Decrease minimum BTC trade order amount

[Hou5e]

[Slack conversation] For these (2) FLDC-BTC orders placed with FreeWallet; Xchain has an error message in the status: “invalid: btc order below minimum”
https://xchain.io/tx/1489632
https://xchain.io/tx/1489623

[Hou5e]

Which was the same error using CounterWallet about 6 days ago (which I know won’t work): https://xchain.io/tx/1488575

This sell order for 0.0035 BTC was OK (https://xchain.io/tx/1488496), but those other orders were lower amounts.
I’m not sure what the magic number is to meet the minimum BTC requirement. Do you happen to know?

(JDog) Is that something you can warn people of, and prevent Freewallet from placing invalid orders on the blockchain?

People Folding get about 10k FLDC a month, and it would be nice if the minimum BTC order size could be smaller?

[Hou5e]

JDog’s response:

CounterpartyXCP/counterparty-lib/blob/e875c45c586cc4fc840a59540a6d44bd03ee698b/counterpartylib/lib/messages/order.py#L436

I’ll update freewallet to throw an error if the BTC order total is less than 0.001 BTC
No such minimum BTC amount exists with dispensers

[Theknystar] mentioned for the BTC minimum limit: interesting… personal opinion but it should be lower.

There was also this thread about it:

.001 min_btc_quantity in counterpartylib/lib/messages/order.py

Is there a historical reason for min_btc_quantity being .001 in counterpartylib/lib/messages/order.py? (line 584 on current develop branch) In August of 2014, the CP protocol was amended to introduce a minimum for */BTC orders - specifically, no order would be matched if the BTC side of the order was less than .001 BTC. That was when Bitcoin was about $500, and such a transaction would carry a $0.50 minimum BTC size. Now the minimum is closer to $7, but earlier this year it was at $20. I canno…

[jdogresorg]

I like the idea of lowering the BTC minimum for DEX orders to something like 0.00001 (about $0.10 USD currently). This would make using BTC on the DEX much easier for smaller value amounts.

With the price of BTC continuing to rise, I think making this adjustment for the next release makes sense.

This would be a protocol change, so we would need to do a new release/version bump.

I’ll create a PR and if the consensus is that this is an acceptable change, we can get this change merged into the next release.

Edit: pull request created at https://github.com/CounterpartyXCP/counterparty-lib/pull/1070

Curious to hear @chiguireitor 's thoughts

[duncan]

The way I see it is that even if theDEX has an order out for each unit being valued at less than the average successful tx fee the whole order filled would most likely be for multiple units. Therefore I see no minimum needed.

[chiguireitor]

I would indeed like to lower the minimum, current one doesn’t makes sense at all.