The Bitcoin Thread

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Shelley cKay said:
Need some advice: just received my Ledger nano S, and want to send btc to it, but I'm worried about the high fees / unconfirmed transactions. If it doesn't show up in the wallet straight away, I'm going to worry that I did something wrong, as this is the first time I'm doing this... should I wait until there isn't such a backlog (or maybe that time won't come soon?) Does Luno give the option to choose time period/fee?

Thanks :) :)
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https://bitcoinfees.info/

Keep an eye on that and wait for em to drop... I'm sure they'll be okay where ever they are for a few more days
 
Shelley cKay said:
Need some advice: just received my Ledger nano S, and want to send btc to it, but I'm worried about the high fees / unconfirmed transactions. If it doesn't show up in the wallet straight away, I'm going to worry that I did something wrong, as this is the first time I'm doing this... should I wait until there isn't such a backlog (or maybe that time won't come soon?) Does Luno give the option to choose time period/fee?

Thanks :) :)
Click to expand...

In addition, first try it with a tiny amount to test and maybe send it back out
Then try again but pretend your ledger broke and then attempt a recovery. When youre happy with the process then go ahead and send btc as you deem fit.

Thats what I'm doing when mine arrives anyway.

@Gory ... your story reads exactly like mine, luckily i paid for my mistakes around the R40k / R80k / R100k mark.

Anyway im gonna switch off my phone for a while. Good luck!
 
This whole BTC thing is depressing. If I'd bought £10 worth in 2011, I'd be a millionaire today.
 
Voicy said:
In addition, first try it with a tiny amount to test and maybe send it back out
Then try again but pretend your ledger broke and then attempt a recovery. When youre happy with the process then go ahead and send btc as you deem fit.

Thats what I'm doing when mine arrives anyway.
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problem with sending a tiny bit at today's fees, it will cost about R264, if I'm calculating it correctly (451 satoshis/byte) !!!
 
Voice if you just chose the correct six numbers in the lotto youd also win. Cant look at it that way.

Besides you might look back in 2023 and kick yourself for not buying 100 pounds worth today. :)
 
Voicy said:
Voice if you just chose the correct six numbers in the lotto youd also win. Cant look at it that way.

Besides you might look back in 2023 and kick yourself for not buying 100 pounds worth today. :)
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Haha, too true. But eish... remember thinking "what the hell is this crap?"
 
lol, all these nervous sellers will get caught with their pants down with weak “exposed” positions. Good luck with that
 
SaiyanZ said:
Looks like we're in for another quite weekend on Luno. The low volumes have begun.

I think that the high 1% fee is starting to contribute to the lack of traders during quieter periods. With the BTC price now close to R250k, the average Joe that doesn't know about the exchange and trading has to buy for R5k less than he sells at just to break even on fees.

So with the normally lower volumes on weekends, the average Joe doesn't bother to trade anymore which makes the volumes even lower. When people sell for R4k more than they bought and still make a loss they stop trading.
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Cex.io is increasing trading fees.

Current : 0.2 % taker/ 0% maker

Dec 13th : from 0.25 % taker/ 0.16% maker

So effectively double per tnx.


However that's still much lower than Luno.

Random question. Would you guys prefer that Luno has
a) lower taker fee and zero maker fee
OR
b) much more lower taker fee and tiny maker fee?
 
Hempiz said:
Random question. Would you guys prefer that Luno has
a) lower taker fee and zero maker fee
OR
b) much more lower taker fee and tiny maker fee?
Click to expand...

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. :mad: 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.
 
The Voice said:
This whole BTC thing is depressing. If I'd bought £10 worth in 2011, I'd be a millionaire today.
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Imagine yourself in 2011 when Bitcoin was relatively unknown and extremely expensive and difficult to obtain. Luno never existed and you would have most likely put it in the Mt Gox exchange which got hacked.
 
Sensorei said:
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. :mad: 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.
Click to expand...
Been trading some alts on binance. Made me realize that Luno is still stuck in the stone ages. Seriously, they are coining it, and their exchange is poop.

/waiting on new contender in SA market
 
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