Bittylicious Feathercoin Price Jumb
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NO IT DIDNT
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You ever heard of ask and demand
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I think if they are nearly out of stock or whatever, they need a gap between “actual” price and the “selling” price to make sure they can get new coins even if the price is raising drasticly…
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[quote name=“BikerGSX” post=“43366” timestamp=“1386840424”]
NO IT DIDNT
[/quote]Yes, it did. You moved it. You bought up all the ones that were being offered at that price, and the new offer price is significantly higher.
Prices in this world are not federated, they’re arbitraged. There’s a very important distinction being made there!
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What I found funny was that closing a deal on cryptsy would cause a price move. I must be a big boy!
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[quote name=“TheTribesman” post=“43398” timestamp=“1386847084”]
What I found funny was that closing a deal on cryptsy would cause a price move. I must be a big boy!
[/quote]Cryptsy has low FTC volumes.
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[quote name=“BikerGSX” post=“43364” timestamp=“1386840118”]
Just brought 600 coins for £185.15 = 31p Deal done in 10 min that was the limit I could buy on first transaction. So went straight back to buy page to buy some more and then to my shock and horror the price was; wait for it 37p each!!!WTF!!! So another 600 coins would NOW cost me £222.18. at first I thought the price had jumped in 10 min. after checking price 28p 0915am.
So what is going on? am I on a limit? Am I being greeeeeeedy? are there only so many to go round? Or is Bittylicious taking the PISS.
[/quote]So the way it works is that sellers put in their asks on the backend of Bittylicious’ engine and Marc hides all the complexity from you the user. Your first trade bought out the lowest asking price and then afterwards you discovered the spread was much wider as the next seller was seeking a much higher price.
The more people who join Bitty as sellers the more this spread will close up. Also remember that getting money in to crypto exchanges comes with varying costs so the reason why Bitty and Local Bitcoins are often higher price is to factor in these fees and the time of the seller.
To secure the best price in the long term you need to have funds spread across all the major exchanges and buy where it is lowest. For example BTCe is consistently 10-20% less than MtGox because MtGox Dollars aren’t worth as much because they can’t be withdrawn easily.
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[quote name=“unkunku” post=“43779” timestamp=“1386939944”]
I don’t get why they don’t buy their FTC directly through an exchange API and send route it one more step. This way one could also show the slippage one would incur given how much FTC you would like to buy.
[/quote]It might be down to the regulation. Marc has basically made a simpler version of Local Bitcoins without the order book. The reason why this peer to peer method works so well is that Marc isn’t holding the funds in a central location and therefore I believe he is able to avoid certain regulatory requirements.
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well it shows as 31p each for me, if I want 325 today …
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[quote name=“chrisj” post=“43781” timestamp=“1386940068”]It might be down to the regulation. Marc has basically made a simpler version of Local Bitcoins without the order book. The reason why this peer to peer method works so well is that Marc isn’t holding the funds in a central location and therefore I believe he is able to avoid certain regulatory requirements.
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If a seller on the system wanted to do this, they are more than welcome to. Ultimately offering sellers the ability to compete on a system like this means that they’ll find ways to offer coins as cheaply as possible.
