The Bitcoin Thread

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eg2505 said:
so its gone up nicely,

so its still ZAR 8,50 a withdrawl? not a sliding scale like the banks with 1% of the value or something like that?
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Account levels haven't changed in years as far as I know :)
Correct, a withdrawal fee to your bank is charged at R8.50. I've included a link to our fee breakdowns below too.

https://www.luno.com/en/countries
 
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.
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Sorry, mis-read your initial question there.
We have not and do not share information with SARS.
 
balrog said:
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 :-)
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I think everybody missing the mark big time here, maybe Im speaking zulu or something....

not on exchange, on quick sell exclusively,
trying to sell everything in one go, just as the dip happened......

this is very difficult to do exactly, as I put in a figure it shows I have, and press sell, and it rejects this,
saying "insufficient funds"

so I go back and forth a few times putting in different ZAR amounts trying to see whats the MAX I can withdraw in one go....
eventually I sell but not enough in one go, its still in bits and bobs....

so this is my issue Im complaining about its not easy to figure out how much I can sell in one go
if I want to sell everything, is it not possible to have a notification saying how much you can sell?

or a "MAX" button ? is that not possible to be included.....
 
Time to buy GOLD

Real bullion, not Nelson Mandela rubbish or Karatbars... avoid Krugerrands as well... bullion bars from Rand refinery, or nothing.
 
eg2505 said:
I think everybody missing the mark big time here, maybe Im speaking zulu or something....

not on exchange, on quick sell exclusively,
trying to sell everything in one go, just as the dip happened......

this is very difficult to do exactly, as I put in a figure it shows I have, and press sell, and it rejects this,
saying "insufficient funds"

so I go back and forth a few times putting in different ZAR amounts trying to see whats the MAX I can withdraw in one go....
eventually I sell but not enough in one go, its still in bits and bobs....

so this is my issue Im complaining about its not easy to figure out how much I can sell in one go
if I want to sell everything, is it not possible to have a notification saying how much you can sell?

or a "MAX" button ? is that not possible to be included.....
Click to expand...

Maybe read my post again - I made a few Edits to it :)

I think it explains your problem?

Again, with "Quick Sell", you can only sell as many BTC at a specific price, as someone else is willing to pay for it.

If you want to sell 1 BTC at R12 000, but there is someone only willing to buy 0.5 BTC at R12 000, you will only sell 0.5 BTC.

If there is someone willing to buy 0.5 BTC at R11 950, then you ca sell your remaining 0.5 BTC for R 11 950 to that buyer.

There is not someone at the back of the "Quick Sell" option that will just buy your BTC at whatever price you want to sell your BTC at :). Its all supply and demand.

Have a look at the Exchange and you will see this with the Buy and Sell orders sitting there. The "Quick Sell" is just a GUI over the Exchange at the back.

Make more sense now?

EDIT: As you were trying to sell during the dip - lots of other guys were doing the same, you probably had to "chase" the price downwards to get all your BTC sold.
 
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balrog said:
Maybe read my post again - I made a few Edits to it :)

I think it explains your problem?

Again, with "Quick Sell", you can only sell as many BTC at a specific price, as someone else is willing to pay for it.

If you want to sell 1 BTC at R12 000, but there is someone only willing to buy 0.5 BTC at R12 000, you will only sell 0.5 BTC.

If there is someone willing to buy 0.5 BTC at R11 950, then you ca sell your remaining 0.5 BTC for R 11 950 to that buyer.

There is not someone at the back of the "Quick Sell" option that will just buy your BTC at whatever price you want to sell your BTC at :). Its all supply and demand.

Have a look at the Exchange and you will see this with the Buy and Sell orders sitting there. The "Quick Sell" is just a GUI over the Exchange at the back.

Make more sense now?
Click to expand...


kind of, but still not 100%
so when I sell It has to meet a certain demand for it?
I thought Im NOT dealing with the exchange, so that wont matter, I just selling
BTC to ZAR at the current price displayed,
(unless the price displayed prominently is wrong?)

problem is it keeps throwing me out at that time, so its not exactly clear how much I can sell at one time.
so not I have to check the exchange tab?
thats not exactly something to do especially as Im not checking that at all, all Im trying to do is sell at the current price....

so I have to keep the exchange in mind? that throws me out completely.

so then where on the sell page does that info displayed? again this comes back to my initial question,

why is it not possible to just show how much you can sell at any one time?
it makes no sense to now check the exchange when Ive not been dealing or trading on it......
 
eg2505 said:
kind of, but still not 100%
so when I sell It has to meet a certain demand for it?
I thought Im NOT dealing with the exchange, so that wont matter, I just selling
BTC to ZAR at the current price displayed,
(unless the price displayed prominently is wrong?)

problem is it keeps throwing me out at that time, so its not exactly clear how much I can sell at one time.
so not I have to check the exchange tab?
thats not exactly something to do especially as Im not checking that at all, all Im trying to do is sell at the current price....

so I have to keep the exchange in mind? that throws me out completely.

so then where on the sell page does that info displayed? again this comes back to my initial question,

why is it not possible to just show how much you can sell at any one time?
it makes no sense to now check the exchange when Ive not been dealing or trading on it......
Click to expand...

Just replied to your PM :)
The Instant Buy/ Sell doesn't require you to even know that the exchange exists - it simply displays a price and an amount of BTC available for you to purchase.
 
Lunomoney said:
Just replied to your PM :)
The Instant Buy/ Sell doesn't require you to even know that the exchange exists - it simply displays a price and an amount of BTC available for you to purchase.
Click to expand...

Just for interests sake can you tell us how it works? Is there some kind of BTC/rand stockpile we buy/sell from when we use instant buy/sell from or does it execute market orders against the order book?
 
Knyro said:
Just for interests sake can you tell us how it works? Is there some kind of BTC/rand stockpile we buy/sell from when we use instant buy/sell from or does it execute market orders against the order book?
Click to expand...

In the background it gets fairly complex.
The Instant Buy/ Sell looks at the available liquidity and what's available at the value you're requesting it. The page then generates a quote for 60 seconds. If the order is executed, the order is still placed on the exchange, but in the background.

Any BTC order is made on the exchange, it's just easier and quicker to do it via Instant Buy and Sell.

Hope that makes sense :)
 
Lunomoney said:
In the background it gets fairly complex.
The Instant Buy/ Sell looks at the available liquidity and what's available at the value you're requesting it. The page then generates a quote for 60 seconds. If the order is executed, the order is still placed on the exchange, but in the background.

Any BTC order is made on the exchange, it's just easier and quicker to do it via Instant Buy and Sell.

Hope that makes sense :)
Click to expand...

Yes it does. Thanks.
 
Knyro said:
Yes it does. Thanks.
Click to expand...

You will probably pay the "Taker" fee though with any of the "Quick" options - not a fortune though - but why not buy and sell on the exchange? You can get better prices and pay 0 fees.
 
I don't think there will be a big drop soon ? Might go up to $1200 ...
 
The_Mowgs said:
Time to buy again or still wait?
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Bitcoin is so unpredictable, anybody that tells you exactly what to do is lying, because they also don't know :)

Peoples Bank of China could release another statement and it could drop to $500, who knows.

Personally, I think we will see an uptrend continuing. And the longer it continues, and no more crazy announcements from China, it could pick up speed and we could see it back at ATH soon.

Long term, I think you can't lose in BTC.

Please don't take any of that as trading advice - I could be as wrong as the next guy :)
 
balrog said:
You will probably pay the "Taker" fee though with any of the "Quick" options - not a fortune though - but why not buy and sell on the exchange? You can get better prices and pay 0 fees.
Click to expand...

Getting bitcoins immediately is more important to me so I don't mind paying taker fees.
 
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