Exchanges shutting down - page 3. | Bitcointalksearch.org

ElectricMucus

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Quote from: kokjo on October 18, 2011, 04:41:55 AM

Quote from: ElectricMucus on October 18, 2011, 04:38:27 AM

Quote from: kokjo on October 18, 2011, 04:31:32 AM

Quote from: ElectricMucus on October 18, 2011, 04:28:13 AM

A decentralized exchange method will come up.

no not really. how do you decentralize the holding of USD or EUR?
you can't. except for slow expensive wire transfers, or person-to-person.

Ideally a web of trust cryptoheaven along with sovereign tribal entities based upon community (dark)nets replacing traditional nation-states.

One can always dream Tongue

But anything along the lines some magnitudes less sophisticated would suffice.

is'nt that what bitcoin, tor and freenet is?

I'm talking about the physical layer here, the internet can be shut down, WLAN & optical direct joint access cannot. But that's still overshoot.

Something like I like to sell 10 BTC and would like 30USD someone in my area want to do the opposite, the system provides a location & we meet.

kokjo

legendary

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You are WRONG!

Quote from: ElectricMucus on October 18, 2011, 04:38:27 AM

Quote from: kokjo on October 18, 2011, 04:31:32 AM

Quote from: ElectricMucus on October 18, 2011, 04:28:13 AM

A decentralized exchange method will come up.

no not really. how do you decentralize the holding of USD or EUR?
you can't. except for slow expensive wire transfers, or person-to-person.

Ideally a web of trust cryptoheaven along with sovereign tribal entities based upon community (dark)nets replacing traditional nation-states.

One can always dream Tongue

But anything along the lines some magnitudes less sophisticated would suffice.

is'nt that what bitcoin, tor and freenet is?

nmat

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Activity: 602

Merit: 502

Quote from: old_engineer on October 18, 2011, 04:31:48 AM

Average volume for the past month looks like about $150k USD/day, which at 0.5% commission, is $750/day, or $22500 per month. Are you sure you were looking at volume in dollars, and not volume in bitcoins? $8000 per month / .006 = $1.3M per month, and they had $600k in currency volume yesterday alone.

$22500 per month is enough to pay $5k for rent (it's a shared office), $5k for hosting fees, and a living wage for 3 people (I'm assuming they can pay employees equity for the rest). They could have easily paid cash all their hardware back when they were making $5,000 - $10,000 per day back in May/June/July.

Sure looks to me like Bitcoin can support at least one exchange, even though it's no longer the heady days of June. And they could have easily taken $250k in investment money in June had they wanted to; I'm sure their phone rang with offers, and they had the choice whether to accept it or not.

I believe you are correct, but we need to have more than one exchange. At least I like to have options. I often trade at CampBX for example and their volume is much lower (they are currently earning around $170 per month I think).

ElectricMucus

legendary

Activity: 1666

Merit: 1057

Marketing manager - GO MP

Quote from: kokjo on October 18, 2011, 04:31:32 AM

Quote from: ElectricMucus on October 18, 2011, 04:28:13 AM

A decentralized exchange method will come up.

no not really. how do you decentralize the holding of USD or EUR?
you can't. except for slow expensive wire transfers, or person-to-person.

Ideally a web of trust cryptoheaven along with sovereign tribal entities based upon community (dark)nets replacing traditional nation-states.

One can always dream Tongue

But anything along the lines some magnitudes less sophisticated would suffice.

old_engineer

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Merit: 250

Quote from: Nagle on October 18, 2011, 03:24:02 AM

Now look at the volumes in dollars. The standard 0.6% commission rate yields about $8000 per month for Mt. Gox, $810 per month for Tradehill, and $384 a month for Btc-E. And that's a maximum; many big traders get discounts.

Average volume for the past month looks like about $150k USD/day, which at 0.5% commission, is $750/day, or $22500 per month. Are you sure you were looking at volume in dollars, and not volume in bitcoins? $8000 per month / .006 = $1.3M per month, and they had $600k in currency volume yesterday alone.

$22500 per month is enough to pay $5k for rent (it's a shared office), $5k for hosting fees, and a living wage for 3 people (I'm assuming they can pay employees equity for the rest). They could have easily paid cash all their hardware back when they were making $5,000 - $10,000 per day back in May/June/July.

Sure looks to me like Bitcoin can support at least one exchange, even though it's no longer the heady days of June. And they could have easily taken $250k in investment money in June had they wanted to; I'm sure their phone rang with offers, and they had the choice whether to accept it or not.

kokjo

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You are WRONG!

Quote from: ElectricMucus on October 18, 2011, 04:28:13 AM

A decentralized exchange method will come up.

no not really. how do you decentralize the holding of USD or EUR?
you can't. except for slow expensive wire transfers, or person-to-person.

ElectricMucus

legendary

Activity: 1666

Merit: 1057

Marketing manager - GO MP

For all I care they could all shut down.

A decentralized exchange method will come up.

SlaveInDebt

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Your Minion

Trade Hill @ $810 a month is full time at McDonalds. BTCe is at part time McDonalds employment.
I take it you make a modest living.

The end is some where.

zby

legendary

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MtGox has a trial in France - anyone can guess the costs? The office in Shibuya must also cost a lot - this is I think the most expensive district in Tokyo.

Nagle

legendary

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Take a look at all those black bars on Bitcoin Charts. ExchB's shutdown was the big news today, but several of the little guys have given it up recently as well. We're down to Mt. Gox, Tradehill, and Btc-E now.

Now look at the volumes in dollars. The standard 0.6% commission rate yields about $8000 per month for Mt. Gox, $810 per month for Tradehill, and $384 a month for Btc-E. And that's a maximum; many big traders get discounts.

Tradehill apparently has a real organization and staff, but revenue is comparable to a half-time job at McDonalds. That can't last. Btc-E, forget it. Mt. Gox has some business in other currencies, but the numbers aren't that big.

The end is in sight.

Topic: Exchanges shutting down - page 3. (Read 4593 times)