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RE: Do we need a Dark Pool in our Platform? :)
Interesting, I do wonder how that could happen here on the chain, i.e. inner market while remaining "dark". I had heard the term before, I believe kraken.com was one of the first to add these for BTC back in the day but didn't look deeper into what exactly it was, maybe cause I don't have that kind of slippage problems when buying/selling crypto. :P
Good volume day for Steem indeed, if you follow some of the transactions you can see a lot of Steem going from Binance to huobi and bithumb, will be interesting to see the liquid steem on exchanges update that @penguinpablo posts after these recent moves.
Nice avatar btw, I was playing PokeOne on stream a year or so ago and failed catching it. :(
In its simplest form a dark pool is just an off market understanding and trade between two parties. Which is perfectly legitimate and happens in all kinds of markets. But of course, the term is coined to accommodate HFT, which is a completely different ball game. I am sure as our market mature, we will need something like this because there is no other way to execute large volume trade efficiently.
@zord189 did that banner for me! Damn! That's years back. He is still active and a great animation artist, solid steemian.
Cool! I'm actually following him, nice! Mine was created by @overkillcoin, he does some awesome sketches. :D
I know Kraken and Galaxy Digital both have OTC desks matching buyers and sellers. Seems like that would be a similar construct.
But by definition the order book of a dark pool is not public. I don't see it will be difficult to construct with this many active and very smart developers on this blockchain.
I think besides the obvious moving of money between bitcoin addresses, they behave in the same fashion.
Hmmm. Well I understand the reasoning behind these 'arranged' trades, but to not make them public, I am not sure about that 'here' :)
Good to see some content from you!
It is a standard procedure to settle trades in any financial market these days. As we mature, I am sure one of our smart people will design it. This is not a secret or anything. Most likely you as a investor use a dark pool too. Barklays Capital on the UK side are big into it.
Also blockchain is transparent, once the trade is complete it will be public obviously. It just during it is not public, the order book is not public..... therefore dark :) It's a cool thing, you use it whenever you trade likely, you just don't know that you use it.
How come you are awake? Its 5:30AM man! Are you training for a Marathon?
:)
This is the point I missed :)
In stocks trading, is this called an 'Iceberg'? A trade at an agreed price is being filled, and when complete becomes public?
My sleep is not great at present, and as it is the weekend I chose to get up instead of trying for a little longer. No marathons these days, my legs could not cope :)
Iceberg orders are bit different. They are typically a cool method. It is actually a dark pool order but displayed on a public exchange, but at a fraction of its original size (therefore, "iceberg"). So technically, they are not completely dark. They are really cool tools to set traps or test water :)
I see. An iceberg has tested the water of a few famous ships...
There are some interesting quirks to the trading game - seems you need to know more than what is visible to compete at the top :)
Absolutely, and in modern times even the average Joe can access lot of these advanced order tools, not that it makes you job any easier, but makes of flex your muscles :)