A user has managed to make orders from me, although I have put my account in out-of-office mode. Is that supposed to work? If so, I'd very much appreciate a feature to disable all sales.
So far this was possible but we disallow it from now on.
How about using the median value of the 24h average of 4-5 exchanges? Preferably from exchanges in different currencies (Mt.Gox for USD, Bitcoin-24 for EUR, some other exchange for some other currency (CNY, GBP etc)). This protects you from a single large exchange stopping trades. Also, even if you are using the 24h average, this should be updated every minute or so.
However, it can't protect you from the insane price swings we've had the last couple of days. I don't think there is a way to protect yourself from that, other than disabling orders. The price instability is pretty much something you will have to deal with if you want to accept bitcoins.
Hm, yes there is no real solution except you sell the received BTCs instantly. A hedged escrow service could be a solution...
So far we always used the last 24h avg rate of bitcoincharts.com. For the next days we will keep using latest mtgox rate.
Update:
- Set youth protection on item sell form
- Item picture uploader bug fixes
- Messaging system bug fixes
- Auto SSL redirect when user is logged in but navigates to non ssl bitmit url
- All emails should receive again (new server is not blacklisted on antispam lists anymore)
- Much better French translation
- Minor bug fixes
I understand the arguments in favor of using averages but as a frequent user of your site i can say with confidence that the 24 hour average is nothing but a nuisance to myself and my customers. I would much prefer it if you simply used mtgox last or an average over the last hour or two instead of a full 24 hours. The problem is that the price on bitmit can sometimes become
severely decoupled from the current price which leads to one of the two parties becoming dissatisfied. This disadvantage in my mind outweighs the advantages gained by averaging.
