The Bitcoin Thread

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Hempiz said:
What's your guys transactions times amd cost like for BTC transfer across exchanges or sending to wallets?
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I actually find luno to be the quickest. BTC sent from my luno wallet always seems to register quicker on the receiving end than from other wallets or exchanges. Usually around 10-15 minutes but I stick to sending in the early morning only and avoid weekends where possible.
 
/tfw the bitcoin price blows past your intended sell price as you're typing it, so you backspace and as you start typing in a higher price it blows past that too so you just say f it and hit market sell before it turns against you.

:cool: :D
 
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saor said:
You just sound like Deepak Chopra now.
BTC has shown zero sign of innovation since it's inception. I'm not really sure what motivates your reasoning tbh. What has btc done in the last few years other than increase in price? These forks can never fundamentally alter btc in a way that would make it truly innovative. Another day, another fork, nothing changes.
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Segwit, Schnorr signatures, lightning network....

Don't just trust any "presentation " by "experts " research for yourself. But yes, IOTA is very cool and I think it has a bright future.
 
Lunomoney said:
I'm not sure why we'd want to trade our customers funds? We've gained our reputation by being a trusted exchange and brand in the Bitcoin space, why we'd want to wreck that by doing something like this makes absolutely zero business sense. Remember that everything is also publicly available on the Blockchain, you're welcome to dig around :)
Either way that's quite a wild assumption to make. Do you have any data or insights to backup your argument and theory?
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Don't get me wrong, I wasn't suggesting that Luno was doing anything untoward. I have absolute trust in Luno, and have had absolute comfort in moving millions of rands through my Luno account (it was all the same money over and over again going in circles). All I was saying is that I was thinking that Luno was bringing in additional BTC liquidity (because the arbitrage seems to be consistently low) and selling it on the exchange, not using customer funds. Surely there is nothing wrong with the exchange adding liquidity? I would, at times, love it if Luno did that and there was less of a price difference because then I can move money offshore cheaper.

If that's not the case, it means that local BTC liquidity has gotten to the point where there is enough supply to meet demand. That, or there are still peeps running arbitrage.
 
Natas said:
Don't get me wrong, I wasn't suggesting that Luno was doing anything untoward. I have absolute trust in Luno, and have had absolute comfort in moving millions of rands through my Luno account (it was all the same money over and over again going in circles). All I was saying is that I was thinking that Luno was bringing in additional BTC liquidity (because the arbitrage seems to be consistently low) and selling it on the exchange, not using customer funds. Surely there is nothing wrong with the exchange adding liquidity? I would, at times, love it if Luno did that and there was less of a price difference because then I can move money offshore cheaper.

If that's not the case, it means that local BTC liquidity has gotten to the point where there is enough supply to meet demand. That, or there are still peeps running arbitrage.
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I'm not 100% sure around the legalities of doing this like this, but I'm fairly certain there would need to a remittance license involved at some point. Along with bank accounts on a USD exchange which we don't have. It's quite difficult to bring in liquidity from somewhere else, that means we'd have to trade it at some point. Seems like a bit of a grey area, and not something that (at least I personally don't think so) would go down particularly well in digital currency circles.

While maybe not on the same path, remember that exchanges in China faked volumes. Equally dodgy :)

Our established markets see a healthy amount of liquidity. Sure, it's not on the same level as other major international exchanges, but then again, the demand isn't as high.

Our two biggest markets currently are South Africa and Malaysia:

ZA
~170 BTC worth of liquidity
906 BTC volume traded in the last 24 hours

MY
~280 BTC worth of liquidity
323 BTC volume traded in the last 24 hours

Data is available on our exchange pages
https://www.luno.com/trade/XBTZAR
https://www.luno.com/trade/XBTMYR

So long story short, each market sees its price set by supply and demand. If that volume includes high amounts of arbitrage it'll probably correct the price to what's seen on other exchanges. The fact that arbitrage trading isn't happening is mostly down to exchange controls which make it expensive, risky and slow.

If you're buying and selling Bitcoin on Luno you're following local market conditions, which means that other prices outside of the country don't matter.
 
Arbitrage trading Btc is happening. Seen it. Saw the profit. Have the spreadsheet.
 
Lunomoney said:
Our two biggest markets currently are South Africa and Malaysia:

ZA
~170 BTC worth of liquidity
906 BTC volume traded in the last 24 hours

MY
~280 BTC worth of liquidity
323 BTC volume traded in the last 24 hours
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Interesting, says to me, and this is just a generalisation based on one data set, Less liquidity but more churn = lots of day trading in SA while in MY more liquidity but less churn = people buy to HODL....
 
Natas said:
Interesting, says to me, and this is just a generalisation based on one data set, Less liquidity but more churn = lots of day trading in SA while in MY more liquidity but less churn = people buy to HODL....
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Could be. Those liquidity figures are only the buy/ sell orders currently on the exchange.
If someone holds, that liquidity does not appear on the exchange as an order.
 
Lunomoney said:
Our two biggest markets currently are South Africa and Malaysia:

ZA
~170 BTC worth of liquidity
906 BTC volume traded in the last 24 hours

MY
~280 BTC worth of liquidity
323 BTC volume traded in the last 24 hours
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Do you keep the countries separate on the exchange? In other words are we trading with other countries or just with South Africans on the Luno exchange?
 
balky said:
Do you keep the countries separate on the exchange? In other words are we trading with other countries or just with South Africans on the Luno exchange?
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Each country has a separate exchange, if you check the links we separate pairs per country.
So XBTZAR is where South African traders meet and trade whereas XBTMYR is where Malaysians meet to trade. You can't trade between countries.
 
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