Author Topic: is this btc exchange rate thing going to get sorted out or what??  (Read 403 times)

Nick Cotton

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because its caused a 50% rise in prices on sr since last wednesday. nobody is going to keep up with that.


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SelfSovereignty

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Re: is this btc exchange rate thing going to get sorted out or what??
« Reply #1 on: November 20, 2013, 05:48:11 am »
It sounds like they're pulling the bitcoin price in GBP from an exchange and not going off the USD<->GBP exchange rate.  I mean I don't really see how else it could be so screwed up when it's a trivially simple conversion to do...
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Ziggy

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Re: is this btc exchange rate thing going to get sorted out or what??
« Reply #2 on: November 20, 2013, 06:58:26 am »
I wont be buying anything until it's fixed,  and I'm sure it will be. :( :)

SelfSovereignty

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Re: is this btc exchange rate thing going to get sorted out or what??
« Reply #3 on: November 20, 2013, 07:07:22 am »
Just in case it's of use: the openexchangerates.org API would make this awfully simple to fix... if that isn't useful, ignore me, obviously.
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savagehenry89

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Re: is this btc exchange rate thing going to get sorted out or what??
« Reply #4 on: November 20, 2013, 08:52:15 am »
tell cirrus if you've got a fix

he was saying they are workin on it on my post i made about this

cheers
« Last Edit: November 20, 2013, 09:21:30 am by savagehenry89 »

Dread Pirate Roberts

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Re: is this btc exchange rate thing going to get sorted out or what??
« Reply #5 on: November 20, 2013, 10:31:50 am »
SelfSovereignty is right about why this is happening. We pull our prices for each currency from the markets seperately so for GBP as in your example, we will pull and aggregate all GBP bitcoin prices just as we do with AUD. Given GBP and AUD have a much lower volume than USD it means their pricing is not updated as often, it has a small lag in price changes and the prices will be different depending on which currency you use.

As a fix to this, we will be updating shortly our system to reflect only BTC to USD pricing systems, from which we will convert the USD value into many different other currencies we wish to offer so that everyone shall receive the USD price (which makes up over 60% of the bitcoin volume as opposed to the GBP 4% and AUD 1%) which is converted to the currency of their choice using the lastest market rates. This should ensure any real price discrepancies are kept to below 0.5% and that each currency shall receive a fair weighting to purchase items and not discriminate against those using currencies forming only a small trade volume.
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Nelson Muntz

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Re: is this btc exchange rate thing going to get sorted out or what??
« Reply #6 on: November 21, 2013, 01:49:52 am »
Thanks for fixing this DPR. Do you have an eta on that? And can you please let us know when it's fixed.

Thanks,
Nels
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Nelson Muntz

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Re: is this btc exchange rate thing going to get sorted out or what??
« Reply #7 on: November 26, 2013, 03:49:47 pm »
Does anyone know if this is fixed yet?
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