4 ms·

>In my experience the spread is usually under 1% of the 24 avg. And how does that work? For example, the last 24hr bitcoin is up like 10%.. Let's call 5% belo

by mrlala 6y ago

>In my experience the spread is usually under 1% of the 24 avg. And how does that work? For example, the last 24hr bitcoin is up like 10%.. Let's call 5% below the current price the 24hr average.. are you suggesting that the exchange rate is 1% above the 24avg, or 4% below the current price, meaning the seller is eating 4% of the current price? That certainly does not make any sense. >But how are you going to get scammed accepting bitcoin? It's not like it's easy to forge a bitcoin. I agree the seller can't really get scammed, but the buyer has --zero-- recourse. So sure the seller loves it because there is no recourse and they can add a nice spread (my first point). But the buyer does not. Whereas credit cards- both parties get benefits (even if it skews toward the buyer, however that is a good thing, it shouldn't be equal.. the seller has more information about the transaction thus the buyer should have more recourse).

gruez 6y ago
>And how does that work? For example, the last 24hr bitcoin is up like 10%.. Let's call 5% below the current price the 24hr average.. are you suggesting that the exchange rate is 1% above the 24avg, or 4% below the current price, meaning the seller is eating 4% of the current price? That certainly does not make any sense. That was based on how I remembered some merchants handled conversion a few years ago. I just did a test with coingate and the spread between their rate and the market rate is under 0.05% (yes that's a fraction of a percent, not 5%). >I agree the seller can't really get scammed, but the buyer has --zero-- recourse I don't disagree that credit card protections are good for the consumer. The problem is that there's no opt out (eg. horror stories about people's paypal accounts being frozen because of a surge in donations), and you're forced to use the bank (or credit card company) as the escrow.

by mrlala 6y ago

gruez 6y ago

>And how does that work? For example, the last 24hr bitcoin is up like 10%.. Let's call 5% below the current price the 24hr average.. are you suggesting that the exchange rate is 1% above the 24avg, or 4% below the current price, meaning the seller is eating 4% of the current price? That certainly does not make any sense. That was based on how I remembered some merchants handled conversion a few years ago. I just did a test with coingate and the spread between their rate and the market rate is under 0.05% (yes that's a fraction of a percent, not 5%). >I agree the seller can't really get scammed, but the buyer has --zero-- recourse I don't disagree that credit card protections are good for the consumer. The problem is that there's no opt out (eg. horror stories about people's paypal accounts being frozen because of a surge in donations), and you're forced to use the bank (or credit card company) as the escrow.