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speezepearson / biatob

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Support non-USD currencies #31

Open speezepearson opened 3 years ago

speezepearson commented 3 years ago

Situation: I, an English LessWrong user, am using Biatob.

Observed: I see everything denominated in terms of dollars. I naturally think in terms of pounds, though, so I have to constantly translate, and it's kinda awkward.

Desired: I can tell Biatob what currency to use when displaying amounts of money to me.

speezepearson commented 3 years ago

Problem: if I silently translate everything into the user's currency, then some quantities are fixed, while others vary, potentially unexpectedly. For example:

It seems like Biatob has to make it clear to Benedict up front which currency the bet is denominated in, so he's not taken by surprise if exchange rates change.

And it seems like that currency has to be Alice's native currency, in order to bound Alice's loss the way she expected. (In the above example, it would be pretty crummy if Alice said she was willing to stake $100, but then Biatob said she owed $200 because somebody came along later and made a bet in a currency that appreciated a lot before the bet resolved.

speezepearson commented 3 years ago

How does this interact with prediction markets (#23)? My last comment can generalize to prediction markets in one of three obvious ways:

  1. The prediction market's creator decides what currency all bets will be in.
  2. Each order has a currency it's denominated in; orders only match against similarly-denominated orders.
  3. Each order has a currency it's denominated in when it goes on the books; but whatever portion matches orders that are already on the books matches those orders in their recorded currencies.

Off-the-cuff thoughts: eugh, (3) is horribly hard to think about. (2) is... kind of weird, but simple, at least. (1) seems pretty natural.

orborde commented 3 years ago

As a prospective user, (1) seems fine to me! biatob doesn't seem to have much comparative advantage in managing exchange rate risk on behalf of its users, so might as well make it 100% the user's responsibility to be aware of / think about.

On Tue, Aug 3, 2021 at 4:50 PM speezepearson @.***> wrote:

How does this interact with prediction markets (#23 https://github.com/speezepearson/biatob/issues/23)? My last comment can generalize to prediction markets in one of three obvious ways:

  1. The prediction market's creator decides what currency all bets will be in.
  2. Each order has a currency it's denominated in; orders only match against similarly-denominated orders.
  3. Each order has a currency it's denominated in when it goes on the books; but whatever portion matches orders that are already on the books matches those orders in their recorded currencies.

Off-the-cuff thoughts: eugh, (3) is horribly hard to think about. (2) is... kind of weird, but simple, at least. (1) seems pretty natural.

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