Reducing the amount of market order
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I propose to discuss the idea of reducing the amount of the market order. This can be useful if you change your mind to buy some of the resources and in order not to re-create the order (and not pay tax on creating a new order), it can be reduced. That can be implemented in 2 ways:
- Make changes to the extendOrder method so that it supports negative numbers (maybe it will break someone’s code).
- Add a new reduceOrder method.
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Could this be accomplished similarly by canceling the order once you have enough of the desired resource? I'd presume in a system where you could go negative on the order you'd not get the credits back.
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How about just not put in big orders. It's not like you can't make it bigger any time you want, dozens of times an hour, 24 hours a day if you need to.
The only reason I can see to even do this is to manipulate the order listing by having a zero amount order that exists forever, and thus, will always be at the top of the list when activated. We need less of that, not more.
Don't get me wrong. I think the 'market' needs some serious fixing. But not like this. As such, my counter proposal is to change the list order to favor NEWER orders if the price is the same. Then people would just cancel the order and put in a new one instead of feeling the need to go through these gyrations to keep ancient orders alive. Think of the extra cost of cancelling (loss of deposit.) as a tax for abusing the market.
Fair disclosure: I abuse the list order all the time by putting in small orders and increasing then as they get low and changing the price to move them around.
If I couldn't do that without incurring an extra fee, I would just ratchet the price down faster instead of trying to match the best price... thus facilitating better "price discovery" for all.