I have been testing out the Burstcoin Online Web Wallet, and I am blown away by the speed and stability of the platform. The advanced Asset Marketplace, combined with all the various features like asset creation, asset payouts, marketplace product listings, crowd funding, and encrypted messaging, creates a booming ecosystem for today's Burst trader.
After extensive testing of the web wallet I am confident in saying that everything works, however I have come up with a an idea to improve the system based on my trading needs. The improvement I have come up with will greatly enhance the ease of trading Assets on the exchange. I also have a few critiques, and a security warning at the end of this post, so be sure to read this post and watch the video at the end if you are new to Burstcoin and have a wallet set up.
I am really impressed with the ease of buying and selling assets from inside the web wallet. It is simple, just click on the Buy Asset and Sell Asset buttons. It is so simple buying and selling you may end up with a lot of trade history to reconcile. The screenshot below is a portion of my trade history from the asset called assetmine. As you can see it is just a plain table of trades with alternating grey and white rows. After doing quite a few trades on the exchange it becomes hard to track which orders were buys and which were sells, especially when you start selling different lots, and offsetting lots etc. Unless you take meticulous records of every trade, it can be very tedious figuring out your cost basis, so plan ahead and keep track of your trades! So what did I buy, and what did I sell, can you figure it out looking at this?
Luckily there is an easy solution for this problem. What the Burstcoin Asset Exchange needs is simply color coding on the table rows based on it being either a buy or a sell. I.E. Red for Sell, Green for Buy! This is so simple, why is this not done yet? If this simple styling were implemented on the trading area, then I could just easily scan all the low green rows to see if I have any in the money. For instance on the Trade History above, to answer the question above, what did I buy and sell, the answer is simple. I bought 200 at 9.05 and then sold them for a small Burst Profit up at 9.52 and 9.50, small gains, however doing the trades were priceless because I got to learn about the system, and come up with ideas like these on what needs to be done to improve the environment. If it is an issue for me, I am sure it is an issue for other traders, so lets get these changes done!
Here is a screenshot that shows how much better the asset exchange will look with color coded trades. Looking at the image below you can now see how much easier it is to distinguish between the trades.
Burstcoin Online Wallet Security Warning!
If you are using the default passphrase setup with twelve separate distinct words, I urge you to update that password to a bigger more random string, one without just words. I was on Burstnation last night and I ran across a video by Adam Guerbuez demonstrating how he recently cracked a one word and a two word passphrase. It is only a matter of time before he will be able to crack a 3, 4, and 12 word passphrase wallet. Even though we are not worried about him doing anything, it does not mean the dao hacker would not be working on these right now. So save the world some panic, get your passphrase secured now so we don't have a problem if and when it happens! This video worried me enough that I ended up moving a lot of Burst out of the web wallet for now until I get my own account security upgraded with a new huge passphrase.
Here is the video I found on Burst Nation:
All in all I am very impressed with the Burst online web wallet, the Burst Asset Exchange, the Burstnation community, and everything else Burst. I think once the developers fine tune the burst platform, and add simple improvements like color coding buys and sells, then we will see a boon to the asset market prices on the platform as the liquidity rushes in because Burst traders will finally be able to trade and Make it Rain Burst!
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Burstcoin Image Source 1