Quote from: bitcoinisfurture on December 07, 2013, 08:56:56 AM

Quote from: jinson on December 07, 2013, 08:51:45 AM

I think most users are confusing buysellbitco.in with other large exchanges like, Gox, Coinbase, BTCe etc. BSB operate sort of like a single party who buy/sell bitcoin from the community. They have a variable transaction limit and their business greatly depends on the market stability. There are other individuals who do the same business here, but they do without a store front. None of them will sell BTC during a crash, because they have gained their share of experience surviving these. So it is understandable why BSB pull down the curtains during a crash.

Even I wish to put some money on BTC during this crash, but for that I should go to an international exchange where I can make instant buy/sell decisions.

Hey Jinson, well then how would you then help new users understand this when the prices are low everyone would like to buy. But as you said no body would like to sell during crash, so what will new users think that only when the price reaches at certain level they will be selling and at that time we will not be able to buy. So what should be the solution as every time during the crash it will not be willing to sell as per the previous experience. So should all time at high rates only it should be purchased. just trying to understand this.

Also, say tomorrow it goes down to 300-400 and for 2 weeks it stays at that level then in that case what will be scenario?

Let me try to explain :

The issue is wild volatility. There is no way for us to setup a base price when market is showing such fluctuations. We will open up again once market is stable. What will happen if we buy from seller at 40k and next minute it is 35k. We give you locked in rates. You booked order and you have chance to decide if you want to honor the order or not for 1 hour. We do not get this chance. You sent the money and we will send you bitcoins at quoted rate, simple. Yep, we know we have created this rules and we are supposed to follow them and we are following them.

But you know why we give locked in rates, we want more and more users to buy bitcoins. With locked in rates they get confidence to invest in. We even put buying limits for users when there is huge demand of bitcoins. We can simply sell it to one whale and cash in our fees and profits. But we want more and more users to get bitcoins and thats why those limits we apply.

On top of it we also answer calls and mails from users very politely when they almost slang us saying what is these ridiculous limits that I can buy only 20k worth of coins. Well, because of these limits only you are able to buy even 20k else some whale would have bought all of this.

We know such exponential growth can not be sustained and market will crash. We also know that the day when there is blood bath our business model can not sustain it. But we know, once this will pass we will see greens again and it will settle down

We do not say that we will open up again when prices are 70k. All we need is stable market where our algorithm can setup a fair base price.

Regards