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Author Topic: BTCD is no more  (Read 1327869 times)
bitcoinrocks
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April 26, 2015, 12:38:20 AM
 #8661

Where are coins stored when traded with InstantDEX?  Say I want to sell some Namecoin I have in a centralized exchange.  How do the coins make their way from my account in the exchange to the buyer?  Do I need to run a local copy of the coin's wallet for every type of coin I want to buy or sell?
There is no simple answer to this. The specifics depend on how to set things up.

Here is an example:

Alice has X amount of coin A as an MGW coin asset, Bob has Y amount of coin B on bittrex and some NXT locally.
you have enabled punch through trading on bittrex so have an acct with J amount of BTC in your bittrex acct.

They agree to trade A for B at a specific price.

Now clearly, this cant be done directly, we rely on the property of coin ownership, ie what matters is the sum total of what you control. We assume that InstantDEX has found a path to connect the A and B at the agreed price, in fact it is the reverse. InstantDEX calculates all the possible prices by combining all the potential halves of the A <-> trade and displays the best one and presumably, either Alice or Bob selected the orderbook entry that creates this combination.

Now how can this possibly work? A is on the NXT AE as A/NXT and B is on bittrex as B/BTC
They are not interchangeable. However, we notice that there is a NXT/BTC market (at several places). To keep things simple(r) let us assume that the best price for NXT/BTC is on NXT AE.

A/NXT + BTC/NXT -> A/BTC and we already have B/BTC so put them together and we can go from A <-> B

Let us follow the money. Alice sells A for NXT and also buys BTC with that NXT and also uses the same amount of BTC to buy B on bittrex. Bob sells B for BTC and also sells that BTC for NXT and uses that NXT to buy A.

Alice: sold A, got NXT, uses NXT to get BTC, uses that BTC to get B, so net effect is A became B
Bob: sold B, got BTC, uses BTC to get NXT, uses that NXT to get A, so net effect is B became A

Keep in mind that if a sequence jumps out of the same exchange, you will have both positive and negative contributions of the same coin.

The above is just one possible sequence, but I hope it gives an idea of what InstantDEX is doing for you. I am debugging a plugin system to allow adding more and more methods to clear trades, so more and more exchanges can be supported, more and more methods of trading can be supported, eg. tiernolan atomic swap, telepods, etc.

James

tl:dr you do not have to run a local copy of a coin's wallet. after a trade the NET change will reflect the agreed upon trade and when using central exchanges you will need to be making funds balancing transfers (in BTC or NXT)

So before and after the trade, A and B can exist in either a local wallet or in a centralized exchange?  And InstantDEX needs to be able to interface with the wallet or exchange.  Is there a list of wallets and exchanges that InstantDEX can interface with?  Is there a way to keep funds "in" InstantDEX, meaning somehow in a blockchain without running a local wallet?
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April 26, 2015, 01:00:24 AM
 #8662

Where are coins stored when traded with InstantDEX?  Say I want to sell some Namecoin I have in a centralized exchange.  How do the coins make their way from my account in the exchange to the buyer?  Do I need to run a local copy of the coin's wallet for every type of coin I want to buy or sell?
There is no simple answer to this. The specifics depend on how to set things up.

Here is an example:

Alice has X amount of coin A as an MGW coin asset, Bob has Y amount of coin B on bittrex and some NXT locally.
you have enabled punch through trading on bittrex so have an acct with J amount of BTC in your bittrex acct.

They agree to trade A for B at a specific price.

Now clearly, this cant be done directly, we rely on the property of coin ownership, ie what matters is the sum total of what you control. We assume that InstantDEX has found a path to connect the A and B at the agreed price, in fact it is the reverse. InstantDEX calculates all the possible prices by combining all the potential halves of the A <-> trade and displays the best one and presumably, either Alice or Bob selected the orderbook entry that creates this combination.

Now how can this possibly work? A is on the NXT AE as A/NXT and B is on bittrex as B/BTC
They are not interchangeable. However, we notice that there is a NXT/BTC market (at several places). To keep things simple(r) let us assume that the best price for NXT/BTC is on NXT AE.

A/NXT + BTC/NXT -> A/BTC and we already have B/BTC so put them together and we can go from A <-> B

Let us follow the money. Alice sells A for NXT and also buys BTC with that NXT and also uses the same amount of BTC to buy B on bittrex. Bob sells B for BTC and also sells that BTC for NXT and uses that NXT to buy A.

Alice: sold A, got NXT, uses NXT to get BTC, uses that BTC to get B, so net effect is A became B
Bob: sold B, got BTC, uses BTC to get NXT, uses that NXT to get A, so net effect is B became A

Keep in mind that if a sequence jumps out of the same exchange, you will have both positive and negative contributions of the same coin.

The above is just one possible sequence, but I hope it gives an idea of what InstantDEX is doing for you. I am debugging a plugin system to allow adding more and more methods to clear trades, so more and more exchanges can be supported, more and more methods of trading can be supported, eg. tiernolan atomic swap, telepods, etc.

James

tl:dr you do not have to run a local copy of a coin's wallet. after a trade the NET change will reflect the agreed upon trade and when using central exchanges you will need to be making funds balancing transfers (in BTC or NXT)

So before and after the trade, A and B can exist in either a local wallet or in a centralized exchange?  And InstantDEX needs to be able to interface with the wallet or exchange.  Is there a list of wallets and exchanges that InstantDEX can interface with?  Is there a way to keep funds "in" InstantDEX, meaning somehow in a blockchain without running a local wallet?
InstantDEX is fully decentralized and is in fact providing a multiexchange/coin view for the world
You could keep everything in MGW crypto assets on the NXT blockchain and not need to have any local wallets.
There will be alternate solutions later in the year too, but at first the NXT asset method is the way to get multicoin without multiple wallets

The list of MGW coins I am actually not aware of the current list, but they are working on quite a few of the top volume coins.

Currently the following exchanges are supported:

        { (void *)"poloniex", (void *)ramparse_poloniex, (void *)poloniex_supports, (void *)poloniex_trade, },
        { (void *)"bittrex", (void *)ramparse_bittrex, (void *)bittrex_supports, (void *)bittrex_trade },
        { (void *)"bter", (void *)ramparse_bter, (void *)bter_supports, (void *)bter_trade },
        { (void *)"btce", (void *)ramparse_btce, (void *)btce_supports, (void *)btce_trade },
        { (void *)"bitfinex", (void *)ramparse_bitfinex, (void *)bitfinex_supports, 0 },
        { (void *)"bitstamp", (void *)ramparse_bitstamp, (void *)bitstamp_supports, 0 },
        { (void *)"okcoin", (void *)ramparse_okcoin, (void *)okcoin_supports, 0 },
        { (void *)"huobi", (void *)ramparse_huobi, (void *)huobi_supports, 0 },
        { (void *)"bityes", (void *)ramparse_bityes, (void *)bityes_supports, 0 },
        { (void *)"lakebtc", (void *)ramparse_lakebtc, (void *)lakebtc_supports, 0 },
        { (void *)"exmo", (void *)ramparse_exmo, (void *)exmo_supports, 0 },
        { (void *)"btc38", (void *)ramparse_btc38, (void *)btc38_supports, 0 },

the ones with <exchange>_trade entry has the authenticated trading implemented, and adding support for new exchange is not so much work.

James

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April 26, 2015, 02:10:18 AM
 #8663

How much was premine? Please put info into OP, thanks!

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April 26, 2015, 02:27:27 AM
 #8664

You could keep everything in MGW crypto assets on the NXT blockchain and not need to have any local wallets.
There will be alternate solutions later in the year too, but at first the NXT asset method is the way to get multicoin without multiple wallets

The list of MGW coins I am actually not aware of the current list, but they are working on quite a few of the top volume coins.

It looks like the current list is BTC, BTCD, VRC, OPAL, BITS, DOGE, LTC, BC, VPN, and VIA:

http://multigateway.org/#sec_coins

For now, are these the only coins that can be stored on the NXT blockchain?

Can any coins besides these be traded with InstantDEX?


Currently the following exchanges are supported:

        { (void *)"poloniex", (void *)ramparse_poloniex, (void *)poloniex_supports, (void *)poloniex_trade, },
        { (void *)"bittrex", (void *)ramparse_bittrex, (void *)bittrex_supports, (void *)bittrex_trade },
        { (void *)"bter", (void *)ramparse_bter, (void *)bter_supports, (void *)bter_trade },
        { (void *)"btce", (void *)ramparse_btce, (void *)btce_supports, (void *)btce_trade },
        { (void *)"bitfinex", (void *)ramparse_bitfinex, (void *)bitfinex_supports, 0 },
        { (void *)"bitstamp", (void *)ramparse_bitstamp, (void *)bitstamp_supports, 0 },
        { (void *)"okcoin", (void *)ramparse_okcoin, (void *)okcoin_supports, 0 },
        { (void *)"huobi", (void *)ramparse_huobi, (void *)huobi_supports, 0 },
        { (void *)"bityes", (void *)ramparse_bityes, (void *)bityes_supports, 0 },
        { (void *)"lakebtc", (void *)ramparse_lakebtc, (void *)lakebtc_supports, 0 },
        { (void *)"exmo", (void *)ramparse_exmo, (void *)exmo_supports, 0 },
        { (void *)"btc38", (void *)ramparse_btc38, (void *)btc38_supports, 0 },

Can coins be traded with InstantDEX that aren't in a centralized exchange?  If coins from a local wallet can be traded with InstantDEX, which local wallets are supported?
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April 26, 2015, 03:05:53 AM
 #8665

You could keep everything in MGW crypto assets on the NXT blockchain and not need to have any local wallets.
There will be alternate solutions later in the year too, but at first the NXT asset method is the way to get multicoin without multiple wallets

The list of MGW coins I am actually not aware of the current list, but they are working on quite a few of the top volume coins.

It looks like the current list is BTC, BTCD, VRC, OPAL, BITS, DOGE, LTC, BC, VPN, and VIA:

http://multigateway.org/#sec_coins

For now, are these the only coins that can be stored on the NXT blockchain?

Can any coins besides these be traded with InstantDEX?


Currently the following exchanges are supported:

        { (void *)"poloniex", (void *)ramparse_poloniex, (void *)poloniex_supports, (void *)poloniex_trade, },
        { (void *)"bittrex", (void *)ramparse_bittrex, (void *)bittrex_supports, (void *)bittrex_trade },
        { (void *)"bter", (void *)ramparse_bter, (void *)bter_supports, (void *)bter_trade },
        { (void *)"btce", (void *)ramparse_btce, (void *)btce_supports, (void *)btce_trade },
        { (void *)"bitfinex", (void *)ramparse_bitfinex, (void *)bitfinex_supports, 0 },
        { (void *)"bitstamp", (void *)ramparse_bitstamp, (void *)bitstamp_supports, 0 },
        { (void *)"okcoin", (void *)ramparse_okcoin, (void *)okcoin_supports, 0 },
        { (void *)"huobi", (void *)ramparse_huobi, (void *)huobi_supports, 0 },
        { (void *)"bityes", (void *)ramparse_bityes, (void *)bityes_supports, 0 },
        { (void *)"lakebtc", (void *)ramparse_lakebtc, (void *)lakebtc_supports, 0 },
        { (void *)"exmo", (void *)ramparse_exmo, (void *)exmo_supports, 0 },
        { (void *)"btc38", (void *)ramparse_btc38, (void *)btc38_supports, 0 },

Can coins be traded with InstantDEX that aren't in a centralized exchange?  If coins from a local wallet can be traded with InstantDEX, which local wallets are supported?
that is an old list, I know a lot more are in testing, the MGW process it totally independent of InstantDEX, it is just a special case asset and InstantDEX supports all NXT assets. MGW can support any gen1 coin that supports multisig, just a matter of getting enough demand.

As far as direct local wallet trading, the coins that support tiernolan's cross chain protocol, which should be most of them. The old up for that is that only about one third of the bitcoin miners even accept these transactions, and there are some other fixes needed to make it totally secure.

I have designed InstantDEX to be modular, so as soon as there is a viable way to trade coins, I can add it into the overall structure. So new coins, new exchanges, new methods are all possible to add. However, we have to start somewhere before we can get the ability to trade any coin that is anywhere. Keep in mind that the tiernolan approach has some latency issues, so it has some tradeoffs but it will be the way to do totally peer to peer trading.

It sounds like you are impatient, but we need to get through a few test/debug cycles with the core coins and exchanges before we start expanding. Once the baseline is working, it will be minimal effort to add a new coin or exchange

James


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April 26, 2015, 05:57:35 PM
 #8666

that is an old list, I know a lot more are in testing, the MGW process it totally independent of InstantDEX, it is just a special case asset and InstantDEX supports all NXT assets. MGW can support any gen1 coin that supports multisig, just a matter of getting enough demand.

As far as direct local wallet trading, the coins that support tiernolan's cross chain protocol, which should be most of them. The old up for that is that only about one third of the bitcoin miners even accept these transactions, and there are some other fixes needed to make it totally secure.

I have designed InstantDEX to be modular, so as soon as there is a viable way to trade coins, I can add it into the overall structure. So new coins, new exchanges, new methods are all possible to add. However, we have to start somewhere before we can get the ability to trade any coin that is anywhere. Keep in mind that the tiernolan approach has some latency issues, so it has some tradeoffs but it will be the way to do totally peer to peer trading.

It sounds like you are impatient, but we need to get through a few test/debug cycles with the core coins and exchanges before we start expanding. Once the baseline is working, it will be minimal effort to add a new coin or exchange

I'm not impatient, I'm just trying to understand how InstantDEX will work from a user's perspective at launch.

Can any coin in a supported centralized exchange be traded with InstantDEX at launch, or only coins specifically supported by InstantDEX?

At launch, will InstantDEX be able to trade any coin in a local wallet that is compatible with TierNolan's cross-chain protocol?
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April 27, 2015, 01:11:12 AM
 #8667

that is an old list, I know a lot more are in testing, the MGW process it totally independent of InstantDEX, it is just a special case asset and InstantDEX supports all NXT assets. MGW can support any gen1 coin that supports multisig, just a matter of getting enough demand.

As far as direct local wallet trading, the coins that support tiernolan's cross chain protocol, which should be most of them. The old up for that is that only about one third of the bitcoin miners even accept these transactions, and there are some other fixes needed to make it totally secure.

I have designed InstantDEX to be modular, so as soon as there is a viable way to trade coins, I can add it into the overall structure. So new coins, new exchanges, new methods are all possible to add. However, we have to start somewhere before we can get the ability to trade any coin that is anywhere. Keep in mind that the tiernolan approach has some latency issues, so it has some tradeoffs but it will be the way to do totally peer to peer trading.

It sounds like you are impatient, but we need to get through a few test/debug cycles with the core coins and exchanges before we start expanding. Once the baseline is working, it will be minimal effort to add a new coin or exchange

I'm not impatient, I'm just trying to understand how InstantDEX will work from a user's perspective at launch.

Can any coin in a supported centralized exchange be traded with InstantDEX at launch, or only coins specifically supported by InstantDEX?

At launch, will InstantDEX be able to trade any coin in a local wallet that is compatible with TierNolan's cross-chain protocol?
Initial launch will not support all coins and all exchanges and all trade methods.
I believe in incremental improvements, so at first it will be a limited set of coins, limited set of exchanges and without tiernolan

http://www.digitalcatallaxy.com/report2015.html
100+ page annual report for SuperNET
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April 27, 2015, 01:32:39 AM
 #8668

Initial launch will not support all coins and all exchanges and all trade methods.
I believe in incremental improvements, so at first it will be a limited set of coins, limited set of exchanges and without tiernolan

OK, I think we have the list of supported exchanges above.  Which coins will be supported at launch?

If I understand correctly, InstantDEX will at first require that the coins it trades are in a centralized exchange.  Because of this, is it fair to say that InstantDEX will at first be a method for combining exchange liquidity instead of a method for trading without trusting a centralized exchange?
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April 27, 2015, 05:03:59 AM
 #8669

Initial launch will not support all coins and all exchanges and all trade methods.
I believe in incremental improvements, so at first it will be a limited set of coins, limited set of exchanges and without tiernolan

OK, I think we have the list of supported exchanges above.  Which coins will be supported at launch?

If I understand correctly, InstantDEX will at first require that the coins it trades are in a centralized exchange.  Because of this, is it fair to say that InstantDEX will at first be a method for combining exchange liquidity instead of a method for trading without trusting a centralized exchange?

Bitcoinrocks, thanks for the interesting questions, these are things I was curious about but wasn't quite sure how to ask. jl777, thanks for all the great answers - exciting stuff. Please keep this dialog going, I didnt get the impression bitcoinrocks is impatient, but just trying to understand what the near term goals are and how exactly it will initially work vs how you ultimately plan for it to all come together. I think discussions like this only help to clarify and demonstrate how significant and important your vision is. 
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April 27, 2015, 06:03:43 AM
 #8670

Initial launch will not support all coins and all exchanges and all trade methods.
I believe in incremental improvements, so at first it will be a limited set of coins, limited set of exchanges and without tiernolan

OK, I think we have the list of supported exchanges above.  Which coins will be supported at launch?

If I understand correctly, InstantDEX will at first require that the coins it trades are in a centralized exchange.  Because of this, is it fair to say that InstantDEX will at first be a method for combining exchange liquidity instead of a method for trading without trusting a centralized exchange?
Of course anything you leave on a central exchange requires you to trust them. However by having a single unified view as to all the possible orders in all the places, if you see an order that happens to be a direct InstantDEX order, then the natural result is to grab the better price. Remember that all the InstantDEX quotes will only have a few NXT fixed fee vs. the ~0.2% commissions for exchanges.

With all of the MGW assets that are added to all the NXT assets, there will be totally decentralized trading possible, at launch. MGW assets are special assets that map 1:1 to the supported coins, and any NXT assetA/assetB trades via InstantDEX (or NXT AE) is fully totally completely decentralized.

We will support BTC and BTCD for sure, and probably up to a dozen total coins, including most of the SuperNET core coins that support gen1 multisig.

James

http://www.digitalcatallaxy.com/report2015.html
100+ page annual report for SuperNET
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April 27, 2015, 04:37:38 PM
 #8671

Initial launch will not support all coins and all exchanges and all trade methods.
I believe in incremental improvements, so at first it will be a limited set of coins, limited set of exchanges and without tiernolan

OK, I think we have the list of supported exchanges above.  Which coins will be supported at launch?

If I understand correctly, InstantDEX will at first require that the coins it trades are in a centralized exchange.  Because of this, is it fair to say that InstantDEX will at first be a method for combining exchange liquidity instead of a method for trading without trusting a centralized exchange?
Of course anything you leave on a central exchange requires you to trust them. However by having a single unified view as to all the possible orders in all the places, if you see an order that happens to be a direct InstantDEX order, then the natural result is to grab the better price. Remember that all the InstantDEX quotes will only have a few NXT fixed fee vs. the ~0.2% commissions for exchanges.

With all of the MGW assets that are added to all the NXT assets, there will be totally decentralized trading possible, at launch. MGW assets are special assets that map 1:1 to the supported coins, and any NXT assetA/assetB trades via InstantDEX (or NXT AE) is fully totally completely decentralized.

We will support BTC and BTCD for sure, and probably up to a dozen total coins, including most of the SuperNET core coins that support gen1 multisig.

James

The Top 3 coins (BTC, LTC, XRP) did 97.61% of crypto volume the last 24 hours...
So adding any other coins is basically a Public Service.

You should list BTC, LTC, NXT and BTCD and get that working flawlessly...
And think about adding features such as SHORTING before supporting obscure coins.

Also, your revenue appears based on capturing the bid-ask spread (since the fixed fee won't amount to much)...
I realize that this is a composite spread based on several exchanges...
But the typical spread until you reach MEANINGFUL liquidity (say, $100) is huge for most Alts...
Just a sample of actual bid-ask spreads based on Polo/Bittrex:

NXT..... 1-2%
BTCD....3-4%
VRC......5-7%
FIBRE...10-20%
OPAL...15-25%

Pro/Day traders that do most of the volume succeed by:

(a) capturing the spread over and over
(b) riding pumps and trading on inside information

No serious, hi-volume trader is going to give you that spread.

Is InstantDEX Business Model = help day traders capture the spread via Limit Orders by creating "composite liquidity"...
Or, like ShapeShift, is it a "black box" designed to charge the spread to occasional crypto exchangers?

Your fee structure indicates the latter... and is a poor fee structure for the former.
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April 27, 2015, 04:58:02 PM
 #8672

Initial launch will not support all coins and all exchanges and all trade methods.
I believe in incremental improvements, so at first it will be a limited set of coins, limited set of exchanges and without tiernolan

OK, I think we have the list of supported exchanges above.  Which coins will be supported at launch?

If I understand correctly, InstantDEX will at first require that the coins it trades are in a centralized exchange.  Because of this, is it fair to say that InstantDEX will at first be a method for combining exchange liquidity instead of a method for trading without trusting a centralized exchange?
Of course anything you leave on a central exchange requires you to trust them. However by having a single unified view as to all the possible orders in all the places, if you see an order that happens to be a direct InstantDEX order, then the natural result is to grab the better price. Remember that all the InstantDEX quotes will only have a few NXT fixed fee vs. the ~0.2% commissions for exchanges.

With all of the MGW assets that are added to all the NXT assets, there will be totally decentralized trading possible, at launch. MGW assets are special assets that map 1:1 to the supported coins, and any NXT assetA/assetB trades via InstantDEX (or NXT AE) is fully totally completely decentralized.

We will support BTC and BTCD for sure, and probably up to a dozen total coins, including most of the SuperNET core coins that support gen1 multisig.

James

The Top 3 coins (BTC, LTC, XRP) did 97.61% of crypto volume the last 24 hours...
So adding any other coins is basically a Public Service.

You should list BTC, LTC, NXT and BTCD and get that working flawlessly...
And think about adding features such as SHORTING before supporting obscure coins.

Also, your revenue appears based on capturing the bid-ask spread (since the fixed fee won't amount to much)...
I realize that this is a composite spread based on several exchanges...
But the typical spread until you reach MEANINGFUL liquidity (say, $100) is huge for most Alts...
Just a sample of actual bid-ask spreads based on Polo/Bittrex:

NXT..... 1-2%
BTCD....3-4%
VRC......5-7%
FIBRE...10-20%
OPAL...15-25%

Pro/Day traders that do most of the volume succeed by:

(a) capturing the spread over and over
(b) riding pumps and trading on inside information

No serious, hi-volume trader is going to give you that spread.

Is InstantDEX Business Model = help day traders capture the spread via Limit Orders by creating "composite liquidity"...
Or, like ShapeShift, is it a "black box" designed to charge the spread to occasional crypto exchangers?

Your fee structure indicates the latter... and is a poor fee structure for the former.

lower spreads will create more volumes
lower fees will create more volumes
InstantDEX does both and its fixed fee will make larger amounts much more economical, though even for relatively small amounts it will still be pretty cost effective.

plus its decentralized

I want InstantDEX to provide the best prices with the most liquidity. That way it will be the logical place to trade. After all if you dont use InstantDEX, then maybe you end up paying more.

Keep in mind that I am projecting forward in the future and not needing to maximize profits in the short term. Without any ongoing overhead, InstantDEX will last for many years and to maximize the lifetime dividends, having the largest user base is the solution. Also, the InstantDEX API will be able to be used by many crypto businesses that want to get the best prices/liquidity

James

http://www.digitalcatallaxy.com/report2015.html
100+ page annual report for SuperNET
bitcoinrocks
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April 27, 2015, 05:41:13 PM
 #8673

If I understand correctly, InstantDEX will at first require that the coins it trades are in a centralized exchange.  Because of this, is it fair to say that InstantDEX will at first be a method for combining exchange liquidity instead of a method for trading without trusting a centralized exchange?

Of course anything you leave on a central exchange requires you to trust them. However by having a single unified view as to all the possible orders in all the places, if you see an order that happens to be a direct InstantDEX order, then the natural result is to grab the better price. Remember that all the InstantDEX quotes will only have a few NXT fixed fee vs. the ~0.2% commissions for exchanges.

I think it sounds great.


With all of the MGW assets that are added to all the NXT assets, there will be totally decentralized trading possible, at launch. MGW assets are special assets that map 1:1 to the supported coins, and any NXT assetA/assetB trades via InstantDEX (or NXT AE) is fully totally completely decentralized.

If I understand correctly, the coin in question here would need to be supported by both MGW and InstantDEX.

Also, is it correct to say that this process is totally decentralized?  According to my very limited understanding of MGW, it is a well-designed but centralized service.


Which coins will be supported at launch?

We will support BTC and BTCD for sure, and probably up to a dozen total coins, including most of the SuperNET core coins that support gen1 multisig.
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April 27, 2015, 07:41:47 PM
 #8674

Can I store BTCD anywhere besides in an exchange, in the BTCD wallet, and in the NXT blockchain via MGW?
jl777
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April 27, 2015, 07:49:28 PM
 #8675

If I understand correctly, InstantDEX will at first require that the coins it trades are in a centralized exchange.  Because of this, is it fair to say that InstantDEX will at first be a method for combining exchange liquidity instead of a method for trading without trusting a centralized exchange?

Of course anything you leave on a central exchange requires you to trust them. However by having a single unified view as to all the possible orders in all the places, if you see an order that happens to be a direct InstantDEX order, then the natural result is to grab the better price. Remember that all the InstantDEX quotes will only have a few NXT fixed fee vs. the ~0.2% commissions for exchanges.

I think it sounds great.


With all of the MGW assets that are added to all the NXT assets, there will be totally decentralized trading possible, at launch. MGW assets are special assets that map 1:1 to the supported coins, and any NXT assetA/assetB trades via InstantDEX (or NXT AE) is fully totally completely decentralized.

If I understand correctly, the coin in question here would need to be supported by both MGW and InstantDEX.

Also, is it correct to say that this process is totally decentralized?  According to my very limited understanding of MGW, it is a well-designed but centralized service.


Which coins will be supported at launch?

We will support BTC and BTCD for sure, and probably up to a dozen total coins, including most of the SuperNET core coins that support gen1 multisig.
MGW is best described as distributed, it is almost as distributed as ripple since MGW has 3 nodes, while ripple has 5 validators.

InstantDEX is independent of MGW. The only linkage is that InstantDEX knows about MGW assets being 1:1 to native crypto and it uses this to calculate virtual prices across all exchanges, but this is nothing to do about the order clearing side of things. On that side a NXT asset is a NXT asset is a NXT asset. I think the nuance here is that the NXT assets are 100% totally decentralized as far as their trading, but they each have various levels of centralization depending on the issuer.

InstantDEX <-> NXT AE <-> MGW
     |
     v
centralized exchanges

I did a "graphic" for you. When the tiernolan method is added, another arrow goes out from InstantDEX. also when teleports are added, yet another arrow. Hopefully you can see how InstantDEX is connecting all the different places and creating a single virtual view, but creates a one click ability to actualize this virtual view. so maybe "virtual" is not the right word for it

James

http://www.digitalcatallaxy.com/report2015.html
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jl777
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April 27, 2015, 07:52:06 PM
 #8676

Can I store BTCD anywhere besides in an exchange, in the BTCD wallet, and in the NXT blockchain via MGW?
A fourth place would be in a telepod and I will finally be able finish that when InstantDEX is in maintenance mode.

My new "wireless" plugin architecture is working pretty well so far, so by the end of next week I should have pretty much all the current code base into these plugins that are dynamically loadable and easier to test and more reliable

James

http://www.digitalcatallaxy.com/report2015.html
100+ page annual report for SuperNET
clovis A.
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April 27, 2015, 09:09:21 PM
 #8677

Can I store BTCD anywhere besides in an exchange, in the BTCD wallet, and in the NXT blockchain via MGW?
A fourth place would be in a telepod and I will finally be able finish that when InstantDEX is in maintenance mode.

My new "wireless" plugin architecture is working pretty well so far, so by the end of next week I should have pretty much all the current code base into these plugins that are dynamically loadable and easier to test and more reliable

James

As not to create any confusion, I have a question.... Once the code base is loaded into the plugin architecture, will this qualify InstantDEX as being in maintenance mode?


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April 28, 2015, 02:56:36 AM
Last edit: April 28, 2015, 03:10:48 AM by Meticulous7
 #8678

Hey folks, long time lurker and holder here.

I'm sure this has been asked already but there are just too many pages ...

Any ETA for updates or news releases on SupetNET / InstantDEX / BTCD? Even extremely rough, like, estimated quarter or year?

Glad to see you're still so active and plugging away jl777. Your dedication and energy is always such an breath of fresh air in the world of crypto!
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April 28, 2015, 04:46:11 AM
 #8679

Can I store BTCD anywhere besides in an exchange, in the BTCD wallet, and in the NXT blockchain via MGW?
A fourth place would be in a telepod and I will finally be able finish that when InstantDEX is in maintenance mode.

My new "wireless" plugin architecture is working pretty well so far, so by the end of next week I should have pretty much all the current code base into these plugins that are dynamically loadable and easier to test and more reliable

James

As not to create any confusion, I have a question.... Once the code base is loaded into the plugin architecture, will this qualify InstantDEX as being in maintenance mode?


after a debug cycle, yes. like anything there will be some bugs, but with a single plugin being much much smaller than the entire project, this final step will go much smoother. The most important thing is that the core API can be extended by plugins dynamically, in over a dozen languages. So this allows many others to contribute and at the very least makes it much easier to maintain

James


http://www.digitalcatallaxy.com/report2015.html
100+ page annual report for SuperNET
jl777
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April 28, 2015, 04:52:14 AM
 #8680

Hey folks, long time lurker and holder here.

I'm sure this has been asked already but there are just too many pages ...

Any ETA for updates or news releases on SupetNET / InstantDEX / BTCD? Even extremely rough, like, estimated quarter or year?

Glad to see you're still so active and plugging away jl777. Your dedication and energy is always such an breath of fresh air in the world of crypto!
The near term timeline is for me to get the code into plugins, GUI release, windows port, one click installer

all four of these things are working to some degree, so we need to do a test cycle, find the bugs, fix them, retest

If it takes 2 weeks per cycle (test, fix, retest), then over the next month or two we will get progressively more complete and more solid versions.

James

http://www.digitalcatallaxy.com/report2015.html
100+ page annual report for SuperNET
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