Would you use Hive-Engine/Steem-Engine for buying and selling Smoke?

20 days ago

Hi!

I'm a long term witness on Smoke, and a supporter for free speech, open-source and community efforts.
I haven't been very active in Smoke, but is a long term developer for other chains, like Gridcoin and Bitshares.

I'm also a witness on Whaleshares and have been one for Steem up until their chain grew to longer for normal servers to handle. So I have experience in dealing with graphene chains.

I believe we need trading

Today we have no good way to trade Smoke, other than OTC. I believe we need the possibility to offer Smoke to others, new to the chain.

Steem and Hive have each good platforms for Decentralized trading, Hive-Engine, Steem-Engine. These are Smart Contract side chain platforms, that can enable us to get Smoke out there.

The only platform we have today is using RUDEX to trade on the Bitshares platform. While this is good, they are expensive to withdraw from, with a fee of 1000 SMOKE. The onboarding and userbase on Bitshaers is also very low.

The upside with Steem-Engine/Hive-Engine is that there are no fees involved for us on their part. That makes it possible to cover costs with fees on transfers to/from these platforms.

Offering my services

With that I'm putting the question out here.

  • Who thinks we could benefit from a listing on HIve-Engine and/or Steem-Engine?
  • Would you use it?

The costs involved are these

  • Buying the token on each platform ~$100 each
  • Running and maintaining servers for deposits and withdrawls

My offer is to run and maintain that we have the infrastructure to make deposits/withdrawls to the platforms. I will have to put a fee to these to cover the costs, but I'll be open with how much things does cost and why we need a specific fee for it.

The fee to buy the tokens would be preferable if the community wanted to cover, but I'm up to cover these initially as well, just another thing the fees will have to cover.

We will not be visible in the deposit/withdarwal list on either platforms, as that rquires a direct listing, where they take care of everything, for a fee of $1,000.

A possible fee to cover costs would be ~0.5-2%.

What do you think?

Is this a good idea, would you use it, would you make others use it to expand on the platform?

#trading #listing #hive #steem



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Thanks for all the comments.

I will continue with building this and update the community on the progress.

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Excellent 👍

PS if you go full listing route I pledged $100 in BTC

Any other takers? I will cover 1/10th of the full listing!

GO FOR THE FULL LISTING!!!

I do not have a whole lot of money but I will donate some of my HIVE/STEEM rewards towards a fund for the full listing on at least HE .... I think it will be a smart move long term

Totally support the fee model though I belive regular posts will help to raise awareness and also cover some expenses EG those of us with a fat vote but little purchasing power.

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Full Listing would be the best option indeed, but to raise 1000$ i don't know if it would be possible right now...but as you say definetely a smart move long term.
For now the fee model would be a great alternative since RUDEX fees are just too high.

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Between us top witnesses it should be possible 👍

I pledge $100 in BTC

First of all, great idea! We definitely need an easier way to trade smoke to make adoption easier. The fees on Rudex are way to high for new users.

I would use the exchange, though right now I am alright with my amount of smoke, but if the price is low enough I will put some buy orders for sure.

The fee range you gave is perfectly fine for me. And I would say if you need to increase it say by 0.5%, stay connected with the community

I have one question for the exchange, do you have enough smoke to cover the trades?

Again great initiative!

Is it expensive for you to maintain the platform?

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Thanks for your reply and support.

The fee range you gave is perfectly fine for me. And I would say if you need to increase it say by 0.5%, stay connected with the community

That would always be my number one source to go to for changing things. The comunity comes first :)

I have one question for the exchange, do you have enough smoke to cover the trades?

There will only be liquidity on the market if users on this platform sends smoke to the new trading platforms. I may support with some. When someone buys Smoke on these platforms, the account that handles the linkage will already have the amount from someone elses despoit from before.

Is it expensive for you to maintain the platform?

Money wise, it's not an expensive enterprise. The large cost it the token fee, and then the time and experience to maintain a stable service.

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There will only be liquidity on the market if users on this platform sends smoke to the new trading platforms. I may support with some. When someone buys Smoke on these platforms, the account that handles the linkage will already have the amount from someone elses despoit from before

Ah I thought you were doing services like blocktrades.

Could you explain to me what the platform is that you will be maintaining?

(I haven't used hive engine)

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Blocktrades' original service didn't require liquidity. It would check against open books and the buy your coin/STEEM at a price slightly below.

The next step would then be Blocktrades selling it on an exchange (but they kept it to lease delegations if the amount wasn't too big).

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Ah thanks for the explanation. I didn't know that.

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This would not be a direct exchange service, it would be a gateway service to a DEX.

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Got it, thanks.

You have my support!

I would certainly use it, since i already use steem-engine to buy tokens just would need some clarification how the fees work.
For example, if i want to buy 10 000 smoke how much fees i would pay?

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There are no fees for trades on Steem-Engine/Hive-Engine.

Lets try to compare the fees if you would want to buy 10,000 SMOKE.

H-E/S-E

  • Deposit a tradeable token (Steem or Hive), 1% deposit fee by the platform
  • Trade Steem/Hive for Smoke, 0%
  • Withdraw 10,000 Smoke, 0.5-2%

RuDEX (BitShares)

  • Deposit a tradeable token, RuDEX has none what I can see, 0%
  • Trade Steem/Hive, 0.1%
  • Withdraw 10,000 Smoke, 10% (1000 Smoke fixed fee)
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You could deposit steem/hive via the blocktrades gateway I think

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Blocktrades does not offer deposit directly to SE/HE from what I have seen but it would work for an easy gateway to send any main crypto receive HIVE/STEEM then deposit on SE/HE exchange for SMOKE then withdrawal ... or vice versa 😉

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I meant onto BTS

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Ohh yea I re read it I get it now 🤦‍♂️ Yea your right 👍 I do like blocktrades for simplicity and fees are minimal for the service just have to beware of those times of major volatility 😉 I once bought 20 STEEM for $0.02 US ... was a glitch that could have easily gone the other way

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For me its perfect! I think it will bring more volume to smoke trading and more people to smoke.io.

Sounds like a good idea

Good initiative for the ecosystem.

BitShares fees are not big, but RUDEX withdraw fees are.

I would also support a second BitShares gateway and a SMOKE/HONEST.USD market pair.

I’d definitely use it.

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Me too

Great Idea, trading has been a issue it has actually made the community smaller i think. This will be a very good and skyrocketing innovation for the community.

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You are right in that not being listed on any major exchanges has lowered interest in the platform via not seeing the token anywhere ... marketing is all about visibility 😉 this may be a minor exchange but has many regular users and Steemians/hivers are notorious speculators 😉 its how I landed here

Yes, I would definitely use this because me buying tokens and transferring with Bitshares wallet takes an entire day. I just transfer some and it was not a lovely experience. I am long term member of HIVE (STEEM from 2016) and I an using HE all the time. It would be great if you could do this. Thank you!