I'm checking, and I still don't understand anything. I was only able to place one HBD bet a while ago, but I can't see what I've gained from it. I don't know where to view my history or where I can use the pool.
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HBD staked under Magi, gets you also the same as if it would be staked HBD on Hive.
https://peakd.com/@angeluxx/wallet/vsc
But on top of it, it gives the Magi network equivalent of the RC's on Hive.
So, HBD is basically required to transact on Magi.
Magi is like a second layer of Hive. We can send HIVE/HBD to Magi network (which is called mapping) and form it (unmapping).
Then, inside the Magi network, we can put HBD/HIVE/BTC into pools and get a % of fees when people swap across them.
Later, when there are more tokens there, it will be easier to understand.
The big difference between Magi and, let's say, an Exchange, is that on Magi you will not need to KYC or trust a single organisation.
Still all very new... don't worry. Explore at your pace. Ask little specific questions if you have them, and I will help. For me, it becomes hard to help with a wider scope sometimes. And I need specific struggles people have in order to help.
I want to do this: use the liquidity pool of magic. The first thing I should do is send from my Hive wallet. Is sending hbd to Magi?
Lets use the example... you want to swap HIVE to HBD via Magi and then withdraw the HBD to Hive mainnet again.
Then the route is...
Done, you have used Magi network to swap HIVE into HBD.
The importance of this, is that because the Hive internal market has different prices from what the pool on Magi has, one can do these movements of money (sometimes, not always) and "win" some bucks. This is called arbitrage.
Now, the second part...
If you have both HIVE and HBD on Magi, and you add it to the pool (costs RC from both Hive and Magi). Then, if anyone (including yourself) swaps through that pool, you and all the olders of that pool liquidity get a percentage of that fee equal to the amount of liquidity they hold on the pool.
Under low volume (low amount of swaps in the pool) this is not anything, but under high volume, it can be more lucrative than trying to trade sometimes. Simply because you don't have to do anything... and all the volume and market fluctuations, will incur some profits for the pool based on the flow of the swaps that happen in order to make the pool equal to other places (because when you flow too much in one direction, the prices of each pair inside that pool, change... and it forces the oposite side to be more attractive to be swapped, balancing the situation).
Lots of information in this comment... let's check where you are, and I can go from there. What did you do or not understand?
This would probably be better explained in portuguese LOLOLOL maybe you understand my language better than my English :D Problem is, I probably know less how to explain this in Portuguese than in English LOL, almost 12 years in NZ, kind of breaks the flow, even if I speak Portuguese daily here.
I want to do this
First lets make sure you understand the swaps, this one is just add and remove liquidity but you neeed to have it on Magi first.
Also, use small amounts of things to test. Helps always.
I'm understanding, I just have one question. Do I have a BTC wallet in Magi? And if so, where can I get BTC to transfer to Magi?
I have just commented on the other comment. See if that answers the question first. If not let me know and I will try to explain.
And now trying to understand more... you can also swap HBD to BTC via the Magi pool if you want. And then if you still have some extra HBD, you can add it to the pool afterwards.
What is this for, and why does it need a username and address? Who receives it?
In the case of your print screen, you are selecting source "Hive mainnet" and as a target the Bitcoin network. Because Hive does not know about the Bitcoin network, the swap will need to first transfer HIVE from the mainnet into Magi, and then because Magi can swap from HIVE to BTC, it will need a BTC address in order o perform the swap.
So, in this case what the UI is asking is for the receiver which is a Bitcoin address.
If you try the HIVE to HBD its easier to understand because you can only thing "HIVE".
If you don't know how to get a Bitcoin address you can click "deposit" Bitcoin on the main interface, and it will show your associated BTC address for your Hive account on Magi.
Hope this helps. Lets keep this going.
Ajá And if I want to have BTC in Magi... Magi provides me with a wallet, and where do I send BTC from to Magi?
Correct.
BTC is just another crypto... there are multiple places/people around the world that have BTC addresses (including crypto exchanges) and you can send BTC to them via a BTC address.
Or, you can just hold BTC (I am using BTC as an example here) because you believe the price of it is going to get higher in the future (and then you can trade BTC for another crypto or fiat/Dollars/etc).
To add "liquidity" to a pool of Magi (and currently there are only 2 pools) you always need to have liquid (in Magi) of the pair. So if at pool price, 1BTC is 1Million HIVE, then that's a 1/1Million ratio. Which means if you want to add 0.0000000001 BTC, you need at least 1 HIVE to be able to add the pair BTC/HIVE to the pool (this works in general the same way with pools everywhere, not just on Magi).
You can also receive BTC on your Magi associated BTC address (that you can check on deposit button). And if for example, someone else on the BTC network sends you some BTC, you will receive it there, by providing that BTC address to the other person.
So effectively I could send you BTC from my Magi BTC address, into your Magi BTC address.
We are not going to do it, because it has fees and unless you send large amounts its not worth it. But when doing such thing, it will appear on the BTC network, and in this case because you are doing it via Magi, also on the HIVE ledger (where Magi runs on top).