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Difference between Exchange Request and Offers? singapore
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Author Topic: Difference between Exchange Request and Offers?  (Read 4472 times)

Richard

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Difference between Exchange Request and Offers?
« on: January 11, 2015, 09:11:49 pm »

Hi all,

a) What is the difference between making an Exchange Request and creating an Offer?
b) When creating an Offer, is it mandatory to make an buy AND sell offer or can I just ignore one of them (leaving the form fields empty)?

Cheers,
Richard
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egold

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Richard

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Re: Difference between Exchange Request and Offers?
« Reply #2 on: January 12, 2015, 01:17:12 am »

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ScripterRon

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Re: Difference between Exchange Request and Offers?
« Reply #3 on: January 12, 2015, 01:33:52 am »

Thanks for that, but it doesn't really answer my questions.
An offer continues for multiple buy/sell transactions until both the buy and sell limits are reached or until the expiration block height is reached.

A request is a single transaction that is matched with an existing offer.  The request can be a buy or a sell request.  For a buy request, the sell amount and limit for the offer is decreased and the buy amount is increased.  For a sell request, the buy amount and limit for the offer is decreased and the sell amount is increased.

For example, if you offer to buy 50 units with a limit of 100 units and sell 50 units with a limit of 100 units, your offer will remain in effect until you have bought a total of 100 units and sold a total of 100 units.  If a sell request for 25 units is matched to your offer, the buy amount will become 25 (50-25), the buy limit will become 75 (100-25), and the sell amount will become 75 (50+25).  That is, you can now sell the original 50 units plus the 25 units you just purchased.

From my testing so far, an offer must have non-zero buy and sell amounts.  I tried leaving the buy field 0 and the UI wouldn't let me proceed until I entered a non-zero value.
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egold

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Re: Difference between Exchange Request and Offers?
« Reply #4 on: January 12, 2015, 07:19:50 am »

https://nxtforum.org/index.php?topic=85.msg149371#msg149371

Thanks for that, but it doesn't really answer my questions.

With an Exchange Offer you act as a Bank, you offer both to buy and sell currencies from Customers at your own rates.

With an Exchange Request you act as a Customer, you buy or sell from the available Offers on the market and to make a successful trade you have to set a rate that has to match one of the available Offers.
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jefdiesel

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Re: Difference between Exchange Request and Offers?
« Reply #5 on: January 12, 2015, 02:38:50 pm »

So I assume an "Exchange Offer" would require paired prices, ie one in the buy and one in the sell. And a user looking to trade can "buy or sell" into those offers. I understand the limits.

If i set BUY at 10 and SELL at 5, my inventory would fluctuate accordingly, with COINS that I bought, being added to my sell pile.

Seems this lets a user act like a reserve bank. Really genius and overwhelming all at the same time.
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Richard

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Re: Difference between Exchange Request and Offers?
« Reply #6 on: January 12, 2015, 06:32:17 pm »

Thanks guys. I have to read it a few more times but I start to see the difference yes.
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Richard

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Re: Difference between Exchange Request and Offers?
« Reply #7 on: January 12, 2015, 08:35:55 pm »

Hang on, something just dawned at me. I have two rows in my "Exchange Requests" (bottom left table of the Exchange Booth) because I indeed made two exchange requests. I was initially under the impression that these were "active". But I do see the status "No matching exchange offer." for both of them so I start to think now that these do not list them as active. Its just a list of requests I made. At the moment I submit them they are executed (partially) or not. But it's not like if "not" then they are waiting for the right moment for "it" to happen. I hope I make sense.

So in short. An offer is a "standing offer". It remains active until it expires or it's fulfilled completely. A request is an immediate action which may or may not be fulfilled.

Eureka?!
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Riker

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Re: Difference between Exchange Request and Offers?
« Reply #8 on: January 12, 2015, 08:39:59 pm »

So in short. An offer is a "standing offer". It remains active until it expires or it's fulfilled completely. A request is an immediate action which may or may not be fulfilled.

Eureka?!

You got it right !
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farl4bit

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Re: Difference between Exchange Request and Offers?
« Reply #9 on: January 12, 2015, 08:44:01 pm »

So in short. An offer is a "standing offer". It remains active until it expires or it's fulfilled completely. A request is an immediate action which may or may not be fulfilled.

Eureka?!

Now I understand, thx!  ;D
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Richard

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Re: Difference between Exchange Request and Offers?
« Reply #10 on: January 12, 2015, 08:44:23 pm »

You got it right !

OMG, that was an eye opener! It just makes sense now. Thanks!
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Tosch110

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Re: Difference between Exchange Request and Offers?
« Reply #11 on: January 12, 2015, 08:48:16 pm »

So in short. An offer is a "standing offer". It remains active until it expires or it's fulfilled completely. A request is an immediate action which may or may not be fulfilled.

Eureka?!

Now I understand, thx!  ;D

So I could make an offer of all the coins (to sell the currency name) and either someone buys them all or not until a certain height is reached. Possible scenario?

Richard

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Re: Difference between Exchange Request and Offers?
« Reply #12 on: January 12, 2015, 09:08:54 pm »

So I could make an offer of all the coins (to sell the currency name) and either someone buys them all or not until a certain height is reached. Possible scenario?

Yeah, but in an offer you need to make both a sell AND a buy offer. I was hoping you could set one of the two to 0 (zero) as well.
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swartzfeger

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Re: Difference between Exchange Request and Offers?
« Reply #13 on: January 12, 2015, 09:25:14 pm »

So I could make an offer of all the coins (to sell the currency name) and either someone buys them all or not until a certain height is reached. Possible scenario?

Yeah, but in an offer you need to make both a sell AND a buy offer. I was hoping you could set one of the two to 0 (zero) as well.


This is where I'm getting hung up, and Wesley's client isn't throwing verbose errors -- I'm setting both BUY and SELL and haven't successfully completed an offer yet. I need more sleep (and brains!). :)
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costa2439

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Re: Difference between Exchange Request and Offers?
« Reply #14 on: January 13, 2015, 03:50:20 pm »

put an offer to purchase, but do not have enough to cover nxt

What would happen if someone accepts?
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Richard

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Re: Difference between Exchange Request and Offers?
« Reply #15 on: January 13, 2015, 03:55:48 pm »

put an offer to purchase, but do not have enough to cover nxt

What would happen if someone accepts?

You can not make such offer. You need enough NXT to make the offer then when submitted its reserved (like in escrow).
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costa2439

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Re: Difference between Exchange Request and Offers?
« Reply #16 on: January 13, 2015, 04:01:46 pm »

put an offer to purchase, but do not have enough to cover nxt

What would happen if someone accepts?

You can not make such offer. You need enough NXT to make the offer then when submitted its reserved (like in escrow).


no, I've done.

I offers to Exchange 10 Units Rate 1 and I have 7.8 NXT
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costa2439

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Re: Difference between Exchange Request and Offers?
« Reply #17 on: January 13, 2015, 04:03:18 pm »

put an offer to purchase, but do not have enough to cover nxt

What would happen if someone accepts?

You can not make such offer. You need enough NXT to make the offer then when submitted its reserved (like in escrow).

ahhh OK, now I have 7,8 after cover
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Richard

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Re: Difference between Exchange Request and Offers?
« Reply #18 on: January 13, 2015, 05:45:22 pm »

ahhh OK, now I have 7,8 after cover

Cool. I'm still trying to grasp all of it myself. Sometimes it takes a while before it start to make sense. But it's awesome tbh. Hail to the devs! :)
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AltcoinWarrior

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Re: Difference between Exchange Request and Offers?
« Reply #19 on: January 15, 2015, 04:57:07 am »

So to hopefully clarify (please correct if wrong)... when an Offer is made, there must be two sides to the Offer (i.e. a Buy / Sell pair). Nether can = 0, and must be >0. On the Buy-side of the Offer, there must be an exactly matching amount of NXT to cover the Buy Offer (+Tx).

Assuming I actually got all this correct (yeah, I know, mighty damn big assumption)... then the NXT held in escrow, remains in escrow until either:

1) the Order is filled

-OR-

2) the Order is good til cancelled

-OR-

3) block height expiry kills the Offer automatically. Did I actually wrap my little peeBrain around all this correctly?

If so, Wowsers... Smart Contract tech backing a no-name crypto.

Consequently, if the Buy Offer was matched 1:1 with the Sell Offer, that would create the effect of a 1:1 backed crypto (via NXT, of course).

The question then becomes... is there a way to actually "lock in" a scenario as above, whereby ONLY block height kills the order?

Now THAT would be hella cool!  8)

[Edit] vs. being able to cancel the order at will, that is.
« Last Edit: January 15, 2015, 05:14:06 am by AltcoinWarrior »
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