Are there any plans to make DEX trading with BTC more user friendly?
How about requiring the party who’s obliged to transfer BTC hold an amount of XCP? The XCP will be held in escrow and if he does not initiate the BTC payment, the XCP escrow will be given to the other party as compensation.
XCP would have to be transferred into escrow at the time of BTC sell order. There would have to be a way for order matching mechanism to check expired BTC pays and release XCP to the buyer for compensation.
I like this but don’t know how hard it would be to code.
The problem with the dex right now is automation, it does not have it when it comes to BTC. I don’t think your proposed solution fixes that it just creates a fallback mechanism so that if the BTC part doesnt happen the person waiting for it gets paid in something that can be automated and so does not waste their time on an unreliable btc sender.
Another issue I see with this approach is now everyone must hold xcp in order to make a purchase only using btc. How do you get XCP from the dex without already having xcp? or is the assumption "go to coinbase to buy your btc then sign up on poloniex and buy some XCP then go to the dex and buy whatever you want with BTC using XCP as a backup.
If you’re going to go to all that trouble you might as well just buy XCP instead of BTC and do all your purchases the way the dex was intended to operate.
Disclaimer: We created swapbot vending machines to avoid making to deal with this issue because when I looked into it, it seemed a protocol level problem very unlikely to be fixed like several others I ran into.
If the site owner could set (in CW settings) the default deposit coin, then any could be used.
This was one idea I had for my own instance of CW but development unfortunately wasn’t completed due to non-technical reasons beyond my control.
I would ask the person to use Swapbot to get the site’s deposit token (whatever it may be), or to try a site that accepts the type of token that BTC seller already owns.
I agree that a shortcut is to simply use Swapbot (say from XCP Wallet) without even going to CW - that’s certainly more convenient and faster.
But it’d be nice if the DEx worked in a more friendly way because it is still useful for larger transactions between strangers. Any improvements would not allow it to compete or replace a Swapbot type of service, but to be better at what it’s supposed to do well.
It’s actually our intent to allow swapbots to use the DEX to restock and resupply as well as buy from other swapbots.
The problem is people don’t need an exchange for what are in most cases not currency type tokens. You just need a basic pricing and retail purchase system.
At the point that people start paying more with XCP based tokens than BTC I think we’ll see a lot of work start to go into building apps that utilize the dex but so long as BTC is the de-facto onramp I doubt it’ll get much love.
Beyond all of that the core developers have their hands more than full and I don’t think have improvements to the dex on the roadmap, if someone comes along with the skills and desire to make that situation change all they have to do is dive in to the github