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[TheFootMan]

The risk is zero. They are a reputable, registered company in Norway, and the founders have appeared in Norwegian media several times. They have over 10,000 happy users.

The risk is seldom zero or even close in the Bitcoin world. If anyone finds a way to steal the bitcoins that is deposited with them they will go broke, and people will lose money. Having a known identity is no guarantee either, the identity of Pirateat40 was well known. This is just meant as a general advice, Justcoin is probably no less safe than other Bitcoin services.

Second this. Not even for a well reputable company dealing with traditional financial instruments the risk is zero.

[akaman]

The risk is zero. They are a reputable, registered company in Norway, and the founders have appeared in Norwegian media several times. They have over 10,000 happy users.

The risk is seldom zero or even close in the Bitcoin world. If anyone finds a way to steal the bitcoins that is deposited with them they will go broke, and people will lose money. Having a known identity is no guarantee either, the identity of Pirateat40 was well known. This is just meant as a general advice, Justcoin is probably no less safe than other Bitcoin services.

Second this. Not even for a well reputable company dealing with traditional financial instruments the risk is zero.

You both miss the point.

My risk assessment was strictly in response to thedarksun's question whether Justcoin is a scam (i.e. the possibility that its owners will someday run away with his money), and not whether there is an inherent risk trading there (exposure to thefts, hacks etc by 3rd parties) or using bitcoins in general.

Still, I stand corrected as the risk of being defrauded can never be zero and I have edited my post  

[thedarksun]

When you withdraw to your bank, since it says it takes 2-3 days, will my money get affected by the price changes that occur after I withdraw?
For instance if I would withdraw 1 BTC to money at the price of 850dollars and lets say tomorrow Bitcoin drops to 600dollars, Will I get 600 dollars in my bank account or 850?

[granathus]

When you withdraw to your bank, since it says it takes 2-3 days, will my money get affected by the price changes that occur after I withdraw?
For instance if I would withdraw 1 BTC to money at the price of 850dollars and lets say tomorrow Bitcoin drops to 600dollars, Will I get 600 dollars in my bank account or 850?

You have to sell your coins on the exchange before you can withdraw fiat money. Or you can withdraw BTC to your wallet  

[TheFootMan]

My risk assessment was strictly in response to thedarksun's question whether Justcoin is a scam (i.e. the possibility that its owners will someday run away with his money), and not whether there is an inherent risk trading there (exposure to thefts, hacks etc by 3rd parties) or using bitcoins in general.

First off I will say that there's no reason to distrust justcoin. But then, for the sake of argument, there are plenty of examples that of companies who was registered and regulated that just left customers hanging if you look at the world as a whole.

Therefore, you have no guarantees. If an operator of a bitcoin exchange decide to run for the hills (go to some remote country) and take his bitcoins with him, who can stop him if he hides his tracks well?

I'm not saying there's any reason to distrust justcoin, just saying that there's no such thing as a 100% certainty of an operation not being mismanaged. But this thread is about Justcoin, and if we want to discuss this further, maybe make a separate thread for it?

[thedarksun]

When you withdraw to your bank, since it says it takes 2-3 days, will my money get affected by the price changes that occur after I withdraw?
For instance if I would withdraw 1 BTC to money at the price of 850dollars and lets say tomorrow Bitcoin drops to 600dollars, Will I get 600 dollars in my bank account or 850?

You have to sell your coins on the exchange before you can withdraw fiat money. Or you can withdraw BTC to your wallet  

How long does selling take? 1 hour?

[granathus]

When you withdraw to your bank, since it says it takes 2-3 days, will my money get affected by the price changes that occur after I withdraw?
For instance if I would withdraw 1 BTC to money at the price of 850dollars and lets say tomorrow Bitcoin drops to 600dollars, Will I get 600 dollars in my bank account or 850?

You have to sell your coins on the exchange before you can withdraw fiat money. Or you can withdraw BTC to your wallet  

How long does selling take? 1 hour?

If you set your asking price high enough it could take up to 9000 hours. 

[Grinder]

How long does selling take? 1 hour?

It's an exchange, where people put up offers to buy or sell a certain amount at a certain price. If you are willing to sell at the price someone else is offering then the trade is instant. If not you can only hope that someone will pay the price you want at some time in the future. It could take seconds, or it might never happen. You have to check the order book to know what the available offers are.

[thedarksun]

How long does selling take? 1 hour?

It's an exchange, where people put up offers to buy or sell a certain amount at a certain price. If you are willing to sell at the price someone else is offering then the trade is instant. If not you can only hope that someone will pay the price you want at some time in the future. It could take seconds, or it might never happen. You have to check the order book to know what the available offers are.

Normally im talking about selling at the market price.

[Grinder]

Normally im talking about selling at the market price.

Selling at market price on an exchange usually means the best price the available buy orders will pay for the amount you want to sell. If you by "market price" mean a price from a different exchange then there's no guarantee that the order will ever be executed.

[thedarksun]

Yeah but if the site is showing btc price to 890 dollars and u try to sell at 890 you would get a match likely? Thats what im wondering

[jaybug]

Bitcoincharts oppdateres ikke 

http://bitcoincharts.com/markets/justNOK.html

Jeg har sendt en mail til Bitcoincharts for å finne ut av dette. Takk for tipset

btcReport (iPhone Appen) sluttet å virke for et par uker siden og. Favoritt appen min for å sjekke priser fra flere valuta/børser, så hadde vært greit om justcoin kom tilbake

[Grinder]

Yeah but if the site is showing btc price to 890 dollars and u try to sell at 890 you would get a match likely? Thats what im wondering

That's the last traded price. It's impossible to say if you can sell at that price, especially when there are so few trades. You'll have to check the order book.

[thedarksun]

Yeah but if the site is showing btc price to 890 dollars and u try to sell at 890 you would get a match likely? Thats what im wondering

That's the last traded price. It's impossible to say if you can sell at that price, especially when there are so few trades. You'll have to check the order book.

Okay so it's not even safe that I can sell at the market price? I would need to sell for less to be safe?
Where can I find the orderbook on justcoin?

[akaman]

Yeah but if the site is showing btc price to 890 dollars and u try to sell at 890 you would get a match likely? Thats what im wondering

That's the last traded price. It's impossible to say if you can sell at that price, especially when there are so few trades. You'll have to check the order book.

Okay so it's not even safe that I can sell at the market price? I would need to sell for less to be safe?
Where can I find the orderbook on justcoin?

After you login to your account, select Trade and then the market you want to trade in (e.g. BTC/EUR). The order book appears in the table to the right on the page (with columns labeled Sellers and Byers). The orderbook contains the current list of ask and buy offers that other Justcoin users have entered. You can enter a price that matches an existing entry in the orderbook (select the Instant option). Your order will then execute immediately at the current market price. Or, you can enter a different price (select the Advanced option and set your limit) and wait for the market price to adjust. The market may of course move in the opposite direction of what you expect.

You may want to experiment first with small amounts of BTC. You can trade with as little as 0.01 EUR or 0.00001 BTC.

Good luck!

[thedarksun]

Yeah but if the site is showing btc price to 890 dollars and u try to sell at 890 you would get a match likely? Thats what im wondering

That's the last traded price. It's impossible to say if you can sell at that price, especially when there are so few trades. You'll have to check the order book.

Okay so it's not even safe that I can sell at the market price? I would need to sell for less to be safe?
Where can I find the orderbook on justcoin?

After you login to your account, select Trade and then the market you want to trade in (e.g. BTC/EUR). The order book appears in the table to the right on the page (with columns labeled Sellers and Byers). The orderbook contains the current list of ask and buy offers that other Justcoin users have entered. You can enter a price that matches an existing entry in the orderbook (select the Instant option). Your order will then execute immediately at the current market price. Or, you can enter a different price (select the Advanced option and set your limit) and wait for the market price to adjust. The market may of course move in the opposite direction of what you expect.

You may want to experiment first with small amounts of BTC. You can trade with as little as 0.01 EUR or 0.00001 BTC.

Good luck!

Oh wow, it looks like every buyer wants to buy at 800 at the maximum while on the site it says its 880 dollars. Kinda misleading but ill try.

[thedarksun]

Does it take long time to sell/buy on this site? Because on bitcoinity it doesnt show many trades are made.

[akaman]

Does it take long time to sell/buy on this site? Because on bitcoinity it doesnt show many trades are made.

I'd say I make about 10-20 trades per day on Justcoin and that's a small piece of the volume traded there. Of course, you can trade at the current market price in which your trade is executed immediately. Or wait and see which way the market moves. The answer to this question really depends on your objectives...

[thedarksun]

10-20 a day? Why so many trades? what do you get out if it?

[Badonkadonk]

10-20 a day? Why so many trades? what do you get out if it?

buying low and selling high to make profit ofc