Congrats so far on your progresss, I am impressed to see your vision of the site and I am looking forward to trading on it. I usually don't post, but actually created an account to share one of my favorite things from trading on LTC and BTC Global that I have never seen anyone talk about. This was the ability to place a buy order for multiple securities with the same BTC, for example, if I had a balance of 10 BTC, I could put in a 10btc order for Cognitive, AND a 10btc order for ASICMINER, AND a 10btc order for bASIC MINING. This effectively multiplied my buying opportunity and I was able to support (and profit) from securities that had a sudden and unexpected drop. I have not seen any other trading site and I personality HATE missing out on those opportunities when they come up. Usually when I am sleeping
There are many other more important items than this, however, I believe that it was one of the many good things that Burnside did right to bring bigger money to the exchange.
I didn't think that LTCG/BTCTC allowed you to do that. Can someone else confirm please?
If so, how did it function? Once the first order was complete presumably the others got canceled?
To be honest I'm not sure that such a feature would be good for the exchange. It would allow people to create artificial buy walls which lacked real backing. You'd certainly not be able to do the opposite with shares; each sell order would lock them. The same applies to options.
Yes, once the first order was filled all other orders that were not supported by the new balance would be immediately canceled. My example was a simple one, I usually would have 2-4+ bids in on a couple of different securities trying to scale in, then trade out of it as the price would recover. Of course on a single security my multiple bids could not exceed my balance. If you were to combine all of my bids on all my securities, it would exceed my balance, understanding that not all could ever be filled simultaneously. As orders were filled on one security, other different securities would be canceled starting with the lowest bid that was not supported by the new balance. It was pretty impressive of how the software worked...
Yes, i thought that it did put up pseudo artificial walls, but at the same time it would create pseudo liquidity by having more bids in the que. It is a double edge sword.
I was kind of hoping Cipher would have purchased the trade engine and I might have kept my trading edge for a while longer. Honestly, either way, I guess that edge is now lost so it is up to you to manage how the trade engine will works.