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Author Topic: Super confused; in 10 minutes I went from $440 to $408.  (Read 1245 times)
Devilish
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January 15, 2015, 11:51:35 PM
 #1


How is this possible?

During this specific time, there was only fluctuations of ~$4-5. I deposited 1.7402113 from my exchange account into my BlockChain account. When I sent it from the exchange account, it was valued around $440. In the 30 seconds it took to arrive in the BlockChain account, there was literally no change in value.

But in the BlockChain account, on the top right, it shows up as $423. I started investigating right away to figure out where did so much vanish, and when I came back to the account about 2-3 mins later, BlockChain says I have $413 or something. So I quickly sent that to someone who I was supposed to send that BTC to anyway and by that time, it became $408.

My first question is how did it go from $440 on one account to $423 in BlockChain and second question is why was the value hitting low so fast? I looked in API and transaction logs, and I didn't see anything suspicious.

The other problem is this is a new exchange I used, first time, called CoinTrader. Granted they had bugs in their own system but I don't think values would get affected that much. I've never had that issue when I used another exchange called Vault of Satoshi. But since they're closing, I had to start using CoinTrader.

Here's the graph for the start and end times.
Please help!!

When I started transacting...
http://s29.postimg.org/vlocgc74j/Coindesk_Start.jpg

And when I finished..
http://s15.postimg.org/55pzke9if/Coindesk_End.jpg
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January 16, 2015, 04:29:32 AM
 #2

Do you still have 1.7402113 BTC? 
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January 16, 2015, 04:33:00 AM
 #3

Try buying a new car, driving it off the lot and then back on to sell it, and see how much your car is worth. Then if it becomes a classic in twenty years it may be worth ten times as much. It's called market value and is caused by many factors.

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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January 16, 2015, 04:35:08 AM
 #4

10 minutes ago you had 1.7402113 BTC
Right now you have 1.7402113 BTC
10 minutes in the future u will still have 1.7402113 BTC

The only thing that changed is a third party's estimate of what that 1.7402113 BTC is worth.
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January 16, 2015, 05:18:48 AM
 #5

10 minutes ago you had 1.7402113 BTC
Right now you have 1.7402113 BTC
10 minutes in the future u will still have 1.7402113 BTC

The only thing that changed is a third party's estimate of what that 1.7402113 BTC is worth.

Also, different people and sites have different estimates.

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January 16, 2015, 09:49:38 AM
 #6

OP: I have to ask - are you aware that when you buy bitcoins, you are not depositing USD in an account, but buying an asset with a highly volatile valuation?

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January 16, 2015, 10:22:14 AM
 #7

Think about like that, you bought a foreign (international) currency. Its value against USD may be up and down but you still have same amount of Bitcoin.



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January 16, 2015, 11:43:26 AM
 #8

The same thing happened with the Swiss franc yesterday. If you had bought $1,000 worth of francs on Wednesday, the amount of francs you have hasn't changed, but they're now worth about $1,150 .
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January 16, 2015, 11:56:57 AM
 #9

How many Euros was in your account?

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January 16, 2015, 12:24:09 PM
 #10

As others already told you, nothing went wrong in your account but just bitcoin price going down.
In case you didn't know, bitcoin price is highly fluctuated. A 8% drop in 10 minutes is uncommon but really not that rare.
As an example, bitcoin price on bitstamp went from $205 to $167 in just 5 minutes the day before yesterday.

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January 16, 2015, 12:40:16 PM
 #11

Bitcoin like any other currency goes up and down. Your bitcoins are still as many as the time you purchased them, just hodl if you can and they might go over $440.

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January 16, 2015, 01:21:51 PM
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Sounds to me like we may have to consider labelling bitcoins just like we currently do with nuts for people of a certain mental deficiency  Wink

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Bitcoin - Volatility Warning - may fluctuate in fiat value
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January 16, 2015, 05:15:25 PM
 #13

10 minutes ago you had 1.7402113 BTC
Right now you have 1.7402113 BTC
10 minutes in the future u will still have 1.7402113 BTC

The only thing that changed is a third party's estimate of what that 1.7402113 BTC is worth.

Thanks!
I was along the lines of the estimate as well, but if the market fluctuation (as reflected by CoinDesk screenshots) was only $5 ... how is it that BlockChain's valuation fluctuated THAT much?
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January 16, 2015, 05:20:56 PM
 #14

That much of a difference must be the respective parties having different valuations of bitcoin. Since there is no official price, anyone can say "bitcoins are worth X." I think a lot of bitcoin businesses are trying to make a few points on each sale by picking a value that gives them an advantage.

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January 16, 2015, 06:51:34 PM
 #15

10 minutes ago you had 1.7402113 BTC
Right now you have 1.7402113 BTC
10 minutes in the future u will still have 1.7402113 BTC

The only thing that changed is a third party's estimate of what that 1.7402113 BTC is worth.

Also, different people and sites have different estimates.

I believe that blockchain.info uses the bitstamp rate. The OP is using CoinTrader (which I have never heard of). It appears that at the time of the OP's transaction CoinTrader was trading above the bitstamp rate.

It is not uncommon for various exchanges to have somewhat different exchange rates, although I would say a 7% difference is rather large

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January 16, 2015, 07:26:39 PM
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Yeah like everyone is saying. Bitcoin is super volatile. You have to think in bitcoin sometimes instead of thinking in USD

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January 16, 2015, 08:35:01 PM
 #17

Bitcoin is worth what someone is willing to pay for it.  It is not a gold/silver backed coin. 

It is a investment, one with more risk and reward then typcical ones.  If you want to be safe get government bonds.   Never risk more then you can afford to lose.  That being said I'm a long term holder.
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January 16, 2015, 11:48:00 PM
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Welcome to the world of bitcoin. That isn't even much of a difference, wait till you catch a SilkRoad-type flash crash!
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January 17, 2015, 06:51:17 PM
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The value will fluctuate but in a couple years it will still be higher than now.
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January 17, 2015, 07:20:32 PM
 #20

If you still have the same amount of coins in each transaction (which is 1.7402113), you don't need to worry because those prices indicated by the sites that you're talking about are different estimates from different services. Also, those changes may be caused by the price fluctuations occurring regularly in the bitcoin ecosystem. You know, the price of bitcoin is very volatile, so it isn't that much surprising if your $440 worth of bitcoins soon change to $408.

Chill dude. Welcome to the world of bitcoin.

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