|
Title: Coinbase-unrealistic prices? Post by: Biodom on February 10, 2014, 03:21:51 AM where they got the price they quote-out of thin air?
buy 729, sell 728 with btce at 719 and stamp at 695. It makes no sense. How could one buy/sell bitcoin (speculate) with these ridiculous prices? Title: Re: Coinbase-unrealistic prices? Post by: Dalmar on February 10, 2014, 03:23:51 AM Coinbase is for noobs who aren't verified yet at proper exchanges. So, it is easy to profit of them.
Title: Re: Coinbase-unrealistic prices? Post by: gotmilk_ on February 10, 2014, 03:25:09 AM http://www.reddit.com/r/CoinBase/comments/1xek7t/why_is_coinbase_buy_price_so_much_higher_than/ (http://www.reddit.com/r/CoinBase/comments/1xek7t/why_is_coinbase_buy_price_so_much_higher_than/)
Title: Re: Coinbase-unrealistic prices? Post by: gentlemand on February 10, 2014, 03:26:45 AM Still beats the pants off locabitcoins in most parts of the world. I wish we had something as slick and convenient in the UK.
Title: Re: Coinbase-unrealistic prices? Post by: Brassguy on February 10, 2014, 03:27:17 AM Coinbase is a black box... no one but coinbase has any idea exactly what is going on in their "exchange". Though the aren't an exchange in the traditional sense... more of a buying and selling service. I can think of a few reasons why their "prices" might be higher or lower than expected...
edit... thanks for that find gotmilk_ Title: Re: Coinbase-unrealistic prices? Post by: Biodom on February 10, 2014, 03:44:21 AM Coinbase is for noobs who aren't verified yet at proper exchanges. So, it is easy to profit of them. Yeah, right exchanges like MtGotcha, LOL Kudos to gotmilk_ for the reference Title: Re: Coinbase-unrealistic prices? Post by: BittBurger on February 10, 2014, 04:56:55 AM The prices are different, and proprietary, because Coinbase is not an exchange.
They are a broker. They purchase the coins, and sell internally. This is how they make some purchases "immmediately available" when they haven't even pulled your money yet. They buy at X price, then sell to you at X+X price, to make a profit on their purchase. As for the comment above that Coinbase is for noobs who don't use other exchanges ... can you clarify that? Are you saying that experienced users prefer to spend $40 to do international wires and wait a week for the money to arrive, hoping and praying that the price hasn't changed $200 by that point? Title: Re: Coinbase-unrealistic prices? Post by: Ibian on February 10, 2014, 05:19:52 AM The prices are different, and proprietary, because Coinbase is not an exchange. Actually, I usually use a broker myself. Turns out wiring money to an exchange is just as fast, and I avoid the 8% fee - and can decide precisely when the right time to buy in is. Also found a localbitcoin guy who sells at stamp price. So yeah, brokers are for people who haven't discovered better methods yet. Never again.They are a broker. They purchase the coins, and sell internally. This is how they make some purchases "immmediately available" when they haven't even pulled your money yet. They buy at X price, then sell to you at X+X price, to make a profit on their purchase. As for the comment above that Coinbase is for noobs who don't use other exchanges ... can you clarify that? Are you saying that experienced users prefer to spend $40 to do international wires and wait a week for the money to arrive, hoping and praying that the price hasn't changed $200 by that point? |