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Author Topic: Safety measurements of major exchanges  (Read 750 times)
codymanix
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January 12, 2012, 05:35:12 PM
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Does anybody know if the major exchanges like Tradehill or MtGox warns or prevents user from making mistakes?

For example somebody want to sell his coins for 10.1234 USD per Coin and accidently misses one key and is selling the coins for 0.1234 USD instead.
There are different kinds of mistakes possible like this, especially when people are tired or want to buy or sell in panic if exchange rate if chaning quickly?

This would be an easy to implement feature, one has to simple check if the price the user enters is less (when selling) or more (when buying) than, say, 120% of the current exchange rate.

I have not tried it because Iam too fearful what might happen Smiley

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stcupp
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January 12, 2012, 11:27:28 PM
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I'm not sure but I don't think there is. It's a very good idea though.

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January 12, 2012, 11:35:18 PM
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There are no blocks on low prices but I am pretty sure Mt. Gox executes at the best price (don't try or if you do use small amount).

So say best bid is $10.00 nad you wanted to sell @ $10.1234 but accidentally type in $0.1234 it will execute a limit order of $0.1234 or GREATER.  Assumming the amount you want to sell if less than the amount bid @ $10.00 you will get $10.00 not $0.12.  Assumming the bid & ask is relatively small (which it usually is) if you wanted to you could buy right back and only lose ~1.2% plus the spread.  So catastrophic losses like losing 99% of wealth aren't possible.  

Now if you had a ton of coins (like tens of thousands) you likely could drive down the price significantly (buy all the $10.00, all the $9.99, all the $9.98.... etc all depending on how large your order is).
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January 12, 2012, 11:40:37 PM
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There are no such measures. You can easily try that with a bitcent or other small amount.
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January 12, 2012, 11:42:24 PM
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There are no such measures. You can easily try that with a bitcent or other small amount.

idk about mtgox but on tradehill you can't make any trades below $1 so you wouldn't be able to try it with a bitcent

jake262144
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January 12, 2012, 11:45:28 PM
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Does anybody know if the major exchanges like Tradehill or MtGox warns or prevents user from making mistakes?

And how should an automated script know that a user had just made a mistake, pray tell?
The user's mind is a PRIVATE class without any interface, the exchange can't see whether what you did was what you meant to do.
The exchange should therefore NOT assume the role of order police, checking all orders to see whether they might or might not be a mistake on the user's part.

EDIT:: Do you think you could fix those nasty typos in the thread title?
codymanix
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January 13, 2012, 07:08:06 PM
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> And how should an automated script know that a user had just made a mistake, pray tell?

I already explained how it could work.

> Do you think you could fix those nasty typos in the thread title?

It wasn't a typo - english isn't my mother tongue. Are there any other mistakes in the title, I only found one?

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January 13, 2012, 07:41:32 PM
 #8

"Safety measures" is what you wanted to use.
http://translate.google.com/ doesn't hurt.

For example somebody want to sell his coins for 10.1234 USD per Coin and accidently misses one key and is selling the coins for 0.1234 USD instead.

Answer that: how is MtGox supposed to know that you ACCIDENTALLY missed a key as opposed to using a very low rate rate ON PURPOSE?
People do crazy trades eg. when trying to manipulate the btc/usd rate. Is the purpose of a bitcoin exchange to interfere with their users' trading?
Does your bank tell you what they think about a bank transfer you are sending? No, because it's none of their business. The same goes for exchanges.

Don't trade when you're in a hurry, sick, tired, or intoxicated Smiley


stcupp
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January 13, 2012, 10:23:41 PM
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As DeathAndTaxes  pointed out it would just sell to the highest bidder so this really isn't a problem.

"Safety measures" is what you wanted to use.
http://translate.google.com/ doesn't hurt.

For example somebody want to sell his coins for 10.1234 USD per Coin and accidently misses one key and is selling the coins for 0.1234 USD instead.

Answer that: how is MtGox supposed to know that you ACCIDENTALLY missed a key as opposed to using a very low rate rate ON PURPOSE?
People do crazy trades eg. when trying to manipulate the btc/usd rate. Is the purpose of a bitcoin exchange to interfere with their users' trading?
Does your bank tell you what they think about a bank transfer you are sending? No, because it's none of their business. The same goes for exchanges.

Don't trade when you're in a hurry, sick, tired, or intoxicated Smiley

The bitcoin exchange wouldn't need to interfere with your trading. Just pop a prompt up and ask you if your sure you wanna make that trade.

jake262144
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January 13, 2012, 10:38:40 PM
 #10

I find a pop-up an interference.
As I'd said time and time again, since the pool has no way of knowing what I MEANT to do, it is in no position to assume the role of the nosy transaction TSA-agent.
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January 13, 2012, 10:48:29 PM
 #11

"Safety measures" is what you wanted to use.
http://translate.google.com/ doesn't hurt.

For example somebody want to sell his coins for 10.1234 USD per Coin and accidently misses one key and is selling the coins for 0.1234 USD instead.

Answer that: how is MtGox supposed to know that you ACCIDENTALLY missed a key as opposed to using a very low rate rate ON PURPOSE?
People do crazy trades eg. when trying to manipulate the btc/usd rate. Is the purpose of a bitcoin exchange to interfere with their users' trading?
Does your bank tell you what they think about a bank transfer you are sending? No, because it's none of their business. The same goes for exchanges.

Don't trade when you're in a hurry, sick, tired, or intoxicated Smiley



Wake up please.

It just need to pop up a warning if the price you entered is like 120% or 150% different from current prices.

There is such a thing in the game EVE Online, if something cost 1000 and you type a sell order for 100 it warn you.

For example, http://wiki.eveonline.com/wikiEN/images/a/ab/Market3.jpg it tell you the % difference from regional average.

So please take back things like
Quote
Don't trade when you're in a hurry, sick, tired, or intoxicated
Quote
how is MtGox supposed to know that you ACCIDENTALLY missed a key as opposed to using a very low rate rate ON PURPOSE?
And other hurr durr
stcupp
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January 14, 2012, 08:11:08 AM
 #12

"Safety measures" is what you wanted to use.
http://translate.google.com/ doesn't hurt.

For example somebody want to sell his coins for 10.1234 USD per Coin and accidently misses one key and is selling the coins for 0.1234 USD instead.

Answer that: how is MtGox supposed to know that you ACCIDENTALLY missed a key as opposed to using a very low rate rate ON PURPOSE?
People do crazy trades eg. when trying to manipulate the btc/usd rate. Is the purpose of a bitcoin exchange to interfere with their users' trading?
Does your bank tell you what they think about a bank transfer you are sending? No, because it's none of their business. The same goes for exchanges.

Don't trade when you're in a hurry, sick, tired, or intoxicated Smiley



Wake up please.

It just need to pop up a warning if the price you entered is like 120% or 150% different from current prices.

There is such a thing in the game EVE Online, if something cost 1000 and you type a sell order for 100 it warn you.

For example, http://wiki.eveonline.com/wikiEN/images/a/ab/Market3.jpg it tell you the % difference from regional average.

So please take back things like
Quote
Don't trade when you're in a hurry, sick, tired, or intoxicated
Quote
how is MtGox supposed to know that you ACCIDENTALLY missed a key as opposed to using a very low rate rate ON PURPOSE?
And other hurr durr
+1

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