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Posts posted by panmores

  1. 20 hours ago, cmbartley said:

    The conversion rate exchanging one asset for another all at once will depend on the amount of available destination asset. Let's say the current best offer is 10 XRP for 1 EUR. If you have 100 XRP then the value of your account calculated at that rate is 10 EUR. Let's say you go to exchange your XRP for EUR now, but only 5 EUR are actually for sale at that rate. The next best offer is 10 XRP for 0.5 EUR. When you request to exchange all of your XRP for EUR if there isn't enough EUR fill your order then it will have to pull liquidity from offers at inferior exchange rates. You will actually receive LESS than 10 EUR for your XRP. The total amount of EUR you end up with will be a weighted average of the rates of the offers required to convert ALL of your XRP to EUR on Gatehub while the value of your XRP is determined by simply multiplying your XRP by the most current rate.

    This is one reason whales (?) and MM's might prefer to buy XRP directly from Ripple. They can buy large amounts at the current rate without bumping the price. 

    Thank you.

    So you're saying this is due to low volume at this exchange and it could improve over time?

    Somewhere you also said that GateHub has a new UI upcoming, hope more transparency is embedded so that users get the relevant prices and values.

  2. 8 hours ago, enej said:

    1) GateHub does not determine the price, the open market does. 

    2) On Exchange page we intentionally display the "worst" possible price. The executed price will most likely be better (as it takes the best bid/ask from the order book). If you worry about the price I suggest you use Trade page instead where you can specify the price manually.

    3) 0.2% commission is actually the only earnings we get as we currently don't run our own market making program.

    4) GateHub uses ripple network (RCL) instead of a private exchange. Since RCL is a decentralised blockchain I would argue that this makes us very transparent.


    Thank you Enej.

    But what does this mean:

    My current account shows 178 euro value (from XRP).

    But in Exchange, my XRP value is shown as 168 euro.

    Meaning, when I would sell XRP for euros the value shrinks by at least 6%. That's what I call a bad exchange rate.

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