Polymathic
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How the people who dumped their bitcoins after the Mt Gox incident must be feeling now
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The Bitcoin Thread
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How the people who dumped their bitcoins after the Mt Gox incident must be feeling now
Tman*
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That mentality will kill you inside and will lead to bad investment choices.
Rule 2: don't ever say : "would have, could have, should have"
Dan C
Honorary Master
I should have read your post before I made my decision.
redarrow
Expert Member
I'm betting there are a lot fewer "2011 Bitcoin millionaires" than we might think.
Imagine you had bought a nice chunk of BTC for like R100, and then a short while later it's worth R100k, how many people would resist the urge to sell out then? It's easy to imagine now knowing that it's reached $15k but back then no one knew it was gonna do this.
Just my view on the matter, and why I don't beat myself up (too much
) for not buying then, I honestly don't believe I'd have held it for so long. Heck I bought some BTC in 2015 and sold it in early 2016 thinking it wasn't going anywhere.
Imagine you had bought a nice chunk of BTC for like R100, and then a short while later it's worth R100k, how many people would resist the urge to sell out then? It's easy to imagine now knowing that it's reached $15k but back then no one knew it was gonna do this.
Just my view on the matter, and why I don't beat myself up (too much
) for not buying then, I honestly don't believe I'd have held it for so long. Heck I bought some BTC in 2015 and sold it in early 2016 thinking it wasn't going anywhere.
Makers create a buy/sell order..thus adding liquidity hence a lower or zero rate. Not immediate transaction.
Takers match an existing order for immediate action. They remove liquidity from the market hence a higher fee.
The price did decrease by 80%. Most people with a significant investment would have pulled out.How the people who dumped their bitcoins after the Mt Gox incident must be feeling now
Compute Transfer Costs
To start testing, I transferred a small amount (0.002) of BTC from Luno to Ice3X.
Below is the transaction. I can see it cost 540 bytes x 215.352 sat/B = 0.0011629 BTC.
But which part of that did I pay and what did it cost in Rand? I can't figure it out from the exchanges..
(Ice3X is so useless - it does not even include the selling price in your downloadable transaction log file).
To start testing, I transferred a small amount (0.002) of BTC from Luno to Ice3X.
Below is the transaction. I can see it cost 540 bytes x 215.352 sat/B = 0.0011629 BTC.
But which part of that did I pay and what did it cost in Rand? I can't figure it out from the exchanges..
(Ice3X is so useless - it does not even include the selling price in your downloadable transaction log file).
SaiyanZ
Executive Member
Luno also hides the high cost of fees by quoting it in BTC so that it looks tiny unless you do the math:
When buying:
Require Funds: ZAR
Available balance: ZAR
Estimated fees: BTC ???? Why would I want to see the cost in BTC?
When selling:
Require Funds: BTC
Available balance: BTC
Sale total: ZAR
Estimated fees: BTC ???? Why would I want to see the cost in BTC?
Kloofvreter
Honorary Master
I've noticed the exact same thing.
kyton
Expert Member
On the Luno app under transactions and open the transaction it shows the Approx value in R.
0.0011629 BTC = approx 245.63 form this site https://coinmarketcap.com/calculator/
0.0011629 BTC = approx 245.63 form this site https://coinmarketcap.com/calculator/
I first bought 0.002 BTC on Luno @ R242000 costing R484. Here is the detail on Luno:
Then I transfered it to Ice3x. Here is the detail on Luno:
What are my transfer fees?
Check the transaction details here: https://mybroadband.co.za/vb/showthread.php/585298-The-Bitcoin-Thread?p=20839624&viewfull=1#post20839624
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kyton
Expert Member
In Luno under your wallet for BTC, look at transactions then there should be one for BTC send fee. Shows you the ZAR value as well.
Dan C
Honorary Master
I can't seem to scroll down on that image ...
If Luno had more daily volume and they had a stable exchange I wouldn't consider trading on the big exchanges. I only trade as a maker (0%) unless I make a typo or a mistake - I have twice rushed an order on the exchange and entered the wrong amount so paid R1000 more than I needed to. That cost me about R4K. But that's much less than what I lost thanks to Luno crashing while I had orders in that I couldn't change.But no guarantees other exchanges won't crash. Even Bitfinex goes down now and then
Even Bitfinex's 0.01% makers fee would end up costing a lot for an amateur trader who is taking smaller risks. If you sell and buy back in with just 1 BTC at a time once a day per month, that would cost you R12000! in maker fees.
If you're trading every day like that you're probably solidly beating the market consistently and are no amateur. That R12k in fees is paltry in comparison to your profits so you wouldn't care.
kyton
Expert Member
Look for a transaction . Goto wallets, btc, open wallet select transactions, souls show as bitcoin send fee.
Here is the wallet:
If you open the Sent Bitcoin transaction, you get this:
If you inspect the transaction on BlockChain, you get this:
Nothing tells me what part of the transaction costs I paid. Is it possible that the transaction fees were those 31 cents added to the R484 in the transaction? Does not sound right..
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