BlindMayorBitcorn
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November 05, 2015, 04:23:27 AM

Not sure if it was the best time to buy but I purchased some more bitcoin at $520 CAD.  COME ON BITCOIN, FLY FLY FLY!

I imagine people who really have to use BTC (for *ahem* business reasons) are just hoping it doesn't come crashing down over-night. Stability seemed so much more legit. Embarrassed


Right. So, if you happened to need to use Bitcoin today, you got stoned for it. And not in the way you expected. How do the darknet markets thrive with this kind of volitility?


And another question: how does the Bitpay business model account for swings like this? If I buy a gew-gaw from Nick's Knacks at 480 and a minute later we're at 400, somehow Bitpay swallows the loss?

You could have a bot that sells short the amount of the sale, hedging yourself. I somehow doubt bitpay's doing this tho.

Maybe if/when the exchange landscape becomes more legit/secure. (and if bitpay is still in business when that happens)

I guess they try to make/they'd need to make transition to fiats as quickly as possible, so straight to the exchange. Is that how it works now?