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Author Topic: Intersango exchange (formerly Britcoin)  (Read 71255 times)
dotwaffle
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June 10, 2011, 09:22:13 AM
 #261

Sorry to be impatient, just want to get my hands on my first bit coins and if all goes well send another transfer today.
Genjix is incredibly busy at the moment, seems like the site's growing a lot faster than expected, which is good! I've been waiting 5 business days for my funds to appear in my bitcoin account, I imagine there will be a big processing of transactions sometime today or at the very most next couple of days.
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icicle
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June 10, 2011, 11:14:38 AM
 #262

icicle... Yeah i feel your pain dude that must suck... I cant talk for britcoin really so i have no idea what's happened in your case... All i can suggest is try to e mail again... Also the guy is offering a free service and you can imagine how many people are using it, mistakes are bound to happen, i know it's tough when its you, but just try to stay positive... I hope you get the matter resolved soon... It's a bit worrying that the britcoin charts have just seemed to stop... Hopefully we'll have news of what.s going on soon.

Thanks!

I got a nice email from Genjix. Last time I checked my account still looked empty, and now the site is down for temporary maintenance.

But this is all still in Beta. Shit happens.

I think what's bothering me the most is the substantial amount of cash tied up in fiat. I hate that Smiley

I trade a lot. I had someone at the bank offering me an account paying a whole 3% the other day. As someone who stuck every spare penny in gold and silver this past year I wasn't that impressed. I said to ask me again when it was 3% a week.

I suppose this is just going to take as long as it takes. I'll look at the charts again when the money lands.


J180
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June 10, 2011, 01:44:25 PM
 #263

My funds have arrived, took 5 days.
Bigpiggy01
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June 10, 2011, 01:54:23 PM
 #264

Britcoin is just going from strength to strength.

Thanks for a fantastic service and thanks to all the serious people backing it.

 Grin Grin Grin

i_am_jon
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June 10, 2011, 02:55:05 PM
 #265

Well my money arrived one from yesterday and one 2 hours after i transfered it today, and i've managed to exhange it for bitcoins Smiley

Good work Genjix

Only one query left:
I transfered the coins to another account where they have been showing as unconfirmed for 1 hour. Britcoin lists the transaction as 'Finished'. Anyone know how long i should expect to wait for them to be confirmed?
Bigpiggy01
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June 10, 2011, 02:56:30 PM
 #266

An hour plus minus a few minutes sounds about right for the time to get enough confirmations on a transfer. Wink

i_am_jon
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June 10, 2011, 02:58:13 PM
 #267

Thanks Bigpiggy01, it just cleared after 1 hour 5 min.  Grin
jonathan
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June 10, 2011, 03:01:23 PM
 #268

Great work Amir (and other coders). Now it's back up and running, i just had a nice experience there. Smiley
noodles
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June 10, 2011, 04:58:17 PM
 #269

Well my money arrived one from yesterday and one 2 hours after i transfered it today, and i've managed to exhange it for bitcoins Smiley

Hmm, if your money from yesterday arrived today and my money from 2 days ago hasn't arrived yet.... does that mean there's a problem with my deposit Huh
snaz30
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June 11, 2011, 08:32:06 AM
 #270

icicle... Yeah i know, i want to support bitcoin so we can do away with fiat currency and the fraudulent bankers! Mr taaki is doing a great job helping us to achieve this... It's a same mistakes happen but it's inevitable really... I'm glad he e mailed you and i hope you're able to trade soon... We as a community really need to get behind bitcoin and thus support mr taaki... The governments are going to try to put a stop to it that's for sure! The bigger it gets the more pressure there will be... We need to make a stand! It's our decision what we spend our money on! And what we do with our money! As soon as the government steps in, we need to take to the streets! They have no business in our affairs! Good luck to you sir, i hope you do well.
realnowhereman
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June 11, 2011, 09:42:40 AM
 #271

I'm not entirely sure that Britcoin does the trading correctly, but I've found it difficulty to confirm as the market moves so quickly.

Let's say there are three open bids:

Code:
PRICE   BTC Wanted
10      1
9       1
8       1

Let's then say I create an offer of 3 BTC for 24 GBP.  This should be read as "3 BTC for at most 30GBP".  This offer will eat up these three bids.

Code:
1 * 10 + 1 * 9 + 1 * 8 = 27 GBP

Not 30GBP.

The reason it should be like this is that there is nothing to stop me entering the three asks one at a time, so it's just a shortcut.

As far as I can tell, whenever I have executed trades like this, I have always been charged the full 30GBP.  i.e. I get exactly what I offered.

The problem is, I'm not sure where the difference goes.  The people offering those bids also get what they asked for: 27GBP.  So where did the 3GBP difference go?

As I say, perhaps I've misunderstood, it's not easy to be sure when there are bids and asks appearing while you're creating your own bids and asks.

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genjix
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June 11, 2011, 10:05:01 AM
 #272

That's untrue. Here is the source code for fulfilling orders,

https://gitorious.org/intersango/intersango/blobs/master/cron/process_orders.php
realnowhereman
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June 11, 2011, 10:08:24 AM
 #273

Good.  Thanks for the pointer.

I did say I was unsure.

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piggybank
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June 11, 2011, 11:33:15 AM
 #274

That's untrue. Here is the source code for fulfilling orders,

https://gitorious.org/intersango/intersango/blobs/master/cron/process_orders.php

"cron" ??

I've not looked at the code for the site in detail, but is the trade matching run by a cron job?

Solidi Digital Currency Exchange - https://www.solidi.co - Buy & Sell Bitcoins in GBP in under a minute.
piggybank
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June 11, 2011, 11:34:38 AM
 #275

That's untrue. Here is the source code for fulfilling orders,

https://gitorious.org/intersango/intersango/blobs/master/cron/process_orders.php

"cron" ??

I've not looked at the code for the site in detail, but is the trade matching run by a cron job?

Actually, that makes sense cause sometimes order matching seems to take a very long time (you can end up with the buy price higher than the sell price in the market depth - lol)

Solidi Digital Currency Exchange - https://www.solidi.co - Buy & Sell Bitcoins in GBP in under a minute.
icicle
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June 11, 2011, 04:27:06 PM
 #276

icicle... Yeah i know, i want to support bitcoin so we can do away with fiat currency and the fraudulent bankers! Mr taaki is doing a great job helping us to achieve this... It's a same mistakes happen but it's inevitable really... I'm glad he e mailed you and i hope you're able to trade soon... We as a community really need to get behind bitcoin and thus support mr taaki... The governments are going to try to put a stop to it that's for sure! The bigger it gets the more pressure there will be... We need to make a stand! It's our decision what we spend our money on! And what we do with our money! As soon as the government steps in, we need to take to the streets! They have no business in our affairs! Good luck to you sir, i hope you do well.

Thanks Snaz! The last time I looked I was a lady, though but who's counting Smiley

Amir sorted it all out. Not sure what went wrong though. I did send the reference properly. I triple-checked everything at the bank.

I put in my first order. I had no idea you could buy partial bitcoins though. Now I have to go off and learn how to store them and everything.

I'll be back with more noob questions any minute...

Hmm. I wonder how a government would go about shutting down a private currency?

realnowhereman
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June 11, 2011, 09:29:17 PM
 #277

That's untrue. Here is the source code for fulfilling orders,

https://gitorious.org/intersango/intersango/blobs/master/cron/process_orders.php

I've just done a check and what I said is true.

I put an order in to sell 50 BTC for 550 GBP.  And I got exactly that.  Even though there were higher bids pending...

Code:
11.82 59.1 GBP 5 BTC
11.81 5.2 GBP 0.44 BTC
11.71 11.71 GBP 1 BTC
11.61 11.61 GBP 1 BTC
11.51 11.51 GBP 1 BTC
11.41 11.41 GBP 1 BTC
11.31 11.31 GBP 1 BTC
11.21 11.21 GBP 1 BTC

It's just not possible with these bids available that I would get exactly 550 GBP for 50 BTC.  Something is wrong with the engine on britcoin.  All of these offers should have been used up first before my order reached a price of 11.

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piggybank
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June 11, 2011, 10:23:33 PM
 #278

That's untrue. Here is the source code for fulfilling orders,

https://gitorious.org/intersango/intersango/blobs/master/cron/process_orders.php

I've just done a check and what I said is true.

I put an order in to sell 50 BTC for 550 GBP.  And I got exactly that.  Even though there were higher bids pending...

Code:
11.82 59.1 GBP 5 BTC
11.81 5.2 GBP 0.44 BTC
11.71 11.71 GBP 1 BTC
11.61 11.61 GBP 1 BTC
11.51 11.51 GBP 1 BTC
11.41 11.41 GBP 1 BTC
11.31 11.31 GBP 1 BTC
11.21 11.21 GBP 1 BTC

It's just not possible with these bids available that I would get exactly 550 GBP for 50 BTC.  Something is wrong with the engine on britcoin.  All of these offers should have been used up first before my order reached a price of 11.


The way Britcoin works is unusual. Infact the way all Bitcoin exchanges work is damn unusual. There's no real market depth screens, instead long lists of buys and sells whcih is difficult to read, unlike any trading system I've seen.

The process of putting in an order on bitcoin is also a little complicated. On every exchange I've seen and used (admittedly Equties, not FX), you put in a quantity and a max/min price per unit (not order total - that's usually calculated - after all, you mainly care about the price you buy a share/currency unit).

So in your case, SL 50 @ min £11. You're order would go to the top of the order book on the SL side and cross with a BY order. You'd match at the max of they BY side. Now, this is where it gets a little convoluted. Britcoin is not a realtime trading system as far as I can tell - it saves orders and then processes the orderbook rather than processing the incoming order against the orderbook. So momentarily, you get a SL which is less than a BY appearing in the Orderbook. Then the cron job which looks like runs Britcoin will process the orders. I suspect (and I still need to look at the code) depending on the order which it does this, it looks like one side will get priority. This seems massively flawed.

All that said, Britcoin is an excellent service. I've not found anything better than it and I'll continue to use it.

Solidi Digital Currency Exchange - https://www.solidi.co - Buy & Sell Bitcoins in GBP in under a minute.
bxor
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June 11, 2011, 10:50:13 PM
 #279

Has anyone made deposit through TransferWise? I transfered my money to TW on May 23rd and they confirmed that it has been sent to Lloyds on May 25th. Still can't see anything on my balance Huh. I'm also using Google to log in because OpenID didn't work for some reason. I sent an email to webmaster@britcoin.co.uk on Tuesday but haven't got any reply yet.
piggybank
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June 11, 2011, 10:54:56 PM
 #280

They're really busy moving the site. It will turn up.

Look at it this way, if you'd bought earlier this week, by now you could have potentially lost a fortune! Now the only way is back up!

Solidi Digital Currency Exchange - https://www.solidi.co - Buy & Sell Bitcoins in GBP in under a minute.
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