I show a high of $10,000,00 on bitcoincharts on CryptoX. That high should be corrected.

Yes I know, that is exactly what we buy and sell.

They are fantastic. I was just letting you know they won't work with MtGox thats all.

Thanks

Crypto X Change

3) transaction fees. While most of the technology oriented people are comfortable with paying per KB, most people will find it confusing and unfair (since it will seem random). In addition this adds unnecessary complications to speculative trading in bitcoins - i.e. you have to trust an exchange to do the trading since doing it by yourself can lead to huge transaction fees in the long run.

20 per hour / 24 hours per day - round up to 500 purchases. 

At $50 each (rough guess - could be as much as $100, and expensive items will make the mean a lot more than the median) that is $25,000/day.   Or $9.1 million/year.

Now the Bitcoin money supply is currently worth roughly $53 million.

If the velocity of each BTC is 5, then you'd need $265 million/year of trading activity to sustain the economy.  Obviously some people are holding on to it for speculation (very low velocity: 0-1) and others are trading it for goods and services.

Does anyone know the current velocity of the US dollar?  I suspect the BTC velocity is a lot more as most people who use it to trade are converting it back into regular currency to avoid fluctuation risks.

I'd guess that Silk Road could run fine with a Bitcoin money supply of around $250,000-$1 million (gives people 10-40 days to convert into non-BTCs).  Or another way to think of this is that Silk Road is backing 0.5% to 2% of the BTC economy.

If you are dealing with small amounts why are you worried about liquidity? Intersango has free trades, free deposits/withdrawals in the UK and they have a considerable volume. It seems like the obvious choice to me. Not everyone is lucky enough to have a bitcoin exchange in their country...

While I'm certainly no expert, I can give you the basics. First off, you would need to diversify your investments. Investing $300 in one company is risky, although the amount of money isn't a lot. Try to find 4-5 companies you would like to make a medium term investment in, and spread your investments over these companies. Then I would start saving money monthly and placing them evenly into these stocks. That way you get the habit of saving money, at the same time as you spread your risk and gain the money from stock prices going up. If one of the stocks goes down, hopefully it will be covered by the rising value of the rest of your portfolio.

here, I got a simple estimate for you.
on SR front page, they have 10 most recent feedbacks.
You can check the time when they were left. just now, the last one of the 10 was left half an hour ago.


which gives a (very rough) estimate of  20 purchases per hour.

if you are interested you can collect more data, along with the average price, daily fluctuations, etc.,
but i can't be bothered.

Apologies about the slower than usual support tickets- this comes at an unfortunate time for us when a) we are restructuring as a company internally b) meetings with investors all this week and c) the team is in various places for various reasons. We will be hiring new support staff by the end of this month to handle more of the tickets.

it regularly becomes unresponsive during massive price movements

also, they need to fix their damned API and MtGoxlive feature... they make enough money from our trades. perhaps it is time that someone begin working on a new trading platform we can switch to so that these irresponsible self-appointed bitcoin police won't have a monopoly on our trades.

Hi.

I coded up an API for the World Bitcoin Exchange site a while back.

How would you like to be its first user?

I've done a bunch of testing, and it looks good to go, but so far we've not announced it as being available.

If you want to try it out, tell me your WBX userid, or openid, and I'll get you set up.

I prefer email (dooglus@gmail.com) but PM here works for me too.

Chris.