I'm the maker of an Android widget (Miner's Widget). Could you please make your API data available in JSON?
Thanks
Topic: New miner-centric site with hopes to stabilize the BTC economy - page 5. (Read 9147 times)
My API is ridiculously simple by the way. It's just "value1,currency1;value2,currency2;" etc.
I'm also having some difficulties getting JPY and INR to work properly, I use Google's API for currency conversion and I think I screwed something up somewhere... In any case I'm aware of the issue and working on a fix.
I'm also having some difficulties getting JPY and INR to work properly, I use Google's API for currency conversion and I think I screwed something up somewhere... In any case I'm aware of the issue and working on a fix.
A gadget or small app to display real price and suggested price would be very nice.
I'm mostly a web guy, not sure my programming skills would be up to this task, but I'm sure there's someone out there who knows Mt. Gox's API to get real price and can also figure out mine (http://www.btcunion.com/api) and whip something up.
I have written a few simple Android apps in the past, assuming it's not too much more difficult to make a Widget I could probably whip something up for that platform at least.
Any takers? Shall we start a bounty perhaps?
A gadget or small app to display real price and suggested price would be very nice.
Hi everyone, I've been working on the technical aspects of an idea I've been chatting about a little since the whole "market correction" yesterday. The bitcoin economy has grown far too speculator-centric to see much success as a real currency. In order for BTC to truly remain/become useful for purchasing goods and services some level of stability is necessary; a slow steady rise is fantastic, a continuous roller-coaster of huge peaks and valleys is not. Furthermore, as a miner it concerns me greatly to see prices dip low enough to damage my business when these bubbles eventually burst.
So I have a proposal: It begins with the miners since we/they are the initial source of all bitcoins (some 7200 per day, a fairly substantial number) but it hopefully sees adoption by many others too. If you're not a speculator, if you're a miner or someone who does business in bitcoins you want a stable exchange rate that increase proportionally to important factors like adoption levels or hash difficulty (which is actually sort of a factor of adoption levels) not on the whims of a bunch of get-rich-quick investors! If you want bitcoin to take off and stay useful in the long term, to survive the media madness and become a viable dominant e-currency, then we MUST do something about the volatility. The advice to "buy when it dips then resell high" doesn't help the market as a whole, it only helps the speculators who buy into the methodology and eventually, such a low will not have a corresponding recovery. You can only crash a market so many times before it stays crashed.
So I suggest that we adopt a new ideal value for what those of us treating this like a business are willing to accept for 1 BTC. We set up an exchange rate that is pegged to difficulty and assume that to be the value of 1 BTC. If a mountain of miners and traders all decide that 1 BTC = X dollars then speculators will have a hard time increasing or decreasing the value by as much. They have to buy their way through the mountains of BTC available at $X before they can effectively raise the price above or below it. This means that significantly larger amounts of money can move about in the market without affecting the exchange rate. If you look at the market depth data on Mt. Gox right now you'll see two large spikes of sell orders at $25 and $30. These spikes represent such a "wall" and we've seen before the stabilizing effect that such walls can have on value.
I've created a simple web site (changed: http://www.bitcoinreference.com) with a forum attached that displays what I believe to be a fair market value for BTC which is automatically calculated from the current difficulty setting and converted into several world currencies. The data updates automatically so it should change immediately when the difficulty does. Right now I'm using P=D/25000 to set the price, which seems to roughly follow historical data if we ignore the recent bubble and its associated correction. This pegs the price at $22.69 USD currently. I am of course open to suggestions on more accurate or reasonable formulae should you have any input.
If we all buy/sell/trade at this assumed value with at least a meaningful portion of our BTC we can create a new "wall" set where WE decide. We can stabilize the value of the bitcoin, which makes it more attractive to existing and new businesses and gives it the image to match its potential as the new world currency.
Edit 2011-06-13: Changed URL, my proposal wasn't really a "union" per se so bitcoinreference.com is much more appropriate. Site content has not changed, nor has the URL structure, so the API can now be found at http://bitcoinreference.com/api
Edit 2011-06-14: Changed displayed market valuation and API. Site now shows market valuation based on a four-hour moving average and shows standard deviation for the same period. Ranges based on one or two standard deviations from average can be used for a number of purposes as discussed in my post below and on the "how to use this data" page on the site ites.f
Note: The purpose of the site has changed from what is specified in the post above. I am no longer interested in starting a cartel or union of any kind. bitcoinreference.com exists only for informational purposes and I now hope to help stabilize the market through education and dissemination of information.
So I have a proposal: It begins with the miners since we/they are the initial source of all bitcoins (some 7200 per day, a fairly substantial number) but it hopefully sees adoption by many others too. If you're not a speculator, if you're a miner or someone who does business in bitcoins you want a stable exchange rate that increase proportionally to important factors like adoption levels or hash difficulty (which is actually sort of a factor of adoption levels) not on the whims of a bunch of get-rich-quick investors! If you want bitcoin to take off and stay useful in the long term, to survive the media madness and become a viable dominant e-currency, then we MUST do something about the volatility. The advice to "buy when it dips then resell high" doesn't help the market as a whole, it only helps the speculators who buy into the methodology and eventually, such a low will not have a corresponding recovery. You can only crash a market so many times before it stays crashed.
So I suggest that we adopt a new ideal value for what those of us treating this like a business are willing to accept for 1 BTC. We set up an exchange rate that is pegged to difficulty and assume that to be the value of 1 BTC. If a mountain of miners and traders all decide that 1 BTC = X dollars then speculators will have a hard time increasing or decreasing the value by as much. They have to buy their way through the mountains of BTC available at $X before they can effectively raise the price above or below it. This means that significantly larger amounts of money can move about in the market without affecting the exchange rate. If you look at the market depth data on Mt. Gox right now you'll see two large spikes of sell orders at $25 and $30. These spikes represent such a "wall" and we've seen before the stabilizing effect that such walls can have on value.
I've created a simple web site (changed: http://www.bitcoinreference.com) with a forum attached that displays what I believe to be a fair market value for BTC which is automatically calculated from the current difficulty setting and converted into several world currencies. The data updates automatically so it should change immediately when the difficulty does. Right now I'm using P=D/25000 to set the price, which seems to roughly follow historical data if we ignore the recent bubble and its associated correction. This pegs the price at $22.69 USD currently. I am of course open to suggestions on more accurate or reasonable formulae should you have any input.
If we all buy/sell/trade at this assumed value with at least a meaningful portion of our BTC we can create a new "wall" set where WE decide. We can stabilize the value of the bitcoin, which makes it more attractive to existing and new businesses and gives it the image to match its potential as the new world currency.
Edit 2011-06-13: Changed URL, my proposal wasn't really a "union" per se so bitcoinreference.com is much more appropriate. Site content has not changed, nor has the URL structure, so the API can now be found at http://bitcoinreference.com/api
Edit 2011-06-14: Changed displayed market valuation and API. Site now shows market valuation based on a four-hour moving average and shows standard deviation for the same period. Ranges based on one or two standard deviations from average can be used for a number of purposes as discussed in my post below and on the "how to use this data" page on the site ites.f
Note: The purpose of the site has changed from what is specified in the post above. I am no longer interested in starting a cartel or union of any kind. bitcoinreference.com exists only for informational purposes and I now hope to help stabilize the market through education and dissemination of information.
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