What information does an exchange, such as Poloniex, need to list my token on their exchange? Do I give them my counterpary wallet? What exactly do they need so that their members can buy my token? I also own a coinvend machine through Coindaddy.
The reason it’s confusing for me is the price fluctuations. On my coinvend I can change the price; but if the price is fluctuating all the time how do I adjust for that? I just really need input here. Anyone who can help me I’d be indebted to you. I’m assuming I could point them to my counterparty wallet; but I could be completely wrong. I’m just guessing. Help!!!
If your token is redeemable for a service or product you offer, it seems to me floating the token on Polo wouldn’t really benefit you much. Are there incentives for buyers to hoard on what you deliver?
For example, if you have OILCOIN that represents a fixed quantity of crude, some may want to hoard the token now and cash out later if the price of oil goes up. Assuming they believe you will be able to deliver.
But if you provide CONSULTHOUR, how many you can actually float? You could float 1000 tokens (not many) and it’d be likely that people would want to hoard it, or trade in it.
Long story short, it’d have to be something that makes sense.
In case they did float a your token they wouldn’t ask you for your Counterwallet address, but you should ask them.
As long as people can acquire coins through coinvend, they can send it to their Poloniex deposit address and sell it there. Others can buy it from those who sell. So no external details would be necessary.
Technically you could send few hundred coins to your Poloniex deposit address and act as market maker (and be the first seller), but again, that sounds a bit strange (may be considered unethical, too, I don’t know).
Just thought to add this: coinvend is a convenient way to sell and buyers don’t have to know much about Counterparty.
DEx is more complicated (you can use testnet or make a free test trade from 2 different address from within your Counterwallet - you need testnet bitcoins for that - search the FAQs for “testnet”), but maybe in your case it could be used to buy back unused tokens.
For example someone buys 5 CONSULTHOUR and doesn’t use more than 4.
They can sell the remaining token on the DEx and you can buy it back there at a 5% discount.
That way you can simplify your customer support (that is, you tell people: we buy back unused tokens at a 5% discount).
Then, you monitor the DEx for any CONSULTHOUR sell orders, and when you see one, you buy it back.
Issues with this approach:
a) Anyone can do the same, so someone who may want to buy 3 CONSULTHOUR tokens from coinvend may snipe the DEx for sell orders. I think this is fine, and actually may even be desirable. Depends on your viewpoint.
b) Because DEx prices can be denominated in XCP or any other Counterparty token, they tend to be less stable, so if someone creates a sell order for say 50 XCP (which amounts to 95% of your current price) and within 7 hours XCP goes up or down, you may not want to buy it, or you may end up buying it at 80% of your current price at coinvend). So they’d probably complain in some cases.
c) Counterwallet currently doesn’t support denominating assets in BTC (it’s a long story, but it’s explained on the forum, search for DEx articles to see more about it), but the Counterparty protocol still does. So I assume with Indiesquare Wallet your customers could price their CONSULTLHOUR in BTC and it would be easy for them to do so (check your coinvend price and sell their CONSULTHOUR on the DEx for 90% of that price.)
Since BTC is more stable than smaller Counterparty tokens, this could work out to everyone’s satisfaction, but you should give it a try to understand it and decide whether it’s acceptable to you and your customers.
There are some details that are important but I can’t repeat them here, for example by default orders are active 1000 blocks and then they expire, and take couple of confirmations to appear (for the order transaction to be processed by the bitcoin miners), so after your customer places a sell order for CONSULTHOUR, maybe 15-30 mins later it’d appear on the DEx, and within 1000 blocks (1 block is approximately 10 mins) it’d expire unmatched if no counter-offer is made, so if you missed that window they’d only spend the bitcoin transaction fee and be upset.
And last but not least, another workaround is you could probably ask CoinDaddy to help you create another coinvend that sells BTC for CONSULTHOUR (that is, you would buy back your CONSULTHOUR through this vending machine).
Edit: another wallet that can interface to the DEx is XCP wallet which works as Chrome plugin (no mobile):