Coin for Coin trading



  • Ok, I'm not good at all with coding, but I did have an idea come to me earlier. I also don't know if this is the right place to put this, since it is just an idea of something we could have. It is simply what the title of this thread is.

    Basically, what it would do is take coins from people who want to trade them, via whatever coin they are wanting to trade. The asset itself would have several different wallets on several of the different alt coins out there. Let's say that two people are wanting to trade for different coins that they own without having to go through an exchange, such as Poloniex (using them 'cause I actually use them). This would mean that the people in question would need to give two addresses to the platform, their sending address in the coin they are sending, and a receiving address. They may need to give an additional address to let the platform know who they are and who they are trying to trade too.

    This seems overly complicated now that I have typed it up, but I like the idea. Of course, the platform would need a small amount of reserve from every coin it trades, meaning maybe a .1-5% of the coins traded would be used as a fee?

    Basically:

    Two persons

    Person 1:
    Sending address
    Receiving address
    Identity address

    Person 2:
    Sending address
    Receiving address
    Identity address

    Platform:
    Receiving address
    Sending address 1
    Sending address 2

    The sending addresses would be the identity addresses of each individual, so that the platform will automatically make the connection. It will wait to verify that the funds are in its wallets and then make the deductions before sending the rest of the funds to the two parties.

    The idea behind this is because exchanges have a minimum amount required, whereas this would not, other than for basic costs. It wouldn't be as bad as the costs on Poloniex. For example, sending Burst to BTC with a 1% fee

    Person 1:
    S.Address ###
    R.Address ###
    I.Address ###
    Amount: 100 Burst

    Person 2:
    S.Address ###
    R.Address ###
    I.Address ###
    Amount: 0.00012000 BTC

    Platform:
    R.Address ###
    S.Add1 ### 0.0001188 BTC
    S.Add2 ### 99 Burst



  • Since it wouldn't let me edit, saying that I'm not allowed to make a poll or something, sorry for the double post.

    This means that the people who have the coin are able to control the amounts they trade for. Like if a person had Doge and wanted to give it away for next to nothing, they could. It is sort of like a gateway into a coin per se. Also, this could possibly be extended to make payments to/from paypal.



  • @Phluff I'm not sure I understood everything, but it does sound overly complicated. I also don't really see why this project should be done as an asset



  • @Gadrah_ That's why I stated that I don't know where to actually put this topic. It is phrased overly complicated. Basically, two people would send their coins to a platform. That platform would verify that the coins are in its wallets and check the receiving address vs identity address to make the connection between the two people. Then it would deduct the processing fees, and send the remaining amounts to the respective receivers.



  • @Phluff So it is basically an exchange, with smaller fees but less convenient to use ?
    EDIT : my post sounds a bit rude but I'm just trying to understand :)


  • admin



  • @luxe Almost exactly like that. I don't know much about bitsquare, but that sounds like the idea that I had in my mind. I see that it has already been done to an extent. With bitsquare, are people allowed to chose the amount they want to send and receive? Or is that determined by the current price of the coins themselves?

    @Gadrah_ Pretty much what @luxe said, except that my train of thought was on the user's price value of coins, not the deterministic nature of coin values based on BTC. Of course, I was thinking of this platform being a way to get into and try different coins, but it is all good.