Guest Posted June 10, 2019 Share Posted June 10, 2019 (edited) I see many comments about lack of liquidity on Bitso. The simple solution, and it is simple, is to put some xrp on their order books. If you aren't willing to participate in the buying and selling of xrp, which is required for xRapid, you have no business complaining if it doesn't have liquidity needed for transactions. I've been trading on Bitso for about a year now. If you are interested in contributing to the liquidity but have questions about Bitso or trading there, just ask. This isn't get rich quick, flip xrp for big gains. It's breaking even, make a few xrp, lose a few xrp. We're talking about $5 worth of risk. It's more productive than a post on Twitter or here on xrpchat. It's about being part of the solution. I welcome everyone on xrpchat to do something useful, share ideas, talk about how to contribute to building liquidity on xRapid connected exchanges. If you think you want to help, let's talk about it. I'll tell you exactly what I'm doing. If you think you can't do it, you've probably got the wrong idea and give me a chance to convince you otherwise. If you think it's not worth it, then you need to stop complaining. Edited June 10, 2019 by Guest Link to comment Share on other sites More sharing options...
dr_ed Posted June 10, 2019 Share Posted June 10, 2019 32 minutes ago, LordVetinari said: It's more productive than a post on Twitter or here on xrpchat. Hey, I'd never be caught dead on Twitter. Link to comment Share on other sites More sharing options...
elias Posted June 10, 2019 Share Posted June 10, 2019 I heard Ripple is incentivizing market makers through their XRP sales. I wonder if there is somewhere we can sign up, otherwise we will be trading at a disadvantage to those preferred market makers. Link to comment Share on other sites More sharing options...
iLeeT Posted June 10, 2019 Share Posted June 10, 2019 Nice topic. I often wonder how we can solve the chicken/egg problem when it comes to liquidity and exotic pairs. I do trade quite a lot (also using BIttrex from time to time and it's an xRapid enabled exchange) and I even get asked why I sell XRP and why not holding etc. Simply holding XRP barely helps the main problem Ripple are facing. I find putting a lot of money in Bitso quite risky though (especially with all those recent hacks etc.) - I need to do a thorough research and even then I won't feel safe there, it's not worth the risk. Binance can get hacked and pay out its customers (assuming the hack is not monumental), but these small exchanges will simply vanish and your money will be gone (an exit scam is quite possible as well). Furthermore, Ripple have the financial ability (XRP warchest) and people to actually speed up resolving the liquidity problem. I have seen nothing that implies they've done a good job - there's barely any market makers on Bitso, no volume, no nothing. 2 years ago the volume was higher there. I'll be happy to lend my XRP (although I have barely any left for 6-7 months now) to a 'pool of liquidity' in order to help out, but putting money on very small exchanges is too much of a risk for me, with no real reward in sight. dr_ed and 1Ton 2 Link to comment Share on other sites More sharing options...
richxrp Posted June 10, 2019 Share Posted June 10, 2019 (edited) 57 minutes ago, LordVetinari said: I see many comments about lack of liquidity on Bitso. The simple solution, and it is simple, is to put some xrp on their order books. If you aren't willing to participate in the buying and selling of xrp, which is required for xRapid, you have no business complaining if it doesn't have liquidity needed for transactions. I've been trading on Bitso for about a year now. If you are interested in contributing to the liquidity but have questions about Bitso or trading there, just ask. This isn't get rich quick, flip xrp for big gains. It's breaking even, make a few xrp, lose a few xrp. We're talking about $5 worth of risk. It's more productive than a post on Twitter or here on xrpchat. It's about being part of the solution. I welcome everyone on xrpchat to do something useful, share ideas, talk about how to contribute to building liquidity on xRapid connected exchanges. If you think you want to help, let's talk about it. I'll tell you exactly what I'm doing. If you think you can't do it, you've probably got the wrong idea and give me a chance to convince you otherwise. If you think it's not worth it, then you need to stop complaining. Ok. I'll bite. what are you doing and exactly how are you doing it ?.. Are there any tools out there that does this in an automated fashion without my having to be 24/7 in front of a computer/terminal? Edited June 10, 2019 by richxrp Link to comment Share on other sites More sharing options...
dr_ed Posted June 10, 2019 Share Posted June 10, 2019 I was using XRP as my go-to for moving my assets onto Binance when I wanted to buy alts, until the BTC bull started. I've been buying BTC lately to get the (expected anyway) upside while I'm waiting for bank transfers to clear. It just seems like a better place to be at this moment. But after using XRP, BTC is like molasses to move around. Link to comment Share on other sites More sharing options...
peanut56 Posted June 10, 2019 Share Posted June 10, 2019 So you're saying the one place we might find dr_ed dead is on twitter. BTW the previous statement is a joke, and I'm sorry for the dark humour. I would trade, but without regulation in the U.S. it comes down to I'd rather be patient where I'm at than be patient in jail. dr_ed 1 Link to comment Share on other sites More sharing options...
EasterBunny Posted June 11, 2019 Share Posted June 11, 2019 I’d love to stake some XRP and help Bitso’s liquidity. If only they would allow residents of WA to sign up... Link to comment Share on other sites More sharing options...
EasterBunny Posted June 11, 2019 Share Posted June 11, 2019 It would also be helpful if they decreased their market making fee down to 0.0%(like coinbase). My 'simulations' showed that the trading fee ate up all(and then some) of the potential profit margins that a MM would have. Even if you were able to supply ALL of the XRP liquidity in a given month, you would not have been able to get into the lowest bracket of trading fees. They changed their fee schedule a while back so that it aggregate all MXN:crypto pairs... but I don't really want to have to supply BTC volume in order to get the lower trade fees... Link to comment Share on other sites More sharing options...
dr_ed Posted June 11, 2019 Share Posted June 11, 2019 If I turn up on Twitter or FB please check me for pods. Link to comment Share on other sites More sharing options...
Guest Posted June 11, 2019 Share Posted June 11, 2019 So some good questions and concerns. First, if you can't trade for legal reasons, don't. Second, I'm not proposing anyone put more than $100-200 usd on their books. And I'm not suggesting that just $100-200 usd will suddenly make xRapid a viable solution. I'm proposing if 10-20 people put $100-200 usd each, we might be helping. Third, we'd all like to see millions being sent over xRapid daily by big banks but that's just not where we are yet. I imagine the current scenario is remittances in the range of $50-100 usd being sent by individuals to their families from Ripple partners we've likely never heard of let alone used. Forth, I'm not competing with market making bots and I'm not suggesting you should try. Using Bitso in this context isn't for big gains. I'm only interested in providing liquidity. "But why do it? What if I lose money?" I hear you ask. Think of it this way. There are people who spend their personal money to run validators. The lowest cost I've see for running a validator is about $70/month. With no way of recouping those funds. It's gone. Now, in a month, the price of xrp swings, so if you look at the weekly or monthly charts you'll see there's opportunity to buy low and sell high or at least break even. Now let me give you a worst scenario from the past month. I was trading with 500 xrp, about 200 usd. On May 12, the xrp high was 6.23 mxn. I sold 500 xrp at the top! Good job. I'll buy back at 6.10. Oh wait the price is going up, it's at 7.49 on the 13th , huhh, 8.77 on the 14th. The 15th, it peaked at 9.30 Nooooo! 24 hours later it's at 8.71, another 24 hours, on the 17th it at 6.80. Grand total loss, about $18 usd. Now that sucks but it not $70 and since the market swings I have a chance to get it back. And actually, I was ahead at that time so I really only lost about 10 xrp from my initial deposit months ago. The trade cost me about $3. Again, that's not $70. And the way I see it, I'm contributing to xRapid. Finally, what I did and am doing. I started by depositing 500 xrp, about 200 usd. That's it, no more. I started by watching daily but that sucks. So I pulled back to weekly. I find the low, high and a few points in between. I split the 500 xrp into 5 100 xrp orders over that range. I set an email notification for filled orders and log out. When I get notification it sells, I put in a buy order at a lower price than I bought. Not all the way at the bottom, but low enough to cover the fees and maybe make 1 or 2 xrp. "What, 1 or 2 xrp, that's not worth it!" I hear you scoff. Well, maybe not today but if you really believe xrp is undervalued today, what might it be worth in 1 or 2 years. So if 20, 50 or 100 people, normal people, not high rolling market makers, did the same thing it would provide that much more liquidity for a Ripple partner who is trying to use xRapid. Ok, that's all I have time for right now but feel free to comment. If I didn't address your question or concern, feel free to ask again. Unfortunately, this little project of mine doesn't pay the bills so I'm off to work. 😁 Link to comment Share on other sites More sharing options...
dr_ed Posted June 11, 2019 Share Posted June 11, 2019 I have a friend who has a bag of XRP he swing trades constantly to build his position. He is successful, but he pays close attention to the markets and moves swiftly. If you buy market bottoms, it gives you the leeway to not have to trade to get ahead. I don't trade XRP or other cryptos, but I have traded stocks plenty. It's easy to miss big moves in a volatile market like we're in now, if you aren't in the market. Nothing wrong with playing it with a small trading stash. I doubt that really "helps" XRP as far as adoption, at this point, although I concede there is a tiny effect. Butterfly Effect, maybe. Link to comment Share on other sites More sharing options...
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