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blinktrade / bitex

BlinkTrade - Open Source Bitcoin Exchange
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Bitcoin buy offers limited to fiat balance #15

Open chebetos opened 10 years ago

chebetos commented 10 years ago

It surbitcoin I saw people offering 10.000 VEF/BTC for 20.000 BTC, they need 200.000.000 to cover that offer, I suppose that they doesn't have that amount of money.

Then the bitcoin buy offers must be limited to fiat balance.

Veo gente ofreciendo 10.000 BsF/BTC para 20.000 BTC, por lo que debería tener de saldo 200.000.000 BsF de saldo para cubrir esa oferta.

Esto crea una distorsión en el mercado.

pinhopro commented 10 years ago

yes, right now we are not limiting the orders to the user balance. We will be implementing this.

bitcoinland commented 9 years ago

Rodrigo, I see this check is already implemented for FoxBit.

I have a suggestion about this matter: It would be nice to give some "limit" to the user based on his position to put orders on the other side of the book and when/if the order is executed the user gets the notice to make the deposit.

For instance, I have 2 BTC in the exchange and can open an order to sell these 2 BTC but also open an order to buy, lets say, 0.5 BTC. If my sell order is executed I have already the FIAT to cover the buy order and if not I get the notice to make the deposit in the next business day. This is basically how brokers do it nowadays.

The BTC position can provide a 75% price drop guarantee if I don't keep my word, which assures the exchange won't go into trouble.

Of course it would require some level of account validation.

If you need to talk about the idea in order to understand it better just let me know.

Adriano

pinhopro commented 9 years ago

Hi @bitcoinland

We are working on a Margin Trading account. I will keep you posted.

Thanks, Rodrigo