The Bitcoin Thread

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shadow_man

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Why is Luno’s price for BTC so damn high? At current rates according to BTC-E its $1880 for a bitcoin which is +- 24 000 ZAR. Luno wants 31 000 ZAR…

7k difference is huge…
Thats almost 30%…

Are they smoking crack or am I missing something here?
 
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Adenoid Hynkel

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jsheed_sa said:
Why is Luno’s price for BTC so damn high? At current rates according to BTC-E its $1880 for a bitcoin which is +- 24 000 ZAR. Luno wants 31 000 ZAR…

7k difference is huge…
Thats almost 30%…

Are they smoking crack or am I missing something here?
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You'll always pay premium with them. But yea, that 7k difference makes no sense. Perhaps their conversion rates aren't updated properly
 
Knyro

Knyro

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jsheed_sa said:
Why is Luno’s price for BTC so damn high? At current rates according to BTC-E its $1880 for a bitcoin which is +- 24 000 ZAR. Luno wants 31 000 ZAR…

7k difference is huge…
Thats almost 30%…

Are they smoking crack or am I missing something here?
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I wonder how many times they're going to answer this question before getting tired of it. :D
 
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CAPS LOCK

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jsheed_sa said:
Why is Luno’s price for BTC so damn high? At current rates according to BTC-E its $1880 for a bitcoin which is +- 24 000 ZAR. Luno wants 31 000 ZAR…

7k difference is huge…
Thats almost 30%…

Are they smoking crack or am I missing something here?
Click to expand...

Luno merely provides the trading platform. The price is determined by the amount you prepared to buy for and how much the seller is prepared to sell for - you can place a bid to purchase 1BTC at any price point, for example R10 or R100 000, or whatever. The price you see is therefore the price sellers are offering to sell at. If demand slows down, price comes down, converse is true for high demand. Exchanges throughout the world will all differ in price, based on the above principle. Hope it makes sense.
 
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shadow_man

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xeslaro said:
Luno merely provides the trading platform. The price is determined by the amount you prepared to buy for and how much the seller is prepared to sell for - you can place a bid to purchase 1BTC at any price point, for example R10 or R100 000, or whatever. The price you see is therefore the price sellers are offering to sell at. If demand slows down, price comes down, converse is true for high demand. Exchanges throughout the world will all differ in price, based on the above principle. Hope it makes sense.
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Vaguely - thanks.

On a side note I grabbed what I could afford (not even 1 BTC) and converted to ETH via changelly (sent to the address specified and sent via Luno). I however don't see the amount reflecting in my ETH wallet yet - how long should that take?
 
Idiosyncratic

Idiosyncratic

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xeslaro said:
Luno merely provides the trading platform. The price is determined by the amount you prepared to buy for and how much the seller is prepared to sell for - you can place a bid to purchase 1BTC at any price point, for example R10 or R100 000, or whatever. The price you see is therefore the price sellers are offering to sell at. If demand slows down, price comes down, converse is true for high demand. Exchanges throughout the world will all differ in price, based on the above principle. Hope it makes sense.
Click to expand...

Wouldn't it then be cheaper to buy through something like Coinbase as Luno's price is much higher?
 
Idiosyncratic

Idiosyncratic

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saor said:
How you going to fund the coinbase account?
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Card, no? And if I'm confused with regards to that, wouldn't it be cheaper to use any exchange or service that accepts cards vs Luno? Even if there is a 3% fee, wouldn't the price difference make up for it?
 
Idiosyncratic

Idiosyncratic

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RandomDesign said:
Don't use polo. If you really want to, ask yourself this first: If my altcoins increased 100x in value but I can't withdraw them from the exchange, did I make a profit?
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Send the BTC back to Luno? Or are you referring to people have issues transferring funds out to other exchanges?
 
hj2k_x

hj2k_x

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RandomDesign said:
Don't use polo. If you really want to, ask yourself this first: If my altcoins increased 100x in value but I can't withdraw them from the exchange, did I make a profit?
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What do you mean by this? I don't get it...
 
saor

saor

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Idiosyncratic said:
Card, no? And if I'm confused with regards to that, wouldn't it be cheaper to use any exchange or service that accepts cards vs Luno? Even if there is a 3% fee, wouldn't the price difference make up for it?
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Afaik you can't use a local credit card / need to properly verify your ID if you want to buy with a CC and SA isn't a supported country for sites like Coinbase. The only real option is to buy BTC locally and transfer to an exchange that supports additional cryptocurrencies. If it was that easy we wouldn't be doing it this roundabout way of first buying locally :).
 
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balrog

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RandomDesign said:
Don't use polo. If you really want to, ask yourself this first: If my altcoins increased 100x in value but I can't withdraw them from the exchange, did I make a profit?
Click to expand...

As much as Polo infuriates me sometimes (dang servers being so slow, one cant place any orders), I must say that I was impressed how quickly I got BTC in and out of Polo the last 2 days with the meteoric rise and again epic dump. Maybe a different case with some alts.
 
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