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Title: Coinbase BTC value fairly different than MTGox Post by: webchris on July 29, 2013, 04:14:58 AM Anyone know what determines the BTC buy/sell at Coinbase? I had thought it was based on MTGox, but I can see now that it is not, or it is delayed. I didn't think it was its own "exchange".
It shows I can buy BTC at $93.55, while MTGox shows 98.79. Thanks for the clarification! Title: Re: Coinbase BTC value fairly different than MTGox Post by: vokain on July 29, 2013, 04:49:46 AM it probably is sourcing some coins from other exchanges as well. perhaps in conjunction with coinlab/coinsetter? idk
Title: Re: Coinbase BTC value fairly different than MTGox Post by: vokain on July 29, 2013, 05:52:29 AM I think coinbase is working with tradehill...
https://blog.tradehill.com/bitcoin-social-meet-up-wrap-up/ Title: Re: Coinbase BTC value fairly different than MTGox Post by: Moebius327 on July 29, 2013, 02:48:58 PM I had similar experience with coinbase. I think it's related to your post: https://bitcointalk.org/index.php?topic=264283.msg2826236#msg2826236
Title: Re: Coinbase BTC value fairly different than MTGox Post by: zeroblock on July 29, 2013, 03:03:34 PM I believe Coinbase is matching orders internally, then placing orders on whatever exchange can fill the liquidity. I don't know for sure though.
Title: Re: Coinbase BTC value fairly different than MTGox Post by: Moebius327 on July 29, 2013, 03:38:40 PM I believe Coinbase is matching orders internally, then placing orders on whatever exchange can fill the liquidity. I don't know for sure though. I don't think $5 difference is acceptable. Title: Re: Coinbase BTC value fairly different than MTGox Post by: zeroblock on July 29, 2013, 04:51:39 PM I believe Coinbase is matching orders internally, then placing orders on whatever exchange can fill the liquidity. I don't know for sure though. I don't think $5 difference is acceptable. The reason for the $5 divergence is because Mt.Gox isn't an exchange and therefore the price on Gox isn't accurate. Title: Re: Coinbase BTC value fairly different than MTGox Post by: Moebius327 on July 29, 2013, 05:13:44 PM I believe Coinbase is matching orders internally, then placing orders on whatever exchange can fill the liquidity. I don't know for sure though. I don't think $5 difference is acceptable. The reason for the $5 divergence is because Mt.Gox isn't an exchange and therefore the price on Gox isn't accurate. I am not talking about Mt.Gox. Quote Paid an invoice issued trough coinbase for $290 yesterday and didn't notice the weird exchange rate $92/BTC. I sent 3.1394349 BTC to https://blockchain.info/address/1ELA2yrvHYxLfXRi2Mm4cf4Wwfiy5jX62r Several minutes after transaction completed I noticed the low exchange rate and refreshed the invoce and now their exchange rate was $97 (2.98BTC for the invoice). Has anyone experienced this? Edit: Still waiting for some feedback from their support Title: Re: Coinbase BTC value fairly different than MTGox Post by: webchris on July 30, 2013, 01:08:54 AM The reason for the $5 divergence is because Mt.Gox isn't an exchange and therefore the price on Gox isn't accurate. Last time I used Mt.Gox it was an exchange. I was able to put in buy/sell orders at prices I was willing to exchange my BTC. But at CoinBase I just have a fixed amount I can pay for BTC or sell BTC for. You can't put in a "bid" or "ask" like at an exchange. But if Gox is not accurate, who is? CoinBase has to be basing their buy/sell prices on something. Title: Re: Coinbase BTC value fairly different than MTGox Post by: zeroblock on July 30, 2013, 01:21:12 AM The reason for the $5 divergence is because Mt.Gox isn't an exchange and therefore the price on Gox isn't accurate. Last time I used Mt.Gox it was an exchange. I was able to put in buy/sell orders at prices I was willing to exchange my BTC. But at CoinBase I just have a fixed amount I can pay for BTC or sell BTC for. You can't put in a "bid" or "ask" like at an exchange. But if Gox is not accurate, who is? CoinBase has to be basing their buy/sell prices on something. Its not Gox I can promise you that. Gox fails to meet the requirement of an exchange because you cannot reliably or efficiently exchange BTC into fiat. Sure, it might say that you have a fiat balance, but you can only realize that fiat if it is wired to your bank account. Title: Re: Coinbase BTC value fairly different than MTGox Post by: Mooshire on July 30, 2013, 02:23:17 AM Gox doesn't count as an exchange, i'm pretty sure they pull numbers out of their ass anyways.
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