The Bitcoin Thread

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R13...

R13...

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Noob question:

I hold some BTC at Luno, now I'd like to buy some ETH at bitnifex. How do I transfer from Luno to Bitfinex. I see they have three wallet addresses:
-Margin
-Exchange
-Funding

Which of those do I transfer to and which is the one I use to buy some ETH?
 
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balrog

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R13... said:
Noob question:

I hold some BTC at Luno, now I'd like to buy some ETH at bitnifex. How do I transfer from Luno to Bitfinex. I see they have three wallet addresses:
-Margin
-Exchange
-Funding

Which of those do I transfer to and which is the one I use to buy some ETH?
Click to expand...

I haven't used Bitfinex, just Poloniex and Bittrex. Based on the descriptions, I would assume "Exchange". Any reason you chose Bitfinex? It IS the exchange that was hacked a few months ago - eek.
 
Knyro

Knyro

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R13... said:
Noob question:

I hold some BTC at Luno, now I'd like to buy some ETH at bitnifex. How do I transfer from Luno to Bitfinex. I see they have three wallet addresses:
-Margin
-Exchange
-Funding

Which of those do I transfer to and which is the one I use to buy some ETH?
Click to expand...

Exchange. Doesn't really matter though as you can swap between the three without too much trouble.
 
R13...

R13...

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balrog said:
I haven't used Bitfinex, just Poloniex and Bittrex. Based on the descriptions, I would assume "Exchange". Any reason you chose Bitfinex? It IS the exchange that was hacked a few months ago - eek.
Click to expand...

It was recommended here. That hack news then makes me uncomfy. I'll looksy at the other two.
 
Knyro

Knyro

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R13... said:
It was recommended here. That hack news then makes me uncomfy. I'll looksy at the other two.
Click to expand...

That hack was almost a year ago. But it's still one of the biggest and most liquid exchanges around, that's why people use it.

Don't keep all your crypto on an exchange, this applies to all of them.
 
etienne_marais

etienne_marais

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dj2381 said:
A nice big plunge, how low can it go....
Click to expand...

At the moment looks like a bubble-burst for the day's highs only, seems to be turning back up at what was the all time historic high, as of yesterday anyway (roughly)
(looking at $-BTC price chart)
 
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RandomDesign

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Hamster said:
Yeah, if Luno could add ETH suppport it would be great.

So far, jaxx was pretty damn easy to convert some BTC to ETH though. Basically clicked a button.
Click to expand...

My school fees so far have included lessons on how coins go in places and things easy, but seem to develop hooks and barbs when you want them out...
 
Knyro

Knyro

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Besides the drop bitcoin has been so volatile these past few hours it's not even funny.

Near-vertical red and green candles going off the top and bottom of my charts.
 
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Bizkit87

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Why is there such a difference in Luno.com buying price, and every other exchange ? What am i missing:

luno1.jpg

and others:
luno2.png
luno3.png
 
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Bizkit87

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Archer said:
Local supply and demand. Go to South Korea - Bitcoins are worth $4500 US there...
Click to expand...

Seems like quite a big difference though, is there anything in place to show that this isn't artificially inflated [i.e. luno.com deciding to 'cash' in on the surge?]

What are all the exchanges we can purchase from locally?
 
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Lunomoney

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Bizkit87 said:
Seems like quite a big difference though, is there anything in place to show that this isn't artificially inflated [i.e. luno.com deciding to 'cash' in on the surge?]

What are all the exchanges we can purchase from locally?
Click to expand...

Remember that there's no standard/ global Bitcoin price – Bitcoin isn't attached in any way to the USD or any other currency.
There are a number of factors that go into this which we'll touch on a bit below.

The rate quoted on Google and other Bitcoin price trackers will normally link to a much larger Bitcoin exchange, where the price will differ. Each Bitcoin exchange has a price that is solely determined by supply and demand on that particular exchange. So based off that fact, if an exchange sees more people selling the price will likely start to drop. The same goes for more people buying on that exchange, the price will go up. It's a very rudimentary example, but should paint a good picture on how the price is determined.

Another aspect here is arbitrage. This is determined by a few factors, but if arbitrage traders (you can read more about arbitrage here) are able to move money to a certain exchange without any limitations, prices between those two exchanges are most likely quite close. That isn't the case for a market like South Africa, for example, where capital controls are in place and make arbitrage trading difficult and most of the time, not worth while.

This is also a characteristic of a young exchange, as many of our users are new users purchasing bitcoin for the first time. Thus creating the demand on the exchange.

Other, more mature exchanges, do not share this characteristic. To add to this, inexperienced traders often emphasise market movements with herd irrationality due to their lack of knowledge surrounding bitcoin and crypto currency. If you look at our Malaysian exchange, with more experienced users, you will find that the price is more closely aligned with other global markets.

We can speculate about the causes for this premium but whatever the reason may be for this premium, it is important to note that you are not trading with Luno. We merely provide the platform upon which buyers and sellers interact. The forces of supply and demand determine the price.

We don't have any influence over the price.
 
Hamster

Hamster

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Bizkit87 said:
Seems like quite a big difference though, is there anything in place to show that this isn't artificially inflated [i.e. luno.com deciding to 'cash' in on the surge?]

What are all the exchanges we can purchase from locally?
Click to expand...

Same as selling a chicken here vs selling a chicken in America
 
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