This will be the post that will be posted on every page starting now
(and please, copy it also if others ask about it)
Switch from BAV (Bitcoin averagere) to BPI (coindesk) on july 15 Hi!
We decided that we want to use the more accurate Bitcoin Price Index published at coindesk in stead of the Bitcoinaverage.com quote.
Why:
*historical data for checking trades
*bitcoinaverage includes the volatile localbitcoins, making the rate less reliable
*having less confusion about which rate to take from the website.
How?
before july 15, everybody keeps using the bitcoinaverage.com price as explained in the opening post.
On july 15, everyone who has a
BTC balance, will start using the BPI price publsihed at coindesk (see below)
If your
balance is in fiat on july 15th, your next (BUY) trade will be using the bitcoinaverage price. After that, you start using the BPI.
(this eliminates possible arbitraging profits by selling before we make the switch)
Practical:To make the transition as smooth as possible, your balance will be colored in blue on the scoreboard until you buy at bitcoinaverage price.
The scoreboard will publish the coindesk price, but remember, those exchange rate is only indicative. You ALWAYS need to check the current rate at the website. Don't rely on the rate published on the scoreboard, because this only refreshes once every hour.
the coindesk BPI can be found here:
http://www.coindesk.com/price/Printscreen:
In this example, we use 269.34 USD, NOT the 24h price (269.08 USD)
