V.nice. There's a plethora of applications for good dynamic graphing. I'd suggest adding a time axis.
Show HN: I built a live Bitcoin price aggregator with multiple indexes
31–40 of 68 posts
Re: Show HN: I built a live Bitcoin price aggregator with multiple indexes
#32Now that I have a huge stash of bit coins I was thinking of making a service/startup where you could lend out your bit coins to people who would agree to pay you back a slightly higher number of coins in the future. Kind of like a bank but not corrupt and full of banksters like the federal reserve and JP Morgan. Once I have traction I can IPO but instead of sell my shares for cash I would sell them in bit coins. I th…
>Kind of like a bank but not corrupt and full of banksters like the federal reserve and JP Morgan
Sounds like you're very knowledgeable about the money-lending space. Where do I send my money?
Re: Show HN: I built a live Bitcoin price aggregator with multiple indexes
#33So, assume I already have Bitcoins on Coinbase and have a verified account to sell them easily. Theoretically, my plan for free money would look like this: - Say I have 11 BTC on Coinbase. Wire $10k to OKPAY ($25 bank fee, 0% OKPAY commission) Send OKPAY money to BTC-E, $200 fee (2%). - Now I have $9,775 on BTC-E. Within ~1 second of each other, I enter a market order to buy 10.754 BTC on BTC-e for $9,775, and sell 1…
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Re: Show HN: I built a live Bitcoin price aggregator with multiple indexes
#34Sorry to break it out, but the plural of index is indices :(
Re: Show HN: I built a live Bitcoin price aggregator with multiple indexes
#35Shows a blank page for me or a "Whoops, something went wrong!".
Yep. You guys are hugging it to death. :)
Re: Show HN: I built a live Bitcoin price aggregator with multiple indexes
#36Now that I have a huge stash of bit coins I was thinking of making a service/startup where you could lend out your bit coins to people who would agree to pay you back a slightly higher number of coins in the future. Kind of like a bank but not corrupt and full of banksters like the federal reserve and JP Morgan. Once I have traction I can IPO but instead of sell my shares for cash I would sell them in bit coins. I th…
Why would anyone want to borrow money in a deflationary currency (Bitcoins) rather than an inflationary one (dollars)?
You want to borrow bit coins so that you can improve your business and then pay back the coins with increased profits due to the improvements. Isn't that obvious? I'm not interested in dollars because I don't think they are particularly useful. I convert all my dollars to bit coins whenever I can. Look at the price of bit coin in dollar terms and you'll see everyone else is doing the same thing.
Do you think the API for borrowing a deflationary currency should have a different API than an inflationary one?
Re: Show HN: I built a live Bitcoin price aggregator with multiple indexes
#37So, assume I already have Bitcoins on Coinbase and have a verified account to sell them easily. Theoretically, my plan for free money would look like this: - Say I have 11 BTC on Coinbase. Wire $10k to OKPAY ($25 bank fee, 0% OKPAY commission) Send OKPAY money to BTC-E, $200 fee (2%). - Now I have $9,775 on BTC-E. Within ~1 second of each other, I enter a market order to buy 10.754 BTC on BTC-e for $9,775, and sell 1…
There's no flaw. It's called arbitrage. If enough people do it expect the gap to narrow, though.
It just takes too much time to buy bitcoins with dollars/sell with dollars on some of these exchanges, which is why this is possible.
Re: Show HN: I built a live Bitcoin price aggregator with multiple indexes
#38So, assume I already have Bitcoins on Coinbase and have a verified account to sell them easily. Theoretically, my plan for free money would look like this: - Say I have 11 BTC on Coinbase. Wire $10k to OKPAY ($25 bank fee, 0% OKPAY commission) Send OKPAY money to BTC-E, $200 fee (2%). - Now I have $9,775 on BTC-E. Within ~1 second of each other, I enter a market order to buy 10.754 BTC on BTC-e for $9,775, and sell 1…
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Re: Show HN: I built a live Bitcoin price aggregator with multiple indexes
#39So, assume I already have Bitcoins on Coinbase and have a verified account to sell them easily. Theoretically, my plan for free money would look like this: - Say I have 11 BTC on Coinbase. Wire $10k to OKPAY ($25 bank fee, 0% OKPAY commission) Send OKPAY money to BTC-E, $200 fee (2%). - Now I have $9,775 on BTC-E. Within ~1 second of each other, I enter a market order to buy 10.754 BTC on BTC-e for $9,775, and sell 1…
It works, but now you have to get your cash out of Coinbase, into your bank, and into BCT-e before you can do it again.
You could also simply buy on BTC-e, transfer bitcoins to Coinbase, sell on coinbase.
It's pure arbitrage.
Re: Show HN: I built a live Bitcoin price aggregator with multiple indexes
#40So, assume I already have Bitcoins on Coinbase and have a verified account to sell them easily. Theoretically, my plan for free money would look like this: - Say I have 11 BTC on Coinbase. Wire $10k to OKPAY ($25 bank fee, 0% OKPAY commission) Send OKPAY money to BTC-E, $200 fee (2%). - Now I have $9,775 on BTC-E. Within ~1 second of each other, I enter a market order to buy 10.754 BTC on BTC-e for $9,775, and sell 1…
That's a classic arbitrage strategy. It works. The only reason that traditional "big" finance isn't doing it yet is that Bitcoin is too small/new.
As for risks: