Topic: Buy your BFL bitcoins back from BitPay - page 2. (Read 13278 times)
So, BFL collected nice sum of money just releasing a promise. GREAT BRAIN WASH BFL.
That means BFL collected at least 46k BTC of pre-orders, in 24 hours.
Ouch, that's about the same as the daily average trading volume over the past month at Mt. Gox.
- http://bitcoincharts.com/charts/mtgoxUSD#rg10zigDailyzm1g10zm2g25zv
Have you considered running your own exchange? Perhaps this would be a natural evolution of your business, instead of relying on 3rd party exchanges.
Just like MtGox started as an exchange, and evolved to also offer a Bitcoin merchant transaction platform.
Just like MtGox started as an exchange, and evolved to also offer a Bitcoin merchant transaction platform.
We have considered it, and decided not to pursue it. We don't have any experience running an exchange. Its best to outsource that to people who do it for a living. We want to stay focused on the one thing we do best, and go vertical with it. Sky high if possible.
We are very happy with the service provided by Bitfloor and CampBX here in the US. These guys know what they are doing and run a solid business. They just need more buyers.
Take a look at the depth charts to see what I mean
Camp BX
Bitfloor
Have you considered running your own exchange? Perhaps this would be a natural evolution of your business, instead of relying on 3rd party exchanges.
Just like MtGox started as an exchange, and evolved to also offer a Bitcoin merchant transaction platform.
Just like MtGox started as an exchange, and evolved to also offer a Bitcoin merchant transaction platform.
Hang on. You paid bfl for the coins already right? That is what your service is. Or are you just brokering the sale of the coins and then paying bfl?
Considering that it is a Sunday, and banks are closed, I have not transferred any funds yet to BFL.
Banks are only open Monday thru Friday in the US.
Bit-Pay is a true bro. I'm very happy to see you're being so responsible about this unique scenario.
Thank you! getting this much volume on a Sunday is definitely not a normal scenario.
As much as I personally would love to buy some bitcoins below $6, I'm not going to crash the market with BFL's money do to that.
Hang on. You paid bfl for the coins already right? That is what your service is. Or are you just brokering the sale of the coins and then paying bfl?
if I sold everything with a market order, it would wipe out every exchange except Mt Gox, and it would push the Gox price below $6. That's not a good idea.
Thank you for being vigilant and with this claim, re-establishing your company again (and again) as a TRUE Bitcoin supporter (and believer) and for taking the time to 'ride out the marketplace' rather than simply dump, which I am more than certain would have been the case if BFL were left to manage all of the Bitcoins spent without you as an intermediary.
Thumbs Up !
Bit-Pay is a true bro. I'm very happy to see you're being so responsible about this unique scenario.
Thank you! getting this much volume on a Sunday is definitely not a normal scenario.
As much as I personally would love to buy some bitcoins below $6, I'm not going to crash the market with BFL's money do to that.
Bit-Pay is a true bro. I'm very happy to see you're being so responsible about this unique scenario.
+ bank transfers for bfl
@BoardGameCoin, Just checked and it's about $350k to drop it down $1.
I had also just checked, via btccharts.com. So I'm curious how we got different numbers? I'd like to get to the bottom of this because I care alot about fidelity of information. Thanks!
Additionally, mtgoxlive.com shows > $400k necessary to push it down to $5.
-bgc
Either way, 46k btc almost gets it there o.O
@BoardGameCoin, Just checked and it's about $350k to drop it down $1.
I had also just checked, via btccharts.com. So I'm curious how we got different numbers? I'd like to get to the bottom of this because I care alot about fidelity of information. Thanks!
Additionally, mtgoxlive.com shows > $400k necessary to push it down to $5.
-bgc
if I sold everything with a market order, it would wipe out every exchange except Mt Gox, and it would push the Gox price below $6. That's not a good idea.
That means BFL collected at least 46k BTC of pre-orders, in 24 hours. Interesting, that's actually not as much as I expected...
http://bitcoincharts.com/markets/mtgoxUSD_depth.html
we are selling continuously.
Weekends are tough on the exchanges because only sell-side liquidity can be added to the market.
Buy-side liquidity can only be added during weekdays.
Monday will be a more normal trading environment.
Weekends are tough on the exchanges because only sell-side liquidity can be added to the market.
Buy-side liquidity can only be added during weekdays.
Monday will be a more normal trading environment.
Dont u risk losing even more money if the price continues to slip?
I guess i thought your type of business would sell most btc ibstantly as they came in to pay
The company which is using merchant services...
Maybe go out of biz if not careful? Or huge loss.
Typing on tablet.
That's the risk that has to be taken to protect the market from such a crash.I guess i thought your type of business would sell most btc ibstantly as they came in to pay
The company which is using merchant services...
Maybe go out of biz if not careful? Or huge loss.
Typing on tablet.
@BoardGameCoin, Just checked and it's about $350k to drop it down $1.
Why not limit-order then? I guess you want to close the deal sooner than you can guarantee. Where roughly do we have to be to do a face-to-face exchange?
-bgc
NothinG: last time I checked it takes $945k to knock price down to $2 USDBTC
-bgc
NothinG: last time I checked it takes $945k to knock price down to $2 USDBTC
Dont u risk losing even more money if the price continues to slip?
I guess i thought your type of business would sell most btc ibstantly as they came in to pay
The company which is using merchant services...
Maybe go out of biz if not careful? Or huge loss.
Typing on tablet.
I guess i thought your type of business would sell most btc ibstantly as they came in to pay
The company which is using merchant services...
Maybe go out of biz if not careful? Or huge loss.
Typing on tablet.
Why don't you just sell the bitcoins at the exchanges all at once?
Are the bids really that pathetic you would take a pretty big loss if you sold all at once on most
exchanges?
I guess I am confused.
Assuming how much they sell, they'd most likely try to make a tiny bit of profit without taking a huge loss.Are the bids really that pathetic you would take a pretty big loss if you sold all at once on most
exchanges?
I guess I am confused.
My guess is they don't want the price to raise or fall too much too fast to cause any panic.
if I sold everything with a market order, it would wipe out every exchange except Mt Gox, and it would push the Gox price below $6. That's not a good idea.
I think the mark to drop Mt.Gox down a $1 is a little over $500k (haven't checked in a while, my best guess).
Why don't you just sell the bitcoins at the exchanges all at once?
Are the bids really that pathetic you would take a pretty big loss if you sold all at once on most
exchanges?
I guess I am confused.
Assuming how much they sell, they'd most likely try to make a tiny bit of profit without taking a huge loss.Are the bids really that pathetic you would take a pretty big loss if you sold all at once on most
exchanges?
I guess I am confused.
My guess is they don't want the price to raise or fall too much too fast to cause any panic.
if I sold everything with a market order, it would wipe out every exchange except Mt Gox, and it would push the Gox price below $6. That's not a good idea.
Why don't you just sell the bitcoins at the exchanges all at once?
Are the bids really that pathetic you would take a pretty big loss if you sold all at once on most
exchanges?
I guess I am confused.
Assuming how much they sell, they'd most likely try to make a tiny bit of profit without taking a huge loss.Are the bids really that pathetic you would take a pretty big loss if you sold all at once on most
exchanges?
I guess I am confused.
My guess is they don't want the price to raise or fall too much too fast to cause any panic.
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