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Author Topic: Gentlemen, tell me what you want to see in a BTC exchange. [Bitcoin Reward]  (Read 4187 times)
Kid81
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June 09, 2011, 01:08:11 AM
 #21

A method for everyone to be able to despoit money AND withdraw it at anytime with minimum fuss.
Americans, Europeans, Aussies, Chinese, Africans, Etc.

bank deposits perhaps.
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torbank
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June 09, 2011, 01:14:34 AM
 #22

I would love to be able to code Robots and Indicators like in MetaTrader. Set stops and limits within the chart. Be able to setup alerts.

And of course trade on Margin.
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June 09, 2011, 01:18:54 AM
 #23

1. Live charts - take a look at any of the forex dealers, they have price widgets on a top bar and chart displays nested below.
2. Price Widgets - Bid/Offer and size of the closest bid and offer underneath. Be nice if the bid or offer flashed a color when updated.
3. Rudimentary Technical Tools - Moving averages, trend lines, RSI, Stochastic, Bollinger Bands
4. Payout options - send to several different Bitcoin wallet addresses at the same time if needed
5. Trading Statements - Buy/Sell, Quantity, Price, Timestamp, Cost Basis, Profit/Loss, Full or Partial Fills indicated
6. Order Types - Limits, Stops, Market Orders
7. Sliding fee scale based on volume of the trade - encourage liquidity for larger chunks
8. Darkpool listing of orders over a certain limit - choice to show/hide bid/offer on book

That is all I can think of at the moment.

Best of luck on the venture!


fortitudinem multis - catenum regit omnia
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June 09, 2011, 01:19:46 AM
 #24

Be careful what you listen to here. I understand you are using this as a brainstorming thread, but the thing that incorporated all these suggestions would be a monster indeed. A simple, easy to follow interface, with more complex features available but not front and center is a time-tested design practice.

All exchanges have certain basic features and so it might be helpful to point out where other exchanges are NOT doing so well. Mt Gox does a good job on the simplicity front, unlike bitcoinmarket.com which seems to think currency pairs are a virtue. Bitcoin2cash requires a user to keep an order that he wants to buy in memory while he changes to the buy screen. Forcing users to keep things in memory is a bad thing. But it's nice how they have buy and sell orders side by side, unlike bitmarket.eu, which requires one to scroll up and down to see both.

I don't know, I could go on and would be willing to, but I'll wait and see what comes of this thread. Thanks for asking!
MarketNeutral
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June 09, 2011, 01:22:36 AM
 #25

Be careful what you listen to here. I understand you are using this as a brainstorming thread, but the thing that incorporated all these suggestions would be a monster indeed. A simple, easy to follow interface, with more complex features available but not front and center is a time-tested design practice.

All exchanges have certain basic features and so it might be helpful to point out where other exchanges are NOT doing so well. Mt Gox does a good job on the simplicity front, unlike bitcoinmarket.com which seems to think currency pairs are a virtue. Bitcoin2cash requires a user to keep an order that he wants to buy in memory while he changes to the buy screen. Forcing users to keep things in memory is a bad thing. But it's nice how they have buy and sell orders side by side, unlike bitmarket.eu, which requires one to scroll up and down to see both.

I don't know, I could go on and would be willing to, but I'll wait and see what comes of this thread. Thanks for asking!
+1
FatherMcGruder
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June 09, 2011, 01:28:59 AM
 #26

I would like to be able to trade in multiple currencies. Bitcoins, Namecoins, Dollars, and possibly others.
I would especially like it to allow for the possibility of trading between Bitcoin and derivatives like Namecoin. It needs to easily interface with various banking protocols so operators don't have to manually add wired funds to specific accounts. It should also allow for deposits from the likes of Dwolla, WingCash, and any other payment systems that might pop-up. In other words, it needs to be as future proof as possible. I guess it goes without saying that trades should go through the exchange. I don't think it's enough for the exchange to play matchmaker.

Oh, and GPG verification/authentication, at least as an option. Despite the complexity, some users might prefer managing their own security.

That's all for now. See my signature for an address.

Use my Trade Hill referral code: TH-R11519

Check out bitcoinity.org and Ripple.

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Steve
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June 09, 2011, 03:40:49 AM
 #27

I would like a p2p system for announcing and matching quotes...I want the exchange to be between bitcoin and ripplepay like debt in various currencies rather than the actual currencies.  It's possible you would need a separate block chain to track the ripple debt transactions and somehow make the exchange between ripple debt and bitcoin be atomic and irreversible.  Settlement of ripple-debt can take place between individuals and their adjacent nodes in the ripple trust network.  Super-nodes in the ripple network that swap a cash deposit for credit can develop to help facilitate connections through the trust network.

(gasteve on IRC) Does your website accept cash? https://bitpay.com
Anonymous
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June 09, 2011, 03:57:36 PM
 #28

.01 BTC sent out to all contributors thus far. Again, much obliged.
nuggets4all
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June 09, 2011, 04:15:31 PM
 #29

If this is to be the premier exchange, then having merchant software integrated would be a good idea. What I mean by merchant software is the ability for consumers to pay directly and instantly out of their wallets into the merchant's at a real-time local currency exchange rate. Based on my conversations with brick and mortar merchants, if they could easily (without waiting for transfers between BTC wallets) swap between BTC and local currency, they would be much more likely to adopt BTC.

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Anonymous
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June 09, 2011, 04:19:26 PM
 #30

If this is to be the premier exchange, then having merchant software integrated would be a good idea. What I mean by merchant software is the ability for consumers to pay directly and instantly out of their wallets into the merchant's at a real-time local currency exchange rate. Based on my conversations with brick and mortar merchants, if they could easily (without waiting for transfers between BTC wallets) swap between BTC and local currency, they would be much more likely to adopt BTC.
Well, allow me to clear up that I am not just creating software for one exchange. No, what I am doing is creating open software that anybody could use. So, a merchant module will definitely be doable. I will certainly make this possible.
davout
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June 09, 2011, 04:21:09 PM
 #31

Bitcoin central does most of that, care to improve it instead of starting all from scratch ?

Anonymous
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June 09, 2011, 04:30:09 PM
 #32

You can consider me competition.
Grant
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June 09, 2011, 04:44:25 PM
 #33

To add to the other excellent suggestions here from others.

Ease of use, one click limit-orders by left-clicking on orderbook. As an option for the trader, also allow to disable confirmation.

Built in prediction market, covered option, and some vanilla swaps market, and margin trading.

Some basic semi-automated trading structure, ie: limit order if price < x, stoploss if price < y, accumulate if price < z.. etc

That's just on top of my head.

caveden
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June 09, 2011, 04:46:02 PM
 #34

I think exchanges of the type of bitmarket.eu and OTC have more chances of succeeding in the long run, and can be more numerous. That's because the exchange owner doesn't need to keep any link to the standard banking system. It's more "decentralized" if you will. In many countries, that's mandatory for the exchange survival.

So, if I were you, I'd go for this type of exchange, with the flexibility to use any currency and multiple payment methods, as well as escrow.

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FatherMcGruder
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June 09, 2011, 04:58:49 PM
 #35

You can consider me competition.
The idea of two or more open source projects, using compatible licenses, competing against each other seems counter intuitive. However such projects might try to separate themselves, how can they not cooperate?

Use my Trade Hill referral code: TH-R11519

Check out bitcoinity.org and Ripple.

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oillio
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June 09, 2011, 04:59:39 PM
 #36

Have you see the Open Transactions platform.  It may be a good place to start building the backend.
13aiom
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June 09, 2011, 05:03:39 PM
 #37

Make it fast, simple (both in terms of software architecture and interface), and scalable.

Calculate with exponential growth and bursty page loads. I hate it when BTC exchange sites load so slowly.

Make sure you can also process funds from Europe. Not only EUR but also CHF and the scandinavian currencies, where the big money lies Wink

Oh, and PayPal would be great but I don't think it's feasible anymore  Roll Eyes

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newMeat1
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June 09, 2011, 05:05:49 PM
 #38

I want the ability to add funds instantly if I have enough collateral in the account already. eTrade has this and it's great. For example, I have 100 dollars in my account. I want to add 50 dollars. You can allow that to happen instantly, because I already have the funds to back it up if the transfer doesn't go through for some reason.

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thedude42
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June 09, 2011, 05:11:10 PM
 #39

Moneybookers.

Short selling if you can cover.

Futures & options.

Stop loss orders.

Fill or kill orders.

Ability to trade at the .001 or even lower in case the exchange rate continues to grow.

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Anonymous
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June 09, 2011, 11:12:41 PM
 #40

Create an exchange "mailing list" that people can subscribe to where making a bid or an ask is as simple as sending and receiving email. Then people can have an exchange client that sits on their own computer rather than on a server.

Messages are routed between clients not through a central mail server, a p2p mailing list.
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