lebing (OP)
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Enabling the maximal migration
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June 14, 2013, 08:48:54 AM |
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Bitcoincharts has this already: Weighted Prices Bitcoincharts offers weighted prices for several currencies at http://api.bitcoincharts.com/v1/weighted_prices.json. You can use this to price goods and services in Bitcoins. This will yield much lower fluctuations than using a single market's latest price. Weighted prices are calculated for the last 24 hours, 7 days and 30 days. USD: {u'7d': u'103.74', u'30d': u'116.14', u'24h': u'103.02'}
EUR: {u'7d': u'79.91', u'30d': u'89.89', u'24h': u'78.27'}
With Bitcoin fluctuating wildly it might be interesting to have one for the last hour, too. Im not a coder - so I cant see what this actually is - but is it weighted by volume? If so, that's great. They should make a feature on the site as well.
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Bro, do you even blockchain? -E Voorhees
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lebing (OP)
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June 14, 2013, 08:49:52 AM |
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Before we set up a website to do this, let's be a little clever, and only have a centralised algorithm based on this thread.
So, if everyone uses the same formula, and sticks it on their websites, sampling at an hour interval but not on the hour, we will have a bitcoin price that can't be manipulated due to centralisation!
If you want, I can write a quick script that can be cut and pasted but will follow this guideline that its your server fetching the samples, as this is the principle that prevents centralisation problems. For instance, and timeouts while sampling, automatically removes that exchange from the end price.
We just need a fancy name for the formula, like "real bitcoin" price, so people know what they are talking about this price.
Feedback?
I like that idea. But before you spend too much time working on it - lets see what we can get out of bitcoincharts first
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Bro, do you even blockchain? -E Voorhees
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lebing (OP)
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June 19, 2013, 06:32:04 AM |
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Bump as a request to the coders in the house. Can anyone confirm or deny that bitcoincharts has this functionality already in their api?
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Bro, do you even blockchain? -E Voorhees
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notme
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June 20, 2013, 07:47:34 AM |
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Bump as a request to the coders in the house. Can anyone confirm or deny that bitcoincharts has this functionality already in their api?
If you just want last price for various exchanges, yes. I'm not sure what "this functionality" is?
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lebing (OP)
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June 20, 2013, 10:43:17 AM |
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Bump as a request to the coders in the house. Can anyone confirm or deny that bitcoincharts has this functionality already in their api?
If you just want last price for various exchanges, yes. I'm not sure what "this functionality" is? I was referring to what hobbes posted - you can see it at the top of this page quoted
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Bro, do you even blockchain? -E Voorhees
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legitnick
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June 20, 2013, 08:16:05 PM |
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I for one am sick and tired of using mtgox's price as the default price for everything. This is a vulnerability and a weakness that can and should be fixed for a decentralized system. In order to take bitcoin's price discovery to the next level I propose that we use an algorithm which is based on the price of multiple exchanges which weights the price according to volume. I built a very simple formula which weights the real-time price based on the 30 day volume. You can see it for yourself here (its an open office .ods file): http://www.filedropper.com/pricediscovery1This example could easily be extrapolated all USD exchanges and eventually to aggregate the total numbers by incorporating numerous currencies. Questions for the community: 1. Is 30 days the best volume time set to use? 2. Is there another data piece which should be included? 3. What else am I missing? If enough people here agree with me that this is something useful and should be implemented, I will put up a bounty for a site to incorporate the data in realtime (and eventually offer API support). Thanks for your consideration edited for clarification I totally agree, Bitcoiners need to learn MTGOX is just another exchange, not the default bitcoin price. They can change the price for their gains just like any other exchange.
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Bitcoin Roll
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June 20, 2013, 10:38:27 PM |
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lebing (OP)
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June 23, 2013, 08:58:12 PM |
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Looks like bitpay is already using their own metric similar to this - I wonder why they dont make it public (or if they do I havent heard of it)? http://rt.com/op-edge/bitcoin-currency-max-keiser-138/
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Bro, do you even blockchain? -E Voorhees
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notme
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June 26, 2013, 04:17:24 AM |
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lebing (OP)
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June 26, 2013, 08:37:51 AM |
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Looks like that has been updated actually just a few days ago: http://blog.bitpay.com/2013/06/important-update-on-bitpay-exchange.html?oid=1039_1Though I have no idea what that actually means, im just happy people are moving away from mtgox. That's what this thread was about and if its already happening, then great.
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Bro, do you even blockchain? -E Voorhees
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