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February 16, 2014, 06:42:19 PM |
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We are working on the buy/sell matching system for AllCrypt.com and in testing it, we ran into an interesting little dilemma.
Say there are sell orders at 250, 251, and 252 satoshi.
Someone for whatever reason - doesn't care, typo, whatever, lists a sell order for 200 satoshi. Way under the current price of 250.
I place a buy order at 250 not noticing the 200 sell, maybe they are placed at the same time, whatever.
Should the 200 order be ignored? Only buy the one at 250?
Or I snap up the 200 order? If the 200 order is bought - do I still pay my offer of 250 and the seller makes more than they thought?
Do I only pay 200 and get a refund of the unspent funds?
It's hard to test how this works on other exchanges because of the volume. We can't exactly list a buy and sell and be sure we're buying and selling the right coins.
We want the system to work and be fair. So we're leaning towards the buy and sell prices having to match exactly. The problem with that is say there's a coin trading at .0025, and someone lists a buy order at .00250001, and he wants to buy 10,000 of them. There may be a ton of .0025 and .002504 sell orders, but he wont get any if no one lists at exactly .00250001 even if he's willing to pay more than the going price of .0025.
Just looking for some input so the system is fair and balanced.
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