Wanted to take a moment to reply before getting back to work. We're hoping to launch the coin voting system tonight or tomorrow!
An open list of coins which users vote up is great, I agree that downvotes are unnecessary - adding a coin which I dislike to the exchange isn't going to negatively impact me, why should I be able to vote against it, right? Paying to get your favourite coin added, I don't like. I don't see a valid correlation between 'a good coin' and 'wealthier supporters of a coin'. Additionally, I think the community ethos is one of the best things you guys have going for you, and pay-to-win doesn't sit well with that. You say paid votes will not be necessary but that is going to depend on the ratio of paid & unpaid votes, and the rate at which you can add coins. Of course, I understand that traders with more coins to trade also have more coins to vote with. Paying to get a coin listed might well maximise trading volume fastest, but for my part, I would rather use a different exchange for a particular coin than pay to have it listed on AllCrypt.
If you are seeking funding through paid votes, I would suggest that there are much better, friendlier, ways to go about that. I would rather donate to the exchange directly than pay to have a coin listed.
We realize that the paid votes would possibly raise some eyebrows. Fact is, we're running this aspect of the site like life in general. You could come to the site every day, and keep clicking. Or you could realize your time is much more valuable, and donate $10 in BTC and you're covered. I used to change my own oil to save the $30. Now, I'm too damn busy. I just pay the money and I have more time for other things. Like coding an exchange.
We also wanted to give a small coin, that no one cares about, a chance to get on the list. Maybe the dev of the coin wants to spend $500 to get it listed, because his coin sucks and no one cares, but he thinks if he gets it on the exchange, it'll help. Do you REALLY care? Honestly - he spends $500, we donate $100 of it to charity (yes, we are donating 20% of all 'bribes' to charity), and his coin lands on the exchange and withers and dies.
At the end of the day, to be completely honest, I dont think we'll see much BTC in coin listing bribes.
And, at LEAST we're being transparent about it. We admit, up front, we take money to list coins. But the power of your fans, and their votes, will by far outweigh what little we see in coin listing fees. And, yeah, 20% goes to charity.
Coins with legal issues, or those which are otherwise unsafe for the exchange must of course be ruled out. I find it extremely odd, contradictory even, to state that you don't care what people do with their coins "Legal or not" and then go on to say you will ban coins based on their name. Worse than that, based on whether the coin's name intersects with your personal ideas regarding what's morally offensive, regardless of the community's interests. Not that I am a fan of PedoCoin, it's more of a "disagree, but defend your right" thing. In addition, if a coin is created which has some kind of superiority (technical or otherwise) to other coins, I will care not a jot about the name of the coin.
Here's the deal with that. We as society decide what is morally offensive and wrong. 99% of us agree that NGR (NiggerCoin) and NZI (NaziCoin) are absurdly offensive. More than 1% of us would trade it either because we're screwed up in the head, or think it's funny, or actually believe in it. That doesnt mean it should be on our exchange.
Same with PedoCoin. You state that you disagree but defend their right. No, sorry, I draw the line there. You can call a coin whatever you want, but when it's THAT offensive to THAT many people, then it's not being listed on our exchange.
I dont smoke but I will fight to defend your right to do so.
PedoCoin? No. You're not funny.
ANY coin named after something so patently offensive exists only to shock and offend, and has no right on AllCrypt.com.
Anonymous trading. Fantastic. It should be an option on every exchange, and will definitely set AllCrypt apart. Tumbling makes a lot of sense once you have sufficient volume. Shorting is a very interesting idea and I would like to hear more details at some stage. Would the shorted coins be borrowed from other users who want a lower risk way to earn "interest" on their cryptos?
Yes, shorted coins are "borrowed" - just like in shorting stocks. Shorting will be limited to a small percentage of the coin we hold (if we have 1,000,000 DOGE on hand, we will limit shorting doge to 100,000 or 200,000, to avoid the issue of a mass withdrawal, but your coins were sold by someone else who hasn't bought them back yet)
Exact numbers are being discussed.
Priority orders seem a bit silly. Correct me if I am being dense - it is late and past my bedtime - but instead of paying a premium for the order to jump the queue, couldn't I just sell at a slightly lower price (or buy higher)? Either way I make a little less profit, but the order gets fulfilled sooner.
Thats fine if the buy or sell walls are thin... but what happens when every number from 20 to 40 satoshi is loaded down with 80-90 BTC of orders?
Yes, you could sell your 5,000,000 MOON at 19 for .95 BTC, or "prioritize" the sale at 20 for 1 BTC. Thats a 5% difference in income. The extra fee for a priority transaction, right NOW (subject to change), is .5%. Prioritize at 20, or sell at 19? You get 4.995 more BTC with a priority sale.
Another issue would be say the market is dropping like a rock. EVERYONE is selling. You want out before it crashes rock bottom. Do you keep posting sell orders on the tail end of everyone else's order? Or prioritize it, and sell NOW?
Food for thought.
Chase orders are a new one on me. What would happen to the market in the case that 50% or 75% or 90% of all the orders on the exchange were chase orders? I can't quite get my head around the idea right now. Interesting though.
No offense intended to you Chellger - you should trade as you see fit. Personally, I have vaults for my coins. They come in *-qt form, and they are more secure than any exchange will be. Encouraging long term storage of coins on an exchange is a bad idea, and a waste of dev's time.
If we have time and there's interest from more than 1 person, we'll add it, but I reiterate: Storing your coins on an exchange is a bad idea. People like to hack exchanges. We typically hold a ton of coins for people.
