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Molten

MGI, ODL, Bitso and a theory about the price

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I think I can recall Brad saying the cost will get below 50 bips even down to 10.   So 0.5% or even 0.1%.  That was a while ago and who knows what the current reality is actually like though.

But I think the exchange fees should trend down as volume rises and similarly the spread and the arbitrage.

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10 minutes ago, Tinyaccount said:

I think I can recall Brad saying the cost will get below 50 bips even down to 10.   So 0.5% or even 0.1%.  That was a while ago and who knows what the current reality is actually like though.

But I think the exchange fees should trend down as volume rises and similarly the spread and the arbitrage.

So I guess, in the end, when ODL's operation and user base has stabilized, there will have to be enough profit motivation for all the contributing component sub-systems (the exchanges, banks, arbitrage bots, etc) to be maintained. AND still remain cost competitive against the old way of facilitating cross-boarder remittances. 

But I think there is a hidden - or sleeping? - bonus opportunity waiting to be realized by the FX business, not to mention the surprises of new and innovative "Jevon's Paradox" use cases yet to manifest themselves.

The FX market is huge, and for it to adapt to using ODL to usurp the old way of performing FX, could wind up being an even bigger use for our cherished bridge asset. There is not much difference in adapting ODL for FX services over how it's being implemented now for remittances. Most of the components of providing FX are already solved by ODL, the network just needs more depth.

Which, if incentivized, it too will come.

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34 minutes ago, JASCoder said:

Most of the components of providing FX are already solved by ODL, the network just needs more depth.

Which, if incentivized, it too will come.

Oh yes for sure.  Ripple have said as much more than once although I can’t recall exactly who or where.  Yeah they do describe their mission as ‘We want to put a dent in the universe’.   They are thinking big.

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Post TG Holiday Update : Zerps a-flying at Bitso !

Take a look today's last-36 hourly snapshot of XRP buys with local fiat...

NOTE: The MXN pricing chart (not shown) shows previous three hours of highest pricing at 4.21 UNTIL the "event" seen in chart below, which then shows it falling for the hours to follow.

REALLY makes it seem like the ODL "daemon" is a profit seeking opportunist ??

png_download72246.thumb.png.9eaae13f5c8ad299399fd6c6d9566388.pngIf you want to see my "dev" live charts, they are here: 
https://wp.www-net.com/xrp2mxn-demo-test-page-01/ 
 

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Check this out (thanks to Crypto Eri and her 01DEC video):

https://remittanceprices.worldbank.org/en/corridor/United-States/Mexico

Now note the "Total Cost" charges column and how it changes when you click 200 / 500 USD tabs back-and-forth.

So for 1.8% slippage overhead is not that significant at the published prices they are showing...

This is a great resource to watch.

Edited by JASCoder
confused

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1 minute ago, Julian_Williams said:

and that link 1.88 is very similar to the spread on ODL you calculated? 

Are we getting close to seeing what is happening under the bonnet of Xrapid?

Oh most definitely - it's all adding up :)

Keep in mind, there are a number of arbitrary cost elements, one big one is the FX rate.

I'm using the one here:
https://api.exchangeratesapi.io/latest?base=USD&symbols=MXN

Then there's the agent's fees, the bank's costs is an unknown.

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On 12/2/2019 at 10:16 AM, JASCoder said:

Post TG Holiday Update : Zerps a-flying at Bitso !

Take a look today's last-36 hourly snapshot of XRP buys with local fiat...

NOTE: The MXN pricing chart (not shown) shows previous three hours of highest pricing at 4.21 UNTIL the "event" seen in chart below, which then shows it falling for the hours to follow.

REALLY makes it seem like the ODL "daemon" is a profit seeking opportunist ??

png_download72246.thumb.png.9eaae13f5c8ad299399fd6c6d9566388.pngIf you want to see my "dev" live charts, they are here: 
https://wp.www-net.com/xrp2mxn-demo-test-page-01/ 
 

Thanks for this! Is there any way to create a similar chart for PHP/XRP? I saw Tenitoshi post a picture of his liquidity bot tracker for this corridor but can't seem to find the google doc link. The Australian corridor also recently opened up so maybe it's possible to also add that and the a chart that aggregates all ODL payment flows?

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34 minutes ago, Mpolnet said:

Thanks for this! Is there any way to create a similar chart for PHP/XRP? I saw Tenitoshi post a picture of his liquidity bot tracker for this corridor but can't seem to find the google doc link. The Australian corridor also recently opened up so maybe it's possible to also add that and the a chart that aggregates all ODL payment flows?

Glad you too find it helpful. I'm wrapping up coding on the DoM live charting, then some documenting, and finally refactor the code I've written to process other corridors too. 

Unfortunately, afaik at this time, ph.coins still hasn't exposed any public API for us data miners... I'm hoping they'll soon add that.

Cheers Mpolnet 

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8 minutes ago, JASCoder said:

Glad you too find it helpful. I'm wrapping up coding on the DoM live charting, then some documenting, and finally refactor the code I've written to process other corridors too. 

Unfortunately, afaik at this time, ph.coins still hasn't exposed any public API for us data miners... I'm hoping they'll soon add that.

Cheers Mpolnet 

Thanks for the note. Looking forward to the DoM live charting! When you get around to it, are you planning on breaking up the charts by corridor and then having one chart that aggregates all of the corridors?

Edited by Mpolnet

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On 10/21/2019 at 11:06 AM, GiddyUp said:

And speaking of speculators, it looks like China might be joining the party a little bit:

https://coinmarketcap.com/currencies/qcash/

About QCash

Qcash is a stablecoin that aims to mirror the value of the CNY(Chinese Yuan). The idea was to create a stable cryptocurrency that can be used like digital CNY. The price of 1 Qcash is 1 CNY. Users can use 1 CNY to buy 1 QC and then use QC to trade cryptoassets.

https://coinmarketcap.com/exchanges/zb-com/

About ZB.COM

ZB Group’s flagship platform is ZB.com, a digital asset exchange. The platform launched in early 2013 and has a sizeable trading community. ZB.com differentiates itself through its highly curated listing process and rare launchpad offers. Deep liquidity, low fees and a dashboard featuring professional-grade trading tools are all key components to the ZB.com platform

Chart is from CoinMarketCap

image.thumb.png.cc52571c5385c54a4455ee2e3dea3a4d.png

Hi all, not being vain here (quoting myself) but I am noticing some strange buying action from China and wanted your opinion about it... at 15:00 every day, almost without fail, their bots are doing something, and I can't figure out what their aim might be.

It seems possible that with the upcoming launch of a digital Yuan that they may see the necessity for a digital bridge currency and are trying to get the price down to load up.

Or they may think they will become the bridge currency themselves and be trying to drive XRP down to cause it to lose favor.

Or??? Any theories, or is this just playtime in China?

image.thumb.png.ae6cf9e8e4d389cfa29b8c6399e7cb88.png

Also, their share of volume is picking up (at least on CryptoCompare), some days it outpaces BTC...

image.thumb.png.d1adace7bacfa3b32ee1591ef7ceeb9a.pngcv 

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Does anyone know anything about account rModuA9GBakB1hUKZxXYF3sQP7a9qbpooR

I've started seeing significant traffic on bitso->rModuA9GBa but I do not know what exchange (or bot trader) it is. It might be a rebalancing of the MXN via some other corridor.

Any info welcome thanks.

-------------------- 
Smaller corridors (46) 
--------------------
+---------------+---------------+------------+---------+----------+----------+----------+----------+------------+---------+-----------+
| source        | destination   |        tag |   trans |   tr/day |   active |   unique |   recent |   day-bias |    mean |   std-dev |
|---------------+---------------+------------+---------+----------+----------+----------+----------+------------+---------+-----------|
| bitstamp      | coins.ph      |     160728 |   15750 |     61.8 |      267 |      255 |       14 |        1.7 |    50.0 |     100.7 |
| bitstamp      | bitso         |   25490962 |    5424 |     31.0 |      337 |      175 |        8 |        6.4 |    18.7 |      19.2 |
| bitso         | rModuA9GBa    | 2769899242 |     252 |     25.2 |        9 |       10 |       10 |        5.5 | 25350.7 |   18661.3 |
| bitstamp      | bitso         |   22794384 |    3870 |     19.4 |      282 |      200 |       14 |        6.0 |   502.8 |     240.8 |
| rModuA9GBa    | bitstamp      |   36427656 |     191 |     19.1 |        9 |       10 |       10 |       25.1 | 34848.4 |   33202.0 |

edit: NB traffic over the last few days has been rising quite steeply

Edited by jbjnr

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