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Author Topic: OTC Market for Altcoins?  (Read 840 times)
Sunny King
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February 03, 2013, 12:52:46 AM
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Just to test some waters here, do we think there is a market for peer-to-peer trading like bitcoin-otc (http://bitcoin-otc.com/)? I checked their website but there is no altcoins in the 'otherthing' column, which presumably supports quite a number of currency units.

Is this simply because of lack of interest in trading? Or maybe there is a more popular place to trade goods/services in bitcoin (ala ebay craigslist) that I am not aware of?
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ThaddeusB
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February 03, 2013, 12:58:30 AM
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I've listed altcoins on OTC a few times, but it has yet to attract any interest.
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February 03, 2013, 01:14:58 AM
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I think OTC needs to have Alt coins ...

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Stephen Gornick
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February 03, 2013, 03:29:03 AM
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Just to test some waters here, do we think there is a market for peer-to-peer trading like bitcoin-otc (http://bitcoin-otc.com/)? I checked their website but there is no altcoins in the 'otherthing' column, which presumably supports quite a number of currency units.

When I enter a buy order for bitcoin, paying 2% premium I might enter it as:

 ;;buy 1.0 BTC at "{mtgoxlast} * 1.02" USD "Can pay with PayPal, Dwolla, Serve, etc."

So there is no restriction against any other currency.  I could today enter an order to pay for litecoin with bitcoin.  The order I enter for that is:

 ;;buy 300 LTC at 1.0 BTC

or vice-versa:

 ;;buy 1.0 BTC at 300 LTC


What I'm suspecting is that you are looking for a dynamic price method, just like how "{mtgoxlast} * 1.02" will dynamically calculate the price based on "market" price.  To provide that, the Gribble bot would need to be modified to become aware of the alt-coin exchanges.  I'm not even sure how you would determine "market price", since unlike bitcoin there isn't one dominant marketplace for each alt coin, as far as I know.  You could make an appeal to get at least some exchange quotes for some alts added to gribble.   Or you could make your own bot (using the open source gribble code) and have a separate OTC channel.

Sunny King
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February 03, 2013, 05:49:50 AM
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What I'm suspecting is that you are looking for a dynamic price method, just like how "{mtgoxlast} * 1.02" will dynamically calculate the price based on "market" price.  To provide that, the Gribble bot would need to be modified to become aware of the alt-coin exchanges.  I'm not even sure how you would determine "market price", since unlike bitcoin there isn't one dominant marketplace for each alt coin, as far as I know.  You could make an appeal to get at least some exchange quotes for some alts added to gribble.   Or you could make your own bot (using the open source gribble code) and have a separate OTC channel.

Actually most altcoin has its dominating exchanges

LTC - btc-e
NMC - btc-e (?)
PPC - bitparking
DVC - vircurex
doublec
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February 03, 2013, 06:53:29 AM
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Actually most altcoin has its dominating exchanges
...
NMC - btc-e
...
Bitparking disputes your selection of dominant exchange there...
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February 03, 2013, 06:55:33 AM
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Actually most altcoin has its dominating exchanges
...
NMC - btc-e
...
Bitparking disputes your selection of dominant exchange there...

Oh really sorry I retracted it  Cheesy
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