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QWE

Tracking liquidity and minimum XRP price for successful instant cross border settlement

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Ever since the first live xRapid demonstration that happened during the 2018 Concensus event, I have been wondering if there are any tools available to track what the maximum amount of USD a person or institution could transfer between exchanges without suffering unacceptable losses.

 

Please correct me if I am wrong, but as far as I know, the live demo did not go as planned, so they showed a recorded video of the transaction happening instead. The demonstration was to show 100 USD transferred between two exchanges offering fiat/XRP pairs to conclude an instant USD/MXN settlement. Again, correct me if I am wrong (I do not have a credible source for my next statement), but I remember that one of the problems might have been liquidity; it was not possible to transfer 100 USD from one exchange to the other at that exact time, as the spreads were too big.

 

My question is, did anyone ever develop a tool to show and constantly update the maximum amount of fiat that could be settled between USD/MXN, USD/JPY, EUR/KRW and other potential xRapid corridors? For example, given that you accept a maximum 1% loss during a transfer, an app would show you how much USD you could send via USD/XRP -> XRP/MXN between Bitstamp and Bitso at that time.

 

Another “fictional” output could be, given the current number of XRP on buy/sell orders on both exchanges, what would a single XRP have to be worth to be able to transfer 100k USD between both exchanges.

 

I am not a developer, so unfortunately, I cannot dive into it myself, but since all needed input to calculate this is publicly available, it should not be too hard to do this :)

 

Since this is how xRapid supposedly works (through buy/sell orders on exchanges), we could easily be able to track how much money could be transferred through different corridors, and even get a feeling of how much a single XRP should be worth in order to settle a larger amount (for example one million USD) through XRP.

 

If this has been discussed in a different topic, please let me know. Thanks!

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1 hour ago, QWE said:

it should not be too hard to do this

Great idea. As a developer though, this sentence really irks me

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1 minute ago, essexboyracer said:

Great idea. As a developer though, this sentence really irks me

Haha, sorry! I just meant that since all data is available and people here have their own trade bots, which most likely means they are already accessing this data for trading or arbitrage purposes, it should be possible to do it. Sorry if it sounded like “yeah this should take like 5 minutes”, I definitely did not mean to insult anyone :D

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12 minutes ago, essexboyracer said:

Great idea. As a developer though, this sentence really irks me

You beat me to it! I was going to say the same thing!

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Don't take it personally

Edited by Guest

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Just now, essexboyracer said:

Don't take it personally - in my freelance life it's all I hear most of the time, and then people don't want to pay the going rate

I like saying "Do you want it good, fast, or cheap? Pick two"

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Hey everyone,

 

I continued to be interested in this topic, so I decided to make a simple page to simulate how much USD could be transferred from Bitstamp via XRP to Bitso, and how much MXN you would get on the other side.

 

If I understand correctly, this is how xRapid works: buy XRP with USD on Bitstamp, transfer XRP to Bitso, sell your XRP on Bitso to receive your MXN. My script does not account for maker, taker and withdrawal fees, because I assume xRapid partners will have different fee rates compared to the rest of us, but the fees can easily be added later on. It also accounts for atomic exchanges (without 3-5 seconds delays for transfers).

 

I made 3 simple Radio Buttons to choose the amount of USD you want to send from Bitstamp (10/100/1000 USD) in order to demonstrate that transactions of higher USD value are more expansive because of the spreads, which should eventually be solved with a higher XRP price and potential lower spreads (probably due to eventual lower volatility).

 

I wanted to test one of the corridors that Ripple is supposedly using (USD/MXN) and wanted to use Bittrex and Bitso, because they are both confirmed xRapid partners, but I ended up using Bitstamp and Bitso, because they both have great and easy to use API documentations (as stated in my original post, I am not a developer, so this was all fairly new to me).

 

The page displays the chosen amount of USD sent from Bitstamp, amount of XRP, MXN and USD received on Bitso, along with live orders from both exchanges.

 

I have two questions:

1.       In order to compare how much USD you receive on your Bitso (Mexican) account, I need to convert the received MXN to USD. Instead of keeping a constant like 1 USD = 19.1457 MXN in the code, I would like to (at least daily) get the USD/MXN rate somewhere. Any API I found online to do this task is not free. Do you have any recommendations on what to use to get the exchange rate?

2.       I would like to share my app with the community. All the HTML, CSS and JS is located in the same .html file. Do you recommend any web hosting sites for this purpose?

@essexboyracer

@n2it

@tulo

@Sukrim

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1.  I would recommend sticking with the Bitso API and just use their MXN/TUSD for a quote that way.
     Just make sure not to make more than 300 requests in five minutes, or you'll get locked out.  :spinlol:

2. https://github.com/
    You might even find the help available on that website more useful.

 

I look forward to seeing your progress on this.  Good luck!

 

 

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@QWE 

For your #1: A quick google search found that 1forge has a free API for forex quotes. Not sure if it will match your needs, but take a look. I'm sure there are other free sites as long as your request rate for quotes isn't too high.

For your #2: Google Cloud Platform has a free tier you may be able to use. I expect, however, you'll have to buy a domain name (they're not expensive) if you want to host an easily accessible web site to show off your web app.

Since you're going for proof-of-concept, you could simplify and just use a free hosting web site. Wix immediately comes to mind, but search for free web site hosting and you'll have plenty of choices.

Edited by n2it
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Thanks for you quick replies!

 

38 minutes ago, increasedwisdom said:

1.  I would recommend sticking with the Bitso API and just use their MXN/TUSD for a quote that way.
     Just make sure not to make more than 300 requests in five minutes, or you'll get locked out.  :spinlol:

I would prefer to stay away from crypto exchange rates for fiat pairs, as I’m not sure if the rates are always the same as they are on non-crypto market. But since this is just a test, I think you’re correct, this is probably by far the easiest solution for now.

 

38 minutes ago, increasedwisdom said:

2. https://github.com/
    You might even find the help available on that website more useful.

Yeah, I thought of Github and I will use it for now, because it will allow for easier code fixes and reviews. I would like to use something else in the long run though.

 

38 minutes ago, increasedwisdom said:

I look forward to seeing your progress on this.  Good luck!

Thanks!

 

35 minutes ago, n2it said:

For your #1: A quick google search found that 1forge has a free API for forex quotes. Not sure if it will match your needs, but take a look. I'm sure there are other free sites as long as your request rate for quotes isn't too high.

My quick google search came up with the same thing long before I posted the question (since it is literally the first hit on google) :D

There are multiple solutions like 1forge.com, however, you have to register and receive a private API key. Since I will most likely be sharing the entire code with strangers and I really do not know a lot about APIs in general, I do not know if anyone can exploit the private key in any way (especially with daily limits for free users), so I would rather stay away from it.

 

35 minutes ago, n2it said:

For your #2: Google Cloud Platform has a free tier you may be able to use. I expect, however, you'll have to buy a domain name (they're not expensive) if you want to host an easily accessible web site to show off your web app.

Since you're going for proof-of-concept, you could simplify and just use a free hosting web site. Wix immediately comes to mind, but search for free web site hosting and you'll have plenty of choices.

Cool, I will look into that!

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13 minutes ago, QWE said:

There are multiple solutions like 1forge.com, however, you have to register and receive a private API key. Since I will most likely be sharing the entire code with strangers and I really do not know a lot about APIs in general, I do not know if anyone can exploit the private key in any way (especially with daily limits for free users), so I would rather stay away from it.

 

Don't put the private API key into your source code. Put it in your configuration file and explicitly state that anyone using your code must register with your free API provider and get their own private API key to use in your configuration file. Would this work for you?

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2 minutes ago, n2it said:

Don't put the private API key into your source code. Put it in your configuration file and explicitly state that anyone using your code must register with your free API provider and get their own private API key to use in your configuration file. Would this work for you?

Ha, that's a great suggestion, I didn't think of it. I will definitely use it, if I cannot find a workaround.

 

The long goal (which I did not previously discuss) here would be to present a fairly simple page where people could see how xRapid works and how much MXN they would receive on the other side, depending on the amount they would want to send. The purpose is to better support arguments if an increase in XRP price is needed for higher value transactions to come through intact (i.e. if you can send a million USD to Mexico via xRapid without loosing too much money at current XRP prices, spreads and volumes). Because this would be presented to general public, I think it would be too much to ask them to generate a private API key just to convert Bitso MXN to USD in order to compare how much USD you actually received in MXN.

 

The best solution I found is from European central bank - they update the world EUR/FIAT rates daily and you can fetch them for free in JSON format, but everything there is in EUR. Maybe I could use USD/EUR -> EUR/MXN conversion from their site as a workaround, but I was hoping for something more elegant. Unfortunately I did not find the same service offered by FED or similar institution to get the USD/MXN directly.

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