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
My friend just mentioned this to me, and yes you can do this over and over risk free. You could even create a bot to do this and grab money on every drop. Open multiple instances at a time to maximize profits.