Coinbase making extra money? | Bitcointalksearch.org

caminilegroup

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Activity: 42

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Quote from: nahtnam on December 08, 2013, 09:57:35 PM

Quote from: caminilegroup on December 08, 2013, 09:56:38 PM

Quote from: nahtnam on December 08, 2013, 09:52:57 PM

Quote from: caminilegroup on December 08, 2013, 09:51:33 PM

Quote from: nahtnam on December 08, 2013, 09:49:18 PM

-Getting kinda long-

On a side note, what screenshot software do you use?

I'm on my mac, so I use the built in Shift-Command-3 and I downloaded Paintbrush to do simple edits, I also have gimp for fun.

Ok, well if you care to know, I use puush to take bare screenshots and if I need to do some editing, then I use awesome screenshot, edit the pic and then take a screenshot with puush... (if that made any sense).

Yeah it makes sense. I put all my shots in my picasa and have one folder for anything bitcoin related. I will check out awesome screenshot, it looks pretty nice

Ya, its great. It lets you take pics of the whole page even if its longer than you screen.

Yeah just noticed that, thanks. It will definitely come in handy.

nahtnam

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Activity: 1092

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nahtnam.com

Quote from: caminilegroup on December 08, 2013, 09:56:38 PM

Quote from: nahtnam on December 08, 2013, 09:52:57 PM

Quote from: caminilegroup on December 08, 2013, 09:51:33 PM

Quote from: nahtnam on December 08, 2013, 09:49:18 PM

-Getting kinda long-

On a side note, what screenshot software do you use?

I'm on my mac, so I use the built in Shift-Command-3 and I downloaded Paintbrush to do simple edits, I also have gimp for fun.

Ok, well if you care to know, I use puush to take bare screenshots and if I need to do some editing, then I use awesome screenshot, edit the pic and then take a screenshot with puush... (if that made any sense).

Yeah it makes sense. I put all my shots in my picasa and have one folder for anything bitcoin related. I will check out awesome screenshot, it looks pretty nice

Ya, its great. It lets you take pics of the whole page even if its longer than you screen.

caminilegroup

newbie

Activity: 42

Merit: 0

Quote from: nahtnam on December 08, 2013, 09:52:57 PM

Quote from: caminilegroup on December 08, 2013, 09:51:33 PM

Quote from: nahtnam on December 08, 2013, 09:49:18 PM

-Getting kinda long-

On a side note, what screenshot software do you use?

I'm on my mac, so I use the built in Shift-Command-3 and I downloaded Paintbrush to do simple edits, I also have gimp for fun.

Ok, well if you care to know, I use puush to take bare screenshots and if I need to do some editing, then I use awesome screenshot, edit the pic and then take a screenshot with puush... (if that made any sense).

Yeah it makes sense. I put all my shots in my picasa and have one folder for anything bitcoin related. I will check out awesome screenshot, it looks pretty nice

nahtnam

legendary

Activity: 1092

Merit: 1000

nahtnam.com

Quote from: caminilegroup on December 08, 2013, 09:51:33 PM

Quote from: nahtnam on December 08, 2013, 09:49:18 PM

-Getting kinda long-

On a side note, what screenshot software do you use?

I'm on my mac, so I use the built in Shift-Command-3 and I downloaded Paintbrush to do simple edits, I also have gimp for fun.

Ok, well if you care to know, I use puush to take bare screenshots and if I need to do some editing, then I use awesome screenshot, edit the pic and then take a screenshot with puush... (if that made any sense).

caminilegroup

newbie

Activity: 42

Merit: 0

Quote from: nahtnam on December 08, 2013, 09:49:18 PM

-Getting kinda long-

On a side note, what screenshot software do you use?

I'm on my mac, so I use the built in Shift-Command-3 and I downloaded Paintbrush to do simple edits, I also have gimp for fun.

nahtnam

legendary

Activity: 1092

Merit: 1000

nahtnam.com

Quote from: caminilegroup on December 08, 2013, 09:48:04 PM

Quote from: nahtnam on December 08, 2013, 09:37:03 PM

Quote from: caminilegroup on December 08, 2013, 08:39:53 PM

Quote from: cenicsoft on December 08, 2013, 08:24:23 PM

Coinbase isn't an exchange. They actually take on a lot more risk than an exchange. When they buy from you or sell to someone else, they may or may not have a matching buyer. It means they take on some risk. However, I'm sure they have a certain set of reserves so internally, they can minimize their risk between the buy and sell spread.

One thing that's interesting, which I did report to them, is that the sell price changes to a flat amount (nearest whole $100 amount) when you put in an amount of .0001. They haven't responded to my bug report yet.

I haven't had that happen.

- clip -

No, your supposed to just put 0.0001. Here is what it looks like at 1 btc:

This is at 0.0001:

Now this is interesting

The thing is that the min you can sell is 0.1 so after that they dont care...

On a side note, what screenshot software do you use?

caminilegroup

newbie

Activity: 42

Merit: 0

Quote from: nahtnam on December 08, 2013, 09:37:03 PM

Quote from: caminilegroup on December 08, 2013, 08:39:53 PM

Quote from: cenicsoft on December 08, 2013, 08:24:23 PM

Coinbase isn't an exchange. They actually take on a lot more risk than an exchange. When they buy from you or sell to someone else, they may or may not have a matching buyer. It means they take on some risk. However, I'm sure they have a certain set of reserves so internally, they can minimize their risk between the buy and sell spread.

One thing that's interesting, which I did report to them, is that the sell price changes to a flat amount (nearest whole $100 amount) when you put in an amount of .0001. They haven't responded to my bug report yet.

I haven't had that happen.

- clip -

No, your supposed to just put 0.0001. Here is what it looks like at 1 btc:
http://puu.sh/5GKZ7.png

This is at 0.0001:
http://puu.sh/5GL3Y.png

Now this is interesting

https://lh5.googleusercontent.com/-mFy4dV53wW8/UqUvOOOfnAI/AAAAAAAAQYg/XrkuqFhIB0s/s0/coinbase%2520variance.png

flyjames

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Activity: 3

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they're hedging risk, the spread is pretty small if the price not fluctuating

nahtnam

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Quote from: caminilegroup on December 08, 2013, 09:39:42 PM

Quote from: nahtnam on December 08, 2013, 09:37:53 PM

Quote from: caminilegroup on December 08, 2013, 09:36:32 PM

Quote from: nahtnam on December 08, 2013, 09:31:16 PM

Quote from: caminilegroup on December 08, 2013, 08:06:17 PM

Not that big of a spread.

- clip -

I have implemented a feature on my (future) site where it gets the buy and sell prices. This is what its at right now:

Taken seconds ago:

- clip -

Don't know why you are getting a $20 variance.

My site uses coinbases buy and sell calls from their API. I have no clue what going on...

Sounds like a bug in the code to generate the api contents then.

I have sent an email to them letting them know about this bug.

caminilegroup

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Activity: 42

Merit: 0

Quote from: nahtnam on December 08, 2013, 09:37:53 PM

Quote from: caminilegroup on December 08, 2013, 09:36:32 PM

Quote from: nahtnam on December 08, 2013, 09:31:16 PM

Quote from: caminilegroup on December 08, 2013, 08:06:17 PM

Not that big of a spread.

- clip -

I have implemented a feature on my (future) site where it gets the buy and sell prices. This is what its at right now:

http://puu.sh/5GKHU.png

Taken seconds ago:

- clip -

Don't know why you are getting a $20 variance.

My site uses coinbases buy and sell calls from their API. I have no clue what going on...

Sounds like a bug in the code to generate the api contents then.

nahtnam

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Activity: 1092

Merit: 1000

nahtnam.com

Quote from: caminilegroup on December 08, 2013, 09:36:32 PM

Quote from: nahtnam on December 08, 2013, 09:31:16 PM

Quote from: caminilegroup on December 08, 2013, 08:06:17 PM

Not that big of a spread.

- clip -

I have implemented a feature on my (future) site where it gets the buy and sell prices. This is what its at right now:

Taken seconds ago:

- clip -

Don't know why you are getting a $20 variance.

My site uses coinbases buy and sell calls from their API. I have no clue what going on...

nahtnam

legendary

Activity: 1092

Merit: 1000

nahtnam.com

Quote from: caminilegroup on December 08, 2013, 08:39:53 PM

Quote from: cenicsoft on December 08, 2013, 08:24:23 PM

Coinbase isn't an exchange. They actually take on a lot more risk than an exchange. When they buy from you or sell to someone else, they may or may not have a matching buyer. It means they take on some risk. However, I'm sure they have a certain set of reserves so internally, they can minimize their risk between the buy and sell spread.

One thing that's interesting, which I did report to them, is that the sell price changes to a flat amount (nearest whole $100 amount) when you put in an amount of .0001. They haven't responded to my bug report yet.

I haven't had that happen.

- clip -

No, your supposed to just put 0.0001. Here is what it looks like at 1 btc:

This is at 0.0001:

caminilegroup

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Activity: 42

Merit: 0

Quote from: nahtnam on December 08, 2013, 09:31:16 PM

Quote from: caminilegroup on December 08, 2013, 08:06:17 PM

Not that big of a spread.

- clip -

I have implemented a feature on my (future) site where it gets the buy and sell prices. This is what its at right now:

http://puu.sh/5GKHU.png

Taken seconds ago:

https://lh6.googleusercontent.com/-jG4hpjMD2rI/UqUsa_axyDI/AAAAAAAAQX8/C_KTG3vsx8U/s0/Screen%2520Shot%25202013-12-08%2520at%25208.34.30%2520PM.png

https://lh3.googleusercontent.com/-71X7WNh0Eqc/UqUsbLFxZ2I/AAAAAAAAQYA/FWaRl5QZBNw/s0/Screen%2520Shot%25202013-12-08%2520at%25208.34.35%2520PM.png

Don't know why you are getting a $20 variance.

nahtnam

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Activity: 1092

Merit: 1000

nahtnam.com

Quote from: cenicsoft on December 08, 2013, 08:24:23 PM

Coinbase isn't an exchange. They actually take on a lot more risk than an exchange. When they buy from you or sell to someone else, they may or may not have a matching buyer. It means they take on some risk. However, I'm sure they have a certain set of reserves so internally, they can minimize their risk between the buy and sell spread.

One thing that's interesting, which I did report to them, is that the sell price changes to a flat amount (nearest whole $100 amount) when you put in an amount of .0001. They haven't responded to my bug report yet.

I dont think you are allowed to sell that low amount. Its probably not that high of a bug for them since you cant even sell at that low amount.

nahtnam

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Quote from: caminilegroup on December 08, 2013, 08:06:17 PM

Not that big of a spread.

- clip -

I have implemented a feature on my (future) site where it gets the buy and sell prices. This is what its at right now:

galbros

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Activity: 1022

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The short answer is yes, Coinbase makes money on their fees and, potentially, on the bid/ask spread. When you couple this with the apparent de facto two day option they also may expropriate (based on all the threads where coinbase cancels order at the last minute for being "high risk") from traders, I'm guessing they do okay.

The point about them not being an exchange is an important one, they are at risk of price fluctuations not just simply facilitating an exchange, so I don't begrudge them the fees & spread, but am increasingly curious about the number of "high risk" cancellations that seem to pop up.

caminilegroup

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Activity: 42

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Quote from: cenicsoft on December 08, 2013, 08:24:23 PM

Coinbase isn't an exchange. They actually take on a lot more risk than an exchange. When they buy from you or sell to someone else, they may or may not have a matching buyer. It means they take on some risk. However, I'm sure they have a certain set of reserves so internally, they can minimize their risk between the buy and sell spread.

One thing that's interesting, which I did report to them, is that the sell price changes to a flat amount (nearest whole $100 amount) when you put in an amount of .0001. They haven't responded to my bug report yet.

I haven't had that happen.

https://lh5.googleusercontent.com/-jU5WJZmPEME/UqUgZnsN6SI/AAAAAAAAQXg/dBVEddLLbxI/s0/Screen%2520Shot%25202013-12-08%2520at%25207.43.45%2520PM.png

zalzane

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Quote from: odolvlobo on December 08, 2013, 08:02:53 PM

Quote from: zalzane on December 08, 2013, 07:50:02 PM

Coinbase acts as an exchange. ...
Lets say I want to buy bitcoins for 600/coin, so I post an "bid order", that tells people I'm willing to give them 600usd for a bitcoin. ...

Unless Coinbase has changed recently, that is incorrect. On Coinbase, you buy or sell directly from them, there are no bids or asks.

Coinbase gets their bitcoins from bitcoin merchants who want an instant cash-out to USD. In this way, it's an exchange where exchanging from USD to BTC is public and BTC to USD is reserved for bitcoin merchants only. Merchants may have a locked in BTC->USD exchange rate, which is why coinbase's btc selling price is higher than its buying price.

cenicsoft

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Activity: 276

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Coinbase isn't an exchange. They actually take on a lot more risk than an exchange. When they buy from you or sell to someone else, they may or may not have a matching buyer. It means they take on some risk. However, I'm sure they have a certain set of reserves so internally, they can minimize their risk between the buy and sell spread.

One thing that's interesting, which I did report to them, is that the sell price changes to a flat amount (nearest whole $100 amount) when you put in an amount of .0001. They haven't responded to my bug report yet.

monbux

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Activity: 1736

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Duh. Find me an exchange that offers an exact buy/sell price after fees.
Of COURSE coinbase want's the money.

Topic: Coinbase making extra money? (Read 1007 times)