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Author Topic: **CEX.IO Bitcoin Exchange ** Buy Bitcoins with Cards in iOS / Android App***  (Read 422117 times)
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January 14, 2014, 10:45:06 PM
 #681

Whats up with ghash.io sending my at home miners 128 difficulty shares and I have it set to 32 difficulty. Im only hashing at 65GH/s. 

Now my 65GH/s - 70GH/s hashing power directed at ghash.io is getting 256 difficulty shares sent for the past 2 days now. emailed support, they said be sure that 32 difficulty is set on my profile > miner settings in cex.io profile page. well it is so what gives? It does not seem to have affected my overall revenue. Should I be concerned and press the issue? I know that higher difficulty shares just means a variance that eventually evens itself out but im trying to be as efficient as possible.

Im in need of similar education myself. Also, is this related to those "Low difficulty shares" that show up on the worker graphs? Dont recall btcguild reporting those...

Yeah I get those "low difficulty shares" as well. Never put time into researching it but even though my rejected and stale share rate is a bit higher on ghash, it is still on average the most profitable pool to mine (speaking for myself). I am still playing with BFGMiner trying to find a sweet spot in the configs which perhaps is related in some way. 

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January 16, 2014, 06:46:44 AM
 #682

This is absolutely FABULOUS!
I'm IN!!!!


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January 16, 2014, 08:11:23 PM
 #683

This is absolutely FABULOUS!
I'm IN!!!!

I've been mining since the 3rd January and so far everything has been very good.
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January 19, 2014, 12:47:53 PM
 #684

CEX needs to put some limits on the day trading aspect of the site.   

The idea of instantly buying GHS is a great one, but its turned into a day trading site that might as well be selling potatoes because the price of GHS is not in inline with any profits that can be made by mining.   

The only way to profit is to day trade GHS.  Day traders and the elephants in the room are causing an artificial price and panics on the market.


Maybe requiring a hold all buys for X days would stabilize the price and bring many more buying into the market?

That is a sure way to cause the crash of all crashes.   Traders don't cause crashes, they prevent them.   They are the ones that are buying when the price is plunging and selling when the price is soaring.   It is the people that don't pay attention to what is going on and start selling in a panic that cause crashes.   
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January 19, 2014, 05:26:54 PM
 #685

Warning............ Sexy.o is a store for bot Trader and Scammer do not trade Ghs on this!
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January 19, 2014, 05:29:21 PM
 #686

I need help.I can't log in.The Two-Factor Auth Code is always invalid.What 's the problem?How can I do?
Sync the clock on your 2FA device. Make sure its very accurate!


How's that for a timely response  Smiley

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January 20, 2014, 01:05:42 AM
 #687

I am also questioning what cex.io does but many people are just going to learn it the hard way.
I see referral links everywhere, youtube, forums etc and I feel sorry for those who fall into this.
Many people think they can get rich quick and they have only themselves to blame for not doing research.

I visited cex.io from time to time to see how it does and I saw the drop from I believe 0.08btc/ghash to 0.03btc/ghash. It did not fall slowly, it dropped like a rock which could be a manipulation.
There are a lot of bagholders or should I say hashholders in cex.io which will not get their initial investment and I hope they learn from this. We are in very early stage of bitcoin, things are unregulated, and people are being scammed everyday. Nobody is going to save your assess if you lost your bitcoin to scammers. I am not saving cex.io is a scam but that place sure is fishy.

If you want to trade to increase your btc holdings, it does not make sense trading at cex.io. btc/ghash will only devalue over time, you might get lucky from time to time but once the next dump comes ready to say goodbye to your investment if you are not prepared.

Agreed.

I believe that GHASH.IO is as legitimate as any hashing site but that CEX.IO is an ingenious way of getting people to keep their hard-earned Bitcoin on the site with the chance of them gambling it away to CEX.IO

CEX.IO also lures in those without hashing hardware to gamble their Bitcoins too.

At least with Satoshi Dice the game is zero sum. It is not a zero sum game on CEX.IO when CEX.IO is self-regulating its own exchange for its own commodity. A commodity which is constantly trending downwards in price and CEX.IO is the only agent able to short sell that commodity. That is insider trading and in any other field would be ILLEGAL. For a company purports to be based in the UK, I wonder why the Met has not raided it yet.

Wow you guys are really off the deep end!

The CEX.IO is unfortunately also a zero sum game as bitcoins can't be magically produced.   We do know that from time to time CEX.IO adds new hardware and they sell the ownership of that hardware on their exchange.   Since they do it this way instead of adding the hardware to the current owners CEX.IO is also in the market and taking market risk.   It is true that as long as the network hash rate is growing they are normally on the wining side of these trades.    However, if the GHS/BTC market soars as it does at times and someone cashes out and withdraws their bitcoin, who pays for that?  It would be CEX.IO, the other miners that still invested in GHS have only gained on paper, their investments are still available to them at least in theory.

Internally in CEX.IO there must be many hundreds to thousands of transactions a minute.  These are being handled internally and are not apart of the normal bitcoin transactions.   There isn't anything wrong with that, it is a typical approach to handling bitcoin.  This also means that there is basically a pool of bitcoin that people are adding and removing from.   I expect that CEX.IO also has additional mining going on that hasn't been "sold" at any given time and that might also be added to the pool.   I also expect that the maintenance fees cover the expenses of running the business and I think that could include paying the employees but I may be incorrect there.   So the main business of CEX.IO is selling ownership of hosted hardware.   They are doing this in a way that is risky for them but also allows them the chance at great profits.  I don't have insight to how they can withdraw from the pool, but that could be the a point of real danger.   The other point if of danger is that if everyone cashed out at once it might bankrupt CEX.IO.   (A so called run on the bank.)     

Over the last six months the huge growth of the network hash rate has likely benefited CEX.IO.   The real test will be when the network hash rate growth slows down.   At some point mining will probably be profitable but it may not be profitable to sell new GHS into the market.   It is hard to be sure what will happen at that point and it is a real risk.

So while one it using CEX.IO, they also need to carefully manage their assets.    That is because of the many risks and I suppose there is a risk is that CEX.IO could be criminal, but I believe it is far more likely they just implemented a great idea that many people love.

If you don't like CEX.IO, you should create an alterative instead of just bitching about them.   The naysayers are really the lame ones here.     



 
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January 20, 2014, 04:30:07 PM
 #688

I'm just beginning to look into this.  If you buy in, do you get "dividends", and if so, how often are they paid out?    What is the downside to buying and holding while the hardware mines?  is it that difficulty will keep going up so you'll get less and less in dividends?  Then your only hope would be if the price of BTC goes up, right?

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January 21, 2014, 12:22:09 AM
 #689

If you buy in, do you get "dividends", and if so, how often are they paid out?    

Yes, every 5 minutes or so.

Quote
What is the downside to buying and holding while the hardware mines?

The price of your GHS can go up or down, so the price may be low when you come to sell.


Quote
is it that difficulty will keep going up so you'll get less and less in dividends?  
Yes, you can reinvest your 'dividends' to get more GHS though.


Quote
Then your only hope would be if the price of BTC goes up, right?
Or trade the GHS on the up/down/down cycle from minute to minute, day to day...


My referral link https://cex.io/r/0/colinminor/0/  Wink

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January 21, 2014, 01:38:08 AM
 #690

I'm just beginning to look into this.  If you buy in, do you get "dividends", and if so, how often are they paid out?    What is the downside to buying and holding while the hardware mines?  is it that difficulty will keep going up so you'll get less and less in dividends?  Then your only hope would be if the price of BTC goes up, right?

I'm not sure what you mean by dividends.  You buy GHS and it starts mining for you.  You can look on the ghash.io page and see the shares your miner is getting and also the block awards given each time a block is found.  Typically there are more than 50 blocks a day found.   On your CEX.io account you can the awards added to your balance.   You can also trade.  

If you go through someone's referral link, they get a 3% match for whatever you own in GHS.   I don't put up a referral link because I'm more concerned about making my btc through trading and mining.   There are very good days and bad days.  

If you just mine you may actually lose ground if you bought when GHS is high as the price of it declines over time as the network hash rate is increasing.   Because of the increase in network hash over time, you need more GHS to get the same results.   So in general you need to buy GHS when it is lower and move back to BTC when the price is higher if you really want to make BTC.   Also they don't take fiat currency so you have to buy your BTC before you can trade there.   The higher demand doesn't translate into higher prices all the time because more GHS is being added to the supply.  That is probably how CEX.io makes their money.  

It can be a lot of fun and it isn't hard to make BTC there.   I started keeping track after I broke even.  (My first buys were just before Christmas and the price of GHS is 1/3 lower now.)   In the last 12 days I'm up over 5%.   That is a combination of mining and trading.  Right now if you just mine and the price of GHS stayed constant, you would make about .5% a day.   So my trading is mostly just protecting my value.

Most of my trading is with a bot that I put together in Python.  CEX.io has an API for program trading.   It has good days and bad days but mostly it is fun to build something like that.   I won't share my bot because then I would have to support it and that isn't fun.  I'm in this as a fun way to make some money.     I don't know of any place that currently compares to CEX.io, but I'm always looking for it.  
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January 21, 2014, 01:40:02 AM
Last edit: January 21, 2014, 01:57:31 AM by wwwin
 #691

whether cex.io/ghash.io is legitimate or not, if you want bitcoin to stay decentralized and secure dont put more of your btc or hashrate in there. They already have 1/3 of the global hashrate.

That is a separate issue and clouds the fact that CEX.IO is using the trading platform to take mined BTC from its 'customers'.

1/3 global hashrate is an important fact; the cornering of the hashing.

My point is that they are not only cornering the hashing but also helping themselves to the Bitcoin mined by setting up a trading platform that is unregulated and at worst manipulated or at best run in a way to favour CEX.IO.

The naive readers of this thread will be taken in without understanding either point.

So what is the difference between buying GHS or buying mining hardware that will never make a profit? Either way you are going to lose money. As an example an Antminer will not make you money unless the BTC goes to 3,000 US and the price of an Antminer has fallen about 25% in two weeks. How about pre-ordering from BFL? When you get it is worthless.  Unless you have big bucks to invest in a Cointerra first batch or a KnC first batch machine you are not going to make money mining unless bitcoin triples.
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January 21, 2014, 06:40:18 AM
 #692

One thing that is rarely mentioned is that if you lodge a sell order higher than the current market rate then your GH is removed from ghash.io while the order remains outstanding on cex.io. It does not mine for you. If you place an instant sale then the GH is sold at the market rate and stops mining when it is sold.

This is what led to me pulling out in the end. The fact that your GH doesn't mine for you whilst tied up in an open sell order forces you to actively day trade or use a bot. The only way to make money long term is to trade the highs and lows whilst having your GH mine for you(or sell GH on eBay but despite the many current eBay Cex GH/s auctions it is against their T's and C's - digital delivery).

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January 21, 2014, 09:35:53 AM
 #693

One thing that is rarely mentioned is that if you lodge a sell order higher than the current market rate then your GH is removed from ghash.io while the order remains outstanding on cex.io. It does not mine for you. If you place an instant sale then the GH is sold at the market rate and stops mining when it is sold.

This is what led to me pulling out in the end. The fact that your GH doesn't mine for you whilst tied up in an open sell order forces you to actively day trade or use a bot. The only way to make money long term is to trade the highs and lows whilst having your GH mine for you(or sell GH on eBay but despite the many current eBay Cex GH/s auctions it is against their T's and C's - digital delivery).

That is not true. All GHS in an open sell are mining until it's finally sold.

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January 21, 2014, 09:42:18 AM
 #694

That is not true. All GHS in an open sell are mining until it's finally sold.

I am more than happy to be corrected on this one but when I had open sell orders my GH balance was reduced by the amount of the sell order. I assumed that meant it wasn't mining. If it was then I may have reconsidered! I don't have any Cex.io GH to test this with, can anyone else confirm?

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January 21, 2014, 10:21:06 AM
 #695

That is not true. All GHS in an open sell are mining until it's finally sold.

I am more than happy to be corrected on this one but when I had open sell orders my GH balance was reduced by the amount of the sell order. I assumed that meant it wasn't mining. If it was then I may have reconsidered! I don't have any Cex.io GH to test this with, can anyone else confirm?

Wrong, no matter your balance shows 0 GHs when you put sell order they are mining for you until that sell order is completed. Many people have all their GHs constantly under sell orders.
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January 21, 2014, 11:05:47 AM
 #696

Smiley Thanks Itod, I would have done things differently if I had known that at the time.

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January 21, 2014, 03:45:42 PM
 #697

That is not true. All GHS in an open sell are mining until it's finally sold.

I am more than happy to be corrected on this one but when I had open sell orders my GH balance was reduced by the amount of the sell order. I assumed that meant it wasn't mining. If it was then I may have reconsidered! I don't have any Cex.io GH to test this with, can anyone else confirm?

He is correct, the GHS keeps mining until sold even if you have a sell order.
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January 22, 2014, 06:19:23 AM
Last edit: January 22, 2014, 08:23:09 PM by Icon
 #698

 I got to ask.. whats with all the orphan blocks, that's like 10 under 24 hours.. what's going on over there? I don't like it when i am not getting paid.

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January 22, 2014, 12:52:09 PM
 #699

Hi,

I've been using the site for weeks and was never able to answer these questions myself, if someone can help:

Q1 - Block Finding Rate: I know 5 PHs is quite a lot and allows you to find blocks quickly, but man it's like tick-tock clock! One block every 7 minutes, not 5 not 10, not 15, not 3 minutes, 7 minutes you can set your watch on it. From my experience in solo mining (on altcoins), I sometimes find a block in 30 minutes, then another one 2 minutes after then another one 5 hours after. It almost looks like you can find the block immediately and the netowrk will only try to make it more difficult for you.

Q2 - Price Fixing, or call it Quibids: This is not an accusation, this is a question to understand. When you first went into business, you had a number of GHs. Let's assume you were very happy to sell all your GHs, 100% of them, and then start looking at them working for other people while you don't make any money from them, just charge 4% to cover the cost of electricity and upgrade the hardware for the people to make more money while you continue to watch.

Beats me if I understand why anyone who owns 600kW+ of hashing power would not be using it for themselves making so many $ or BTC per day, rather than sell it all once and for whatever price it go you on day 1, which seems to have been around 0.1x BTC/GHs, quite good, you can buy back the lot now and make 50% profit.

Apart from the issue of ownership and whom the machines are mining for, why can't you show clearly where you are on the buy/see graph. Say you still have 1000 GHs unsold working for you, and you want to sell that, what is your market position, where are you on the sell chart, is there an order to sell 1000 GHs for say 0.65 BTC/GHs?

It will be very helpful if we can see how much you hold and who else is placing orders and at what price. If I can make my question clearer, it's a bit like Quibids where the platform plays against you, they are never every going to give you out an iPad for $24 unless they have covered its full cost + profit from you and everyone else via fees in the bid process.
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January 22, 2014, 06:36:05 PM
 #700


Q1 - Block Finding Rate: I know 5 PHs is quite a lot and allows you to find blocks quickly, but man it's like tick-tock clock! One block every 7 minutes, not 5 not 10, not 15, not 3 minutes, 7 minutes you can set your watch on it. From my experience in solo mining (on altcoins), I sometimes find a block in 30 minutes, then another one 2 minutes after then another one 5 hours after. It almost looks like you can find the block immediately and the netowrk will only try to make it more difficult for you.

I think you confuse the round times with the actual blocks found.... They don't show a clockwork like pattern
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