Thread: RIP Bitcoin

^ You're not buying to/from BX. BX is only a trade platform. You're buying/selling off other people, and for each trade BX take a 0.25% cut.

Again, you're comparing prices with other exchanges when trying to talk about buying and selling on only BX.


I bought ETH from a trader on BX yesterday at 44,500.

Paid 44,500thb, minus 0.25% fee.

It's now listed as 51,850.

People are bidding 51,850, people are asking 51,900. I can sell right now to the bidders at 51,850, and minus the 0.25% fee take the 6,350thb that it's gone up and transfer that out to my Thai bank account.

There's no 10%, 15% or 20% lost anywhere along the way.


Buy and sell on the same exchange, and it doesn't matter a jot what people on other exchanges are buying/selling at.

xrp sinking slowly for a few days now

Originally Posted by lob

xrp sinking slowly for a few days now

Yeah, happy I got off that boat a few days ago when it was 40%+ of my Alt portfolio. What I got into has done well (ETH) and not so well (REP) both better than XRP though.

Originally Posted by jabir

I posted on this some pages back; take it slowly, if you want to day trade that's fair enough and best of best to you, as long as you are aware of what's actually going on; a daily profit of around 15 or maybe more % (depending on your trading volume, because it's as exponential as the zero on a roulette wheel!) will allow you to break even, and this is after you cover trading/transfer fees, spreads and withdrawal fees etc.






Most prices on the bx trading list are 10-15% above other exchanges, occasionally up to 20%. Check it out, go to the bx trade list and compare each coin against the average on other sites. This effectively means all cash deposits that you use to buy coins on bx are subject to that 10-15% premium; say you deposit 100k, your cash balance will show 100k but the actual value of that cash is 85-90k.

This is the reason I offered to buy peer-to-peer, for cash; avoids the extortion and both sides benefit...but it was met with silence, which says either that others don't see what's happening or they are happy enough to pay through the nose for the privilege of turning a profit.

Now, I understand what you say about trading only on bx, but no offence and let's take the illusion of your own example.

Put in 50k and you have 50k cash balance. Buy 1 ETH at 50k (less trading fee). Cash balance zero, coin balance (just less, but say) 1 ETH.

Assuming no price movement, if you transfer and sell that ETH at another exchange you will get around 42k for it, because that's the real price. But if you try to sell it straight back to bx, from whom you have just bought it for 50k, here's the catch, they won't give you 50k for it, not 48k or even 45k, because the real price is 42k; instead, you will see a green 'order successful' popup which may encourage you to believe you have sold it, but actually all they've done is, as the popup says, successfully created a sell order for you. Now you wait.

If the real ETH price doesn't reach 50k you wait forever. If the real ETH price does rise from 42k to 50k (by which time bx will be listing it at 60k), then your bx sell order at 50k kicks in and you have your money back (less spreads and fees etc).

In fact the best way to explain all of the above is to consider this: If bx has ETH at 50k and everyone else at 42k, why not simply buy a truckload on binance at 42k and transfer for sale to bx at 50k? Arbitrage, except it's an illusion.

And bx with its sister firms have a complete monopoly over those in Thailand using THB, which is why in an unregulated market they can get away with this.


Not finished yet! If when reading the above you thought to yourself 'no I've never seen that green 'successful order' (or order created) popup', and indeed it doesn't pop up when you try to sell your 50k bx ETH that's worth 42k, it probably means you placed your sell instruction as a Market Order (market price, real price, 42k), not a Limit Order (50k). Now you get a 'completed sale' popup instead of a 'successful order' popup, because the sale is completed but at 42k, not 50k, which is easy enough not to notice in a trading frenzy.

holy shit u put some work into that, well done. and thank u .

Originally Posted by Luigi

Put it into ETH @ 45,750 Going well, can now sell for 53,100 and REP @ 3,717. Not so well, can now sell for 3,307

ETH definitely the player of the day.

Put in 50k and you have 50k cash balance. Buy 1 ETH at 50k (less trading fee). Cash balance zero, coin balance (just less, but say) 1 ETH.

Assuming no price movement, if you transfer and sell that ETH at another exchange you will get around 42k for it, because that's the real price. But if you try to sell it straight back to bx, from whom you have just bought it for 50k, here's the catch, they won't give you 50k for it, not 48k or even 45k, because the real price is 42k; instead, you will see a green 'order successful' popup which may encourage you to believe you have sold it, but actually all they've done is, as the popup says, successfully created a sell order for you. Now you wait.

If the real ETH price doesn't reach 50k you wait forever. If the real ETH price does rise from 42k to 50k (by which time bx will be listing it at 60k), then your bx sell order at 50k kicks in and you have your money back (less spreads and fees etc).

If you're buying/selling ETH, and not transferring it anywhere. You're buying at 50k baht and selling it for 60k baht. Making 20% profit. There's no loss along the way other than the 0.25% fee on both the buy order and the sell order and the profit that you withdraw is 10k baht.

So we've got

Jabir who has experienced this long wait to sell at BX with a Limit order or sell at a 20% lower rate via Market Order

against

Luigi who has only ever taken out 20 baht to see if it landed back on his account.

Surely there's some others on here who have sold on BX ?????

The spread on BX really is quite small, due to it only being a trading platform for people to buy/sell with each other through. You set your buy and sell price, and only lose the 0.25% trading fee.

Right now people bidding 53,752 and selling at 53,799.


If you wanna see a big spread, check out coins.co.th


The difference between a broker (coins) and an exchange (BX).

fucken XRP - is it being short sold or is it fucked because no-one in asia wants it???

Originally Posted by Ukan Kizmiaz

fucken XRP

You still holding? Could be a good time to buy in.

ETH is just going ballistic. Its about a quarter of what I own. Wish it was more.

Originally Posted by redhaze

ETH is just going ballistic. Its about a quarter of what I own. Wish it was more.

Yeah, at the same time I'm wishing the amount of XRP I own was less.

Originally Posted by Luigi

The spread on BX really is quite small, due to it only being a trading platform for people to buy/sell with each other through. You set your buy and sell price.

I understand what your saying, I also can understand what Jabir's saying- that there are huge waits to get a buyer and you only get one once ithe price rockets up. Plus he mentions this Market Order they have on there, why is it there? Cus thats where they make their profits after selling it you 20% above the Market Price.

Thats just my over cynical view on it.

Be nice to hear if anyone else has had that experience

Originally Posted by Luigi

If you wanna see a big spread, check out coins.co.th

The difference between a broker and an exchange.

Didnt you start off there?

Another over cynical view of mine- On their front page they clearly show you the difference in the buy and sell and yeah it is quite a gap.

But as the saying goes at least Dick Turpin wore a mask

Originally Posted by bsnub

You still holding? Could be a good time to buy in.

if its not going to the wall, would have to agree.

xrp,,, buy on the dips lu, thats day trading. the volatility of crypto is ideal.

Originally Posted by Luigi

The spread on BX really is quite small, due to it only being a trading platform for people to buy/sell with each other through. You set your buy and sell price, and only lose the 0.25% trading fee.

Right now people bidding 53,752 and selling at 53,799.


If you wanna see a big spread, check out coins.co.th


The difference between a broker (coins) and an exchange (BX).

I am 90% ETH on bx, current price 53025 and indistinguishable from those bought elsewhere, now for 9k less.

What is to stop me buying a bunch on binance for 44k and importing to sell on bx for 53k before retiring?

Originally Posted by lob

xrp sinking slowly for a few days now

An informative article about ripple

Best case scenario is it is worth 0.003

https://hackernoon.com/4-alarming-re...k-9debc3c86985

Originally Posted by lob

xrp,,, buy on the dips lu, thats day trading. the volatility of crypto is ideal.

hell yeah - the trouble is that I've bought at the 'bottom' a couple of times already!!!

(its all good fun tho')

Originally Posted by redhaze

ETH is just going ballistic.

I have been riding APPC it is about 60% of my holdings having a nice day with that one. ETH is starting to tank fast. A real roller coaster today is.

Originally Posted by jabir

I am 90% ETH on bx, current price 53025 and indistinguishable from those bought elsewhere, now for 9k less.

What is to stop me buying a bunch on binance for 44k and importing to sell on bx for 53k before retiring?

The fees, this has gone a bit to explaining it for me

https://www.luno.com/blog/en/post/bi...rent-countries

Fees is not much of the point .

Point is how are you going to get the USD to binance to buy your ETH.

Fair enough if you want to send money to Thailand. Buy on an exchange in your home country and send the ETH to bx.in.th and sell for THB and cash out to your bank

That may be worth the effort as long as bx.in.th does not block your account with a suspicion that you are trying to evade currency rules.

I did similar from sing to Thai with BTC a couple of years ago and decided that it was only worth it for amounts less than 1 k USD . Above that a bank transfer was.more effective . Mainly because coinhaiko the broker in sing charged a percentage rather than a flat rate per conversion from SGD to BTC

What about these local bitcoins sites.

I can go meet this guy on Pattaya Beach with 15,500 USD cash and my laptop and buy one

https://localbitcoins.com/ad/661225/...-buri-thailand

Originally Posted by Dillinger

that there are huge waits to get a buyer and you only get one once ithe price rockets up.

On BX?

The trade is instant.

If you buy with the plan to sell at 20% profit, if it hits 20% you sell instantly. The only thing you're waiting for it is to go up the % that you want.

This is the same on any trading platform trading at any price.

Originally Posted by Dillinger

What about these local bitcoins sites.

I can go meet this guy on Pattaya Beach with 15,500 USD cash and my laptop and buy one

https://localbitcoins.com/ad/661225/...-buri-thailand

More or less what I've been suggesting, but without the fees!

heh!