestation, but for cryptocurrency markets?

Yeah, that's kind of the idea, a platform where people can consolidate trading across different exchanges/markets. I'm trying to figure out if that's what people want, though. Logically I would think people are most interested in features that help them make money. That's what I'm trying to figure out.