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Author Topic: Exchanges shutting down  (Read 4006 times)
cypherdoc
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October 20, 2011, 01:31:47 PM
 #41

Take a look at all those black bars on Bitcoin Charts.  ExchB's shutdown was the big news today, but several of the little guys have given it up recently as well. We're down to Mt. Gox, Tradehill, and Btc-E now.

Now look at the volumes in dollars.  The standard 0.6% commission rate yields about $8000 per month for Mt. Gox, $810 per month for Tradehill, and $384 a month for Btc-E.  And that's a maximum; many big traders get discounts.
 
Tradehill apparently has a real organization and staff, but revenue is comparable to a half-time job at McDonalds. That can't last. Btc-E, forget it. Mt. Gox has some business in other currencies, but the numbers aren't that big.

The end is in sight.

It is clear that one should not open a casino without deep pockets...

But this has to be spin in the worst way because I can not believe you would be so gone on your calculations otherwise.

First of all, the commission is taken on both the buy and the sell side of the transaction. So, let's take the example of TradeHill...

Monthly Dollar Volume: $619,375
.054% X 2: $6,689 per month.

Not $810 per month. Admittedly, nobody at TradeHill is getting rich, but the nominal per capita GDP in Chile for 2010 was $11,828/year. That could provide a few middle class salaries there. Much better than a McDonalds worker in the U.S.

Seriously dude, why would you skew this so much? It does nothing but harm your credibility. If you want to make the case for the death of Bitcoin at least show some real numbers.

its long been my contention that the only way to explain Nagles dedicated participation here on this forum is that he is a paid troll.  there is no other way to justify the amount of time and energy he spends here.  look at his pathetic website one day and ask yourself why he doesn't bother to post more than once a year on his own creation?
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ElectricMucus
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October 20, 2011, 01:40:34 PM
 #42

A decentralized exchange method will come up.

A huge part of we call an "exchange" is largely an "interface to the fiat banking system".

The fiat banking system will not interface with a decentralized exchange.
Yes, I agree. However nobody can stop us from using chash anyway we want... at least not yet and certainly not within the timeframe a more wider btc adaption is thinkable.

First they ignore you, then they laugh at you, then they keep laughing, then they start choking on their laughter, and then they go and catch their breath. Then they start laughing even more.
cypherdoc
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October 20, 2011, 01:46:52 PM
 #43

Take a look at all those black bars on Bitcoin Charts.  ExchB's shutdown was the big news today, but several of the little guys have given it up recently as well. We're down to Mt. Gox, Tradehill, and Btc-E now.
here is a list of exchanges.
Quote
Now look at the volumes in dollars.  The standard 0.6% commission rate yields about $8000 per month for Mt. Gox, $810 per month for Tradehill, and $384 a month for Btc-E.  And that's a maximum; many big traders get discounts.

you really are disgusting Nagle.  the volumes on the y axis at BitcoinCharts are in Bitcoins, not USD.  for example go there and look at just Todays Volume=28,592 BTC or 66,225.74 USD.  thats an extraordinary profit.

Quote
Tradehill apparently has a real organization and staff, but revenue is comparable to a half-time job at McDonalds. That can't last. Btc-E, forget it. Mt. Gox has some business in other currencies, but the numbers aren't that big.

The end is in sight.

how much do they pay you to be stupid?
cypherdoc
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October 20, 2011, 01:54:19 PM
 #44


http://www.downside.com/

everyone please go to this piece of sh*t and draw your own conclusions.
Nagle
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October 20, 2011, 04:39:23 PM
 #45

you really are disgusting Nagle.  the volumes on the y axis at BitcoinCharts are in Bitcoins, not USD.  for example go there and look at just Todays Volume=28,592 BTC or 66,225.74 USD.  thats an extraordinary profit.
Go to the left column of a chart on BitcoinCharts. Click the checkbox marked "Volume in Currency".
nmat
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October 20, 2011, 04:48:31 PM
 #46

you really are disgusting Nagle.  the volumes on the y axis at BitcoinCharts are in Bitcoins, not USD.  for example go there and look at just Todays Volume=28,592 BTC or 66,225.74 USD.  thats an extraordinary profit.

Volumes are incredibly low right now. We are coming back to April/May levels, which may also may explain the price drop.
cypherdoc
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October 20, 2011, 05:47:48 PM
 #47

you really are disgusting Nagle. the volumes on the y axis at BitcoinCharts are in Bitcoins, not USD. for example go there and look at just Todays Volume=28,592 BTC or 66,225.74 USD.  thats an extraordinary profit.
Go to the left column of a chart on BitcoinCharts. Click the checkbox marked "Volume in Currency".

ok, i did.  change the time period to 1 month on a weekly basis with show volume bars and volume in currency checked.  lets take the last 4 wks volume which will undershoot mtgox's revenues since these probably represent the weakest volumes since May.

if i total the 4 volume currency bars i get 4.4 M USD revenue.  multiply by 1.2% gives monthly revenues of $52800.  more than enough for expenses plus healthy profits.
PatrickHarnett
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October 20, 2011, 07:36:03 PM
 #48



if i total the 4 volume currency bars i get 4.4 M USD revenue.  multiply by 1.2% gives monthly revenues of $52800.  more than enough for expenses plus healthy profits.

Or just take the 30-day volume from bitcoin charts.

MtGox = USD5.416m
TradeHill = USD0.585m
Several others > $100k

Even some of the little start-ups have modest volume over $1000 in a month, and while they will not get very rich even at a 1% fee, it's not costing them a lot to set up.
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October 24, 2011, 07:05:45 PM
 #49

For all I care they could all shut down.

A decentralized exchange method will come up.

Better come up with a decentralized way of doing Silk Road  Grin

Zero Reserve - A distributed Bitcoin Exchange

Install - Getting Started - BitcoinTalk Thread - Github Source
ElectricMucus
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October 24, 2011, 07:17:06 PM
 #50

For all I care they could all shut down.

A decentralized exchange method will come up.

Better come up with a decentralized way of doing Silk Road  Grin
Well what you exchange doesn't really matter at this point, but I think we aren't that far away from a decentralized anonymous grid computing platform.
I think we could even call it skynet, it would obviously get demonized might as well go for the real deal  Grin

First they ignore you, then they laugh at you, then they keep laughing, then they start choking on their laughter, and then they go and catch their breath. Then they start laughing even more.
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