Hello from CoinedUp.com

[qsrab]

trying to skim profit without people noticing, but it causes order books to cross so we notice

[1714670470]

1714670470

[dadas15]

there is confusion on order chart.
they pre-calculate into the bid/ask but I think they should calculete it after trade like btc-e.
if not, they will loose users.
every minute there is a condition like this ;

[pete_coinedup]

Hello,

This is Pete from CoinedUp.com

We're no longer a free exchange. The 0.1% (or 1 satoshi. whichever is greater) fee is pre-calculated into the BID/ASK. We display the orderbook as-is (We feel it would be dishonest to do anything but as-is), which is why the top BUY/SELL may be different from the BID/ASK. (note: exchange rates below 50 satoshis have no fees, since even 1 satoshi would be 'too much' of a fee).

We put the fees into the BID/ASK in order to streamline the math to the user. As a trader, you get what you ask for. Nothing is deducted later. After some debate, we decided that this was the more natural way to go, and that other exchanges are doing it wrong.

I think what is missing is the UI elements to display the BID/ASK for each orderbook entry (not just the top buy/sell orders). We plan to add tooltips, so that traders can see what the bid/ask is when they mouse-over any orderbook entry.

In the near future we will be opening mBTC based markets, which will fit some of the 'cheaper' coins much better and will open up the those markets.

Additionally, our long term goal is to provide actual liquidity to our markets. This system we have now would dovetail nicely into a fully featured market-maker, which we plan to implement in the future.

Thanks,
Pete

PS: I'll check this thread more often...

[qsrab]

just paid a 0.7% fee per side on doge/btc???

by market maker do you mean trading vs your clients instead of clients trading vs each other

[drakoin]

is the orderbook robot sleeping, or on holidays? :-)




same - trading is just impossible when BUY and SELL are not matched



even worse:

[qsrab]

is the orderbook robot sleeping, or on holidays? :-)
http://www.picamatic.com/show/2010/04/23/11/31/10219764_517x171.png



same - trading is just impossible when BUY and SELL are not matched
http://www.picamatic.com/show/2010/04/23/11/31/10219765_517x205.png


even worse:
http://www.picamatic.com/show/2010/04/23/11/31/10219766_515x218.png

The bid has to be above the ask by 1 point for the trade to execute so a 1.6% fee can be taken from every trade.

[Lohoris]

The bid has to be above the ask by 1 point for the trade to execute so a 1.6% fee can be taken from every trade.

Is this a joke?

[drakoin]

Is this a joke?

Not a joke, they just wanted to make their site a million times more complicated to use.
I have just traded there, it's a real PITA.  Why go the functioning way that everyone else has taken?

Order cancel order cancel order ... success ... great. Order cancel order cancel ...

aaaarrrggghhhh

[2double0]

<3 this site. so many pumps and dumps tho

[qsrab]

The bid has to be above the ask by 1 point for the trade to execute so a 1.6% fee can be taken from every trade.

Is this a joke?

Unfortunately true

[Lohoris]

The bid has to be above the ask by 1 point for the trade to execute so a 1.6% fee can be taken from every trade.

Is this a joke?

Unfortunately true

Then this site is another obvious disaster waiting to happen, since the programmer has clearly zero clue about how trading is supposed to work.
'nuff said.

[galbros]

Pete, I love coinedup and am totally cool with the .1% fee as you have to cover your costs.  But every other trading site can't be wrong, and even if they are, it's not what traders are used to.  I'd really encourage you to not try and "roll in" the trading fee to the price quotes just break it out as a separate charge, everyone understands that.

I'll keep using coinedup regardless of what you do, but think it will help people be more comfortable trading with you.

Thanks for checking in on the thread.

[qsrab]

I actually like the fee better this way. i just dislike the minimum 1 satoshi fee per coin rule.On a coin like DOGE, DGB and mana others that makes the fee 10 times higher or more.

[skovbitcoin]

Pete

With the greatest respect to the platform, which I have loved using, this new system on the order book is just plain incorrect. It will drive away users and I am fairly sure this is already happening, I have seen very limited trading going through on the doge market compared to previous days since this system was implemented. No other exchange in the crypto world or the standard financial instrument implements their fees this way. This effectively makes fees exorbitantly high, on doge for example fees at 135sats that I have to trade at 136 becomes 0.74%. If we take Earthcoin as an example it gets worse, say 19/18=5.5%. This is fundamentally broken.

The system must be adjusted such that a flat fee of x.x%, for example 0.1%, is charged on the total value of each trade. Even if this had a minimum value, it would be acceptable.

If you stick with the current system, you will lose customers rapidly as they realise this is not just a temporary bug and is in fact a deliberate error of judgement.

As I stated, I want to keep my business here, but if this isn't resolved in a matter of days I will be forced to take my business elsewhere. I cannot live with this flawed system.

Kind regards

Mark

EDIT: Since I wrote this I read above and discovered this system works down to exchange rates of 50sats only, so my EAC example is wrong. I still think the system is fundamentally flawed though, as on a 50sat coin we have a 2% trading fee. If you wanted to maintain a maximum of 0.1% you would need to remove fees from any coins with an exchange rate lower than 1000sats. Otherwise the fee % rises rapidly to a ridiculous rate. Doge is one of the biggest volume markets, but you will kill it on CoinedUp. Having said this, even if the fees were not exorbitantly high for these low value coins, the system is still just massively uncomfortable for any user and is contrary to the fee systems customers are happy with. So this change alone would not allow me to continue my business here.

[qsrab]

Pete

With the greatest respect to the platform, which I have loved using, this new system on the order book is just plain incorrect. It will drive away users and I am fairly sure this is already happening, I have seen very limited trading going through on the doge market compared to previous days since this system was implemented. No other exchange in the crypto world or the standard financial instrument implements their fees this way. This effectively makes fees exorbitantly high, on doge for example fees at 135sats that I have to trade at 136 becomes 0.74%. If we take Earthcoin as an example it gets worse, say 19/18=5.5%. This is fundamentally broken.

The system must be adjusted such that a flat fee of x.x%, for example 0.1%, is charged on the total value of each trade. Even if this had a minimum value, it would be acceptable.

If you stick with the current system, you will lose customers rapidly as they realise this is not just a temporary bug and is in fact a deliberate error of judgement.

As I stated, I want to keep my business here, but if this isn't resolved in a matter of days I will be forced to take my business elsewhere. I cannot live with this flawed system.

Kind regards

Mark

EDIT: Since I wrote this I read above and discovered this system works down to exchange rates of 50sats only, so my EAC example is wrong. I still think the system is fundamentally flawed though, as on a 50sat coin we have a 2% trading fee. If you wanted to maintain a maximum of 0.1% you would need to remove fees from any coins with an exchange rate lower than 1000sats. Otherwise the fee % rises rapidly to a ridiculous rate. Doge is one of the biggest volume markets, but you will kill it on CoinedUp. Having said this, even if the fees were not exorbitantly high for these low value coins, the system is still just massively uncomfortable for any user and is contrary to the fee systems customers are happy with. So this change alone would not allow me to continue my business here.

Pete does not read this. Message him on twitter.

[skovbitcoin]

Pete

With the greatest respect to the platform, which I have loved using, this new system on the order book is just plain incorrect. It will drive away users and I am fairly sure this is already happening, I have seen very limited trading going through on the doge market compared to previous days since this system was implemented. No other exchange in the crypto world or the standard financial instrument implements their fees this way. This effectively makes fees exorbitantly high, on doge for example fees at 135sats that I have to trade at 136 becomes 0.74%. If we take Earthcoin as an example it gets worse, say 19/18=5.5%. This is fundamentally broken.

The system must be adjusted such that a flat fee of x.x%, for example 0.1%, is charged on the total value of each trade. Even if this had a minimum value, it would be acceptable.

If you stick with the current system, you will lose customers rapidly as they realise this is not just a temporary bug and is in fact a deliberate error of judgement.

As I stated, I want to keep my business here, but if this isn't resolved in a matter of days I will be forced to take my business elsewhere. I cannot live with this flawed system.

Kind regards

Mark

EDIT: Since I wrote this I read above and discovered this system works down to exchange rates of 50sats only, so my EAC example is wrong. I still think the system is fundamentally flawed though, as on a 50sat coin we have a 2% trading fee. If you wanted to maintain a maximum of 0.1% you would need to remove fees from any coins with an exchange rate lower than 1000sats. Otherwise the fee % rises rapidly to a ridiculous rate. Doge is one of the biggest volume markets, but you will kill it on CoinedUp. Having said this, even if the fees were not exorbitantly high for these low value coins, the system is still just massively uncomfortable for any user and is contrary to the fee systems customers are happy with. So this change alone would not allow me to continue my business here.

Pete does not read this. Message him on twitter.

Hmm, don't use Twitter, any chance someone could tweet him and direct him here? 

[drakoin]

A Python wrapper for your API would be lovely.

Take this as inspiration:
http://pastebin.com/SB5c4Yr1

Another good option would be to fork this
BTCE https://github.com/alanmcintyre/btce-api

because there are already versions for
BTER https://github.com/hsharrison/bter-api  and
CRYPTSY https://github.com/hsharrison/python-cryptsy

[pete_coinedup]

Pete

With the greatest respect to the platform, which I have loved using, this new system on the order book is just plain incorrect. It will drive away users and I am fairly sure this is already happening, I have seen very limited trading going through on the doge market compared to previous days since this system was implemented. No other exchange in the crypto world or the standard financial instrument implements their fees this way. This effectively makes fees exorbitantly high, on doge for example fees at 135sats that I have to trade at 136 becomes 0.74%. If we take Earthcoin as an example it gets worse, say 19/18=5.5%. This is fundamentally broken.

The system must be adjusted such that a flat fee of x.x%, for example 0.1%, is charged on the total value of each trade. Even if this had a minimum value, it would be acceptable.

If you stick with the current system, you will lose customers rapidly as they realise this is not just a temporary bug and is in fact a deliberate error of judgement.

As I stated, I want to keep my business here, but if this isn't resolved in a matter of days I will be forced to take my business elsewhere. I cannot live with this flawed system.

Kind regards

Mark

EDIT: Since I wrote this I read above and discovered this system works down to exchange rates of 50sats only, so my EAC example is wrong. I still think the system is fundamentally flawed though, as on a 50sat coin we have a 2% trading fee. If you wanted to maintain a maximum of 0.1% you would need to remove fees from any coins with an exchange rate lower than 1000sats. Otherwise the fee % rises rapidly to a ridiculous rate. Doge is one of the biggest volume markets, but you will kill it on CoinedUp. Having said this, even if the fees were not exorbitantly high for these low value coins, the system is still just massively uncomfortable for any user and is contrary to the fee systems customers are happy with. So this change alone would not allow me to continue my business here.

Hello,

This is Pete from CoinedUp.com

Great feedback on this issue. It's clear that the situation we have now will not stand.

Our original concern was that most of our markets are under 1000 satoshis, so we're not collecting any fees for a significant portion of trades.

Our current fix is to enforce the '1 satoshi fee rule', which is also not the correct solution mainly for reasons stated above.

We've been working hard on support for mBTC based markets, which is not only a better currency base for most altcoins, but will also solve the 'fee' situation. With mBTC based markets, there is much more resolution in the trading price since you have three more digits to work with. For 'fees', even 1 satoshi can have a 0.1% fee on it because of the extra resolution.

Right now, I don't want to go into a technical explanation of how we are able to support mBTC markets. There were a few technical hurdles we had to cross, but the solutions we came up with are working well in our test arena. One thing I'll mention is the 'under 1 satoshi' dust that can build up. The solution there was to simply track it and let it build up into 1 satoshi amounts, which with then be available for withdrawal.

We will remove the '1 satoshi fee rule' within 24 hours, and the mBTC based markets should be live in 48 hours or less.

Thanks,
Pete

[qsrab]

There are weird green numbers in the balances list.

[jsgayo]

This doge coins getting really popular.