Thoughts on how to buy/sell and offer files
Well, to post an offer to an exchange, you upload an offer file. Basically just the same as if you posted it in a forum.
Changing the offer afterwards is not possible. You can make a second offer and upload that one. Then you have two offers.
Somehow the exchange keeps track if your offer has been executed or canceled so that information needs to be stored somewhere on the blockchain.
For static prices like nfts, that works actually quite well. But for price fluctuating assets, it is suboptimal. I think a lot has to be changed for such things to happen. For everyday commodities, the offers are perfekt I think. Really allowing barter trades like nft vs nft and so on.
The Limitations however are why im reluctant to use offer files on decentralized exchanges (a complaint in a post before) - at least in the beginning.
Maybe I’m missing something fundamental and there is another way. for decentralized exchanges.
Perhaps I could also make an offer download page. Eg:
- Current price: 39.
- I want to purchase for x dollar…
→ There is your offer file, valid for 2 minutes.
Of course, the time in between is critical. Too short and the transaction pertner might not be able to execute the transaction. Too long and the risk of price changes is increased. One could endlessly generate offer files, until the price is favourable.
This would result in a higher spread to mitigate the risk / exploitation opportunities.
It also is vastly more complicated than an overview on a webpage: current price, market cap etc and would require an open port/outside connection to my wallet management (which would impose some risk)
In my opinion it is much safer and easier to provide the current price on the webpage and read out the wallet locally for incoming transactions. The value of the transaction would be evaluated at the time when it came in and shortly later (max ~2-5 Minutes) the apropriate amount would be sent back to the sender. That much for the starting.
Thoughts of the current Situation of FTX
I’m relatively confident that we are now approaching this season’s low in the cryptomarket (timewise, a couple of months max)
This means, it is soon the season to buy into the market. I’m currently in the process of cutting my company’s/farms cost so that I can focus better (financially) on the project.
The recent News with collapsing Companies and exchanges make me confident to be on the right track with a fully backed project rather than some mist in thin air. I have thought about security and how to prove it. I will store majority of the funding in cold wallets. Working capital in online (onpremise wallets). And small amounts directly on exchanges for immediate small scale rebalancing. (probably some function of Balance standard deviation in 1 week timeframe as a first guess). The addresses will be provided, so that anyone can look it up.
Of course anyone could make that statement, that I might just take the money and snitch off.
Those fears, I cannot fully mitigate. I’ve got scammed myself one or two times in the past with shops totally looking legible. What I can do do mitigate the fear is to provide documents such as the company ID, Creation proval etc. The plan it to make n nft from it and put it into my storage wallet, kind of how I put a company logo NFT into my wallets.
( https://mintgarden.io/collections/kryptomine_basecollection-col1nd9kcrca97kzpvjh5rwy393cdwgs6sqdxks6ukqan7fv9ef43m3see8v0d )
If you have that fear, the project is nothing for you to invest in. But thats okay, isnt it? Its totally fine with me for one to just follow along and never invest in it. At last, my goal is not to build up a get rich quickly sheme.
Id rather have the Project grow naturally (slowly but hopefully steadily).
That would also largely reduce pressure (when the project grows too quickly) and allow for procedural adjustments. For example, I will integrate more wallets, once the funds reach a certain level. Eg. 10k per exchange. I definitely want to start having cold wallets then. (chia right from the beginning)
Implementing cold wallets for all coins right from the start would bind up plenty unnessesary resources at that time.