Topic: **CEX.IO Bitcoin Exchange ** Buy Bitcoins with Cards in iOS / Android App*** - page 146. (Read 422133 times)

GULP!!  going on about a half hour + down at this point.   Not to say that I've been obsessively refreshing the site every 15 seconds for the last week or anything - which is strange b/c I know that my bottom line margin will be negligible at best - yet i cannot stop buying GHS for the sake of novelty and those sweet little mining reward notifications piling up on the right...probably the most gratifying experience in btc life to date. At this point I may actually have to step away from the monitor and go to the local watering hole to see what costumed gratuity the ladies are pulling out this year.  

I guess so....


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is CEX.IO down?

I cannot LOGIN

Charging transaction fees based on the transaction amount would be a better alternative, as you said, it (definitely) will drive people away who want to use the service for mining. With the projected difficulty raises, trading let alone mining won't net profit for anyone other than CEX.io (which I'm sure they have no problem with that ) but then that kind of kills off their revenue at the same time, since people would stop using the service.

I was crazy excited when I discovered Cex.io, but with the introduction of the fees and the higher prices...I'm not so excited.  With the new miners coming into play, $0.001/per GHS/per hour will get very expensive as difficulty rises.  If the new standard (by January) is each person has a THs miner...then the cost per day to maintain these fees will rise exponentially while the relative mining profit is the same... i.e. you might require a 500 GH to make 0.1 bitcoin a day...then we're looking at crazy high fees without the return...there's something wrong with this fee structure. 

To fix this, they should instead charge a low transaction fee to reduce trading and profiteering.  Charging the "miners" will just chase the miners away.  Dealing with a commodity that constanly decreases in value...this is not a good idea. 

If the cost to mine at home with a cointerra @ 1000 GHS is $30 month (depending on your electricity rate -more/less)...the same cost by mining on CEX.io is...wait for it... $.001/GHS/Hour*GHS*Hour*30days = .001*1000*24*30 = $720 a month...hahaah... with diminishing profits....this model is broken before it comes into play. 

We might as well just start buying cointerra miners... this formula doesn't work.  Someone at CEX...should quickly take note, before all investors leave.  Can someone double check my math???
I'd rather be wrong...so I can keep mining with CEX.io =)

Anyone want to pool some money with me and get a 2THs?

Completely agree dude, I'm so not interested in anything to do with the USD - it and the US admin can no longer be trusted.

This is a btc exchange where people buy, sell & mine btc - that's why we're all here. Introducing any fiat currency charges, especially $ ones, is risky to say the least and will only appeal to US residents - the rest of the world (the majority) will just go somewhere else to do their business. No other pool charges fees in fiat - why is this one being different? It raises too many questions & I just don't trust it I'm afraid.

Peace 

Agreed.

Or perhaps a percentage of the mining pool.

Something everyone is more familiar with.

We all know how to do the math but we never see fees in $.

I'm sure more people are more comfortable paying in btc, at least they know then where they stand & know that they're not paying any conversion/commission rates from btc to USD. As soon as fiat currency gets involved then it's asking for problems, especially when it's US currency - men in black suits will be closing the whole thing down before you know it. Look around.

My guess would be that they use USD as more ppl comfortable with it then with currency they use in their datacenter location.

"What would you prefer, low price in USD, or several times higher price in BTC?"

I'd prefer it in btc no matter what the fee is, cos that's what we are all dealing in. As for the server costs guess - does that mean that if their servers were in China we'd all have to pay in yen? Of course not - so why dollars? They have to convert their costs from btc into whatever currency they have to pay out anyway 

If it were .001 BTC instead of USD (lets hope it isn't a type-o on their site) then you definitely wouldn't make any money from buying GH/s, heck .001 BTC per hour per GH/s you wouldn't even make anything trading GH/s, unless you did it within the first hour.

maybe cause cex.io pays the hosting center bills with those money? They either set it in USD to cover known expenses or set price in BTC and include the risks of USD / BTC ratio falls and they won't be able to cover expenses.

What would you prefer, low price in USD, or several times higher price in BTC?

It seems they are still having some issues, but it's much better than it was - I moved my miners back now that it's settled.

With regards the proposed fee - why is it being calculated in USD? Surely it would make more sense to do it in btc? After all, that's the currency that everyone is using here......I'm sure I'm not the only one who wants to stay away from the USD?

Whats up with the orphaned blocks within the last 3 hours? https://blockchain.info/blocks/GHash.IO

Awesome that GHash.IO is ranking second for the most power in the mining pool line up. Holding 21% of the networking hashrate.

Just taking a stab in the dark here, but since just about all hosted mining services charge for maintenance/hosting/etc, this is how they are going to charge for it. But I notice it doesn't say BTC, it says dollars ($), so at the current exchange rate,  $0.001 = BTC0.000004998 (GH/s per Hour). According to the genesisBlock if you *started mining at the beginning of October*, you were looking at $0.24-$0.26/day profit, minus about $0.024 for fees, leaving you with around $0.21-0.22 profit (daily per GH/s).

At the current GH/s on CEX.io it would take you about a full month of mining to come close to ROI (at current exchange rate) per GH/s (unless of course you bought low, sold high ). But since we're hitting November in less than a day, you're really only going to have one month of mining before estimated diff. jump goes crazy, you wouldn't break ROI at the current market price on CEX.io after they implement fees or even if they don't.

*waits for market price to come down now*

I second this.

And how would that be deducted from our account?

Can you explain what's the deal with implementing the fee $.001 per GHS per hour on Nov. 1? 

Does anyone here have a point of view or statement on this post:

https://bitcointalksearch.org/topic/ghashio-and-double-spending-against-betcoin-dice-321630

I'm not taking any sides or making any accusations, I'm just interested in what you make of it.

Peace.

Compliments for the website. I registered a few days ago. The site is pretty new - so some works needs to done - but it looks promising to me 

When will your stoploss and short sell options be available?