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J180
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June 10, 2011, 01:44:25 PM |
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My funds have arrived, took 5 days.
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Bitcoin mining is now a specialized and very risky industry, just like gold mining. Amateur miners are unlikely to make much money, and may even lose money. Bitcoin is much more than just mining, though!
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Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction.
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Bigpiggy01
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June 10, 2011, 01:54:23 PM |
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Britcoin is just going from strength to strength. Thanks for a fantastic service and thanks to all the serious people backing it.  |
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i_am_jon
Newbie
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Activity: 4
Merit: 0
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June 10, 2011, 02:55:05 PM |
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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  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? |
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Bigpiggy01
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June 10, 2011, 02:56:30 PM |
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An hour plus minus a few minutes sounds about right for the time to get enough confirmations on a transfer.  |
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i_am_jon
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Activity: 4
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June 10, 2011, 02:58:13 PM |
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Thanks Bigpiggy01, it just cleared after 1 hour 5 min. |
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jonathan
Member
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Activity: 84
Merit: 14
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June 10, 2011, 03:01:23 PM |
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Great work Amir (and other coders). Now it's back up and running, i just had a nice experience there. |
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noodles
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June 10, 2011, 04:58:17 PM |
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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 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  |
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snaz30
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Activity: 4
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June 11, 2011, 08:32:06 AM |
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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.
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realnowhereman
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June 11, 2011, 09:42:40 AM |
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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: 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. 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. |
1AAZ4xBHbiCr96nsZJ8jtPkSzsg1CqhwDa
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genjix (OP)
Legendary
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Activity: 1232
Merit: 1072
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June 11, 2011, 10:05:01 AM |
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realnowhereman
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June 11, 2011, 10:08:24 AM |
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Good. Thanks for the pointer.
I did say I was unsure.
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piggybank
Newbie
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Activity: 49
Merit: 0
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June 11, 2011, 11:33:15 AM |
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"cron" ?? I've not looked at the code for the site in detail, but is the trade matching run by a cron job? |
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piggybank
Newbie
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Activity: 49
Merit: 0
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June 11, 2011, 11:34:38 AM |
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"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) |
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icicle
Member
Offline
Activity: 102
Merit: 10
Help me save Buddy!
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June 11, 2011, 04:27:06 PM |
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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 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? |
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realnowhereman
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June 11, 2011, 09:29:17 PM |
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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... 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. |
1AAZ4xBHbiCr96nsZJ8jtPkSzsg1CqhwDa
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piggybank
Newbie
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Activity: 49
Merit: 0
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June 11, 2011, 10:23:33 PM |
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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... 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. |
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bxor
Newbie
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Activity: 1
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June 11, 2011, 10:50:13 PM |
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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 . 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. |
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piggybank
Newbie
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Activity: 49
Merit: 0
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June 11, 2011, 10:54:56 PM |
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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!
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realnowhereman
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June 11, 2011, 11:19:22 PM |
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I've done a few trades this evening; and it's not exactly as I say, but nor is it trading exactly as genjix says.
Far too many of my trades that would need multiple offers to meet go through and I end up with both halves of mine matching. It should be incredibly rare for that to happen; so something is definitely a bit screwy.
I'm sure it's not malicious, but it certainly feels "odd", if not buggy.
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1AAZ4xBHbiCr96nsZJ8jtPkSzsg1CqhwDa
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genjix (OP)
Legendary
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Activity: 1232
Merit: 1072
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June 12, 2011, 12:07:00 AM |
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Please do not send Bitcoins to the old address. It is making the accounting more difficult.
bxor, we have now responded to every email now.
As for how the trades are processed. It is exchange at the price that you put in and then worked backwards. It is not the most ideal or efficient manner but it is still fair and there are no funds missing. This is something we will be changing soon however.
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