I'm Gonna Be Sick šŸ¤® - Lost Money on Trade

Incognito is doing a great thing adding the warning, that is not the point.

It is not a new user issue, it happens to people who think they know because they are familiar with other systems.

The warning will help, but donā€™t get your hopes up too high for this not happening again in the future.

It is an online issue, people donā€™t read.

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I think youā€™re wrong (speaking from experience here - obviously). I was very cautious and slow making sure I was exchanging the right coins, right amount of PRV was being withdrawn and that my wallet address had copied over fully. The issue came from me never having dealt with liquidity pools not being able to handle my trade volumes. I would have never imagined a pool could be so low to where I wouldnā€™t receive the initial price I saw of 1 PRV equaling 0.79Ā¢. Do you think this would have been an issue on any other exchange that has normal liquidity volumes? Absolutely not.

Part of the reason I never would have imagined the liquidity would have been so low is because I actually supply liquidity to the pool and the interest rate for ETH is highest of all at 8.5%. I understand that the pool size is shown on the trade screen but again I checked 1 PRV to ETH and saw 0.79Ā¢ and didnā€™t comprehend that the amounts shown equalled to a low liquidity.

I absolutely 100% believe there needs to be one or both of the following:

:1st_place_medal: Price displayed in USD (or native currency) that youā€™ll actually pay per coin. (exchanging 80000 PRV for 2 eth. ~0.000000000000000000003usd per PRV).

:2nd_place_medal:Warning: The liquidity of this pool is low. Trading this pair could lose you money.

:three: (For good measure) Warning:!!! this coin pair is of such low liquidity itā€™s complete :dog2: :poop: and we shouldnā€™t even allow it to be shown on the app until the liquidity is at a stable and appropriate amount. :chart_with_downwards_trend: Please instead post your private key of your wallet in the forums. :unlock::old_key:

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I think this is a good idea, tooā€“straight up preventing trades that convert too lowā€“but I feel it may require a balancing act.

On one hand, itā€™s good that users get to choose what rate is too low for their own trade. Their money, their choice. On the other hand, itā€™s hard to imagine a scenario where a user would willingly lose more than $2k on a low-liquidity tradeā€“unless they were in an absolute emergency or were after some kind of capital loss tax advantage.

So, we have to ask, whatā€™s better? Absolute freedom with some high risk, or regulated freedom where risk has been mitigated but some choice has been taken away from the user? Something for the community and devs to ponder, I guess. Perhaps the warning is the middle ground.

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I second this!

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Right mate. Feel free to DM me your private keys :joy:

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@Jared Iā€™m sorry to hear about this.

This is why regulations are imposed and enforced on public exchanges.

But is pDEX regulated? Probably not.

Why do I feel as if this could actually become a legal issue somehow in the future.

Letā€™s. Hope. Not.

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Your error happened while trading. What you did before or after is irrelevant.
Unless you are using another version of the app than me.

When I enter 1 PRV -> ETH is shows I will receive 0.004035128 ETH at the moment.
When I go for 8000 PRV I expect 8000 x 0.004035128 (ā€­32.281024ā€¬), but when I change 1 into 8000 the screen shows I will receive 19.125861038 ETH instead.

That would be a great moment to not proceed. You hit trade nonetheless.

You are then presented with another screen that still shows this not so great deal. Another great moment to not proceed. You hit confirm nonetheless.

It is not that I donā€™t feel for you. Man you lost a lot.
I am also not saying a warning doesnā€™t help.
I am just saying it is not like it was in small print, and if people donā€™t read the warning when it is added but automatically hit the button, this will still happen in the future.

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Wow how did you accumulate so much prv so quickly? And yea Iā€™m surprised the amount of Eth was so low. Thatā€™s what 30 Eth?

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The best course of action going forward would be the following:

When a user clicks the trade button and selects a low liquidity pair a red box pops up stating:

Warning

The trade pair you have selected has a rather low liquidity and therefore might result in below average price conversion. It is not recommended to currently trade this pair.

Cancel (which is black background)
Continue (which is light gray background)

The users main reaction is to click the darker of the two buttons so itā€™s best to have the cancel button be the darker of the two.

I can do a mockup of what this should look like later.

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@nikolakr @Gold @wolf @Rick_Shah @duy @Mike_Despo @Jamie @nchicong

Another user who lost money do to how crypto is traded on the app. Luckily they didnā€™t lose as much as I did but any amount is too much considering they are just trading.

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Yeah the true issue in this flaw is not the amount lost mid-trade, but the actual miscalculation and/or misrepresentation of the trade itself. I believe the Incognito team is going to fix this soon. I still feel for you @Jared

I hope they put that warning into the pDEX soon. In bright red.

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@Mike_Despo we are adding it. will be part of pdex v2 release in 2 weeks. cc @ning @tien

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I dunno if it is possible, but if the dex could show, when someone has say, ETH-PRV, that there is an auto pop up that says, ā€œthe best trade ratio is ā€˜xā€™ for this liquidity at this time, purchase this amount or choose another amount to purchaseā€.
At that time you MANUALLY enter in your own number if you want.
Bam, problem solved. If itā€™s even a possibility for that to happen? :smiley:

Awesome, good to hear!

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I guess, all swap dex is base on this formula https://ethresear.ch/t/improving-front-running-resistance-of-x-y-k-market-makers/1281 .

lesson learn to be careful if swap with large amount.
in crypto world. some one loss, some one profit. weird world.