Quote from: keshuker on June 30, 2014, 09:56:45 PM

Quote from: buy4crypto on June 30, 2014, 09:52:28 PM

Quote from: keshuker on June 30, 2014, 09:50:07 PM

Quote from: keshuker on June 30, 2014, 11:42:30 AM

Quote from: keshuker on June 30, 2014, 09:29:33 AM

One question about VeriBit:

If the markets starts to crash, and ppl will liquidate vrc to btc through the veribit, will the btc buffer take market depth into account or can i get a better price of my VRC via veribit in a fast declining market? That would make the buffer bleed.

Edit:
Thinking of this some more. If we have a crashing market, veribit makes it even easier for users to dump VRC directly from wallet and you will probably get a better price than transferring to exchange, waiting for confirmation and trading.
This would accelerate the crash and bleed out the veribit buffer.

Anyone?

To add to this:
If i think price is falling, i can open up a veribit address for my mintpal btc deposit address and wait. If price drops, i can sell my vrc for the price 15 minutes ago and buy back lower. If it doesn't, i can just cancel the transaction.

Or have I misunderstood? Looks like bear market trading without risk. Of course it will consume the btc buffer in veribit

Once you are in the blockchain its irreversible. If you where to cancel it prior. No orders would executed at that time.

I understood the veribit address is active for 15 minutes based from the price of vrc from the time you open up the veribit address

And you can open up more than 1 at a time, hold them open and push through many transactions at once using a script. This will be hilarious when exploited.