What is YDX?
YDX is a semi-automated escrow service that enables the trading of supported cryptocurrencies through a dedicated Slack team: https://ydx.slack.com.
YDX has successfully escrowed over 3100 BTC. This new service will enable quicker and easier trades with no limits on the escrowed amount and no documentation required.
The following tokens can be traded to and from BTC:
IOTA - KMD - NXT - ARDR - ETH - GB - GBB - WAVES - WLC - UNITY - PANGEA - DEX - DASH
How it Works
- You send BTC or altcoin tokens to an address provided by @ydx (via private message)
@ydx executes a command to deposit the accordant amount to your balance tracked by @bookkeeper
- You buy/sell token (this can happen as many times as you need)
- You send @ydx an address to withdraw the earned BTC/tokens
@ydx adjusts your balance and sends real tokens to your address
- Trades are taxed with 0% fee.
- Deposits/withdrawals are charged with 1% fee (rounded up).
- Min amount of a deposit/withdrawal is 20'000 microBTC/100 tokens.
- For instructions on how to trade once you have your tokens credited, type "HELP" in the #iota_btc channel.
- Provide @ydx with a BTC and IOTA address so you can receive your funds in case the slack cannot be reached.
- For each deposit, a new address is generated. This is required so @bookkeeper can keep track of balances.
- Tokens and microBTC for fees are always rounded up. (1 unit for 2-100 units, 2 units for 101-200 units etc.)
-Alice contacts @ydx and says "I want to deposit 50 BTC"
-She sends 50 BTC to an address provided by @ydx
- Once 50 BTC are confirmed, @ydx types "GIVE 49.5 BTC TO @Alice (1% fee included)
-Alice contacts @ydx and says "I want to withdraw 200 Miota"
-@ydx executes "TAKE 200 Miota FROM @Alice"
-@ydx sends 198 Miota to Alice (1% fee included)
-Alice contacts @ydx and says "I want to deposit 200 Miota"
-She sends @ydx 200 Miota
-Once 200 Miota are confirmed he types "GIVE 198 Miota TO @Alice" (1% fee included)
-Alice contacts @ydx and says "I want to withdraw 50 BTC"
-@ydx types "TAKE 50 BTC FROM @Alice"
-@ydx sends 49.5 BTC to her (1% fee included)
Important: you can choose any name on slack, only the @-names are unique.
Make sure that you are talking to @ydx!