Thats not entirely true, although I'm on your side as I think its pointless, Intersango's new fee structure does make business sense: it delivers on the goal of reducing spreads. Their thinking is a tighter spread will lead to more customers. For those who unknowingly sign up, the buys will be more expensive then they expect. I think this is stupid, however it has made the exchange favour sellers. If you dont mind using two exchanges, you can use this to your advantage for your trading activities.
I think you're being imprecise with your word choices "favor sellers". It actually favors liquidity makers. They can be buyers or sellers, so long as they do not accept the bid/ask on the other side of the transaction. I stand corrected. You're right. Intersango favours liquidity makers. |
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I strongly disagree with this, at least until someone explains how this encourages providing liquidity. Intersango did something like this, I'll quote what I wrote to them: To me it seems very poorly thought out, for the simple reason that it will make absolutely no difference. Makers take fees into account when setting prices, and the change will just mean they will modify their prices so that everybody still pays the same.
Before:
John wants to sell 10 BTC, as long as he gets at least $0.9935 for each. He puts a sell order @ $1/BTC.
Beth executes this order, paying $1 per BTC plus 0.65% fee.
John gets $9.935, Beth pays $10.065, Intersango gets $0.13.
After:
John wants to sell 10 BTC, as long as he gets at least $0.9935 for each. He puts a sell order @ $0.997/BTC.
Beth executes this order, paying $0.997 per BTC plus 0.95% fee.
John gets $9.935, Beth pays $10.065, Intersango gets $0.13.
No change in the actual trades and prices people get, this just makes things unintuitive and complicated.
By the way, any plans to have the issuer of the share get a portion of the trading fee? Thats not entirely true, although I'm on your side as I think its pointless, Intersango's new fee structure does make business sense: it delivers on the goal of reducing spreads. Their thinking is a tighter spread will lead to more customers. For those who unknowingly sign up, the buys will be more expensive then they expect. I think this is stupid, however it has made the exchange favour sellers. If you dont mind using two exchanges, you can use this to your advantage for your trading activities. |
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I propose holding on to the BTC until the situation with the bank becomes clear.
It is for this reason that I advised you privately not to distribute the bitcoins in any way that was related to the AUD. Due to the price fluctuation of bitcoin, waiting on the AUD is the only reasonable way to combine the remaining funds and distribute them evenly. Of course, it's not my call. Given the dollars at stake, and the threats for legal action for recovery that are mentioned elsewhere in this thread, no funds should be distributed, BTC or AUD. I know the cost of legal work in Australia and am currently awaiting advice from my lawyers there on a similar matter. Also, I know how the Corporations Act and other statues operate, so commend Chris on the stance taken to date. More communication is better than none. +1 to all quoted threads above. As I have a large AUD stake, I think it would be unfair for BTC to be returned to 'forum members who request it' without the full picture from the bank being understood. Also I traded quite frequently before WBX shut down, I'm happy to clarify my actions if my account was flagged as suspicious. |
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Andre really needs to take ownership of returning funds whether AUD or BTC to their rightful owners. Until he can show the ability to do that, then you should not return the BTC to him.
I have a lot of AUD in the exchange pending withdrawal for a long time now which I am very concerned about.
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Servers outside of China might have a difficult time getting a full picture of the network in those scripts, I'd be interested in seeing some kind of network analysis from within China as they would be behind the firewall then. |
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Yes the legal framework in Oz is quite good. So you'd think Andre would man up and start talking rather than risk the legal ramifications of anybody calling the authorities.
He needs to, pay our money and btc back. Happy to support any legal proceedings against Andre if he doesn't surface soon. |
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Maybe I've not been around long enough... what does that mean? |
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Another broker bites the dust:
WorldBitcoinExchange.com (Australia) has suspended trading and is allegedly returning customer funds however we are all still waiting.
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How has the new pricing structure affected trading? I've noticed much tighter spreads now, is the trading volume still on par with before the new fees?
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I just received an email from Andre: WBX will be shutting down.  |
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I was surprised that S. Korea didn't register more interest being all high tech & stuff
Koreans tend to not access non-Korean sites. They have their own domestic facebook type systems, search engines etc, so unless something has a significant Korean language presence the aren't likely to notice it. I do think they'd like it. Retail Forex trading isn't accessible from here. Korean citizens aren't allowed into casinos and things like that. Access to that kind of thing via BTC would be right up their alley. Unfortunately there isn't an easy way to get KRW into BTC and vice versa. Banking regs are still quite strict here as a result of the currency crisis in the late 90s, so the likelihood of an exchange getting off the ground here is quite low. Which is a shame because they have non-revocable (as far as I'm aware based on what the bank websites tell me when I make transfers), domestic, interbank transfers that are essentially free. Ogrr could wind up serving as a niche market to introduce Korea to Bitcoin. We're all aware of the extent to which Koreans love Blizzard games. Reports are that that the new real-money auction house feature of Diablo III will not be available in Korea, due to concerns that it resembles gambling. This will encourage players to continue privately trading virtual items. The Korean-language subforum (한국어) already shows significantly more activity than any other language subforum: https://ogrr.com/forum.php?f=45They should lead the bitcoin market in my opinion, the gaming culture there means there will be no shortage of powerful graphics cards to mine with. |
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Congrats on the new trading engine CryptoXChange. I've not tried it out yet but hope to soon. Any early indication of the performance gains? How long does it take for your average order to match/fill/execute now?
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I'm in the same situation as most of you too. I've emailed on various occasions, no reply... Even offered any assistance, no response.
I too have been supportive of WBX and have been pretty actively trading recently so have a lot of AUD in my account which I'm waiting on a refund for. Next step??
Given that his company is listed with an official ABN, it shouldn't be too difficult to track him down. I think at this stage he's obviously lost interest in serving WBX customers.
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...I have heard that the PRC is starting to see some inflation...
Inflation is rough there. From May 2011 to December 2011 the inflation on basic foods was up 5-10% in the same markets. Isn't the interest rate also high out there? |
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+1 to zhoutong. Respect.
Given the community collectively has a massive amount of skilled IT resource available. Why not put up some kind of community raised bounty for those 'skilled enough' to expose the thief.
I wonder if any of the 'anonymous' crowd would like some work...
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Congrats, you deserve the press as you are providing a great service to the community. How about a similar site named "Bitcoins for Birthdays" that could be used all year long?
+1, great idea. When I saw this OP, I had to double check my calendar, Christmas is 9 months away!!! I looked at your site and saw the delivery schedule option so you can use this code to easily create a bitcoins for birthdays website but with a different stylesheet. |
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Goole's results of regional interest for the search term Bitcoin http://www.google.com/insights/search/#q=bitcoin&date=today%2012-m&cmpt=qSearch volume index - see world map China: 25 Viet Nam: 15 Japan: 6 Taiwan: 0 Thailand: 0 South Korea: 0 China shows the most interest of the Asian countries I was surprised that S. Korea didn't register more interest being all high tech & stuff No interest from any Arabic countries as yet - PetroBitcoins  Argentina: 19 the highest from South America - they've just slapped on a bunch of monetary restrictions for their Peso South Korea has a lot of gamers, lots of gfx cards to exploit there I'd imagine  |
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There are a lot of posts related to the use of API's. Troubleshooting, announcements, connectivity and general development using API's. As a suggestion, how about creating a subforum under Technical Support called API's?
Not sure if this is the right place for this kind of request. For the rest of the forum community, if you have ever used any API, would you find an API subforum useful?
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Evading tax by faking vouchers is not without risk. The local government may randomly punish some of them to frighten the rest.
True but for sure it is still very common (the stored value card business is still going strong I believe). I mostly agree with you though, especially for your last paragraph. BTW how many years have you been in China? It is very uncommon for a westerner to know so many details that are more or less "underground".  Have been here over 5 years now and my wife is Chinese. 5 years is indeed a long time. It's even enough for you to learn to understand most of the online Chinese materials. In the short term, I think, geeks and speculators would be the first ones who are attracted to Bitcoin in China, just like any other places of the world. As you're both in China, I'll leave it to you to promote Bitcoin there !! |
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This is only a guess, but I think that in the case of automated fast-acting arbitrage between two exchanges, one large and fast moving; and one small and slow then the result would not be price lags, but rather larger spreads on the smaller exchange. This is usually the case. +1 I'd add that the larger exchange will always lead the price change for two reasons: 1. they have a higher trade volume (more liquidity) 2. spreads are lower (which means better prices all round) As you can see both reasons self-reinforce each other. Ie. the lower the spreads, the more reason people would want to trade there; the more people trade there, the lower the spreads will be. Which leads on nicely to the next question: So you would confirm that making a big buy in TH exchange would rise the price in the MTgox giving the Bid in TH will soon be higher than the ask of MT but then the bot will pay the ask in MT and sell at the higher bid price in TH resulting on a clearer upward trend than the one doable with the same cash amount in MT. Of course the amount to buy at a lower ask price in MT might be enough as to lower inmediately the price in TH. But when would this kind of strategy be usefull?
Yes, thats right, if somebody placed a large buy (or sell for that matter) on TH, then TH will lead the price movement, however why would somebody place a large buy order on a less liquid exchange when the price is worse? It does happen occasionally, in which case, anybody who actively watches BTC prices closely or those who arb will have some very easy profit. This will have the affect of adjusting the market prices accordingly, in the way that you mentioned. When would this kind of strategy be useful? Well either to arbitrage, or if you know the order is large enough to move the prices on the lagging exchange (MtGox in your example), then you can pre-empt the price movement... maybe if you combine it with a geared order from bitcoinica then profits to you! |
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