[Trading Simulator] A fun & free Speculation Game - SWITCH TO BPI ON JULY 15 !!!

[freedomno1]

Stable and sideways
Buy @ 246.3

[Miz4r]

So we dropped $5 since I sold but the price on Bitcoinaverage.com is still $246+? Stupid index should drop LocalBitcoins from its data sources, it skews the average and makes it hard to trade here.

[dnaleor]

So we dropped $5 since I sold but the price on Bitcoinaverage.com is still $246+? Stupid index should drop LocalBitcoins from its data sources, it skews the average and makes it hard to trade here.

maybe it's time to switch to bitfinex or something?
The problem I have with this is that there could be flash crashes which can f*ck up the trading game...
bitcoinaverage smooths it out a bit...

[hellloadswb]

sell @244.01

[Dump3er]

So we dropped $5 since I sold but the price on Bitcoinaverage.com is still $246+? Stupid index should drop LocalBitcoins from its data sources, it skews the average and makes it hard to trade here.

maybe it's time to switch to bitfinex or something?
The problem I have with this is that there could be flash crashes which can f*ck up the trading game...
bitcoinaverage smooths it out a bit...

How about http://www.coindesk.com/price/ ? Seems more reasonable.

But please put a few days of buffer before switching, like 7 - 14 days.

[Morecoin Freeman]

buy @ 242.6

[dnaleor]

So we dropped $5 since I sold but the price on Bitcoinaverage.com is still $246+? Stupid index should drop LocalBitcoins from its data sources, it skews the average and makes it hard to trade here.

maybe it's time to switch to bitfinex or something?
The problem I have with this is that there could be flash crashes which can f*ck up the trading game...
bitcoinaverage smooths it out a bit...

How about http://www.coindesk.com/price/ ? Seems more reasonable.

But please put a few days of buffer before switching, like 7 - 14 days.

good idea! What doe others think?
if we decide on a change, certainly, we would announce a few weeks it in advance and post it here every day so people know.

PS: There will be an update on the 27th. Activity check will start at 28 and end at the 30th at 23:59

[dnaleor]

I managed to extract the Coindesk BPI from their API. it was not as easy as on bitcoinaverage, but it works
(I added a new tab for this on the spreadsheet)

So in theory we could switch, just waiting for some feedback from the players and our other mod

edit: and we have the possibility to check certain suspicious trades by the minute, even when the trade happened >24 hours ago
(unlike on bitcoinaverage!)

[real789]

How to join ? Iwant to buy all in in rate 244.5$

this message is enough. Will add you in a few minutes

SELL all now at 247.2 $

BUY all now at rate 240.14$ 

[Morecoin Freeman]

sell @ 244.83

[Miz4r]

BUY @ 244.85

[Miz4r]

I managed to extract the Coindesk BPI from their API. it was not as easy as on bitcoinaverage, but it works
(I added a new tab for this on the spreadsheet)

So in theory we could switch, just waiting for some feedback from the players and our other mod

edit: and we have the possibility to check certain suspicious trades by the minute, even when the trade happened >24 hours ago
(unlike on bitcoinaverage!)

I would be in favor of a switch, but since the coindesk average is usually $2-4 lower than bitcoinaverage everyone could make an easy profitable trade by selling just before the switch happens. Not sure how to deal with that, perhaps disallow trades one day before the switch? It will probably still be an advantageous move to make sure to be in USD before the switch though, unless the price has a good upwards momentum during this period and it's too risky to sit in USD.

[dnaleor]

I managed to extract the Coindesk BPI from their API. it was not as easy as on bitcoinaverage, but it works
(I added a new tab for this on the spreadsheet)

So in theory we could switch, just waiting for some feedback from the players and our other mod

edit: and we have the possibility to check certain suspicious trades by the minute, even when the trade happened >24 hours ago
(unlike on bitcoinaverage!)

I would be in favor of a switch, but since the coindesk average is usually $2-4 lower than bitcoinaverage everyone could make an easy profitable trade by selling just before the switch happens. Not sure how to deal with that, perhaps disallow trades one day before the switch? It will probably still be an advantageous move to make sure to be in USD before the switch though, unless the price has a good upwards momentum during this period and it's too risky to sit in USD.

hmmm good point, yeah, I'll try to think about a smooth way to transit from one to the other.

[Brewins]

sell @245.02

I feel that something is about to happen

[muna]

sell @244.96

[Brewins]

buy @244.58

[real789]

How to join ? Iwant to buy all in in rate 244.5$

this message is enough. Will add you in a few minutes

SELL all now at 247.2 $

BUY all now at rate 240.14$ 

Sell all at 243$

[freedomno1]

I managed to extract the Coindesk BPI from their API. it was not as easy as on bitcoinaverage, but it works
(I added a new tab for this on the spreadsheet)

So in theory we could switch, just waiting for some feedback from the players and our other mod

edit: and we have the possibility to check certain suspicious trades by the minute, even when the trade happened >24 hours ago
(unlike on bitcoinaverage!)

Either is fine as long as its consistent that all users are using the same one
Otherwise we might see some arbitrage plays between the averages

[dnaleor]

I think I found a way to have a smooth transition so there will be no (or very limited) arbitrage:

In this example:
D-Day = the day when the transition period starts
BitcoinAverage = BA = 102 USD/BTC
CoinDesk = CD = 100 USD/BTC

Situation A: You own 1 BTC before D-Day.
You immediately start using the CD price on D-Day

Situation B: You own 102 USD before D-Day
If you want to buy BTC after D-Day, your first buy will be using BA price.
After that, you start using the CD price.

Results:
If you are in Situation A, you are already on the new price and you can buy BTC cheaper than on BA, but you first need to sell using the lower CD price before you can buy. you end up with 1 BTC or 100 USD
If you are in Situation B, you can't profit from buying using the cheaper CD price because you need to buy your coins first using BA price. You end up with 1 BTC or 100 USD

conclusion:
You don't have any incentive to buy BTC before D-Day, because 1 BTC will immediately be valued on the CD price (which will be lower than the BA price)
You don't have any incentive to sell your BTC before D-Day, because that would be about the same as selling them after D-Day because the fiat you get by selling them for D-Day need to buy coins using BA price first, before you can profit from the lower CD price.


let me know what you think about it!

[elijahhnr]

Hold please