A Good Friday Special, by Blockbar • π • March 30th, 2018

workshop pre-info

 

 Become a market maker

using your Raspberry Pi 

Wait, what is this exactly

  • In the year 2018 DEXs will become main stream
     
  • Using a DEX has many advantages compared to a CEX
    If you own crypto, you want to use a DEX
     
  • BarterDEX is a good DEX
     
  • Offer liquidity => Support this DEX & Earn money
     
  • In this workshop you learn how to be a Liquidity Provider
     
  • You could use a Raspberry Pi to run BarterDEX 24 / 7

DEXs become main stream

If you are using cryptocurrencies, you know how to trade coins/tokens. You can use centralized services like Binance/Poloniex/Kraken/ShapeShift. Or decentralized services like ...

 

Bisq?

 

There are not many decentralized exchanges (DEXs) in use yet. Partly this is because of the lack of liquidity. This will change.

 

In the year 2018 DEXs will become main stream.

What? #1

DEX > CEX

Ok, so Decentralized EXchanges will become main stream. This is nice, because it makes life safer, easier & more fun.

  • If you are using a centralized exchange, the exchange owns your money. Even worse: Its software manages your balance in a centralized way. This is a huge risk: This potential single point of failure can lose your money. It could be DDOS'd, therefor unusable. You don't want a few developers managing your money + billions of other people.
  • Centralized exchanges do not always let new users sign up, because too many people want to start using crypto these days.
  • If you want to use a centralized exchange, you have to send in a photo of you holding your full passport & sometimes even your signature. This gives a big risk for identity theft: Your photo/password/sig will end up publicly available.
  • There is a limit on the amount you can withdraw per day. Often you can give away your funds to the business that created a Centralized EXchanges easily. More difficult is it to withdraw from the CEX. Risks.

Using a DEX has many advantages compared to a CEX.

What? #2

BarterDEX is nice

One of the most promising decentralized exchanges is BarterDEX. Partly this is because it swaps coins directly from coin to coin without using a proxy token. It's really just a protocol for swapping of coins using the native blockchains of the two coins you want to swap. BarterDEX is also promising because the development of everything related to it goes extremely fast and is well thought out.

 

You can already use BarterDEX (beta) for a few months now. It works. Now it has to grow.

BarterDEX is a good DEX, in heavy development.

What? #3

You can be liquidity provider

No one will use a DEX which order book is empty. From the beginning there has to be an order book of asks and bids to make it an interesting platform to use.

 

You can be the one that fills the order books with coin pairs for others to swap. If you give liquidity to BarterDEX, you can have more profit on trades than you'd have on centralized exchanges. In example: on every trade done by others you might earn 5% of profit. This gives you some easy money, and you support the adoption of the DEX.

Offer liquidity => Support this DEX & Earn money.

What? #4

End of workshop: You = LP

LP stands for Liquidity Provider. At the end of this workshop

  • you know the basic concepts of BarterDEX
  • you have installed BarterDEX
  • you have used BarterDEX
  • you have a LP node running
    by offering trade pairs to others, you'll earn money

In this workshop you learn how to be a liquidity provider.

What? #5

To make it easy to have your LP node online 24/7, you could install BarterDEX on a Raspberry Pi (= cheap computer). Alternatives are running a bigger PC full time or renting a server.

Optional: Use a Raspberry Pi

A Raspberry Pi is a fairly cheap mini computer that can run Linux, Android, Windows and other operating systems. The computer doesn't need a lot of electricity. Because it's small it can easly run next to your router, fulltime. This makes it easy to use as a 'home server'. In example for videos, photos, your website(s), email, home automation. Or Storj / Golem. Or use the Pi for running BarterDEX.

You could use a Raspberry Pi to run BarterDEX 24 / 7.

What? #6

To make it easy to have your LP node online 24/7, you could install BarterDEX on a Raspberry Pi (= cheap computer). Alternatives are running a bigger PC full time or renting a server.

What do I need?

Basics:

    1  Some knowledge of using cryptocurrencies
    2  Curiosity (so no fear of using a terminal :)
    3  A computer, preferably running Mac or Linux

 

If you want to be LP & want to offer liquidity to the network:

    * A Raspberry Pi
       find your shop, i.e. Kiwi Electronics)

    * A 2.5 A micro USB connection
       your phone charger, or similar

    * A microSD card, at least 16G
       i.e. this one

This is what you'll do

  • Install BarterDEX on your computer or Pi
  • Have a look around
  • Fund your smart addresses
  • Do an decentralized trade
     
  • Learn how to run BarterDEX from your terminal
  • Define what coins you want to auto trade
  • Run BarterDEX on your Raspberry Pi on startup
     
  • Learn how to refund once a while

 

This is a lot of new stuff

If you prepare, it might save time and give some extra understanding.

 

These are some resources you could check:

    * BarterDEX whitepaper v2

    * BarterDEX section (Part III) in Komodo whitepaper

    * Video showing the BarterDEX graphical user interface

    * Download BarterDEX (you need to use a terminal to use it)

 

More advanced stuff:

    * BarterDEX FAQ (in docs)
 

this Good Friday Special is brought to you by

 

blockbar

 

meetup.com/blockbar

 

twitter.com/blockbar070

Blockbar BarterDEX LP Workshop d.d. March 30th, PRE-INFO

By Bart

Blockbar BarterDEX LP Workshop d.d. March 30th, PRE-INFO

Some info about decentralized exchanges. You could check these slides to get an idea about the workshop on March 30th @ Blockbar The Hague. Meetup event: https://www.meetup.com/blockbar/events/bwwqkpyxfbnc/

  • 1,796