Ruxum
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June 21, 2011, 10:04:01 AM |
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For a truly distributed trading eco-system, trading should be 24x7.
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gst
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June 21, 2011, 10:05:16 AM |
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There will be differences in pricing no matter what. Look at Ebay,they are still trading at around $25 dollars there , which is amazing considering what just happened at MTGOX.. That point is irrelevant.
The high prices on Ebay are almost certainly due to the fraud risk that the sellers have. If they are, e.g., paid with Paypal, the buyer can reverse the transaction after receiving the Bitcoins. Therefore, every seller will charge a premium to cover that risk. On the other hand, the buyers also get an advantage for paying more: They don't need to trust platforms like MtGox, but can buy there coins on a more reputable platform. If the seller does not send them the Bitcoins they can be sure that they will get there money back. |
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FlipPro (OP)
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June 21, 2011, 10:19:45 AM |
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There will be differences in pricing no matter what. Look at Ebay,they are still trading at around $25 dollars there , which is amazing considering what just happened at MTGOX.. That point is irrelevant.
The high prices on Ebay are almost certainly due to the fraud risk that the sellers have. If they are, e.g., paid with Paypal, the buyer can reverse the transaction after receiving the Bitcoins. Therefore, every seller will charge a premium to cover that risk. On the other hand, the buyers also get an advantage for paying more: They don't need to trust platforms like MtGox, but can buy there coins on a more reputable platform. If the seller does not send them the Bitcoins they can be sure that they will get there money back. My point exactly, every medium of exchange will warrant its own value. If I started an exchange site right now, how serious do you think people would take me? And then to coincide with the point, I would have to offer the bitcoins at a much lower artificial rate just to get people to come in, and then that still doesn't measure the trust factor.There will always be fluctuations between exchangers for several varying reasons. But I guess ultimately the market will decide whats better or worse.. |
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goodlord666
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100%
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June 21, 2011, 01:49:12 PM |
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No, seriously: Trading times should be limited to when I am awake. And preferrably commence as soon as I hit that switch on my toaster. Problem?  |
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airdata
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June 21, 2011, 02:15:20 PM |
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Which timezone's daylight hours do you think trading should be tied to?
exactly... its a global thing. there's no fair timezone. if you pick one, you force people in other zones to set their alarms for 2am to do trading. |
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finack
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June 21, 2011, 02:18:27 PM |
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An important aspect of markets being open only certain hours is to concentrate liquidity during these times and reduce the amount of wild trading swings that result from overly thin order books. While it wouldn't help the OP's concern about people not sleeping, it could potentially help market stability if markets were open say two hours every eight. Not that I expect anyone to implement that, but it is used to those ends in other markets.
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TradersEdgeDice
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June 21, 2011, 02:40:54 PM |
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In foreign exchange, spreads widen or narrow for currencies depending on their market volatility.
When Turkey closes, the spread on the lira triples. Ditto for Thailand, Taiwan, South Africa etc. etc.
Bitcoin does not have anything similar to the interbank market. It may never have that because bitcoin are not distinguished by a country as currency paper is.
Trading by spread instead of a 1929 style fee should be doable right now.
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tymothy
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June 21, 2011, 03:10:19 PM |
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Forex trades 24/7 and they're ok.
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bittersweet
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June 21, 2011, 03:13:58 PM |
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Yes it is a good idea.
The sun never sets upon the Bitcoin empire.
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My Bitcoin address: 1DjTsAYP3xR4ymcTUKNuFa5aHt42q2VgSg
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FlipPro (OP)
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June 21, 2011, 03:15:48 PM |
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Forex trades 24/7 and they're ok.
They're not a brand new startup currency. I think I made my point clear that 24/7 trading will be possible in a few years (Hopefully months if we get to work), but right now it's not looking to attractive. |
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bittersweet
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June 21, 2011, 03:17:50 PM |
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Forex trades 24/7 and they're ok.
They're not a brand new startup currency. I think I made my point clear that 24/7 trading will be possible in a few years (Hopefully months if we get to work), but right now it's not looking to attractive. You won't need sleep in a few years? Because it was your original argument. |
My Bitcoin address: 1DjTsAYP3xR4ymcTUKNuFa5aHt42q2VgSg
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wumpus
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June 21, 2011, 03:20:54 PM |
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How would it help if an exchange closed 8 hours a day? Others would still continue trading at other exchanges, so it's not really that you'd have peace of mind.
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Bitcoin Core developer [PGP] Warning: For most, coin loss is a larger risk than coin theft. A disk can die any time. Regularly back up your wallet through File → Backup Wallet to an external storage or the (encrypted!) cloud. Use a separate offline wallet for storing larger amounts. |
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FlipPro (OP)
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June 21, 2011, 03:21:18 PM |
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Forex trades 24/7 and they're ok.
They're not a brand new startup currency. I think I made my point clear that 24/7 trading will be possible in a few years (Hopefully months if we get to work), but right now it's not looking to attractive. You won't need sleep in a few years? Because it was your original argument. Sleep is becoming more and more of a luxury for me, bitcoins aren't helping !!! :p |
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jaybny
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June 21, 2011, 03:21:25 PM |
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No Exchange in the world is 24/7 .. no exchange is more then 6 days a week no exchange has less then a 30 minute break each day.
its retarded... but so are the fills being reported after commissions.
mtgox has many flaws... but its the best we got.
I have a white paper on a proper BTCUSD futures contract & exchange.
looking for seed BTCs.
pm me
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FlipPro (OP)
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June 21, 2011, 03:21:59 PM |
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How would it help if an exchange closed 8 hours a day? Others would still continue trading at other exchanges, so it's not really that you'd have peace of mind.
I think the structured, regulated, exchange would maybe set a new temporary standard. |
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bittersweet
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June 21, 2011, 03:24:42 PM |
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How would it help if an exchange closed 8 hours a day? Others would still continue trading at other exchanges, so it's not really that you'd have peace of mind.
I think the structured, regulated, exchange would maybe set a new temporary standard. Why would anyone want to follow such "standard"? It's business disadvantage for an exchange to not work 24/7. It's also disadvantage for PEOPLE USING THEM. The world will not wait for you while you sleep, Bitcoin price will change 24/7 anyway. |
My Bitcoin address: 1DjTsAYP3xR4ymcTUKNuFa5aHt42q2VgSg
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FlipPro (OP)
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June 21, 2011, 03:32:51 PM |
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How would it help if an exchange closed 8 hours a day? Others would still continue trading at other exchanges, so it's not really that you'd have peace of mind.
I think the structured, regulated, exchange would maybe set a new temporary standard. It sounds like someone needs to structure and regulate their portfolio to be a little better diversified. I am not a bitcoin investor, I actually have $0 invested in bitcoin exchanging. I am just telling you some of the valid concerns that have come up when I talk to older people who love the idea, but are scared to death of the market. That would be a temporary stabilizer, other than Ebay going all out, and fully embracing Bitcoin trading on their platform, and payment processor(paypal), I highly doubt that will happen anytime soon . |
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Vitalik Buterin
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July 17, 2011, 12:11:31 AM |
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If you want to take an 8-hour break from trading, you can. Just convert all your bitcoins into whatever your home currency is at the end of the day and convert it back the next morning. That way you can feel safe and secure with your money and not lose sleep while everyone else keeps trading. If something causes the price to rise or fall during those 8 hours, then if there was an enforced break that same movement would happen within minutes of the market opening and people who didn't log in fast enough would still miss out.
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Argumentum ad lunam: the fallacy that because Bitcoin's price is rising really fast the currency must be a speculative bubble and/or Ponzi scheme.
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SmokeAndMirrors
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July 17, 2011, 12:15:42 AM |
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Why in the world should the exchange sites shut down during specific times? This is not the stock markets. Exchange sites are in place so that people can convert their BTC into viable currency (no matter what time it is), not so that people can make thousands of dollars trying to play the market.
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Help Bitcoins by buying clothes, technology, books, etc. through people/stores that accept BTC. This will increase overall value of BTC as well as mitigate unnecessary bank transaction fees.
My address -
1EM9HGg1SEa5Bux1rVEPxGqGSfNTTc9EkC
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julz
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July 17, 2011, 01:42:09 AM |
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If you want to take an 8-hour break from trading, you can. Just convert all your bitcoins into whatever your home currency is at the end of the day and convert it back the next morning.
Exactly. If you're a day trader - just "don't take your position home with you" (or pay someone to manage your position) If you've got a longer view - put in some stop loss orders and maybe a supervisory bot as well. (or pay someone to manage your position) How the OP didn't realize that restricted trading hours for a global system like bitcoin is an awful idea I don't know. It shouldn't take posting to a public board and being told this in many different ways to work this out! What will vegetta's next suggestion be.. a porn website which goes completely offline when he wants to go to sleep, so that he can rest easy knowing it's secure from hackers? |
@electricwings BM-GtyD5exuDJ2kvEbr41XchkC8x9hPxdFd
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