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Author Topic: Diggin' the new Bitcoinica interface  (Read 1210 times)
Crypt_Current
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November 29, 2011, 04:02:50 PM
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It's a bit more intuitive now.  What do you think?

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phorensic
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November 29, 2011, 05:13:55 PM
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Nice, way more intuitive.  Whoah, wait a tick... Now that they added "Exchange", does that mean I can trade just like I trade on gox?
Crypt_Current
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November 29, 2011, 05:22:08 PM
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Nice, way more intuitive.  Whoah, wait a tick... Now that they added "Exchange", does that mean I can trade just like I trade on gox?

I am excited for that as well!   Grin  no more hoppin back and forth.  Well, I suppose I still would have to get my USD into gox, to get it into dwolla... which can sometimes be a pain

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phorensic
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November 29, 2011, 07:15:40 PM
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I just realized it's a market order only.  Can't do a limit.
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November 29, 2011, 07:33:30 PM
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I DO really really like the picture of the Bitcoin leather wallet at the oppening of the software ! 10/10 ! XD

Bitcoin for the win !

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November 29, 2011, 08:05:39 PM
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I DO really really like the picture of the Bitcoin leather wallet at the oppening of the software ! 10/10 ! XD

Bitcoin for the win !
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November 29, 2011, 09:01:59 PM
 #7

I calculated the commission rate for each volume size based upon today's numbers...

V ≤ 50 ... 2%
50 < V ≤ 500 ... 7.8%
500 < V ≤ 5,000 ... 17%


These numbers are absurd.
Dan The Man
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November 29, 2011, 09:03:49 PM
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I calculated the commission rate for each volume size based upon today's numbers...

V ≤ 50 ... 2%
50 < V ≤ 500 ... 7.8%
500 < V ≤ 5,000 ... 17%


These numbers are absurd.

That's not the actual commission. You haven't taken into account market depth. Try to sell 5000 BTC on Mt Gox and see what happens to the price.

ineededausername
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November 29, 2011, 09:14:07 PM
 #9

I calculated the commission rate for each volume size based upon today's numbers...

V ≤ 50 ... 2%
50 < V ≤ 500 ... 7.8%
500 < V ≤ 5,000 ... 17%


These numbers are absurd.

That's not the actual commission. You haven't taken into account market depth. Try to sell 5000 BTC on Mt Gox and see what happens to the price.


Oh really? At Bitcoinica, selling 5000 gets you 2.5666 each.  At mtgox, ACCOUNTING FOR DEPTH, at least 2.7 (check on mtgoxlive).
Rates are indeed absurd.

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Dan The Man
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November 29, 2011, 09:15:41 PM
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I calculated the commission rate for each volume size based upon today's numbers...

V ≤ 50 ... 2%
50 < V ≤ 500 ... 7.8%
500 < V ≤ 5,000 ... 17%


These numbers are absurd.

That's not the actual commission. You haven't taken into account market depth. Try to sell 5000 BTC on Mt Gox and see what happens to the price.


Oh really? At Bitcoinica, selling 5000 gets you 2.5666 each.  At mtgox, ACCOUNTING FOR DEPTH, at least 2.7 (check on mtgoxlive).
Rates are indeed absurd.

Yes really. The difference between 2.5666 and 2.7 is more like 5% not 17% like Zotia posted.

ineededausername
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November 29, 2011, 10:40:37 PM
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I calculated the commission rate for each volume size based upon today's numbers...

V ≤ 50 ... 2%
50 < V ≤ 500 ... 7.8%
500 < V ≤ 5,000 ... 17%


These numbers are absurd.

That's not the actual commission. You haven't taken into account market depth. Try to sell 5000 BTC on Mt Gox and see what happens to the price.


Oh really? At Bitcoinica, selling 5000 gets you 2.5666 each.  At mtgox, ACCOUNTING FOR DEPTH, at least 2.7 (check on mtgoxlive).
Rates are indeed absurd.

Yes really. The difference between 2.5666 and 2.7 is more like 5% not 17% like Zotia posted.

I meant to say that commissions are still absurdly high even when you account for market depth.

(BFL)^2 < 0
zhoutong
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November 30, 2011, 12:10:45 AM
 #12

I calculated the commission rate for each volume size based upon today's numbers...

V ≤ 50 ... 2%
50 < V ≤ 500 ... 7.8%
500 < V ≤ 5,000 ... 17%


These numbers are absurd.

That's not the actual commission. You haven't taken into account market depth. Try to sell 5000 BTC on Mt Gox and see what happens to the price.


Oh really? At Bitcoinica, selling 5000 gets you 2.5666 each.  At mtgox, ACCOUNTING FOR DEPTH, at least 2.7 (check on mtgoxlive).
Rates are indeed absurd.

Yes really. The difference between 2.5666 and 2.7 is more like 5% not 17% like Zotia posted.

I meant to say that commissions are still absurdly high even when you account for market depth.

They are "guaranteed" rates since the bid walls are not always reliable. We want to prevent abuse so we left a large margin of error.

However, most people will more likely do several smaller exchanges for the market to absorb the trades. It will not be guaranteed but generally your rates will be much better.

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Dan The Man
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November 30, 2011, 12:15:05 AM
 #13

Also since Bitcoinica is linked directly to Mt Gox by redeem codes, if there is ever arbitrage to be made between the two, you can just cycle your money between the two nearly instantly.

ElectricMucus
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November 30, 2011, 04:20:00 AM
 #14

I don't really like it, it is more accessible but the quick buy function above 50 is just another bait to make a larger market order in which case you always loose.

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Crypt_Current
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November 30, 2011, 08:27:24 AM
 #15

Also since Bitcoinica is linked directly to Mt Gox by redeem codes, if there is ever arbitrage to be made between the two, you can just cycle your money between the two nearly instantly.

Theoretically.  The last few times we had a strong dip, I attempted to take my bitcoinica profit from a short position and move it right over to gox to buy cheap coins.  Well every time I hit the "withdraw as coupon" button, it generated an error, and I had to bother Zhou and Jon to get them to generate it manually (which takes too long because they are busy people).  That little glitch caused me to miss my chance to buy up more coins than i started with on more than one occasion.  Now that bitcoinica has also implemented straight up exchange, this should not pose as much of a problem.

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phorensic
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November 30, 2011, 08:31:07 AM
 #16

Also since Bitcoinica is linked directly to Mt Gox by redeem codes, if there is ever arbitrage to be made between the two, you can just cycle your money between the two nearly instantly.

Theoretically.  The last few times we had a strong dip, I attempted to take my bitcoinica profit from a short position and move it right over to gox to buy cheap coins.  Well every time I hit the "withdraw as coupon" button, it generated an error, and I had to bother Zhou and Jon to get them to generate it manually (which takes too long because they are busy people).  That little glitch caused me to miss my chance to buy up more coins than i started with on more than one occasion.  Now that bitcoinica has also implemented straight up exchange, this should not pose as much of a problem.
Only caveat is that you are going to pay more in fees for that market exchange order on Bitcoinica.  The "Guaranteed Exchange Rage" lags the price on Gox and is set up for more than a 0.6% fee that Gox charges.  Today I said 'eff it! and did an exchange on Bitcoinica anyway.
Crypt_Current
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November 30, 2011, 09:22:38 AM
 #17

Too much effin it might lead to "exchange rage" though, lol!  Wink

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phorensic
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November 30, 2011, 03:06:03 PM
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