The Bitcoin Thread

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Down to R100k now. I've been monitoring but not trading. If I were trading I would be buying now as there hasn't been a corresponding drop on the USA side. So the price should bounce back to around R110k soon.
 
SaiyanZ said:
Down to R100k now. I've been monitoring but not trading. If I were trading I would be buying now as there hasn't been a corresponding drop on the USA side. So the price should bounce back to around R110k soon.
Click to expand...

Yup, already up by R6k since you posted... Luckily I had 2 buy orders go through at just over R100k while it dipped.
 
SaiyanZ said:
Down to R100k now. I've been monitoring but not trading. If I were trading I would be buying now as there hasn't been a corresponding drop on the USA side. So the price should bounce back to around R110k soon.
Click to expand...
Cex.io & Bitfinex down 8.5% & 7.9% respectively in last 12 hours.

But Luno drop was hard...back to 106k

But order book is weak. Only 3 orders at 103k range and 2 at 102k range.
 
I'm guessing most of you guys here trade with luno.
You'll know that sending btc from luno uses their fee estimation algorithm which scales according to network traffic on the blockchain. You'll also know that luno states all of the fees go to the miners for processing the transaction.

However the last few times I've sent bitcoin from luno, I've noticed when checking my transaction progress on blockchain.info that 100% of the fees does not go to the miners. In fact luno is taking a cut of the fees. The main reason I have a problem with this, is because luno publicly stated that they don't keep any of the fees.

Has anyone else noticed similar? You can probably go back and check if you wish using your txid
 
Quick opinion, I'm starting to look into crypto-currencies seriously, very late to the party. I'm wondering though, am I too late?

Just seem the massive year that BTC and ETH have had, its insane. And a lot of info to take in with all these wallets, exchanges and other options etc.
 
Cicero said:
Quick opinion, I'm starting to look into crypto-currencies seriously, very late to the party. I'm wondering though, am I too late?

Just seem the massive year that BTC and ETH have had, its insane. And a lot of info to take in with all these wallets, exchanges and other options etc.
Click to expand...
I'd look at buying bitcoin after the fork. I don't think now is the best time.
I'm not that big on ethereum, it's far less proven
 
Noock said:
I'm guessing most of you guys here trade with luno.
You'll know that sending btc from luno uses their fee estimation algorithm which scales according to network traffic on the blockchain. You'll also know that luno states all of the fees go to the miners for processing the transaction.

However the last few times I've sent bitcoin from luno, I've noticed when checking my transaction progress on blockchain.info that 100% of the fees does not go to the miners. In fact luno is taking a cut of the fees. The main reason I have a problem with this, is because luno publicly stated that they don't keep any of the fees.

Has anyone else noticed similar? You can probably go back and check if you wish using your txid
Click to expand...

Are you sure they weren't paying themselves change? In most cases the input and output transactions are not equal and you have to pay yourself the "change". Also if I'm not mistaken they combine multiple payees into 1 transaction which would effectively reduce the transaction fees, and also makes it a variable which has to be averaged over many transactions.
 
7d4d2b78736d13e955a139d7961bab72.jpg


OK look at the above screenshot. A total of 0.00071628 Btc was paid in fees for this transaction.
Now the amount of btc I sent was roughly half of the total amount of btc in this transaction. So I'm guessing I should be paying roughly half of the fees?

Anyway on luno I got 0.00110736 deducted for fees. Which is around 50% more than the total fees paid for this transaction. How is that possible?
 
Noock said:
OK look at the above screenshot. A total of 0.00071628 Btc was paid in fees for this transaction.
Now the amount of btc I sent was roughly half of the total amount of btc in this transaction. So I'm guessing I should be paying roughly half of the fees?

Anyway on luno I got 0.00110736 deducted for fees. Which is around 50% more than the total fees paid for this transaction. How is that possible?
Click to expand...
As I mentioned before, it may have to be averaged, or maybe the other half of the transactions were change paid back to Luno. It's been a while since I used luno. Do they charge a flat rate like Bittrex? If so, then the fee will vary depending on how many other people were paid at that time, and they would have to average it out over multiple transactions.
Having said that it does look like they overcharged you.
 
Cicero said:
Quick opinion, I'm starting to look into crypto-currencies seriously, very late to the party. I'm wondering though, am I too late?

Just seem the massive year that BTC and ETH have had, its insane. And a lot of info to take in with all these wallets, exchanges and other options etc.
Click to expand...

Ask yourself this question. What will Bitcoin's price likely be in 5 years from now, lower or higher? Its never to late to start :)
 
balky said:
As I mentioned before, it may have to be averaged, or maybe the other half of the transactions were change paid back to Luno. It's been a while since I used luno. Do they charge a flat rate like Bittrex? If so, then the fee will vary depending on how many other people were paid at that time, and they would have to average it out over multiple transactions.
Having said that it does look like they overcharged you.
Click to expand...
I'll have to do some more reading up to understand what you're saying. I have queried this with luno and received no response yet.

Their fee is dynamic.

If change is paid back to luno, then that should be returned to a user in any case.

The transaction I've shown above essentially means I've paid 120 rand or so, which is exceptionally high. I've requested luno to consider adding a feature where the user can choose the fee (like private wallets). The person on support didn't seem to understand my request though, I'm also awaiting feedback on that.
 
Noock said:
I'll have to do some more reading up to understand what you're saying. I have queried this with luno and received no response yet.

Their fee is dynamic.

If change is paid back to luno, then that should be returned to a user in any case.

The transaction I've shown above essentially means I've paid 120 rand or so, which is exceptionally high. I've requested luno to consider adding a feature where the user can choose the fee (like private wallets). The person on support didn't seem to understand my request though, I'm also awaiting feedback on that.
Click to expand...
Basically the fee Luno pays is based on the size of the transaction in bytes, so if they pay 2 people with the same transaction it will cost them less. But if they are claiming that the fee is dynamic and that they are charging you what they pay, then they have overcharged you.
 
Noock said:
I'll have to do some more reading up to understand what you're saying. I have queried this with luno and received no response yet.

Their fee is dynamic.

If change is paid back to luno, then that should be returned to a user in any case.

The transaction I've shown above essentially means I've paid 120 rand or so, which is exceptionally high. I've requested luno to consider adding a feature where the user can choose the fee (like private wallets). The person on support didn't seem to understand my request though, I'm also awaiting feedback on that.
Click to expand...

R120 for what amount to be moved?
 
balky said:
Basically the fee Luno pays is based on the size of the transaction in bytes, so if they pay 2 people with the same transaction it will cost them less. But if they are claiming that the fee is dynamic and that they are charging you what they pay, then they have overcharged you.
Click to expand...

Also if they opt for a lower fee/byte then the transaction may take a lot longer to go through.
 
balky said:
Basically the fee Luno pays is based on the size of the transaction in bytes, so if they pay 2 people with the same transaction it will cost them less. But if they are claiming that the fee is dynamic and that they are charging you what they pay, then they have overcharged you.
Click to expand...
 
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