Coinbase ripping me off?

[VirtualLarry]

It seems, that the last few times I've sold BTC for USD, Coinbase lists the value of BTC, UNDERVALUED, by approx $100, as compared to their leaderboard value, when you click "sell". And then when you sell it, click on the leaderboard again, and magically, the value of BTC is back up $100 more.

Am I just cosmically unlucky, when I go to sell BTC, on that very instant, it always drops $100, then regains its value after I complete the sell, or is Coinbase pulling some shennanigans, and should be investigated by the FTC.

I mean, they already charge $1.49 USD for selling a mere $21 worth of BTC.

 

[dullard]

I don't know about bitcoin, but with standard currencies and with stocks there are two prices. The price to buy and the price to sell. These are the current highest price that anyone has bid to buy and the current lowest price that anyone has asked to sell. Since there is a gap, those two people have not yet traded. In order for you to trade, you have to sell cheaper than that ask price or buy higher than that bid price.

Do you think the same thing is happening with bitcoin?

 

[momeNt]

It seems, that the last few times I've sold BTC for USD, Coinbase lists the value of BTC, UNDERVALUED, by approx $100, as compared to their leaderboard value, when you click "sell". And then when you sell it, click on the leaderboard again, and magically, the value of BTC is back up $100 more.

Am I just cosmically unlucky, when I go to sell BTC, on that very instant, it always drops $100, then regains its value after I complete the sell, or is Coinbase pulling some shennanigans, and should be investigated by the FTC.

I mean, they already charge $1.49 USD for selling a mere $21 worth of BTC.

What you are seeing is the bid / ask spread. Typically BTC has a spread of around 1% - so at 10,000USD that spread is $100.

 

[VirtualLarry]

Ok, so they're actually NOT ripping me off, it's a "spread" thing, and that I shouldn't expect to be able to "sell" @ current valuation?

 

[ponyo]

Ok, so they're actually NOT ripping me off, it's a "spread" thing, and that I shouldn't expect to be able to "sell" @ current valuation?

If you want the "sell" price, put in limit order. It won't sell until it hits the bid price though. So basically it won't sell until the buy price moves up to your sell price.

 

[dullard]

Ok, so they're actually NOT ripping me off, it's a "spread" thing, and that I shouldn't expect to be able to "sell" @ current valuation?

The problem is that there are always two current valuations of any item.

I could offer you $1 for all of your computer equipment. You can say no, that will be $10,000. I say no and walk away. Which price is correct? The answer is neither, since there was no trade. There is not a single dollar value for your computer equipment. All we know is that neither $1 nor $10,000 worked and that the price is somewhere in between. My offering of $1 is wrong, but so was your offer of $10,000. You can't expect to sell it at $10,000 since I walked away.

The same goes with bitcoin. you can't expect to sell it at the price marked.

 

[ultimatebob]

Let me know if you want to be one of the first kids on your block to collect some ATOTCoin! The official cryptocurrency of ATOT!

https://www.onhexel.com/token/bf8d7923-d0c8-4251-9e70-7d7691d54bc8

It's like Ethereum, but it's brand new and not worth anything yet! Get in early, make millions! Or nothing! Who knows?

 

[T_Yamamoto]

Let me know if you want to be one of the first kids on your block to collect some ATOTCoin! The official cryptocurrency of ATOT!

https://www.onhexel.com/token/bf8d7923-d0c8-4251-9e70-7d7691d54bc8

It's like Ethereum, but it's brand new and not worth anything yet! Get in early, make millions! Or nothing! Who knows?

lmao, lemme cop these

 

[ultimatebob]

lmao, lemme cop these

PM me your Ethereum address, and I'll send you some. If you don't have one yet, you can install the Metamask browser plugin to get one.

I was planning on giving this to people with awesome posts. I'll let our resident crypto experts figure out how we can make money off of this.

 

[Crono]

Let me know if you want to be one of the first kids on your block to collect some ATOTCoin! The official cryptocurrency of ATOT!

https://www.onhexel.com/token/bf8d7923-d0c8-4251-9e70-7d7691d54bc8

It's like Ethereum, but it's brand new and not worth anything yet! Get in early, make millions! Or nothing! Who knows?

 

[momeNt]

PM me your Ethereum address, and I'll send you some. If you don't have one yet, you can install the Metamask browser plugin to get one.

I was planning on giving this to people with awesome posts. I'll let our resident crypto experts figure out how we can make money off of this.

How much would I get for writing the white paper?

 

[dave_the_nerd]

Coinbase is probably ripping you off, but not how you think. Cheers.

 

[ultimatebob]

How much would I get for writing the white paper?

What would the ATOTCoin White Paper look like?

Do cool shit on Anandtech Forums = Get more Internet funny money that isn't really worth anything yet?

 

[DietDrThunder]

What would the ATOTCoin White Paper look like?

Do cool shit on Anandtech Forums = Get more Internet funny money that isn't really worth anything yet?

Change the word yet to ever.

 

[ultimatebob]

Change the word yet to ever.

Hey... I remember saying the same thing about Dogecoin. Never say never

 

[momeNt]

What would the ATOTCoin White Paper look like?

Do cool shit on Anandtech Forums = Get more Internet funny money that isn't really worth anything yet?

I was thinking maybe making it a bit more broad than that to actually attract an investment base. We could call it the medium of internet advertising.

Advertising companies on forums do not have accurate metrics to rely on for forum participation and with things like adblock it further hurts it. If you make a currency where you generate coins both by clicking on ads and participating at the site, and the advertising companies have to purchase the tokens in order to place ads on the site, then they know exactly what they are getting as far as viewership goes.

ATOTcoin - the medium of internet advertising. I'll need to think of a little better slogan, but you get the idea.

 

[ultimatebob]

I was thinking maybe making it a bit more broad than that to actually attract an investment base. We could call it the medium of internet advertising.

Advertising companies on forums do not have accurate metrics to rely on for forum participation and with things like adblock it further hurts it. If you make a currency where you generate coins both by clicking on ads and participating at the site, and the advertising companies have to purchase the tokens in order to place ads on the site, then they know exactly what they are getting as far as viewership goes.

ATOTcoin - the medium of internet advertising. I'll need to think of a little better slogan, but you get the idea.

That's cool and all, but I think that we would need a more generic coin name for that to work. But, hey, it costs about $2 worth of Ethereum to generate a new coin on Hexel.

 

[Mr Clinton]

OP is talking about the spread sounds like - the difference between the ask and the bid...