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Re: Bit-Pay Taking Advantage of their Payment Gateway Monopoly for ASICs?
by
BitPay Business Solutions
on 25/06/2012, 21:44:51 UTC
The prices listed on this page

https://bit-pay.com/accountingHelp.html

are for items sold in the bit-pay shopping cart.  the calculation of that rate is detailed on that page.

For items sold through a cart plugin or API (which are the BFL orders), we pull the full market depth from 3 exchanges, merge them, and calculate a market clearing price for the amount of the order.

At no time has anyone buying through BFL been quoted a rate less than 6.25.

Just FYI - the reason we calculate the shopping cart the way we do is because exchanges were (and still do) report erroneous data.  We pull the high bids from 3 exchanges, and kick out the one data point that is farthest away from the average.  This could be a low outlier or a high outlier.  This filtering prevents erroneous data like a 0.01 bid or a 170,000 bid from being in the calculations.  Some exchanges are notorious for putting out a bad data feed, unfortunately.