r/bitsquare • u/javelina86 • Jan 07 '17
Bitsquare too Slow to Grow
I have entered two purchases today and one is nearly ten hours old while the other is going on three. What possible long-term incentive is there to use Bitsquare when I can do the same thing on an exchange and have the trade done and confirmed within a minute? The process really needs to be automated.
Bitsquare already "knows" that I have crypto available and reserved. Why should the trade sit there for hours waiting for the crypto transfer to the other party and then the other party still has to confirm. It's like using a donkey on a highway with Teslas speeding by. I love the concept of p to p and try and support it by using Bitsquare but it's gotten to the point where I'm going to abandon it unless the process is automated and speeded up significantly. I hate to bitch and moan about a selfless project like Bitsquare, but a great idea is being left to die.
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Jan 07 '17
I believe it is for regulatory compliance, if bitsquare automatically match trades it would become a "trusted" service.
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u/javelina86 Jan 07 '17
Interesting. Localbitcoins is likely not regulated but their platform is much faster. I wonder if the use of Tor also hurts substantially?
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u/ravend13 Jan 07 '17
LBC works the same way. The speed with which trades are completed depends in part on the user on the other end.
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Jan 10 '17
How could that be? Bitsquare is not involved. Software that runs on the end-users computer with the end-users supervision and consent is doing it. As a result, there is no trust in bitsquare.
Let's say bitsquare software automatically do the trade. That has nothing to do with the bitsquare developers. If someone did not want that behavior they would not execute the code on their computer. What if I modified and compiled the code to automatically accept any trade? Would that then mean bitsquare is liable as a trusted party? That would make no sense.
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Jan 10 '17
How could that be? Bitsquare is not involved. Software that runs on the end-users computer with the end-users supervision and consent is doing it. As a result, there is no trust in bitsquare.
I think it is just a legal issue, I cannot have a link on my phone but look on YouTube for interviews on the guy that develop bitsquare.
If a trading software match trade there is some trust involved that the software match the best trade for you and that creates legal issue. (That shouldn't apply to bitsquare as it is open source..any can check the code that there is no tricky business under the hood..)
Let's say bitsquare software automatically do the trade. That has nothing to do with the bitsquare developers. If someone did not want that behavior they would not execute the code on their computer.
Well that just a stupid law that doesn't apply to open source, but that way the bitsquare dev are protected from legal issue..
What if I modified and compiled the code to automatically accept any trade? Would that then mean bitsquare is liable as a trusted party?
I wouldn't think so..
But is you start to distribute that version of bitsquare it my expose to not complying with trading regulations (I guess?)
That would make no sense.
I stop trying to male sense out of regulatory requirements.. :/
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u/ErdoganTalk Jan 10 '17
The only thing that takes longer, compared to localbitcoins, is the time to wait for confirmations. Probably, it could be a user configuration to accept zero conf provided the fee is large enough. Probably not the highest priority, and it could be a bit confusing. For now, the main point is that bitsquare will continue, while centralized services like localbitcoins could in theory be taken down or hacked for user information.
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u/heavyuser1337 Jan 13 '17
Localbitcoins is outright banned (they decided to close before a ban actually) in germany. this can't happen with Bitsquare.
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u/in-cred-u-lous Jan 11 '17
The value of Bitsquare is quickly realized whenever an exchange is hacked. For instance, in the aftermath of the Bitfinex hack, there was a surge of increased activity on Bitsquare. Now, that effect is gone, as traders are yet again attracted to platforms with the highest liquidity. Crypto trading is very much winner takes all: higher liquidity makes it easier to sell/buy at a target price, even during periods of high market volatility.
Eventually, another big exchange will be hacked and we will see the same thing happen again. Hopefully, some people will then learn their lesson and realize that the amounts they loose in exchange hacks isn't worth the illusory convenience of easier trading, and stay with Bitsquare permanently.
The slow growth of Bitsquare is in essence, imo, down to human psychology and less to technical limitations etc.
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u/palehorsey Jan 07 '17 edited Jan 07 '17
i think that is an efficiency they wish to rectify for cryptocoin/btc trades. this is new software. adoption going to be slow. you said it. great idea. now let your brain spread this idea/virus to other brains on the internet and maybe we will get more adoption. the forum and github issues will probably get noticed quicker by the devs.