Difference between revisions of "Trading"
(→External exchanges: typo)
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Revision as of 22:20, 19 January 2019
Buying GBytes on exchanges; exchanging GB and GBB or bytes and blackbytes; betting on external events using oracles; and more.
Betting on external events
The Byteball platform currently supports:
- Sports betting on upcoming soccer matches
- Gambling on random numbers
- Betting on crypto exchange rates
- Betting on flight delays.
See the wiki Trading prediction markets article for details.
Buying GB on exchanges
You can buy GBytes on various external exchanges. Some allow fiat but others are BTC/altcoins only.
Cryptochangex: New, announced 2017-11-05, UK company. Owned by s1lverbox, well-known trader on bitcointalk and Byteball Slack.
Cryptox: Crypto only. Rather small, but generally OK
Cryptopia: Crypto only; site is more than a simple exchange
Bitsquare: Decentralized! National currencies and cryptos
YDX: It allows you to trade certain coins in a semi-automated way via Slack, and supports GB and even GBB.
- Bittrex 80-98%
- Cryptox 20-2%
- Cryptopia 0-2%
Use Coinmarketcap for latest figures.
There is an in-wallet chatbot that provides a book for users, but currently [2018-01-07] there seems to be a problem with underpaid btc transaction fees.
Peer-to-peer Byte-BTC exchange
This one is complex. It is hard for the buyer to verify from reading it that the contract will perform as the buyer expects: maybe the seller is dishonest and made a subtle change in the details.
Let's say you want to sell Gbytes to a peer who's paying in BTC. You've agreed the amounts, say .121 BTC for 1 GByte. Let's say your bitcoin receive address is 1MJ7xew1X13okNYKRu7qA3uN4hpRH1Tfpq. You and the buyer pair wallets. The buyer sends you in wallet chat his Byteball receive address, say "5GU...".
You left-click that address, choose "Pay to this address", and in the next screen enter the amount (here 1 GB), the address "5GU...", then just below this address click "Bind the payment to a condition". This opens the next screen.
Under THE PEER RECEIVES THIS PAYMENT IF click the little down arrow, and click "An event is posted by an oracle". This opens the next screen.
Under ORACLE ADDRESS paste
Under DATA FEED NAME paste
Under EXPECTED VALUE paste your bitcoin address and the exact amount you are expecting, in the form "address:amount":
1MJ7xew1X13okNYKRu7qA3uN4hpRH1Tfpq:0.121 (in this example)
Under THE EXPECTED VALUE WILL BE POSTED click the little down arrow, and click "in merkle tree".
Change the "4" hours to some other figure if you wish. Click SEND PAYMENT. This will return you to the first payment screen and allow you to double-check the amount. Finally click SEND.
The wallet chat will show that your payment (for 1GB here) has been sent. Once this payment has confirmed, after maybe 5-10 minutes, the buyer will automatically get a copy of the smart contract/wallet. The buyer can see it by exiting the wallet chat, going to the home screen, clicking on "smart wallet", and then in the smart wallet home screen clicking on the little eyeball on the right.
The buyer must read the contract carefully, to ensure that it specifies the correct bitcoin address and the correct amount. Otherwise a dishonest seller would be able to receive both the bitcoin payment (sent to a different address that had been passed over) and reclaim the bytes after 4 hours as the expected bitcoin_merkle would not get generated. Also the correct oracle address and data feed name.
After two confirmations, the buyer needs to get the "merkle proof" (just a long string of data) of this transaction. A merkle proof can be obtained (after two or more confirmations) from the BTC oracle at byteball:A7C96Bhg4Gpb2Upw/Ky/YfGG8BKe5DjTiBuJFGAX50N1@byteball.org/bb#0000.
The buyer then copies and pastes in this proof to unlock the bytes payment from the smart contract.
Slack trading GB and GBB
You can't buy blackbytes at an exchange like Bittrex, but you can find sellers and buyers in the Slack Byteball #trading_blackbyte channel. How to do the trade is covered in the wiki article Trading blackbytes.
There are no known mainnet ones yet.