The Bitcoin Thread

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I wanted to sell when it started dipping but were unable to due to their technical difficulties. Woulf have made a bit more than R1000
 
Idiosyncratic said:
Terrible... Bought some just before the drop
Click to expand...

eish, not nice.......

im wondering though if there is a way to automate the buying and selling?

maybe lumo could release some bot for us to use?
sell at a predetermined level, or as soon as it dips below a certain threshold, say (5% of its value)
sell everything, so you dont lose too much and dont have to watch it all day....
 
eg2505 said:
eish, not nice.......

im wondering though if there is a way to automate the buying and selling?

maybe lumo could release some bot for us to use?
sell at a predetermined level, or as soon as it dips below a certain threshold, say (5% of its value)
sell everything, so you dont lose too much and dont have to watch it all day....
Click to expand...
AFAIK there is that option not so? In the app under My Orders, unless thats something else.
 
eg2505 said:
fair enough,

the issue Im having is the selling of BTC to my ZAR account,
the actual widraw process from ZAR is easy enough to figure out, and the costs are quite clear on that,

my exact issue is the virtual sort.....

BTC to ZAR account selling

its not immediately clear of how much I can sell at once,

let me use this example, I have in my BTC account 660 Zar worth of BTC, and I go to sell and
I click Sell in my BTC account, it asks for how much, I put in 660 and try to sell ,
I then get an error saying "insufficent funds"

I then go back and forth a few times trying to determine how much I can sell at one time,
its really annoying, and in my case I had to do it twice to get the money deposited into my ZAR account,

what I wish for is a figure stating maximum allowable withdraw and how much this is sitting at, ( according to my current balance).
or even better a button with MAX on it,
so its easy for those of us that decide to withdraw everything at one time, without being denied
due to "insufficient funds".

I do hope it makes better sense,
TLDR;

Im trying to sell to ZAR account, and its not exactly clear what is the maximum allowed in one go....
(BTC mining fees ect...)
Click to expand...

In SA our Instant Buy/ Sell limit is set to 2 BTC. Anything higher than that will need to be done via the exchange.
When selling BTC it's easier to list the BTC value you want to sell, say 0.052 BTC or so. Using that denomination will show the Rand value you'll be getting. Remember, the buy and sell price are slightly different. So if you buy R660 worth of BTC and then try and sell it, you won't be able to sell at R660 right then and there.

The way we have it setup, is the Instant Buy/ Sell is used for quick transactions. If you're interested in digging around the Exchange a bit you can click the full amount you have, whether than be ZAR or BTC, to transact in one go.
 
eg2505 said:
eish, not nice.......

im wondering though if there is a way to automate the buying and selling?

maybe lumo could release some bot for us to use?
sell at a predetermined level, or as soon as it dips below a certain threshold, say (5% of its value)
sell everything, so you dont lose too much and dont have to watch it all day....
Click to expand...

The_Mowgs said:
AFAIK there is that option not so? In the app under My Orders, unless thats something else.
Click to expand...

Weekend project?
I'll just leave this here :)

https://www.luno.com/en/api
 
Lunomoney said:
We can't offer any legal or tax advise around this, there's some good reading material around the forums with similar questions though.
I'd recommend taking a read through the risks we list on our website too though :)

https://www.luno.com/en/legal/risks
Click to expand...

That says absolutely nothing towards my question. I am also not looking for tax advice. OK, let's keep it simple:

1. What records do you forward to SARS for SA citizens wrt their Bitcoin buying/selling history.

Surely you can answer that.
 
balrog said:
That says absolutely nothing towards my question. I am also not looking for tax advice. OK, let's keep it simple:

1. What records do you forward to SARS for SA citizens wrt their Bitcoin buying/selling history.

Surely you can answer that.
Click to expand...

That's something you need to ask SARS for further clarification.
The very nature of SARS is the polar opposite of Bitcoin and de-centralised currency.
 
Lunomoney said:
That's something you need to ask SARS for further clarification.
The very nature of SARS is the polar opposite of Bitcoin and de-centralised currency.
Click to expand...

Ugh - do YOU send info TO SARS or not? This is not a discussion about philosophy behind Bitcoin vs Governments, that is a completely different topic.

You seem to be trying to side-step a very direct question.

I think anybody using BitX/Luno would like to know the answer.

As a legitimate business, which you hopefully are, this should be easy to answer, unless you are trying to hide something from SARS and your customers.
 
Lunomoney said:
In SA our Instant Buy/ Sell limit is set to 2 BTC. Anything higher than that will need to be done via the exchange.
When selling BTC it's easier to list the BTC value you want to sell, say 0.052 BTC or so. Using that denomination will show the Rand value you'll be getting. Remember, the buy and sell price are slightly different. So if you buy R660 worth of BTC and then try and sell it, you won't be able to sell at R660 right then and there.

The way we have it setup, is the Instant Buy/ Sell is used for quick transactions. If you're interested in digging around the Exchange a bit you can click the full amount you have, whether than be ZAR or BTC, to transact in one go.
Click to expand...

still didnt really answer my question, let me phrase it differently
Im selling well under that threshold, and I want to sell everything in one go, why is that not possible?

I mean why do I have to go back and forth a few times, getting "insufficient funds " each time to figure out whats my max I can withdraw in one go....

I hope that makes better sense?
 
balrog said:
Ugh - do YOU send info TO SARS or not? This is not a discussion about philosophy behind Bitcoin vs Governments, that is a completely different topic.

You seem to be trying to side-step a very direct question.

I think anybody using BitX/Luno would like to know the answer.

As a legitimate business, which you hopefully are, this should be easy to answer, unless you are trying to hide something from SARS and your customers.
Click to expand...

been wondering about this myself as well and the R5000 limit you impose on people ,

on level 2 verified.
 
eg2505 said:
still didnt really answer my question, let me phrase it differently
Im selling well under that threshold, and I want to sell everything in one go, why is that not possible?

I mean why do I have to go back and forth a few times, getting "insufficient funds " each time to figure out whats my max I can withdraw in one go....

I hope that makes better sense?
Click to expand...

It does make sense, and if you're selling BTC then it's easiest to enter the amount of BTC you have, as opposed to a ZAR value.
 
balrog said:
@What documentation/records to you send to SARS - I would assume all BTC purchases are sent to SARS for all users and transactions?
Click to expand...
Lunomoney said:
That's something you need to ask SARS for further clarification.
The very nature of SARS is the polar opposite of Bitcoin and de-centralised currency.
Click to expand...
@Lunomoney: They're asking specifically about what you communicate to SARS.
 
Anyone here mining crypto? Can't decide if it is worth it or not. My calculations show the ROI is about a year, if you mine ETH/ETC.
 
Lunomoney said:
It does make sense, and if you're selling BTC then it's easiest to enter the amount of BTC you have, as opposed to a ZAR value.
Click to expand...

well they give you an option to enter a ZAR value to do that,
problem is it then keeps saying "insufficient funds" so I keep messing around with it, putting in smaller amounts, until I can see how much I can get in one go,

and even then it wasnt enough, I had to do it twice to empty my wallet out....
before the currency dropped too much in value and I lost my profit....

I do hope the makes sense, as I think your not exactly understand me correctly ....
 
balrog said:
Anyone here mining crypto? Can't decide if it is worth it or not. My calculations show the ROI is about a year, if you mine ETH/ETC.
Click to expand...

not worth it IMO, too many big data centers in China kicking out all the smaller guys with a PC and a GPU doing mining....

best is as a currency that can jump nicely, and suddenly, and to buy things that cost too much if you do it by paypal/credit card....
 
eg2505 said:
well they give you an option to enter a ZAR value to do that,
problem is it then keeps saying "insufficient funds" so I keep messing around with it, putting in smaller amounts, until I can see how much I can get in one go,

and even then it wasnt enough, I had to do it twice to empty my wallet out....
before the currency dropped too much in value and I lost my profit....

I do hope the makes sense, as I think your not exactly understand me correctly ....
Click to expand...

Were you doing this as the "Quick Sell" option, or on the Exchange?

If "Quick Sell", I think I might know why - remember that there is a Buy order for (say) 0.5 BTC sitting there (on the Exchange) at Price X (which is the current "Quick Sell" price). If you want to sell 1 BTC at price X, you will only sell 0.5 at Price X, as there is only 0.5 on a Buy order at that price.

To sell your remaining 0.5 BTC (to sell your complete 1 BTC), you will have to sell it below Price X, at the price of the available Buy orders lower than price X.

Remember the "Quick Sell" option just takes the current highest Buy price - I assume.

Remember you can only sell as much as someone is willing to buy at Price X.

Hope that makes sense?

I could also have completely missed the mark :-)

PS: Using the "Quick Buy/Sell" option - I assume you will be hit with the higher trading fees, as you are then a "Taker" and not a "Maker".
 
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eg2505 said:
well they give you an option to enter a ZAR value to do that,
problem is it then keeps saying "insufficient funds" so I keep messing around with it, putting in smaller amounts, until I can see how much I can get in one go,

and even then it wasnt enough, I had to do it twice to empty my wallet out....
before the currency dropped too much in value and I lost my profit....

I do hope the makes sense, as I think your not exactly understand me correctly ....
Click to expand...

Hhhmm, I'm not sure I'm following the steps you're taking to see the errors you're getting.
Shoot me a PM and we can chat there so we can get a better understanding of what's happening here.
 
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