RE: Bitshares Arbitrage Thoughts
Yeah, Bitshares DEX needs some better way on getting BTC funds in.
Bitshares DEX has lost me as exchange client because of Openledger failure (still hope it's not a scam). I'm using it only as a wallet for BTS.
I checked the stats and was shocked about what is going on open.BTC https://cryptofresh.com/a/OPEN.BTC
From more than 8000+ users who hold their open.BTC only less than 50 has more than 2 BTC. The rest or 99.4% has less than few BTC on their accounts.
Why?
- luck of trust in gateway
- gateway failures (at least 12.5% from all users and at least 2% top50)
- no volume on DEX, makes it expensive and time consuming
- luck of features on DEX, makes it hard to use
I would make a requirement to collect stats from all 3rd party partners about transactions and failures. Then promote the ones that works the best and remove the ones that can not deliver the quality of service.
For users it is not so important on how the money comes in, the most important is how reliable the service is. And the best thing would be to promote Bitshares own BTC like bitBTC. Just make it fast and easy to transfer my BTC. I could not find the way to get in my BTC through bitBTC, only open.BTC.
Or maybe they brought in BTS to purchase BTS, LTC ... I hold very little BTC. I don't' think you are drawing meaningful conclusions from your data. If you feel slighted by OL, you should write it up and make your case. Ronny has been fair in most situations I have witnessed.
The DEX != Openledger. That was the point of my article. Don't confuse the two.
Maybe You are in this and do not see how a newcomer sees it?
It is not so clear at the first sight that gateways are not affiliated with the DEX itself. Yes, there are some warnings about third party partners but who goes so far to see the FAQs? 😀
I may be totally wrong and my data is very guesstimated on the few information I got but even you have thoughts that something is not as good as it should be. There should be some other - less biased person who can clarify.
The point is that BTC is the main crypto currency that trades are going on in big exchanges. And if exchange does not have a moving volumes from one currency to other then exchange is dead. Currently Bitshares DEX works as an expensive wallet and playground for micro altcoin traders.