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Topic: BTC exchcange rates (Read 3766 times)

vip
Activity: 608
Merit: 501
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May 05, 2011, 10:05:37 AM
#22
mtgox draws you by a virtual prices. Yet no one was able to withdraw a large sum in USD from it. The difference between money on the site and the money in your pocket becomes quite significant in this case. Why people do not understand this?

What the hell does this mean?  It sounds like you're saying the prices are wrong because you can't take the money out, but I just cashed out 390 MTGUSD for $390 in my paypal 15 minutes later.  Anyone with a bank account can withdraw directly from mtgox in a few days (normal banking timeframes) if they meet the $800 minimum.  If you are referring to the $1000 a day limit, there may be a point here.  However, I couldn't care less about that since I would be really lucky to need more than a week to withdraw my funds.  I'm a small player, and I like to imagine there are more like me than people with multiple thousands invested.  Cash inflows are good, but IMHO, the more distributed the coins are the healthier the economy will be.

Plus, we are working on lifting this limitation. This will however require filling some requirements (KYC-like, we cannot send huge amounts of funds blindly to just anyone, that's what the law says). More details to come~
full member
Activity: 182
Merit: 100
May 05, 2011, 09:53:31 AM
#21
Did you hear something? It's just like someone posted before me but… wait… we don't really care anyway.

Unlearn to speak for everyone

Unlearn to speaking bad engrish.  You are literally the only person on this forum that I can never understand.  I'm not sure if you're misinformed, or you just can't convey your ideas in our language.

mtgox draws you by a virtual prices. Yet no one was able to withdraw a large sum in USD from it. The difference between money on the site and the money in your pocket becomes quite significant in this case. Why people do not understand this?

What the hell does this mean?  It sounds like you're saying the prices are wrong because you can't take the money out, but I just cashed out 390 MTGUSD for $390 in my paypal 15 minutes later.  Anyone with a bank account can withdraw directly from mtgox in a few days (normal banking timeframes) if they meet the $800 minimum.  If you are referring to the $1000 a day limit, there may be a point here.  However, I couldn't care less about that since I would be really lucky to need more than a week to withdraw my funds.  I'm a small player, and I like to imagine there are more like me than people with multiple thousands invested.  Cash inflows are good, but IMHO, the more distributed the coins are the healthier the economy will be.
hero member
Activity: 609
Merit: 501
peace
May 04, 2011, 05:45:09 PM
#20
Did you hear something? It's just like someone posted before me but… wait… we don't really care anyway.

i care, thank you. And i will even pay attention to what you have to say. I know there is potential and the future is bright,
sr. member
Activity: 350
Merit: 252
probiwon.com
May 04, 2011, 05:19:17 PM
#19
Did you hear something? It's just like someone posted before me but… wait… we don't really care anyway.

Unlearn to speak for everyone
sr. member
Activity: 428
Merit: 254
May 04, 2011, 05:16:23 PM
#18
Did you hear something? It's just like someone posted before me but… wait… we don't really care anyway.
sr. member
Activity: 350
Merit: 252
probiwon.com
May 04, 2011, 04:45:40 PM
#17
mtgox draws you by a virtual prices. Yet no one was able to withdraw a large sum in USD from it. The difference between money on the site and the money in your pocket becomes quite significant in this case. Why people do not understand this?
newbie
Activity: 28
Merit: 0
May 04, 2011, 04:25:10 PM
#16
The problem I seem to find no solution for: if I want to integrate BTC into my webshop, I'd like to charge the same amount of "real" money in BTC ...
Is there any solution to that problem? If not, I'm not sure how bitcoin will move beyond speculation and drug trade :/
Welcome! There is no real problem, just make the price in BTC how you want it. Choose the $ price of MtGox or take more cause the risk, or less if you want BTCs or support this currency. If people have BTCs and want to cashout they may prefer shopping in BTC if it´s cheap or they prefer to cashout if they get more for their BTC. On the other hand you may buy BTC cheaper instead of running a shop and take a low price for your products. So it´s your decision. I think it depends on what is your priority: Support BTC (sell cheap), make money to cash out (sell expensive) or to make BTC to hold them (you may sell cheap and speculate).
newbie
Activity: 3
Merit: 0
May 04, 2011, 04:20:49 PM
#15
Thanks guys!

God, I love the disruptive potential of bitcoin. Here's hoping that it can be "dumbed down" a little bit more over time ... I'd love to see how the deflationary system plays out and of course, have the banks sweat :>
newbie
Activity: 8
Merit: 0
May 04, 2011, 02:59:06 PM
#14
This should be easy to do. You can programmatically access http://mtgox.com/code/data/ticker.php which gives the current exchange rates in JSON format, and use it to make the conversion during checkout. Or you can use MyBitcoin's shopping cart integration toolkit which has BTC-to-other-currency conversion functionality.
Better even, you can access the API of BitcoinCharts (http://bitcoincharts.com/t/weighted_prices.json) which gives you weighted prices from multiple exchanges for multiple currencies.

From the documentation at http://bitcoincharts.com/about/markets-api/ :

Bitcoin Charts offers weighted prices for several currencies at http://bitcoincharts.com/t/weighted_prices.json. You can use this to price goods and services in Bitcoins. This will yield much lower fluctuations than using a single market's latest price.

Weighted prices are calculated for the last 24 hours, 7 days and 30 days. If there are no trades during an interval (like no trade within 24 hours) no value will be returned. Prepare your code to handle this cases!

The returned JSON is dictionary with elements for each currency. Each currency has up to three key-value pairs: 24h, 7d and 30d.
donator
Activity: 2058
Merit: 1054
May 04, 2011, 02:48:42 PM
#13
Thanks for replying so quickly!

Am I correct to assume that those exchange rates are only valid for those exchangers? Do they usually equalize each other?

I have no experience trading bitcoins, so is there some kind of a rule of thumb I can safely go by?
For better or worse, the rates at mt gox are considered the de facto rates of exchange. There just isn't enough volume in the other exchanges. I'm fairly sure MyBitcoin uses mtgox's rates too.

As you can see here the exchange rate is known to have sextupled in a 3-week period, so I'd say there's no rule of thumb. Just use the latest mtgox rates.
newbie
Activity: 3
Merit: 0
May 04, 2011, 02:41:16 PM
#12
Thanks for replying so quickly!

Am I correct to assume that those exchange rates are only valid for those exchangers? Do they usually equalize each other?

I have no experience trading bitcoins, so is there some kind of a rule of thumb I can safely go by?
donator
Activity: 2058
Merit: 1054
May 04, 2011, 02:31:53 PM
#11
Hi there, first post Smiley

The problem I seem to find no solution for: if I want to integrate BTC into my webshop, I'd like to charge the same amount of "real" money in BTC (or a bit less, to incentivise bitcoin usage, doing my part and such Wink) that a user would pay for my goods any other way, such as paypal or moneybookers. At least, the amount of BTCs should reflect the *current* amount (say, at the time he checks out his goods at the webshop) of real money that a user would need to procure the required amount of bitcoins. Anyone getting that? Wink

I know that the exchange rate fluctuates, but there must be some way to display an amount that reflects the current exchange rate to "my" currency.

Is there any solution to that problem? If not, I'm not sure how bitcoin will move beyond speculation and drug trade :/

Thanks for any insight into this matter!
Welcome to Bitcoin.
This should be easy to do. You can programmatically access http://mtgox.com/code/data/ticker.php which gives the current exchange rates in JSON format, and use it to make the conversion during checkout. Or you can use MyBitcoin's shopping cart integration toolkit which has BTC-to-other-currency conversion functionality.
newbie
Activity: 3
Merit: 0
May 04, 2011, 02:13:33 PM
#10
Hi there, first post Smiley

The problem I seem to find no solution for: if I want to integrate BTC into my webshop, I'd like to charge the same amount of "real" money in BTC (or a bit less, to incentivise bitcoin usage, doing my part and such Wink) that a user would pay for my goods any other way, such as paypal or moneybookers. At least, the amount of BTCs should reflect the *current* amount (say, at the time he checks out his goods at the webshop) of real money that a user would need to procure the required amount of bitcoins. Anyone getting that? Wink

I know that the exchange rate fluctuates, but there must be some way to display an amount that reflects the current exchange rate to "my" currency.

Is there any solution to that problem? If not, I'm not sure how bitcoin will move beyond speculation and drug trade :/

Thanks for any insight into this matter!
vip
Activity: 1052
Merit: 1155
April 26, 2011, 03:39:00 PM
#9
This forum is a daily reminder to me of just how ingrained is the idea of central control in contemporary culture. An exchange rate is just assumed to be something centrally controlled by some agent like Mt. Gox, presumably working for Satoshi or something.

Reminds me of the Soviet officer who, when told there were no ID cards or residence permits in England, asked in confusion, "How do you know how much bread to bake?"

What are you talking about? Obviously someone smart sets the rate. If people did it on their own they would just pick a great rate for themselves. Okay, give me $1000/coin.
 Wink


The exchange rate is always between the price that people are willing to pay for bitcoins and the price people are willing to sell bit coins.
 
It is not set by any single smart person.  It is set by the aggregate demand and supply of all the players in the bitcoin/Dollar exchange market.
That's why it changes all the time.
hero member
Activity: 532
Merit: 505
April 25, 2011, 04:34:47 PM
#8
hm the wiki says mtgox accepts EUR payments, is that true ?
EUR funding of MtGox by SEPA direct deposit works flawlessly.
+1 for MtGox/MagicalTux  Wink
legendary
Activity: 1246
Merit: 1016
Strength in numbers
April 25, 2011, 04:16:38 PM
#7
This forum is a daily reminder to me of just how ingrained is the idea of central control in contemporary culture. An exchange rate is just assumed to be something centrally controlled by some agent like Mt. Gox, presumably working for Satoshi or something.

Reminds me of the Soviet officer who, when told there were no ID cards or residence permits in England, asked in confusion, "How do you know how much bread to bake?"

What are you talking about? Obviously someone smart sets the rate. If people did it on their own they would just pick a great rate for themselves. Okay, give me $1000/coin.
 Wink
full member
Activity: 140
Merit: 101
April 25, 2011, 05:19:10 AM
#6
This forum is a daily reminder to me of just how ingrained is the idea of central control in contemporary culture. An exchange rate is just assumed to be something centrally controlled by some agent like Mt. Gox, presumably working for Satoshi or something.

Reminds me of the Soviet officer who, when told there were no ID cards or residence permits in England, asked in confusion, "How do you know how much bread to bake?"
full member
Activity: 182
Merit: 100
April 25, 2011, 02:52:02 AM
#5
Mt. Gox isn't the only market.
It is has just undeservingly become the biggest one.

There are several other markets you should checktout if you want to trade bitcoins.

See here for more info: https://en.bitcoin.it/wiki/Trade#Currency_exchange
(hm the wiki says mtgox accepts EUR payments, is that true ? afaik you can only pay via LRUSD.
and btw: bitmarket.eu accepts paypal, could someone add this to the wiki?)

From https://mtgox.com/users/addFunds
Quote
If you have a European bank account you can send a SEPA direct deposit IN EURO to our european account, free of charges.
legendary
Activity: 860
Merit: 1026
April 24, 2011, 07:27:51 PM
#4
Mt. Gox isn't the only market.
It is has just undeservingly become the biggest one.

There are several other markets you should checktout if you want to trade bitcoins.

See here for more info: https://en.bitcoin.it/wiki/Trade#Currency_exchange
(hm the wiki says mtgox accepts EUR payments, is that true ? afaik you can only pay via LRUSD.
and btw: bitmarket.eu accepts paypal, could someone add this to the wiki?)
legendary
Activity: 1552
Merit: 1047
April 24, 2011, 03:16:04 PM
#3
You can "download" the exchange rate here:
https://mtgox.com/support/tradeAPI

Last price using:
http://mtgox.com/code/data/ticker.php
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