MtGox no longer the standard for exchange rate

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Quote from: Carl_Lundstrom on June 25, 2013, 05:32:50 AM

Good news but is there anyone else than Mt Gox that offer an API?

There´s a site where the Mt Gox market depth is presented live - but I lost the bookmark. Any one have it?

http://trading.i286.org/

boonies4u

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Quote from: Cyberdyne on June 25, 2013, 03:44:32 PM

Quote from: greyhawk on June 25, 2013, 08:59:30 AM

Quote from: joele on June 25, 2013, 08:55:53 AM

Gox is unreliable, that is why there is a new open source project called Buttercoin.

Is that an offshoot of glucosefructosesyrupcoin?

Or is it the speech impediment version of buttcoin?

It's called google.

Cyberdyne

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Quote from: greyhawk on June 25, 2013, 08:59:30 AM

Quote from: joele on June 25, 2013, 08:55:53 AM

Gox is unreliable, that is why there is a new open source project called Buttercoin.

Is that an offshoot of glucosefructosesyrupcoin?

Or is it the speech impediment version of buttcoin?

greyhawk

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Quote from: joele on June 25, 2013, 08:55:53 AM

Gox is unreliable, that is why there is a new open source project called Buttercoin.

Is that an offshoot of glucosefructosesyrupcoin?

joele

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Gox is unreliable, that is why there is a new open source project called Buttercoin.

Cyberdyne

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Quote from: tstang on June 22, 2013, 03:22:20 PM

It depends on how you look at it. The best solution should be a weighted average of few exchanges.

The 'best' solution depends on why you are seeking a rate in the first place.

Quote from: thoughtfan on June 23, 2013, 09:01:43 AM

I think the point of showing their rate based on a single bid price is that it is simply passing on the rate it will be getting itself for the conversion.

This is exactly the point.

For example, if you intend to buy/sell bitcoins on BTC-E after your trade with someone from localbitcoins.com or after purchasing something with bitcoins, then the rate on BTC-E is the only one that matters.

Nothing wrong with using the Mt Gox rate if that's where you dump coins or replenish your stash.

kiko

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Quote from: Carl_Lundstrom on June 25, 2013, 05:32:50 AM

Good news but is there anyone else than Mt Gox that offer an API?

There´s a site where the Mt Gox market depth is presented live - but I lost the bookmark. Any one have it?

mtgoxlive.com or bitcoinity.org show the dynamic orderbook, bitcoincharts.com has smaller snapshots too.

On a related note. It would be in everyone's interest to push for a Global Best Bid or Offer system ala (NBBO in the US). This is where your chosen bitcoin exchange would silently route your order to another exchange if it would get you a better price. It would require lines of credit between exchanges but thanks to bitcoin, settlement would be near-instant. Exchanges would compete more on service and the community would benefit immensely.

CaptChadd

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I have to be honest I have never used Mt Gox and for trade I mainly used BTC-E. I have also never bought a Bitcoin with GPB ever, just slowly mined my way in with other currencies and projects.

I guess if the governments cannot regulate/control the exchanges then they will target the payment processors.

Carl_Lundstrom

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Good news but is there anyone else than Mt Gox that offer an API?

There´s a site where the Mt Gox market depth is presented live - but I lost the bookmark. Any one have it?

Its About Sharing

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Quote from: thoughtfan on June 23, 2013, 09:01:43 AM

Quote from: Its About Sharing on June 23, 2013, 04:55:52 AM

Quote from: Viscera on June 22, 2013, 09:20:44 PM

So it's effective emediatly but there is no price listed? At least no obvious link or price on there page. I'm confused, am I missing it somewhere?

I think you are right. A bit Gox like as far as sparse explanations go.
Wouldn't it be nice if Bitpay had a ticker showing it?

Regarding the effect to the customer (e.g. - us), I don't really see it. For example, if you buy something for $100 USD and pay via Bitpay, regardless of the price of Bitcoin, it is bought and sold at the time of the transaction (unless Bitpay wants to take a chance and stay in BTC). The important difference to the customer will be the spread of the BTC price and not the BTC price.

So, shouldn't Bitpay be looking at the closest spread and not most consistent price (2 of 3 exchanges) Huh

IAS

BitPay has in the first instance (for their merchants requiring fiat conversion) to be doing transactions at a rate that enables it to immediately pass the transaction on to an exchange. Unless they are going to be determining rate to the customer on the size of the order (by calculating it from the order book) the most important thing is liquidity so they don't lose out on slippage. With only 1% charged on to the merchant I can't see how they could select the exchange that would best suit the customer without risking losing their margin on slippage.

I think the point of showing their rate based on a single bid price is that it is simply passing on the rate it will be getting itself for the conversion.

Good point and one also has to consider if the customer is sending the bitcoins (and then Bitpay sells the BTC for cash to the recipient) or if Bitpay is handling the from beginning to end (cash to BTC and then back to cash)...

thoughtfan

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Quote from: Its About Sharing on June 23, 2013, 04:55:52 AM

Quote from: Viscera on June 22, 2013, 09:20:44 PM

So it's effective emediatly but there is no price listed? At least no obvious link or price on there page. I'm confused, am I missing it somewhere?

I think you are right. A bit Gox like as far as sparse explanations go.
Wouldn't it be nice if Bitpay had a ticker showing it?

Regarding the effect to the customer (e.g. - us), I don't really see it. For example, if you buy something for $100 USD and pay via Bitpay, regardless of the price of Bitcoin, it is bought and sold at the time of the transaction (unless Bitpay wants to take a chance and stay in BTC). The important difference to the customer will be the spread of the BTC price and not the BTC price.

So, shouldn't Bitpay be looking at the closest spread and not most consistent price (2 of 3 exchanges) Huh

IAS

BitPay has in the first instance (for their merchants requiring fiat conversion) to be doing transactions at a rate that enables it to immediately pass the transaction on to an exchange. Unless they are going to be determining rate to the customer on the size of the order (by calculating it from the order book) the most important thing is liquidity so they don't lose out on slippage. With only 1% charged on to the merchant I can't see how they could select the exchange that would best suit the customer without risking losing their margin on slippage.

I think the point of showing their rate based on a single bid price is that it is simply passing on the rate it will be getting itself for the conversion.

EuroTrash

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Quote from: el_rlee on June 23, 2013, 12:01:02 AM

Quote from: ?? on ??

gox is still around?

Mount What?

umount -l /dev/gox

Vanderi

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MtWhat?

Its About Sharing

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Quote from: Viscera on June 22, 2013, 09:20:44 PM

So it's effective emediatly but there is no price listed? At least no obvious link or price on there page. I'm confused, am I missing it somewhere?

I think you are right. A bit Gox like as far as sparse explanations go.
Wouldn't it be nice if Bitpay had a ticker showing it?

Regarding the effect to the customer (e.g. - us), I don't really see it. For example, if you buy something for $100 USD and pay via Bitpay, regardless of the price of Bitcoin, it is bought and sold at the time of the transaction (unless Bitpay wants to take a chance and stay in BTC). The important difference to the customer will be the spread of the BTC price and not the BTC price.

So, shouldn't Bitpay be looking at the closest spread and not most consistent price (2 of 3 exchanges) Huh

IAS

thoughtfan

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Quote from: Viscera on June 22, 2013, 09:20:44 PM

So it's effective emediatly but there is no price listed? At least no obvious link or price on there page. I'm confused, am I missing it somewhere?

You can always see BitPay prices here.

And this is how 24 hr volumes and bid prices stand this morning...

el_rlee

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Quote from: ?? on ??

gox is still around?

Mount What?

Viscera

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So it's effective emediatly but there is no price listed? At least no obvious link or price on there page. I'm confused, am I missing it somewhere?

QuestionAuthority

legendary

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You lead and I'll watch you walk away.

You can't use US$ for Gox or Bitinstant. Do any of the other exchanges seem to be having problems with the dollar?

BitDreams

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7:33 PM 6/22/2013 Just logged out from Coinbase. Pleased to say that while mtgox price is 108.87, Coinbase can buy Bitcoins for my account at just 103.xx. Forget the pennies, that's 5$ less per coin right now and I'm just glad they are smart buyers and pass on some savings. It's good business.

BCB

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BCJ

Quote from: thoughtfan on June 22, 2013, 05:46:16 PM

Quote from: Its About Sharing on June 22, 2013, 04:33:23 PM

Phoenix1 posted this on the wall thread as a quote:

Quote

To calculate the exchange rate for US Dollars, we pull up-to-the-minute BID prices from three exchanges. We take the 2 that are closest together and toss out the third, so that a bad feed from one exchange will not affect our calculation. Of the 2 rates that remain, Bit-Pay uses the highest BID price as our exchange rate.

Now, this is really interesting. Basically if Bitstamp and BTCE are near each other in price, then the Gox price is thrown out. Kiss

Further, consider what this will due to the volume at Gox. If Gox is always higher, then, I believe this means, Gox will not be getting Bitpay's business. Someone correct me if I'm wrong.

IAS

This quote is not new. It has been this way for a long time officially although either their algorithm was more complex than that or at times they over-rode it manually because there have been times before when gox was the outlier but it was still used. My guess on seeing the announcement is that this means of determining price has been discontinued and superseded by the new one where they are specifically excluding gox and using another means (maybe using btce, bitstamp and cbx (although cbx is really small volume in comparison with the other two).

It is a variation on the old way that I have been using as my means of determining price for some time. Hence the spreadsheet that gives me this that I occasionally share:

This is the first time I've seen the mtgox volume at less than 50%. That's quite something. We live in interesting times

where are you getting your volume numbers?

Topic: MtGox no longer the standard for exchange rate (Read 6038 times)