Well, that was quick. Regarfds |
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I think most users are confusing buysellbitco.in with other large exchanges like, Gox, Coinbase, BTCe etc. BSB operate sort of like a single party who buy/sell bitcoin from the community. They have a variable transaction limit and their business greatly depends on the market stability. There are other individuals who do the same business here, but they do without a store front. None of them will sell BTC during a crash, because they have gained their share of experience surviving these. So it is understandable why BSB pull down the curtains during a crash.
Even I wish to put some money on BTC during this crash, but for that I should go to an international exchange where I can make instant buy/sell decisions.
Hey Jinson, well then how would you then help new users understand this when the prices are low everyone would like to buy. But as you said no body would like to sell during crash, so what will new users think that only when the price reaches at certain level they will be selling and at that time we will not be able to buy. So what should be the solution as every time during the crash it will not be willing to sell as per the previous experience. So should all time at high rates only it should be purchased. just trying to understand this. Also, say tomorrow it goes down to 300-400 and for 2 weeks it stays at that level then in that case what will be scenario? Let me try to explain : The issue is wild volatility. There is no way for us to setup a base price when market is showing such fluctuations. We will open up again once market is stable. What will happen if we buy from seller at 40k and next minute it is 35k. We give you locked in rates. You booked order and you have chance to decide if you want to honor the order or not for 1 hour. We do not get this chance. You sent the money and we will send you bitcoins at quoted rate, simple. Yep, we know we have created this rules and we are supposed to follow them and we are following them. But you know why we give locked in rates, we want more and more users to buy bitcoins. With locked in rates they get confidence to invest in. We even put buying limits for users when there is huge demand of bitcoins. We can simply sell it to one whale and cash in our fees and profits. But we want more and more users to get bitcoins and thats why those limits we apply. On top of it we also answer calls and mails from users very politely when they almost slang us saying what is these ridiculous limits that I can buy only 20k worth of coins. Well, because of these limits only you are able to buy even 20k else some whale would have bought all of this. We know such exponential growth can not be sustained and market will crash. We also know that the day when there is blood bath our business model can not sustain it. But we know, once this will pass we will see greens again and it will settle down  We do not say that we will open up again when prices are 70k. All we need is stable market where our algorithm can setup a fair base price. Regards |
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A liquid Indian exchange is the need of the hour, I believe there is a market for it in India. What surprises me is no one has set one up yet.
Buysellbitco.in has all the potential to turn into one, maybe an external sponsor would be needed for that. Well the issue is when you are making an exchange, if you are all serious, have you though about 1. Consumer protection. What will happen if one day you and other customers who have deposited Crores in our bank account to do trading and bank will close or block our accounts due to a regulation notice such as China one. What will happen to our customers money ? In current business model we take all the risks. We never store customer funds on our servers or bank accounts. 2. What will happen if one day we actually lose all your bitcoins ( Not INR ), how you will protect yourselves. 3. Read more about NSEL fiasco. While I 100% agree and working hard on getting liquid trading exchange in India,it is not advisable to launch it without having consumer protection and Regulation framework cleared. We need exchange but we do not need fraud case. As Benosn suggested, Lobbying, educating decision makers, public acceptance is what we need. And trust us, we are all working hard on that. Regards |
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First Crash - 32$ to 2$ - mt.gox numbers....1/16th value Second Crash - 260$ - 54$ - mt.gox + btc24 numbers....1/5th value Third Crash - 960$ - approximately 650$.... not fixed yet...just 1/3rd value.....the crash percentages is getting lesser....which is better That is called re-distribution of wealth. If you thought bitcoin was just a way to make money, you are mistaken....I have survived all three crashes and I think, I will still be around for more. There will be many more bubbles before it gets into mass adoption. Use crashes to increase your bitcoin holdings. cheers and have fun. The present crash is nothing compared to the FIRST CRASH. also never invest more than you can lose. have a good day...get used to it........ also regarding china, I am happy, bitcoin scares them. They have crazy capital controls...and bitcoin really proves its disruptive nature there. Can not agree more !!! Regards When are we resuming the trades, buysellbitco.in? We will resume as soon as market shows a bit stability. There is no way we can setup fair buy or sell price if market is swing 100+$ ( over 13% in less than 5 minutes ) We need a stable market to get fair price references. We are not an exchange where you deal with other traders. When you do any buy or sell on buysellbitco.in you will be buying or selling from us and we can not open again until market is a bit stable. Regards |
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First Crash - 32$ to 2$ - mt.gox numbers....1/16th value Second Crash - 260$ - 54$ - mt.gox + btc24 numbers....1/5th value Third Crash - 960$ - approximately 650$.... not fixed yet...just 1/3rd value.....the crash percentages is getting lesser....which is better That is called re-distribution of wealth. If you thought bitcoin was just a way to make money, you are mistaken....I have survived all three crashes and I think, I will still be around for more. There will be many more bubbles before it gets into mass adoption. Use crashes to increase your bitcoin holdings. cheers and have fun. The present crash is nothing compared to the FIRST CRASH. also never invest more than you can lose. have a good day...get used to it........ also regarding china, I am happy, bitcoin scares them. They have crazy capital controls...and bitcoin really proves its disruptive nature there. Can not agree more !!! Regards |
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Would be nice to know any ideas afloat on curbing the volatility of Bitcoin to FIAT prices.
A global Exchange, High volumes of traders, and stable government acceptance of bitcoin. That has too many variables. There has to be some simpler solution. Something built into Bitcoin, like an exchange logger that does not allow for mass fluctuations. Regardless as to how high it climbs back, this is depressing to watch. Well the only thing that comes to mind is a standardized exchange protocol that all exchanges can us, where in trade of bitcoin can be done between exchanges. This would stabilize prices to a certain extent. but trade between exchanges it self brings up far to many hurdles than solution. well I do not know if its legal.. I am sure exchange can not take part in any kind of trading.. reagrds Well i am talking about trade between exchanges, like a user in exchange A get his purchase from exchange B. the exchange it self does not take part in the trade. But the inter-trading between various exchanges takes place to accommodate the best price for sell and buyer, automatically. Well that can surely help with volatility and manipulation... This in fact really good idea.. But I doubt if any exchange will accept it because than they will not be able to manipulate a lot. Regards |
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Would be nice to know any ideas afloat on curbing the volatility of Bitcoin to FIAT prices.
A global Exchange, High volumes of traders, and stable government acceptance of bitcoin. That has too many variables. There has to be some simpler solution. Something built into Bitcoin, like an exchange logger that does not allow for mass fluctuations. Regardless as to how high it climbs back, this is depressing to watch. Well the only thing that comes to mind is a standardized exchange protocol that all exchanges can us, where in trade of bitcoin can be done between exchanges. This would stabilize prices to a certain extent. but trade between exchanges it self brings up far to many hurdles than solution. well I do not know if its legal.. I am sure exchange can not take part in any kind of trading.. reagrds |
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Few things I really believe are :
1. We must use now small denominations for bitcoin default price.. Like mBTC or so. That way the swings looks a bit smaller.
2. More adoption. If more people have BTC on hands and they are active in trading, pump and dump becomes a little difficult.
3. In any sane regulated exchange they must use lower circuit to make sure market calm down a bit on such days. Bitcoin exchanges must be regulated. Otherwise there is no way to know if even it is manipulated by exchange itself.
4. Everyone must understand Bitcoin is a huge social and economical experiment and just 4 year old. This is not investment option for middle class who is savings from their salary. It is very risky for investment for the time being. Once we have some kind of consumer protection law framed for it, than and than only it should be seen as investment. Obviously people who can afford to loose some part of portfolio in such wild swings can do it their own risk and there is nothing wrong with that.
Regards
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Edit :
Site is up and running now. Thanks for your understanding and cooperation.
Regards,
BuySellBitco.in
Dear users,
We are experiencing few technical difficulties and our services will be down for next few hours.
We will update you once we back up again.
Regrads,
Buysellbitco.in
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Thanks Guys for organizing Laxmicoin will setting up a stall and our team will be speaking about digital currency see you guys there www.laxmicoin.comAwesome Looking forward to meet you guys. Reagrds |
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Hey Thanks for posting this Also we are here from last 1 year at least. We have started Litecoin from today. Regards |
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The room is already quite active. Anyone online should jump in! Arvind Ravi → IRC Meetup India: For those who are new to IRC, an easier way to join the channel: Simply go to http://irc.lc/freenode/taproom and choose a nickname. Cheers! It now feels like the Indian community is active. I see bright future for bitcoins in India now. :-) I went there but was not able to find @subvolatil  Next time Regards |
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Thanks Benson
I have looked at the INRBTC website
Quite likely that I will test the service at some point down the road
I can surely vouch for them Regards |
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I've checked out the site a while back and have been wondering the same thing. I haven't heard any negative news so I'd say test them out and report back your experience.
The site is good the guy running the site is quick and responds fast regarding any quarries. I vouch for this site. Thanks for kind words subvolatil @hieroglyph, please feel free to call us, email us in case you have any questions or concerns. Regards |
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This thread makes me feel better for selling 740 litecoins at $2.9 about a month ago
Lol, you reminded me theory of relativity  Regards |
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India is country of with IT potential. When would I be able to see Indian exchange like? I so much want to trade.
Any comments?
Please visit INRBTC - Bitcoin Trading Platform Since our launch in September we have completed 450 Trades ( As on 28-Nov-2013 ) successfully and going strong. Thanks INRBTC! But, I was talking about those automated exchange have in developed country. Why haven't we came up with such exchange yet? Too much of technology involved in it? What's the reason? Regulations.. Tech is secondary part and not an issue. No one wants to touch it before hearing something from Regulators. Regards |
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Hi all,
Im looking for the best and easiest place or exchange to sell some bitcoins.
Any help is greatly appreciated.
Thank you!
If you are in India, you can try https://buysellbitco.in/Regards |
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I am sure no one is going to be giving that value out, hehe..... cheers
As far as approximation concerns, which is topic here, I will put it to close around 100k coins at least. Disclaimer : This figure is backed by value of Youtube comments. Regards Youtube comments? Well, that's how you describe useless scrap Regards |
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I am sure no one is going to be giving that value out, hehe..... cheers
As far as approximation concerns, which is topic here, I will put it to close around 100k coins at least. Disclaimer : This figure is backed by value of Youtube comments. Regards |
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Ref links are not allowed in posts.
You can put them in signature.
Regards
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