LocalMonero now supports price formulas! This feature will be especially useful for arbitrage traders, as they will now be able to use data from different markets together in order to set their price

#1

This one was a long and hard one, but we’re finally releasing it. Price formulas!

What’s that?

You can now write a formula using different variables and functions to craft a price that will suit your needs much better than a simple margin below/above market price. The variables are representative of market data. To access this function, simply select the third price input mode called “price formula” during the ad creation or edit process.

We pull data from the following sources:

  • CoinGecko
  • Bitfinex
  • Bittrex
  • EXMO
  • HitBTC
  • Huobi
  • Kraken
  • Livecoin
  • Poloniex
  • UPBit

All these sources will have all the XMR-related tickers available, in as many quotes (ask, bid, low, high, open, last) as is provided by the source. CoinGecko will also have tickers available for all the other cryptocurrencies that are traded on the site. There are also variables to convert between USD and all other fiat currencies.

Examples

  • 5% over the average XMR/EUR market price: coingeckoxmrusd*usdeur*1.05

  • 5% below the highest among the XMR/USD Bitfinex low price and the XMR/USD Kraken last price: max(bitfinexxmrusdlow,krakenxmrusdlast)*0.95

  • 0.001 BTC over the market XMR/BTC price: coingeckoxmrbtc+0.001

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#2

Hi Alex,

Sorry but I really think you and Tony have been spending your energy and time absolutely the wrong way.

The formula is way too complex and confusing to be really useful. And it’s error-prone, thus dangerous to put it to your money.

This site right now is in dire need of promotion instead of some pricing formula. Taking it to places where people would’ve been interested in monero, one way or another. Ads would be helpful. And some promotion videos uploaded to some places like Youtube would be helpful too which would cost you NOTHING. There’re tons of ways to promote without you spending a dime. Work them out and work on them!

You guy need to make this site really UP and RUNNING instead of letting it remain pretty dead without virtually anyone coming and trading. You need to make this site a well-known exchange for producers and collectors. But as far as I know, only an extremely few of them seem to be aware of localmonero.co. I mean here in mainland China. Nowhere at any social media and forums can you find any reference to localmonero.co. Localmonero.co is basically non-existent, so to speak.

I’m myself a miner and trader and I think I would hang on at this site for as long as possible. I really love to see it as a prosperous flourishing trading platform.

Best luck!

Leo

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#3

@leosmonero

People to whom it is too complex and who are afraid they might make errors have the option to use one of the other two price input modes as before. We’ve had plenty of people using the formulas and it really helps people narrow down their margins when they buy off of exchanges like Kraken to resell on LocalMonero.

We have plenty of presence on English-language forums and social media. You’re free to contact us on telegram @LocalMonero to discuss which Chinese forums it would be a good idea to post on, we’d be happy to hear your specific suggestions as someone who is active in the Chinese Monero space :slight_smile:

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#4

They usually don’t read any English social media and forums. And they don’t speak English. The better part of the whole world of Monero miners and collectors are non-English speakers. I mean the Chinese ones. You should try to get to them using simplified Chinese.

I don’t know how to put it the perfect way, something like “get earthy” maybe, you know. Down to earth, 接地气, something like that.

Best regards,

Leo

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#5

I wasn’t implying that Chinese should read English-language media, I was just replying to your earlier paragraph that we don’t have any social media presence.

As I’ve said, please contact us on Telegram @LocalMonero and tell us exactly which Chinese forums we should post to, and we’ll gladly do so. :grin:

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