Blockchain.com launches their own exchange - 'The Pit'

gentlemand

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Quote from: 100bitcoin on October 16, 2019, 04:05:48 PM

So, after almost three months, is anyone using it?

Since this thread went quiet yours is the first mention I've seen of it. And that mention is whether anyone else is mentioning it. Which they're not.

I guess we shouldn't be that surprised considering how quiet everything is but you'd expect a wee squeak somewhere at least. I presume they've planned and financed for extended deadness. If not this might be the last mention of it.

squatter

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Quote from: 100bitcoin on October 16, 2019, 04:05:48 PM

So, after almost three months, is anyone using it?

It doesn't seem like many people are. Aside from a couple 300+ volume days, their BTC/USD volume is usually below 20 per day -- probably not the splash they were hoping to make. They are performing considerably worse than Binance.US despite launching nearly two months earlier. I'm not sure why, but CMC also isn't reporting any data for them at all.

https://pit.blockchain.com/trade

100bitcoin

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So, after almost three months, is anyone using it?

NeuroticFish

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Quote from: gentlemand on August 04, 2019, 02:25:48 PM

What's the story behind inaccessible funds? I haven't used one of their wallets since it went HD but I recall some sort of backup file and the option to view/export the private key with the old school one.

I had to search back a little and this is what I got.
Two cases where are inaccessible funds, possibly because of bugs: this and this.
While searching I've found some alleged hacks too, but I don't know the story there, however, here they are: this and this.

Quote from: gentlemand on August 04, 2019, 02:25:48 PM

As for fees, in this day and age fee control is a must have. If it doesn't have that, let alone segwit, then I've no idea why anyone is bothering with it any more.

About the fees I was referring to this. Not fee control (which is indeed a must have today in a wallet), but the proper blockchain explorer functionality. However, clearly SegWit related.

The Sceptical Chymist

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Quote from: gentlemand on August 04, 2019, 02:25:48 PM

As for fees, in this day and age fee control is a must have.

Word, that's why I don't use the Mycelium wallet anymore--and I haven't used a blockchain.info wallet in years. I think that might have been one of the first ones I ever used and I do recall there was an issue with the fees. Or it could have been that I didn't understand it enough at the time.

Quote from: squatter on July 30, 2019, 06:53:38 PM

Probably not. I don't think they'll be allowing unverified accounts

Not a chance these days if an exchange wants or has to be legit. I don't do any trading, so I won't be using the Pit, but I wouldn't want to be a guinea pig for a new crypto exchange anyway. I've been around long enough to see too many of them run away with their customers' funds, no matter how legitimate they seemed. Lots of luck to anyone who does try them out.

gentlemand

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Quote from: NeuroticFish on August 04, 2019, 02:19:59 PM

What I mean is the people crying they cannot access their funds, especially old accounts since they were .info (probably small number of customers, still...), or the fact they still don't show properly the tx fees (small issue, but it bugs me Wink

)

What's the story behind inaccessible funds? I haven't used one of their wallets since it went HD but I recall some sort of backup file and the option to view/export the private key with the old school one.

As for fees, in this day and age fee control is a must have. If it doesn't have that, let alone segwit, then I've no idea why anyone is bothering with it any more.

NeuroticFish

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Quote from: gentlemand on July 30, 2019, 05:50:14 PM

This kind of came out of nowhere.

Typical approach. While they lose market share because people leave their site or simply start with something else, they launch new product instead of fixing first their issues.
What I mean is the people crying they cannot access their funds, especially old accounts since they were .info (probably small number of customers, still...), or the fact they still don't show properly the tx fees (small issue, but it bugs me Wink

)

OmegaStarScream

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Quote from: gentlemand on July 30, 2019, 05:50:14 PM

-snip-
Will you be partaking in their offering?

What are the odds they never implement Segwit and never batch on Roger's orders?

I wouldn't use them because my country is not supported and even If it was, I wouldn't be willing to go through KYC.

As for SegWit, then I wouldn't count on it. They made a blog post on November 2017 claiming that they'll fully support SegWit in their wallet by 2018 Q1 and that never happened so there is absolutely no reason to expect it now.

o_e_l_e_o

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Quote from: gentlemand on July 30, 2019, 05:50:14 PM

What are the odds they never implement Segwit and never batch on Roger's orders?

Given that their block explorer can't even handle SegWit addresses, there is pretty much zero chance their exchange will be able to handle them.

A quick look round their website makes this look like just another exchange. I'm not seeing anything new or innovative on their part. Their feature page (here: https://pit.blockchain.com/features) does a good job of trying to make them sound ground breaking, but there is nothing on there that other exchanges aren't doing already. Every good exchange has customizable charting, has good liquidity, has fast transactions, has a live order book, has a support team, and so forth. I also laughed at their "other exchanges have too many coins" nonsense.

Also seems like they aren't widely available: https://pit.blockchain.com/availability. Seem to be mostly focused on Europe, with a handful of other counties, and only 19 US states.

rdbase

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With them offering an exchange out of the blue like this it is no surprise because it is looking like they wanted to compete with coinbase from the very start. https://www.cnbc.com/2019/07/30/bitcoin-blockchain-launches-crypto-exchange-to-take-on-coinbase.html
They got alot of people to submit their kyc information just so to get xlm during the promotion of just needing to register for an account and send in your docs to them so to get the free stellar lumens.
So they were up and coming with something in the works eventually.
Might actually give this exchange a try since I have been using their wallet for a few years and like the rates they were giving on the swaps from litecoin to ethereum.

Interesting article about their fees too:
"The startup is waving trading fees for the first 30 days. After that, in addition to spread, you’ll pay 0.24% in taker fees if you trade less than $100,000 per month, and 0.14% in maker fees. Fees get lower after that threshold, but you should probably consider an OTC desk for large transactions.
That’s 0.01 percentage point lower than Coinbase Pro fees, 0.02 percentage point lower than Kraken fees if you trade less than $50,000 per month and on par with Kraken fees if you trade between $50,000-$100,000. Binance fees are lower, but I don’t think The Pit and Binance address the same market."
source: https://techcrunch.com/2019/07/30/blockchain-the-company-launches-an-exchange-the-pit

bitmover

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Quote from: gentlemand on July 30, 2019, 05:50:14 PM

What are the odds they never implement Segwit and never batch on Roger's orders

This is the biggest problem supporting bch , not supporting segwit... This ridiculous drama between BTC and bch should be over already.

However, I believe this will be more positive than negative for the ecosystem.
Blockchain.info wallet was a great deal when I bought my first 0.1 BTC (when it wasn't worth much). It was easy to use, allowed me to have my private keys(so I learned a little very fast).. nice UI.

We still lack good exchanges. Kyc is not that big deal if the exchange is reliable. Who can't buy stocks without ky, for example.

I agree we shouldn't give our documents to any website, and I don't know if this one can be trusted or not. But
, investors need to do kyc to use fiat , we can't run away from that. And that's not a problem if they are not selling our docs to shitful icos or shady websites.

fosamede

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They certainly do have some good reputation to build on. blockchain.com is one of the most popular and older hot wallet. A zero fee to blockchain wallet is a good deal. Segwit is unlikely
"The PIT", cool name for an exchange

squatter

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Quote from: gentlemand on July 30, 2019, 05:50:14 PM

Will you be partaking in their offering?

Probably not. I don't think they'll be allowing unverified accounts, and I've already done KYC at Coinbase Pro, who I assume will have deeper order books and also more altcoin markets. I don't see what Blockchain is bringing to the table, unless every other exchange breaks during the next bubble and Blockchain's trading engine really is superior. We'll have to wait for the next bubble to find out, though.

Quote from: gentlemand on July 30, 2019, 05:50:14 PM

What are the odds they never implement Segwit and never batch on Roger's orders?

Not implementing Segwit is basically a sure thing. I hope they batch transactions, though.

gentlemand

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https://pit.blockchain.com

https://blog.blockchain.com/2019/07/30/meet-the-pit-the-worlds-fastest-crypto-exchange/

https://blog.blockchain.com/2019/07/30/peter-smith-on-why-blockchain-launched-an-exchange/

This kind of came out of nowhere.

They're claiming super low latency, a system put together by people from firms like NYSE, TD Ameritrade, Google, Goldman Sachs, UBS, Interactive Brokers, and Revolut, USD and EUR pairs and fast transfers to blockchain wallets.

Will you be partaking in their offering?

What are the odds they never implement Segwit and never batch on Roger's orders?

Topic: Blockchain.com launches their own exchange - 'The Pit' (Read 190 times)