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Showing 5 of 5 results by hvijay.1985
Post
Topic
Board Service Discussion
Re: Bit-Mining.co - Time to leave?
by
hvijay.1985
on 05/03/2014, 23:31:39 UTC
I don't think you should leave for screwing up yourself...
Yes, it s*cks what happened, but you can do that at almost every website I know..

At Cex, I can buy GHS more expensive than market order, same for Cryptsy, TheRockTrading and any other website where users can sell anything themselves!

For instance, you want to buy a car, but you have to much money, so you buy the 5000 dollar one instead of the 2000 dollar one, while they have the same specs.
IT HAPPENS!

I REALLY think it's your own fault for screwing up.

Next time, check what says.


I think there is a fundamental misunderstanding here, and you are missing the point. You can obviously buy at a higher price, but in normal exchanges (CEX/Cryptsy/etc), the order will complete at market price.

Consider a simple order book for buys (KS/LTC):

Total on sale: 120 KS total
seller 1: 0.07 10 (sell 10 KS at 0.07 LTC each)
seller 2: 0.08 10 (sell 10 KS at 0.08 LTC each)
seller 3: 0.1   100 (sell 100 KS at 0.1 LTC each)

Suppose I place an order for buying 5 KS at 1 LTC each (5 LTC total) (Here, I meant to type 0.1 LTC, but I made a mistake and typed 1 LTC). What happens?

In a normal exchange (CEX/Cryptsy/etc), the sale goes through at market price. I will get KS until all my LTC gets filled up. Since I placed an order for 5 LTC, I would eat up the first order (10 KS at 0.07 = 0.7 LTC); the second order (10 KS at 0.08 = 0.8 LTC), and part of the third order (35 KS at 0.1 = 3.5 LTC). Therefore, I would get 10+10+35 = 55 KS in return for my 5 LTC total.

In bit-mining.co, I would just get 5 KS for 5 LTC. The buyer spends 5 LTC, the seller (in this case, the top one) gets 0.07*5 = 0.35 LTC, and the rest (5-0.35=4.65LTC) is pocketed by bit-mining.co.

I hope this makes things clear.








Post
Topic
Board Service Discussion
Re: Bit-Mining.co - Time to leave?
by
hvijay.1985
on 05/03/2014, 22:02:25 UTC

Hello Bit-Miners,

[...]

Let me address another user issue. We have had certain users placing bids much higher than the asks in orderbook, who then feel taken advantage of when the order is excuted by the orderbook. A bid is a formal contract to purchase X shares at X price. When you enter a bid or ask into our system, it attempts to satisfy this contract at the parameters the user provides (both the number of shares purchased and the proposed price). This is a free market; this is intentional to allow you to purchase or sell as you see fit. We do not accept responsibility for a lack of user dilligence in this matter. Please review all orders carefully before you click the "SUBMIT" button.
Bit-Mining.Co


You should then have a note saying this explicitly wherever the user can enter an order, because this is not how a normal exchange works. 
Post
Topic
Board Service Discussion
Re: Bit-Mining.co - Time to leave?
by
hvijay.1985
on 05/03/2014, 20:19:18 UTC
I second BitChrisUK. I had the same problem -- orders filling in at arbitrary (instead of market) prices, and they pocket the change. Support said it was my fault. I lost 3.3 LTC in this process. Shame on you, bit-mining.co.

Other than this incident, things have been OK so far. The site seem down now, though.
Post
Topic
Board Altcoin Discussion
Re: [ANN][eTOKEN] *CRAZY Giveaway* UP TO 5 eTOK for FREE!! %Promotion%
by
hvijay.1985
on 11/01/2014, 09:51:30 UTC
eHZsTSzFg9YuYtoqrXFQMtrNtPwvEn4Ja8

Thanks!
Post
Topic
Board Beginners & Help
Re: Minning vs. Trading
by
hvijay.1985
on 24/12/2013, 02:06:58 UTC
If you are faint hearted / want an assured coin income / have ethical concerns (applies mostly to participating in pumps/dumps) -- then mining is the way to go.

On the other hand, if you are experienced and can take losses and gains in your stead and are aggressively looking to increase number of coin holdings, then trade.

Most people do a bit of both.