Re: Introducing the SIBEX P2P Network and Trading System for on-chain trading
Q: Who should trade using SIBEX software?
A: If you are used to trading on BitMex, Binance, Bitfinex, or similar "retail trading" platforms, and you expect the same experience on SIBEX, you will be disappointed. Why? These platforms are designed to encourage you to 1) deposit as much money as possible (it's their money then, not yours, and they can do whatever they want with it), and 2) trade as much as possible, as often as possible. These two things are never in a trader's best interest. These platforms treat Bitcoin as a currency, and therefore give you an FX currency trading experience. But Bitcoin is commodity money, and even has been legally designated as such in the US.
Professional commodities trading software, the kind that people who move trillions of $ worth of commodities each day use to make a living, looks and feels like something that was made in the 1990s. Probably because it was. But there's a reason it hasn't changed much: it works well and makes the people who use it enough money to make a good living.
SIBEX is the first professional commodities trading software which is available to anyone. Here's an example of what is different: the "Markets" view is where you interact with the global market for BTC/USDT.
Notice that individual offers are grouped together into tranches, so you can better understand the current environment (data from regtest):
When you click on a tranche, you will see individual offers that other people have made. Remember there is no way to fake these offers - the money must exist, because the SIBEX software queries your wallet balance and does not allow you to create offers unless you have sufficient funds to complete a trade. Here is an example of individual offers:
What is happening here is people are broadcasting offers through the SIBEX P2P network. It's like a "bulletin board system", where you create an offer, ad everyone can see it. If you want people to *not* see your offer, you can make it "dark", by choosing the "darkpool" option. This means the network sees the offer, but the user does not. This can be helpful if you want to sell a large amount of coins but don't want to affect the price.
A: If you are used to trading on BitMex, Binance, Bitfinex, or similar "retail trading" platforms, and you expect the same experience on SIBEX, you will be disappointed. Why? These platforms are designed to encourage you to 1) deposit as much money as possible (it's their money then, not yours, and they can do whatever they want with it), and 2) trade as much as possible, as often as possible. These two things are never in a trader's best interest. These platforms treat Bitcoin as a currency, and therefore give you an FX currency trading experience. But Bitcoin is commodity money, and even has been legally designated as such in the US.
Professional commodities trading software, the kind that people who move trillions of $ worth of commodities each day use to make a living, looks and feels like something that was made in the 1990s. Probably because it was. But there's a reason it hasn't changed much: it works well and makes the people who use it enough money to make a good living.
SIBEX is the first professional commodities trading software which is available to anyone. Here's an example of what is different: the "Markets" view is where you interact with the global market for BTC/USDT.
Notice that individual offers are grouped together into tranches, so you can better understand the current environment (data from regtest):
When you click on a tranche, you will see individual offers that other people have made. Remember there is no way to fake these offers - the money must exist, because the SIBEX software queries your wallet balance and does not allow you to create offers unless you have sufficient funds to complete a trade. Here is an example of individual offers:
What is happening here is people are broadcasting offers through the SIBEX P2P network. It's like a "bulletin board system", where you create an offer, ad everyone can see it. If you want people to *not* see your offer, you can make it "dark", by choosing the "darkpool" option. This means the network sees the offer, but the user does not. This can be helpful if you want to sell a large amount of coins but don't want to affect the price.