The Bitcoin Thread

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Lunomoney said:
Happy to help where I can, are you questioning the difference in price?
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Massive difference in price. On 12/10/2017 when Bittrex was at $5300 Luno was at R72,000. Right now with Bittrex on $5300 Luno is at R77,100. The R/$ exchange difference between today and then is only ±1%. Same $ rate but huge difference in ZAR on Luno.
 
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Natas said:
Technically, the price difference between Luno and international exchanges should be equal to the cost of moving funds, ie the cost of converting rands to dollars in order to buy BTC on a foreign exchange.

The price difference or arbitrage is usually higher when BTC is on a Bull run, locals scrambling to buy a relatively limited supply of BTC on the local exchange. I have sold BTC at a R15k premium five minutes after buying them on Kraken. Lots of people did it and I think that more recently there is enough liquidity in the market to bring the arbitrage down. I also think that after Luno got that recent cash injection they have been absorbing the arb themselves, why wouldn't they, it's free money.

I cant stand the idea of buying BTC on Luno where you generally pay a premium to foreign markets. Late last week however you could have made 100 Euro per coin buying BTC on Luno and selling it offshore.
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Not necessarily.
I've written about this a few times before on the forums. There's also a blog explaining things in more detail, you can read that here.

It's important to remember that Luno's price is solely determined by supply and demand, as any other market is. Different countries will see different rates. I remember an exchange in Zim that was trading at ~$2000 premium at one point. In no way is there any correlation in supply and demand, and market conditions are extremely different between Kraken and Luno.

Sure, if everyone arbitraged the price will most likely correct to what's listed on most USD BTC pairs internationally. The fact that arbitrage trading isn't available to everyone and generally sees high/ limited fees and funds leaving SA is a part factor here.

I'm not sure why we'd want to trade our customers funds? We've gained our reputation by being a trusted exchange and brand in the Bitcoin space, why we'd want to wreck that by doing something like this makes absolutely zero business sense. Remember that everything is also publicly available on the Blockchain, you're welcome to dig around :)
Either way that's quite a wild assumption to make. Do you have any data or insights to backup your argument and theory?

Sensorei said:
Massive difference in price. On 12/10/2017 when Bittrex was at $5300 Luno was at R72,000. Right now with Bittrex on $5300 Luno is at R77,100. The R/$ exchange difference between today and then is only ±1%. Same $ rate but huge difference in ZAR on Luno.
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My response above should cover most of your question too :)
The price difference will fluctuate.

I'll bookmark this post and link to further questions about the price differences.
 
question for the luno guys,

why is it not possible to see exactly what the amount of bitcoin you buy will be worth?

IE I buy R550 ZAR, but I only get R530, due to fees ect ect....
can it not be shown more clearly when buying?
 
eg2505 said:
question for the luno guys,

why is it not possible to see exactly what the amount of bitcoin you buy will be worth?

IE I buy R550 ZAR, but I only get R530, due to fees ect ect....
can it not be shown more clearly when buying?
Click to expand...

It's something we're working on displaying on the Instant Buy/ Sell screens - you can see this kind of information when placing orders on the exchange.
 
Lunomoney said:
It's something we're working on displaying on the Instant Buy/ Sell screens - you can see this kind of information when placing orders on the exchange.
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so its coming soon, as its very confusing for those of us not spending time on the very confusing exchange screens,

I recall I was told the instant buy and sell is linked to the exchange exclusively

so why is it not implemented yet?, would be easier to see exactly where one stands.
 
eg2505 said:
question for the luno guys,

why is it not possible to see exactly what the amount of bitcoin you buy will be worth?

IE I buy R550 ZAR, but I only get R530, due to fees ect ect....
can it not be shown more clearly when buying?
Click to expand...

If you are a Maker, no fees. Taker, 1% fee. If you use the app (can also see estimated fees online), you can actually see exactly what fees will be deducted (if applicable)
 
eg2505 said:
so its coming soon, as its very confusing for those of us not spending time on the very confusing exchange screens,

I recall I was told the instant buy and sell is linked to the exchange exclusively

so why is it not implemented yet?, would be easier to see exactly where one stands.
Click to expand...

Using Instant Buy/ Sell uses base rates from the exchange, yes. That's how the price is determined.
It isn't implemented yet due to the amount of work going on in the background. We're basically generating a quote, and the more information that is displayed takes longer. If it was an easy fix it would have been done already :) It's coming soon.

For now, double check the amount of BTC you're getting for ZAR or visa versa displayed on the top portion of the screen when entering your PIN when you're using the app.
 
Lunomoney said:
Not necessarily.
I've written about this a few times before on the forums. There's also a blog explaining things in more detail, you can read that here.

It's important to remember that Luno's price is solely determined by supply and demand, as any other market is. Different countries will see different rates. I remember an exchange in Zim that was trading at ~$2000 premium at one point. In no way is there any correlation in supply and demand, and market conditions are extremely different between Kraken and Luno.

Sure, if everyone arbitraged the price will most likely correct to what's listed on most USD BTC pairs internationally. The fact that arbitrage trading isn't available to everyone and generally sees high/ limited fees and funds leaving SA is a part factor here.

I'm not sure why we'd want to trade our customers funds? We've gained our reputation by being a trusted exchange and brand in the Bitcoin space, why we'd want to wreck that by doing something like this makes absolutely zero business sense. Remember that everything is also publicly available on the Blockchain, you're welcome to dig around :)
Either way that's quite a wild assumption to make. Do you have any data or insights to backup your argument and theory?



My response above should cover most of your question too :)
The price difference will fluctuate.

I'll bookmark this post and link to further questions about the price differences.
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Thanks Luno
 
balrog said:
Already did - a few days ago :D

Now waiting to BUDL (or whatever the crypto-slang for BUY may be - LOL!)
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Lol, also cashed out, deciding when to buy back in. 75K maybe..... then it drops to 65K .... Never know... Or who knows mm ?
 
HunterNW said:
Lol, also cashed out, deciding when to buy back in. 75K maybe..... then it drops to 65K .... Never know... Or who knows mm ?
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Exactly, who knows...

I will just wait for a confirmed bottom. I have been burnt in the past buying too soon.
 
Oooh, just read there was some sort of correction earlier today, but definately not a major one - yet.
 
Lunomoney said:
For now, double check the amount of BTC you're getting for ZAR or visa versa displayed on the top portion of the screen when entering your PIN when you're using the app.
Click to expand...

am already doing this, would be nice it it was on a widget on my home-screen,
would be far nicer? not sure if that's something coming soon?

also the second figure that shows percentage (%) next to the price (ZAR) on the app is a bit misleading,
my understanding is its the "exchange" price and how much activity is going on,

not what the international markets is actually doing like something like this,

https://play.google.com/store/apps/details?id=st.brothas.mtgoxwidget&hl=en

I wish there was a way we could configure that to display different things? not another thing been worked on?
 
eg2505 said:
am already doing this, would be nice it it was on a widget on my home-screen,
would be far nicer? not sure if that's something coming soon?

also the second figure that shows percentage (%) next to the price (ZAR) on the app is a bit misleading,
my understanding is its the "exchange" price and how much activity is going on,

not what the international markets is actually doing like something like this,

https://play.google.com/store/apps/details?id=st.brothas.mtgoxwidget&hl=en

I wish there was a way we could configure that to display different things? not another thing been worked on?
Click to expand...

We don't have any immediate plans to develop a mobile widget at the moment, it has been widely requested though. Why not setup price alerts in the mean time? It'll send you a push notification when the price is above or below a certain point.

The price card shown in the app is what the market is doing in your region. So in this case it display what the price is doing between BTC and ZAR, and showing the percentage change over the last 7 days. It's accurate and won't show any international currency pair changes since it's irrelevant to this market.

If you're looking for detailed charts our Exchange is the place to look - https://www.luno.com/trade/XBTZAR
 
HunterNW said:
Lol, also cashed out, deciding when to buy back in. 75K maybe..... then it drops to 65K .... Never know... Or who knows mm ?
Click to expand...

Based on Poloniex and Bittrex it should have dropped considerably more on Luno that it has. I was convinced that I was about to buy in again at R73K or just under, but judging from how loosely Luno follows the real BTC value it is anyones guess as to what's going to happen. :wtf:
 
Sensorei said:
Based on Poloniex and Bittrex it should have dropped considerably more on Luno that it has. I was convinced that I was about to buy in again at R73K or just under, but judging from how loosely Luno follows the real BTC value it is anyones guess as to what's going to happen. :wtf:
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I really can't stress enough that there is no "real BTC price" or standard/ global price.
Each market determines its own value, there is no one single Bitcoin price or trading pair.

Let's assume there's a huge demand for Bitcoin tomorrow, in this case we assume that the Rand drops in value or the government bans all R100 notes. That may trigger a massive buy-in, which will probably hike the BTC price in ZAR. Just because the BTC/ ZAR price increases it doesn't mean that USD exchanges will follow that trend.

It's exactly the same in reverse. If the US government bans all $20 notes and everyone buys into Bitcoin it doesn't always mean that the price on Luno will increase.

Please take a read through the blog link I posted earlier, it explains this in much greater detail. There seems to be a huge misconception that there is one standard Bitcoin price. I'll link in a third party article too, it'll remove any potential bias that can come from our blog.

https://bitcoin.stackexchange.com/q...ice-of-bitcoins-vary-wildly-between-exchanges
https://bitcointalk.org/index.php?topic=1830718.0
 
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Lunomoney said:
I really can't stress enough that there is no "real BTC price" or standard/ global price.
Each market determines its own value, there is no one single Bitcoin price or trading pair.

Let's assume there's a huge demand for Bitcoin tomorrow, in this case we assume that the Rand drops in value or the government bans all R100 notes. That may trigger a massive buy-in, which will probably hike the BTC price in ZAR. Just because the BTC/ ZAR price increases it doesn't mean that USD exchanges will follow that trend.

It's exactly the same in reverse. If the US government bans all $20 notes and everyone buys into Bitcoin it doesn't always mean that the price on Luno will increase.

Please take a read through the blog link I posted earlier, it explains this in much greater detail. There seems to be a huge misconception that there is one standard Bitcoin price. I'll link in a third party article too, it'll remove any potential bias that can come from our blog.

https://bitcoin.stackexchange.com/q...ice-of-bitcoins-vary-wildly-between-exchanges
https://bitcointalk.org/index.php?topic=1830718.0
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Thanks.
 
Might move my trades to overseas exchange. New at all this but all the TA I'm following on twitter and the likes it does not correlate well with what I'm seeing on local LUNO exchange. With lag, currency fluctuations and whatever else it's difficult to get a grasp on things.
 
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