Should the exchanges close on the weekends? - page 3.

bcearl

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Quote from: NetTecture on June 12, 2011, 01:44:27 AM

Quote from: ripper234 on June 12, 2011, 01:27:53 AM

Quote from: NetTecture on June 12, 2011, 12:17:46 AM

Yes. Has a lot of advantages, also technically - gives them a maintenance window t take down the site / update the programs withint incured downtime.

Adhering to FOREX trading hours (23 hours / day, 6 days a week) or CME GROUP hours (15 minute downtime per day, weekends off) means more planned stability. And, as I said, a window for handling maintenance.

Absolutely not. We don't play by old economy rules.

Make sense. Let's ignore reality and live ina a fantasy world.

Yes, you DO play by old economic rules. You also play by standard IT rules which LOVE planned downtime. 24/7 is extremely hard to maintain for anything not a joke website (mt gox still is there - joke website - wait until you see real volume, options etc.).

Plus somehow Bitcoins dont live in a fancy fantasy world - exchagne against funds requires funds available, and as the OP pointed out, lots of the non-bitcoiin infrastructure shuts down on weekends.

The rules of the old trade markets are the fantasy world. The economy does not sleep at weekend.

ironwolf

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Quote from: NetTecture on June 12, 2011, 01:44:27 AM

24/7 is extremely hard to maintain for anything not a joke website.

Yeah, only jokers run 24/7 sites... like Amazon, and Google, and... well there's really no point in continuing is there?

Quote

lots of the non-bitcoiin infrastructure shuts down on weekends.

Over the long haul, my money is on Bitcoin changing the way the rest of the world works. Bankers hours are a relic.

becoin

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Quote from: ripper234 on June 12, 2011, 01:27:53 AM

Quote from: NetTecture on June 12, 2011, 12:17:46 AM

Yes. Has a lot of advantages, also technically - gives them a maintenance window t take down the site / update the programs withint incured downtime.

Adhering to FOREX trading hours (23 hours / day, 6 days a week) or CME GROUP hours (15 minute downtime per day, weekends off) means more planned stability. And, as I said, a window for handling maintenance.

Absolutely not. We don't play by old economy rules.

Correct. No need to close on weekends or holidays.

ripper234

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Ron Gross

Quote from: swusc2 on June 12, 2011, 02:10:51 AM

The "new economy, old economy" idealogy doesn't work in the current model. The only way for bitcoin to get big is through the transaction between established currencies and bitcoin. By not using a limited model current currencies play the economic advantage over bitcoin in stability.

Also it couldn't be enforced and enforcement is probably a bad idea. But it would be in the best interest to exchanges and bitcoin right now to use something like forex. It can always be changed later.

A perfect model would be, banks open 7 days a week and exchanges open 7 days a week. Because banks do close, the perfect economic model doesn't apply because no money can go into exchange during the weekend but money can leave. Economics no longer apply because while the price can go down the but not up by counter buying at low prices because no new money can be put in until a certain time. And since crashes are due to the steepness of dropping prices the inability to counter buy until later increases the likelihood of significant drops leading to crashes.

Yes, bitcoin should be traded on Forex. We need the added exposure.
No, any exchange that can trade 24/7 should not limit itself except for technical reasons (2 hour downtime window for updates). If the market wants to trade, it will trade. If one exchange bars it, people will move to an exchange that will.

Don't try to regulate the market thinking that you're smarter than it. Let the market does what it does, and choose for yourself whether you want to play it or ride it.

swusc2

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Do your part for Bitcoin!

The "new economy, old economy" idealogy doesn't work in the current model. The only way for bitcoin to get big is through the transaction between established currencies and bitcoin. By not using a limited model current currencies play the economic advantage over bitcoin in stability.

Also it couldn't be enforced and enforcement is probably a bad idea. But it would be in the best interest to exchanges and bitcoin right now to use something like forex. It can always be changed later.

A perfect model would be, banks open 7 days a week and exchanges open 7 days a week. Because banks do close, the perfect economic model doesn't apply because no money can go into exchange during the weekend but money can leave. Economics no longer apply because while the price can go down the but not up by counter buying at low prices because no new money can be put in until a certain time. And since crashes are due to the steepness of dropping prices the inability to counter buy until later increases the likelihood of significant drops leading to crashes.

enmaku

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Quote from: bittersweet on June 12, 2011, 01:54:54 AM

Quote from: enmaku on June 12, 2011, 01:51:29 AM

How about community enforcement? If enough of us (especially if we got all the miners onboard) refuse to do business in certain ways or certain time frames then there's no product to buy during those windows.

It doesn't make sense. Why would you want to not be able to trade 24/7? Bitcoin is a global currency.

I would love to, if the infrastructure were available in the other currencies we all rely on right now.

Also, I was perhaps talking less about the "certain time frames" and more about the "certain ways" (http://forum.bitcoin.org/index.php?topic=15595.0 <- shameless derailing plug of my own thread about unionizing mining)

mellowhead

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Exchanges should stay open on weekends, evenings, whenever they feel like it IMO.

pokermon919

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You know how much money the exchanges make on fees? They wouldn't close at all unless they had to. Keep in mind they are running a business.

brunner

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Quote from: Bit_Happy on June 12, 2011, 01:52:32 AM

No

Agreed. That's just dumb.

If you want to personally forgo trading at certain times of the day, have at it.

However, the exchanges are privately owned, and can decide on their own what times of day and days of the week they will be open for business.

If you start an exchange, you'll be free to set the business hours.

bittersweet

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Quote from: enmaku on June 12, 2011, 01:51:29 AM

How about community enforcement? If enough of us (especially if we got all the miners onboard) refuse to do business in certain ways or certain time frames then there's no product to buy during those windows.

It doesn't make sense. Why would you want to not be able to trade 24/7? Bitcoin is a global currency.

Bit_Happy

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A Great Time to Start Something!

No

enmaku

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Quote from: wumpus on June 12, 2011, 01:49:29 AM

There would be no way to enforce this. Exchanges can choose for themselves whether to be open or closed in the weekend or at other times.

How about community enforcement? If enough of us (especially if we got all the miners onboard) refuse to do business in certain ways or certain time frames then there's no product to buy during those windows.

wumpus

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No Maps for These Territories

There would be no way to enforce this. Exchanges can choose for themselves whether to be open or closed in the weekend or at other times.

NetTecture

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Quote from: ripper234 on June 12, 2011, 01:27:53 AM

Quote from: NetTecture on June 12, 2011, 12:17:46 AM

Yes. Has a lot of advantages, also technically - gives them a maintenance window t take down the site / update the programs withint incured downtime.

Adhering to FOREX trading hours (23 hours / day, 6 days a week) or CME GROUP hours (15 minute downtime per day, weekends off) means more planned stability. And, as I said, a window for handling maintenance.

Absolutely not. We don't play by old economy rules.

Make sense. Let's ignore reality and live ina a fantasy world.

Yes, you DO play by old economic rules. You also play by standard IT rules which LOVE planned downtime. 24/7 is extremely hard to maintain for anything not a joke website (mt gox still is there - joke website - wait until you see real volume, options etc.).

Plus somehow Bitcoins dont live in a fancy fantasy world - exchagne against funds requires funds available, and as the OP pointed out, lots of the non-bitcoiin infrastructure shuts down on weekends.

ripper234

legendary

Activity: 1358

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Ron Gross

Quote from: NetTecture on June 12, 2011, 12:17:46 AM

Yes. Has a lot of advantages, also technically - gives them a maintenance window t take down the site / update the programs withint incured downtime.

Adhering to FOREX trading hours (23 hours / day, 6 days a week) or CME GROUP hours (15 minute downtime per day, weekends off) means more planned stability. And, as I said, a window for handling maintenance.

Absolutely not. We don't play by old economy rules.

NetTecture

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Yes. Has a lot of advantages, also technically - gives them a maintenance window t take down the site / update the programs withint incured downtime.

Adhering to FOREX trading hours (23 hours / day, 6 days a week) or CME GROUP hours (15 minute downtime per day, weekends off) means more planned stability. And, as I said, a window for handling maintenance.

Bitcoin Swami

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I dont know much on how it works but I hear alot of people saying that the wire transfers and stuff doesn't work on weekends because banks are closed. This seems to lead to more selling pressure on the weekends. Wouldn't it be better for bitcoin if trading on the exchanges closed for the weekend? or does it not even matter?

Topic: Should the exchanges close on the weekends? - page 3. (Read 6510 times)