The Bitcoin Thread

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SaiyanZ said:
Are trading bots allowed on Luno? I don't mind the ones trading small amounts but the ones filling the order book with a bunch of R10k+ orders gets annoying fast. They keep jumping in front of me and with the low volumes being traded, it gets old fast.
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I feel your pain, bots keep jumping in front of my bots, infuriating:mad:
 
Temujin said:
I feel your pain, bots keep jumping in front of my bots, infuriating:mad:
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Sometimes it's just fun to sit back and watch the battle of the bots.

Seriously though, if botting is allowed I think it's ok up to a limit. Say put a limit on the size per order for detected bots. Maybe max R2000 per order or thereabouts.
 
Tweebeenvis said:
Ok, so being that luno price is always above that of international markets, I sold 9.8 ETH at 8k. It showed in my balance as 80k after the sale and 2 minutes later the price went back to 5k and my balance went down to 50k odd. THIS WAS AFTER THE SALE. LUNO AUTOMATICALLY DECREASED MY BALANCE!!

Luno rep, please advise.
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Sorry about that, it was a glitch in how we displayed the price.
No orders were placed incorrectly as the correct affective rate was displayed, so no balances were affected.

If you'd like me to take a closer look at this please log a ticket with further details.
 
SaiyanZ said:
Sometimes it's just fun to sit back and watch the battle of the bots.

Seriously though, if botting is allowed I think it's ok up to a limit. Say put a limit on the size per order for detected bots. Maybe max R2000 per order or thereabouts.
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Bots are allowed on our exchange, and many other Bitcoin exchanges if they have an API.
We do implement rate limiting, you can read more about how our API works here https://www.luno.com/en/api

Bots are simply doing what a human would do, placing buy and sell orders.
 
Lunomoney said:
Sorry about that, it was a glitch in how we displayed the price.
No orders were placed incorrectly as the correct affective rate was displayed, so no balances were affected.

If you'd like me to take a closer look at this please log a ticket with further details.
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Ye I figured as much, thanks for being transparent about it. Your glitch cost me 0.7 ETH in trading fees it would seem. Can I PM you my account details? Would it be possible to at least refund the fees? Thanks.
 
Tweebeenvis said:
Ye I figured as much, thanks for being transparent about it. Your glitch cost me 0.7 ETH in trading fees it would seem. Can I PM you my account details? Would it be possible to at least refund the fees? Thanks.
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Definitely would like to take a closer look.
Please submit a ticket via https://www.luno.com/help/en/tickets/new and PM me the ref#

It's easier via a ticket as I have better context on the account, which is harder and not particularly secure via PM.
 
iedergeval said:
"Bitcoin's value is more from speculative traders than use as a currency
If it ever changes, let me know"

Monday thoughts...

BTC is like an insurance policy. Per definition a "Black Swan " event cannot be predicted and can only be retrospectively explained.
Best is to prepare for diverse scenarios.
Can fiat fail, the very fiat that utilizes a centralized banking system with centralized government backing?
I will certainly let you know , but by then likely you wont be able to do anything about it
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Bitcoin core with the new "it's a store of value" narrative have turned btc into a pure ponzi scheme.

Definition:
A Ponzi scheme (/ˈpɒn.zi/; also a Ponzi game) is a fraudulent investment operation where the operator (CORE) generates returns for older investors through revenue paid by new investors, rather than from legitimate business activities or profit of financial trading.
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There's no use case for btc core. High tx fees and slow confirmations have seen to that idea.

And let's not even talk about the ****storm quietly gathering hmm. (tether)

Anyone getting into btc now should be making equal investments into kleenex for the tears that are coming.
 
What's with Luno's BTC price suddenly only having a 5% premium over the US$ rate on the international exchanges? I haven't seen anything like this before on Luno. The other local exchanges are also around 5% higher than USD rate. Usually it is over 10% more, and often been up to around 20%.

Can it simply be based on a change in local supply and demand?
 
Sensorei said:
What's with Luno's BTC price suddenly only having a 5% premium over the US$ rate on the international exchanges? I haven't seen anything like this before on Luno. The other local exchanges are also around 5% higher than USD rate. Usually it is over 10% more, and often been up to around 20%.

Can it simply be based on a change in local supply and demand?
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Could be that people found a way to do arbitrage with lower fees. i.e. buying BTC in the USA exchange, transferring to Luno and selling for profit here. The ZAR converted priced was around 9% higher 10 days ago. Now it's only around 6% higher.
 
I think it is more a mental block at R120k, it's been stuck near that mark no matter how the dollar price has moved. Once that mark is crossed it should hopefully continue rising nicely.
 
Sensorei said:
What's with Luno's BTC price suddenly only having a 5% premium over the US$ rate on the international exchanges? I haven't seen anything like this before on Luno. The other local exchanges are also around 5% higher than USD rate. Usually it is over 10% more, and often been up to around 20%.

Can it simply be based on a change in local supply and demand?
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tumblr_m74q58kZ1x1r3369k.gif
 
Sensorei said:
What's with Luno's BTC price suddenly only having a 5% premium over the US$ rate on the international exchanges? I haven't seen anything like this before on Luno. The other local exchanges are also around 5% higher than USD rate. Usually it is over 10% more, and often been up to around 20%.

Can it simply be based on a change in local supply and demand?
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Seems global. Cex.io use to trade at a premium to Bitfinex but it now has a smaller difference as well.
 
So I checked the volumes driving the price up since about 8 November - its a fraction of the volume needed to drive the price up by smaller amounts in the past... make of that what you will
 
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