Due to possible confusion about the transition system, we decided to give out
5 bounties of 0.001 BTC each for the first 5 trades that will be reported as using the wrong exchange rate (so BAV in stead of BPI for selling, or BPI in stead of BAV for buying during your first trade after the switch)
If you suspect an error is made, just quote the trade and post your evidence, we will decide if it' indeed a mistake. If it's an honest mistake, there won't be consequences. If we think it's cheating, there will be a 10% penalty.
These bounties will be paid by using some funds from our
donation address. We feel it is necessary to make sure we have some more eyes checking the trades during the transition. This gives also an incentive to just play fair, because the chance of cheating and getting away with it will be smaller.
Good luck with the bounty hunt!
Switch from BAV (Bitcoin averagere) to BPI (coindesk) on july 15 Hi!
We decided that we want to use the more accurate Bitcoin Price Index published at coindesk in stead of the Bitcoinaverage.com quote.
Why:
*historical data for checking trades
*bitcoinaverage includes the volatile localbitcoins, making the rate less reliable
*having less confusion about which rate to take from the website.
How?
before july 15, everybody keeps using the BAV price as explained in the opening post.
On july 15, everyone who has a
BTC balance, will start using the BPI price publsihed at coindesk (see below)
If your
balance is in fiat on july 15th, your next (BUY) trade will be using the BAV price. After that, you start using the BPI.
(this eliminates possible arbitraging profits by selling before we make the switch)
Practical:To make the transition as smooth as possible, your fiat balance will be colored in blue on the scoreboard until you buy at BAV price.
For btc balances, no coloring will happen, because these balances are immediatly transferred to the BPI.
The scoreboard will publish the coindesk price, but remember, those exchange rate is only indicative. You ALWAYS need to check the current rate at the website. Don't rely on the rate published on the scoreboard, because this only refreshes once every hour.
the coindesk BPI can be found here:
http://www.coindesk.com/price/Printscreen:
![](https://ip.bitcointalk.org/?u=http%3A%2F%2Fi.gyazo.com%2F5d4207684c31e7128287f81b36c3c8f5.png&t=665&c=pHdSTCNQ0RU6tg)
In this example, we use 269.34 USD, NOT the 24h price (269.08 USD)