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Trading LTBCOIN for XCP

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sile16

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just as a heads up, I was trying to trade some LTBCOIN for XCP, coutnerparty quoted a market price but after pedning for a while I checked the order book and there were absolutely no sell orders of XCP, not sure how you can come up with a Market if you only have 1 side of the book. I'm cancelling and going to sell for BTC instead.

FYI, i was actually just trying to buy some XCP, but the posted rates for buying LTBCOIN and then buying XCP with the LTBCOIN looked better.... well, maybe not and no ones wants to be the other side of that transaction.

Posted on July 5, 2014 at 9:00 PM

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• adam

  

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  Posts: 1980
  Location: California, USA

  Hey Sile, Most people who wanted LTBCOIN got "a bunch" for their participation yesterday and today, I'm not really suprised there isn't much market yet.

  LTBCOIN is trading against bitcoin here, and it's much the same thing - The sellers want way too much, the buyers want to pay way too little and as more time goes on the numbers are getting closer together.

  So, although the price is low because we're literally giving them away, you can sell your LTBCOIN for Bitcoin there, sell the bitcoin for XCP, and bobs your uncle.

  https://www.melotic.com/markets/ltbcoin-btc

  Posted on July 5, 2014 at 9:04 PM
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• sile16

  

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  Yeah, I hate to admit it but I basically lost a whole BTC.... as i said it looked like I would get more XCP by going through LTBCOIN.... so I bought 1 BTC worth of LTBCOIN (40k), but now looking on melotic.com that is worth about .004 BTC... so... Someone got a really good deal on 40k of LTBCOIN.

  http://live.insight.is/tx/a2f7ca11da3017a1d4eff914aa643ed2cbe4547c65c6daed4e486c5dabeae588

  Order Match 1HdggAwyv6Rn9f6VN2yAjjJSLmuDJuJCpP sent 39,033.218874 LTBCOIN My Address #1 sent 1.06648139 BTC (pending BTCpay)

  Luckily, since 2011, this is the first time i've made any significant crypto money just disappear...

  It seems odd to me that an external exchange would be more liquid than the built in exchange on Counterparty. Why would people use a 3rd party site?

  Posted on July 6, 2014 at 12:13 PM
  Last Edited: July 6, 2014 at 12:22 PM
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• adam

  

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  @sile16 Yeah, I hate to admit it but I basically lost a whole BTC.... as i said it looked like I would get more XCP by going through LTBCOIN.... so I bought 1 BTC worth of LTBCOIN (40k), but now looking on melotic.com that is worth about .004 BTC... so... Someone got a really good deal on 40k of LTBCOIN.

  http://live.insight.is/tx/a2f7ca11da3017a1d4eff914aa643ed2cbe4547c65c6daed4e486c5dabeae588

  Order Match 1HdggAwyv6Rn9f6VN2yAjjJSLmuDJuJCpP sent 39,033.218874 LTBCOIN My Address #1 sent 1.06648139 BTC (pending BTCpay)

  Luckily, since 2011, this is the first time i've made any significant crypto money just disappear...

  It seems odd to me that an external exchange would be more liquid than the built in exchange on Counterparty. Why would people use a 3rd party site?

  Actually you're just looking at a really new, inflationary token trying to find its market. The dex is by definition more decentralized and so price discovery is spotty and volumes are generally low. Eventually this will be the best way to get LTBCOIN because there will be a critical mass of users, and this will be the lowest barrier (just a bitcoin transaction fee to send the order).

  But for now, we are so diffuse and few that the centralized option is better. Think of it as the first true node in the LTBCOIN network that we will grow on until reaching that critical mass point, and then explode like a cosmic bomb throwing little bits of our DNA to every corner of the universe

  :)

  Posted on July 6, 2014 at 12:30 PM
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• sile16

  

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  Actually you're just looking at a really new, inflationary token trying to find its market. The dex is by definition more decentralized and so price discovery is spotty and volumes are generally low.

  But for now, we are so diffuse and few that the centralized option is better.

  I don't think decentralized vs centralized has any impact on price discovery or volume. The user interface should be close to identical between counterparty and melotic. I think It does have something to do with just current users/trading volume on the platform:

  http://www.cryptoassetcharts.info/markets/info

  Melotic: 24H - 13.15 BTC

  Counterparty: 14H - 1.7BTC (I was manually adding up transaction values and got to 14hours worth and gave up)

  NXT: 24H 38.63 BTC

  Surprisingly the NXT Asset Exchange has more volume than counterparty and Melotic combined. I'm sure that will be a factor for other people looking to launch an Asset as it helps avoid the need or desire to also list on centralized exchanges.

  I'm curious as to how blocktimes affect user adoption. Clearly trade execution times are dependant on this and users at some point may not like having to wait the long time for execution results. I wonder at what threshold and how much that affects whether users use the DEX or move assets into a centralized exchange for trading.

  Posted on July 6, 2014 at 1:38 PM
  Last Edited: July 6, 2014 at 1:39 PM
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• adam

  

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  Location: California, USA

  @sile16

  Actually you're just looking at a really new, inflationary token trying to find its market. The dex is by definition more decentralized and so price discovery is spotty and volumes are generally low.

  But for now, we are so diffuse and few that the centralized option is better.

  I don't think decentralized vs centralized has any impact on price discovery or volume. The user interface should be close to identical between counterparty and melotic. I think It does have something to do with just current users/trading volume on the platform:

  http://www.cryptoassetcharts.info/markets/info

  Melotic: 24H - 13.15 BTC

  Counterparty: 14H - 1.7BTC (I was manually adding up transaction values and got to 14hours worth and gave up)

  NXT: 24H 38.63 BTC

  Surprisingly the NXT Asset Exchange has more volume than counterparty and Melotic combined. I'm sure that will be a factor for other people looking to launch an Asset as it helps avoid the need or desire to also list on centralized exchanges.

  I'm curious as to how blocktimes affect user adoption. Clearly trade execution times are dependant on this and users at some point may not like having to wait the long time for execution results. I wonder at what threshold and how much that affects whether users use the DEX or move assets into a centralized exchange for trading.

  Yeah, NXT has a lot more options and has been around longer. Melotic opened in the last few weeks and the counterwallet interface, until the last what, two weeks? has had literally nothing real to trade unless you bought gold from digital tangible trust.

  I'm a fan of NXT, but it's not the platform we went with for LTBCOIN so it's sorta moot.

  Posted on July 6, 2014 at 5:14 PM
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• impulse

  

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  Location: USA

  Couldn't the Counterparty wallet offer integration with centralized exchanges as an option for people to use if they want to, to get the best price for the user?

  Posted on July 11, 2014 at 3:12 AM
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• mishax1

  

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  I bought some coins on counterparty.co but I still have no idea how to look at the market orders..

  Posted on July 11, 2014 at 4:12 AM
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• knircky

  

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  Location: Philadelphia PA

  I believe it's a pure function of usability.

  Counterparty needs to work on usability.

  Posted on July 16, 2014 at 11:50 PM
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• yuki

  

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  Posts: 120

  how much i receive if i sell my 3000 LTBc for BTC?

  Posted on August 17, 2014 at 1:07 PM
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• markxmayer

  

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  Posts: 273
  Location: Englewood, CO

  @yuki how much i receive if i sell my 3000 LTBc for BTC?

  https://www.melotic.com/markets/ltbc-btc

  Posted on August 17, 2014 at 1:45 PM
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