0 sats \ 1 reply \ @JustinGoldberg 5 Jun 2023 \ on: Building the world's lowest fee bitcoin-only exchange bitcoin
Are you are avoiding fees by using a delay on top of the volatility to then automatically undercut current network fees? Also batching transactions will help. Then later you can add lightning and atomic swaps.
Don't give up on this, it's a good idea.
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130 sats \ 0 replies \ @DiracDelta OP 8 Jun 2023
No, we were going to connect to an API service that would have given us the ability to put orders directly on a large exchange orderbook, as opposed to the RFQ process that many of the smaller apps use. https://bitcoinmagazine.com/markets/ftx-collapse-cause-huge-bitcoin-price-spike
That part lowers the spread, and to lower the fees, there were three things:
  1. Having a subscription fee instead of a transaction fee, which would have been a very low effective percentage (multiple tier options based on volume)
  2. Selling hardware products at a very low margin, undercutting all the other node suppliers as part of subscription, and not using junk Raspberry Pi. Also, seed hardware. Lots of low hanging fruit. e.g. https://21baller.com Would have duplicated projects like SeedHammer, TinySeed.
  3. I didn't even really want to build an exchange, I saw it as an auxiliary product to WageVest / Caliber Contracts, which you can see a brief overview of here: https://contracts.runcaliber.com
Also described sporadically across posts here: https://heaviside.substack.com
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