We are having outage due to problems @provider
Our hosting seems to be having issues. We will be falling back to our backup provider. SSL Secure connection will show https://btcbuy.azurewebsites.net/ until the problem is fixed.
UPDATE: Problem is resolved now, all works normally
Friday, June 29, 2012
Tuesday, June 19, 2012
What Is Going On With Rates
For those of you who are wondering what is happening with our prices:
We recently changed a primary BTC exchange to the smaller one. Even though we believe this is a more solid and reliable exchange, and it poses smaller risk than our previous one, it is not problem free. Our greatest issue at this time is that not many people use our new exchange to buy bitcoins, and the depth on the "bid" side is very low. Here is the sample graph:
As you could see, there is a lot of bitcoins offered, but purchased - not much at all. Our pricing algorithm is tracking how much would it actually cost to sell $500 (our maximum allowed value) worth of bitcoins.
What compounds the problem, is that the price is further reduced, if it is not enough bids to even sell all of bitcoins. We never faced such a problem before. This was considered a red flag by our algorithm, indicator of serious problem on the market, which caused it to reduce the price even more.
We have at this time deployed a patch, which would make software consider it to be not a red flag if at least in one exchange we are dealing with, there is enough depth to sell the BTC. Now that a patch was deployed, the base rate is up approximately 5% compared to previous one.
We are sorry for not being able to offer better price, and we hope that the situation will recover soon.
We recently changed a primary BTC exchange to the smaller one. Even though we believe this is a more solid and reliable exchange, and it poses smaller risk than our previous one, it is not problem free. Our greatest issue at this time is that not many people use our new exchange to buy bitcoins, and the depth on the "bid" side is very low. Here is the sample graph:
 |
| Sample Market Depth |
As you could see, there is a lot of bitcoins offered, but purchased - not much at all. Our pricing algorithm is tracking how much would it actually cost to sell $500 (our maximum allowed value) worth of bitcoins.
What compounds the problem, is that the price is further reduced, if it is not enough bids to even sell all of bitcoins. We never faced such a problem before. This was considered a red flag by our algorithm, indicator of serious problem on the market, which caused it to reduce the price even more.
We have at this time deployed a patch, which would make software consider it to be not a red flag if at least in one exchange we are dealing with, there is enough depth to sell the BTC. Now that a patch was deployed, the base rate is up approximately 5% compared to previous one.
We are sorry for not being able to offer better price, and we hope that the situation will recover soon.
Tuesday, June 12, 2012
Wireless Refills - 5% Discount
In order to promote our new bitcoin wireless phone refill service, we are announcing that starting today and until the end of this week, there will be a 5% discount on all wireless refills (except VirginMobile).
One of our favorite items is Talk n Text 1200 from PagePlus, which gives you access to 1200 minutes, 3000 text messages, and 100 megabytes of wireless data on most reliable in USA Verizon network. That alone is cheaper than most offers, but also consider there is no contract, so you could switch at anytime.
Order now, and enjoy calling for even cheaper!
One of our favorite items is Talk n Text 1200 from PagePlus, which gives you access to 1200 minutes, 3000 text messages, and 100 megabytes of wireless data on most reliable in USA Verizon network. That alone is cheaper than most offers, but also consider there is no contract, so you could switch at anytime.
Order now, and enjoy calling for even cheaper!
Saturday, June 9, 2012
Reducing Commissions on NewEgg and Amazon
NewEgg has lately been reasonably fast and problem free. Problems like this one never reoccurred. All orders that we had lately were filled within a day, even on big orders. This is not to say that you should not expect issues, please still expect all the same procedures, but there is a reason to be cautiously optimistic, that NewEgg gift card ordering process got better.
It also looks like we found a solution to our cash-out problem. Like with anything in our line of business, there is no guarantees, that disaster will not strike again, so we must keep reasonably wide margins for ourselves to cover for risks, but again, there is a reason to suggest that exchange that we are migrating to will be stable.
You will also notice that with addition of our new exchange, base price became better as well.
For all reasons mentioned above, we are reducing our commissions on NewEgg gift cards to 3% + 50 cents, Amazon to 2% + 50 cents.
UPDATE: What do I know... The very next large order got delayed. Please beware, NewEgg orders are still unreliable.
It also looks like we found a solution to our cash-out problem. Like with anything in our line of business, there is no guarantees, that disaster will not strike again, so we must keep reasonably wide margins for ourselves to cover for risks, but again, there is a reason to suggest that exchange that we are migrating to will be stable.
You will also notice that with addition of our new exchange, base price became better as well.
For all reasons mentioned above, we are reducing our commissions on NewEgg gift cards to 3% + 50 cents, Amazon to 2% + 50 cents.
UPDATE: What do I know... The very next large order got delayed. Please beware, NewEgg orders are still unreliable.
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