The Bitcoin Thread

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Mobus said:
I have some noob questions (which maybe has been asked before):

1. Luno enabled ETH recently but you can not "trade", only "buy and sell" and "send and receive". Whats the difference between trading and buying and selling?
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You can trade eth/btc just not eth/zar.

IMHO trading and buy/sell is exactly the same thing. I wouldn't get too hung up on the terminology. I could call it exchanging and it will mean the same thing.

2. Why is the bitcoin price on luno so much higher than that listed on say fx-rate.net
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Bitcoins price, as with any other crypto is driven by supply/demand... willing buyer/willing seller. Because luno's volume is so small, demand is high but supply isn't therefore higher price people are willing to pay to get that little bit that is there.

3. A friend told me he does not like luno (they are to small, not a real "exchange", can't export private keys) and that he prefers some larger international exchanges where you can simply buy with your credit card. I'm not sure how he would get his "money" out into rands (I'm guessing either through paypal or buying stuff on stores which excepts bitcoin).
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No exchange will give you access to your private keys so he is wrong there. They are small in comparison... minute even, which just goes to reason the higher price but I wouldn't say they aren't a real exchange. Perhaps their charts and everything aren't as great as the bigger ones but when you like 50x smaller than you competitors it kind of stands to reason that they have better stuff.

4. Can someone comment on fees/costs of bitcoin. Say you bought R10000's worth of bitcoin, wait till the price doubles and then cash it back out, what are typical fees on typical exchanges. (I'm looking for ballpark numbers for typical exchanges - just to get a rough idea and perhaps some tips on how to minimise said fees).
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Anything between 0.25% - 2%
 
acidrain said:
IMHO trading and buy/sell is exactly the same thing. I wouldn't get too hung up on the terminology. I could call it exchanging and it will mean the same thing.]/QUOTE]

Limit Orders vs. At Market Orders
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Hamster said:
Limit Orders vs. At Market Orders
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That's going into a bit more depth than what I was going for with the guy. Essentially they are exactly the same thing ( once the order executes the trade has occured which you could say is also an exchange and also a sale or buy depending on which side you are ). Only difference is a limit order would be something only available on a trading platform for that pair.

Luno's instant buy/sell would be considered an at market order and only that.
 
Hi Guys. Noob question - To change ETH to BTC on Luno. Would it be cheaper to go to cash first or direct ETH >BTC or is their no cost difference?
 
Luno finally processed my transfer, took 16 hours.

once that was done, it appeared in Electrum pretty much instantly, and 2 confirmations happened pretty quickly, not sure how long the rest took.


There was that instant where I crapped myself when Electrum showed the transaction size as 7000bytes (due to multiple outputs from luno's transaction) :whistle:
 
I've notice something when looking at transactions on the blockchain itself, when you see several transactions of over 100BTC there's going to be a small drop in the price.
 
It's taking the whole market with it, wonder if we will see sub 100 thousand
 
Anony-mousse said:
Suddenly so realistic, what a major correction, deep in the red with my BTC, XRP and LTC. What goes down....?
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Doesn’t necessarily come back up.

OOC:While the HODL works.. a bunch of people got caught up in the hype and should probably sell and get something out to live another day and buy later
 
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