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Bitcoins - digital currency Bitcoins - digital currency

04-08-2013 , 10:48 AM
Big finance noob here but what happens when there is a 15 usd gap between buyers and sellers. No volume is made ? Or most people buy instantly and it doesn't show up in the order book ? (talking about BTC-24 btw)
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04-08-2013 , 10:53 AM
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Originally Posted by daddyrnac
Dip after it hits 200?
nope
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04-08-2013 , 10:59 AM
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Originally Posted by daddyrnac
Dip after it hits 200?
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Originally Posted by MarkyMark
Maybe, maybe not. Maybe go **** yourself
...
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04-08-2013 , 11:11 AM
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Originally Posted by BABARtheELEPHANT
Big finance noob here but what happens when there is a 15 usd gap between buyers and sellers. No volume is made ? Or most people buy instantly and it doesn't show up in the order book ? (talking about BTC-24 btw)
No sale is made until a buyer and a seller reach an agreement.
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04-08-2013 , 11:18 AM
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Originally Posted by daddyrnac
Dip after it hits 200?
When it was at 90-something I mentioned in an email to a friend that it'd be interesting to see if it sat at 100 for a long time or anything, and then I got sidetracked for a bit, by the time I actually sent the email, it was 107 or something.
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04-08-2013 , 11:36 AM
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Originally Posted by onemoretimes
Technically you are right. However right now, the more btc is worth, the higher the fee you pay. Hopefully they'll lower the fees to account for the rise.
The fee structure will be fixed soon. Core developer Jgarzik had this to say about it:
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It is widely agreed that the default fees need to be adjusted.

However, standard disclaimer: bitcoin is not, and never will be, a micro-payment or micro-transaction network.

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Perhaps the solution can also be a de-centralized sub-network that works similarly as BTC that deal with smaller transactions and only charge the standard fee when pulling out?
Yes, this is called "off-chain transactions" and it is a very good, very realistic solution. No matter how much bitcoins scale up, there will always a market for micro-payments and micro-transactions. It is predicted that micro-payment services, bots and networks will appear to handle this use case.
Quote:
Originally Posted by BABARtheELEPHANT
Big finance noob here but what happens when there is a 15 usd gap between buyers and sellers. No volume is made ? Or most people buy instantly and it doesn't show up in the order book ? (talking about BTC-24 btw)
Do not use bitcoin-24 to buy in USD. That exchange has the deepest EUR market, but the USD market is non-existent. Only ~100 bitcoins get traded on that USD market every day. Use bitstamp for USD trading. Bitcoinwatch has a list of all the exchanges and what volume they are doing. Notice how far down the list btc24usd is. If you hold a currency other than EUR or USD, use Currencyfair or Transferwise to wire to Bitstamp at super cheap currency exchange rates so you can trade on the USD market

To recap:
How to buy bitcoin: Wire money to bitstamp for USD or bitcoin-24 for EUR. Use Coinbase for US accounts buying under 1k per day. For amounts over 100k use localbitcoins, TC, the currency exchange forum, or mtgox. If you need bitcoins fast, use bitfloor and make a cash deposit to their BofA account like this poster. If you only have skrill, 2p2ers will do it for <5%. If you hold a currency other than EUR or USD, use Currencyfair or Transferwise to wire to Bitstamp at super cheap currency exchange rates. If you are new to bitcoin, make sure you have read the Bitcoin FAQ and Bitcoin Myths.
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04-08-2013 , 11:53 AM
does anyone else have preev.com up all day?

also, i hate the new mtgox chart appearance.
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04-08-2013 , 12:01 PM
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Originally Posted by Victor
does anyone else have preev.com up all day?

also, i hate the new mtgox chart appearance.
i prefer bitcoinity
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04-08-2013 , 12:09 PM
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Originally Posted by 1016
i prefer bitcoinity
Ditto
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04-08-2013 , 12:38 PM
best way to convert skrill to btc?
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04-08-2013 , 12:39 PM
The last few days have been pretty interesting. It seemed like the highs of last month were to due Cyprus. It seemed like the new highs after that were from the media attention of Bitcoin being at record highs of $30 or w/e. Then it was flat at $100. Later it was at $140. Now $196.

Idk if its a bubble or finally getting the enough attention and its value is accurate. Either way pretty exciting stuff, even if you aren't holding any. But it does help to have enjoyed the ride.
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04-08-2013 , 01:01 PM
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Originally Posted by 1016
i prefer bitcoinity
cool. hadnt heard of that one. i do like their graphs.
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04-08-2013 , 01:05 PM
god damn i put in a deposit for bitfloor but didnt get to the bank, knew a dip was coming and planned on buying it. fk
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04-08-2013 , 01:12 PM
Is actually nobody sceptical about bitcoin-24.com ?
I've traded 5-figures there fwiw, but doing so as a calculated risk against not paying any fees. Everything went down fine and i have nothing to complain.

Just wondering how much capital the guy/owner has to keep the place secure. If it gets hacked or "hacked" i know how the spin will be in the media about "free markets not working" rather than people being naive and stupid. Just seems rather weird since he could be making lots of money charging reasonable fees.

Yes it can happen at any place but this seems more likely to happen there (imo).
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04-08-2013 , 01:33 PM
Want to buy $5k-50k worth of bitcoins with skrill or stars or any poker site. 5% vig. This is for friends who I will vouch for.

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Originally Posted by ThinkItThrough
Is actually nobody sceptical about bitcoin-24.com ?
I've traded 5-figures there fwiw, but doing so as a calculated risk against not paying any fees. Everything went down fine and i have nothing to complain.

Just wondering how much capital the guy/owner has to keep the place secure. If it gets hacked or "hacked" i know how the spin will be in the media about "free markets not working" rather than people being naive and stupid. Just seems rather weird since he could be making lots of money charging reasonable fees.

Yes it can happen at any place but this seems more likely to happen there (imo).
By having no fees, bitcoin-24 has displaced MTgox as the deepest EUR market. Who knows how popular the exchange can get if he keeps the fees low. Capturing market share from gox is worth a lot. So many coins have been hacked now that every large exchange operator or business that transacts a lot of bitcoins (like sealswithclubs) knows to store the vast majority of the coins in wallets that are offline so that they are unhackable. They just keep a tiny amount of coins in a "hot wallet" that could potentially be hacked, but easily replaced.
Bitcoin FAQ
Bitcoin Myths

Last edited by sethseth; 04-08-2013 at 01:40 PM.
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04-08-2013 , 01:40 PM
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Originally Posted by Victor
cool. hadnt heard of that one. i do like their graphs.
The best part is when bitcoinity has pictures in the background. When BTC hit $100 there was a shot of the joker lighting a pile of money on fire.
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04-08-2013 , 02:06 PM
Thanks SethSeth, I opened an account at BitStamp.

Another question, BitStamp has the BTC going at 188.x while Mtgox has it at 183. What's to prevent me to book a riskfree profit buying it at 183@mtgox and selling it at 188@BS ?
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04-08-2013 , 02:08 PM
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Originally Posted by Victor
cool. hadnt heard of that one. i do like their graphs.
fml if this is considered spam but we have bitcoin charts on gold.net that you might like (just search "bitcoin") so i dont have to link it and look more spammy.

I asked for feedback earlier in the thread and am in the process of implementing some of it.
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04-08-2013 , 02:11 PM
I was watching the graph live at the time it broke $100, and little hundred dollar bills started raining down.
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04-08-2013 , 02:11 PM
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Originally Posted by BABARtheELEPHANT
Thanks SethSeth, I opened an account at BitStamp.

Another question, BitStamp has the BTC going at 188.x while Mtgox has it at 183. What's to prevent me to book a riskfree profit buying it at 183@mtgox and selling it at 188@BS ?
you might be able to get money onto mtgox in 5 business days if you're lucky
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04-08-2013 , 02:40 PM
If you want a good laugh, go ahead and read page 1 of his thread.
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04-08-2013 , 02:57 PM
Lots of interesting stuff going on now.

http://www.naturalnews.com/039830_bi...ble_crash.html
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04-08-2013 , 02:58 PM
haters are wanting so bad. pretty grate.
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04-08-2013 , 03:05 PM
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Originally Posted by DefendTheCult
lol

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Be warned that if you buy bitcoins today, you are essentially playing the lottery ....
who doesn't like a good gamble? the same **** was said at $12 and i was like fk it ill pass
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04-08-2013 , 03:16 PM
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Originally Posted by RAW_FORCE
you might be able to get money onto mtgox in 5 business days if you're lucky
i did it in 3 days from llyods bank for anyone from UK wondering, worked out great - low fees
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