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Why rofxnet is the best bitcoin trading bot compared to gekko and zenbot
Please follow the IRC channel guidelines at all times: Interaction with the order book and rating systems is done via the gribble bot. Bot's control sequence is ';;'. You are also encouraged to talk to gribble in PM, rather than clutter up the channel with your commands, unless you specifically want public output. You can also use the testing channel gribble. To enter orders, and participate in the rating system, you must register and authenticate to the Gribble bot. You can register using a bitcoin address, a GPG key, or both.
Authentication is used to maintain your identity on the order book and rating system when conducting trade on the the bitcoin-otc IRC channel bitcoin-otc via web. It is also a good idea to register your nick with nickserv , and turn on nick protection set enforce , so that others can't use your irc nick when you're not around. Of course, you don't need to register if you want to trade without using the order and rating systems - just come into the channel and talk to people.
You will find it harder to find willing counterparties for trade if you don't register, though. The order book holds offers not just for buying and selling bitcoins but for physical goods and services as well. As stated above, the default order expiry is 14 days - if an order is not refreshed within that time period, it expires and is deleted from the order book.
However, those who have sufficient trust in the OTC Rating System currently, a sum of level 1 and level 2 ratings from nanotube of at least 15 , can put in 'long' orders, which have a default expiration of an extra 90 days. You can also refresh your orders with an extra 90 days. To do this, you add the --long option to the buy , sell , and refresh commands.
So for example, to put in a long-standing buy order, you may try:. Please only use the long expiration option on orders that are indexed to current exchange rates, so that your old orders won't become outdated and end up just crufting up the order book.
See previous section about order price indexing. If you want your order to be part of the data that makes up the ticker data, please use one of the supported currency codes for your BTC buy or sell orders. So if you're selling for paypal, put 'USD' for the currency, and mention paypal in the notes field. Please don't post spam orders on the book. While initially it was amusing to have funny orders on the book, with the increasing depth of the book spam becomes more of an annoyance.
We'll know it when we see it. If you have to ask, it probably is. Also, don't spam your wares on the channel. The 'spam' threshold is flexible, depending on the content of your message and level of channel activity. Roughly speaking, mentioning your offer once every few hours is usually fine.
Pasting too many lines of text is also frowned upon. Use a pastebin if you want to share lengthy content. There are no automatic systems set up to match buyers and sellers.
Issues to discuss may be: What escrow agent do we use that is mutually trusted? Remember, this is a direct negotiated transaction - so every detail is negotiable. The party you wish to contact may be offline. Some alternate methods for making contact include:. All transactions that may occur are conducted directly between counterparties, without any participation or intermediation from bitcoin-otc. As such, it is each individual's responsibility to conduct due diligence on their counterparties, and otherwise act in a prudent way to avoid falling prey to fraudulent users.
Below are some guidelines that you should consider when engaging in OTC transactions. When you trade OTC you engage in a transaction with people you possibly know nothing about. You may send your BTC to the person, and never get anything back. This is a highly undesirable outcome for you, and you should do your best to guard against that. If you do not have a history of previous transactions with this person, or otherwise do not trust your counterparty, there are several mechanisms you can use to mitigate the risk of fraud:.
Additional warnings, just in case the above was not enough. When trading BTC for reversible methods such as paypal or credit card transactions , beware of chargeback risk. It is strongly recommended to avoid PayPal or credit card transactions with persons of unknown reputation, since even with escrow, your counterparty may chargeback the PayPal funds after receiving the BTC. One possible way to partially mitigate the chargeback issue with PayPal is to use the "personal" transaction I like the 'payment owed' type , making sure they come out of PayPal or bank balance rather than credit card.
These transactions cannot be charged back via the usual method claiming non-delivery of goods by seller , and as a bonus, incur lower fees 0 fee for within-country, and a 0. However, even these transactions may be reversed by PayPal, if your counterparty either uses a stolen PayPal account, or fraudulently claims that his account was stolen and the transaction was unauthorized.
So it's best to avoid PayPal when dealing with counterparties with no reputation. Further, PayPal has stipulated that trading Bitcoin is against their AUP, since they consider Bitcoin a currency, and currency trading is not allowed. There have been a handful of reported chargeback cases, and several high-profile account freezes by PayPal for bitcoin dealing businesses bitcoinmorpheus, and coinpal.
It is thus strongly recommended to avoid using PayPal for bitcoin transactions. See the payment methods page of the bitcoin wiki for notes on the various payment methods' suitability for P2P bitcoin exchange. In case of dispute, it is a great idea to have a double-gpg-signed contract prior to the transaction.
This way, if any party claims non-receipt of funds to an address, incorrect price, or other issues, you have a gpg-signed contract you can lean on. Of course, this won't help you if you have run into a scammer who is just out to take the money and run, but it will be helpful in case of a legitimate dispute between honest parties. Some suggested items to include in your contract text complete list may vary depending on nature of the transaction:. The procedure for creating a double-signed document is straightforward: Then party 2 verifies the signature, then clearsigns the entire clearsigned document, including all headers, and sends the double-signed document back to party 1.
Party 1 verifies the second party's signature, as well as own nested signature inside. Now, both are in possession of a double-signed contract document. It is prohibited to engage in activity that is illegal in your jurisdiction.
You must also follow freenode's unlawful activity policy. Retrieved from " http: Personal tools Log in. Navigation Main page Recent changes Random page Help.