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Circle's demo video at https://www.circle.com/2014/05/16/circle-update/ https://www.circle.com/2014/05/16/circle-update/ is perhaps the only I've seen best watc

Circle's demo video at https://www.circle.com/2014/05/16/circle-update/ https://www.circle.com/2014/05/16/circle-update/ is perhaps the only I've seen best watched with a calculator. $10.00 + $0.01 that comes out of nowhere + $200.00 - $23.65 = Uhhh... $187.27? Plus or minus 91 cents? What? Yes the Bitcoin exchange rate fluctuates a lot, but their ledger does not seem to reflect that. That's problem number 1. Problem number 2 is Bitcoin itself. Problem number 3 is that the comments are about "insurance" are completely disingenuous. What insurance? Circle is not FDIC or NCUA insured and the company has an obligation to make that clear. Allaire and his investors should know better.

joosters 12y ago
It's even worse! His purchase was for $23.44 at Overstock, yet when he viewed it at Circle, the price was now $23.55 - shown as 0.05264624 BTC on both sites. As soon as he clicked the USD/BTC button, the price stays at $23.55 but the BTC is now 0.05265041. After he confirms the transaction, the price has now jumped to $23.65. So the numbers really don't add up. And as you point out, there's a big balance difference. Start with $210.01, spend $23.65 and your balance should be $186.36. Yet he has $187.27. What?
oska 12y ago
While Jeremy is talking in terms of dollars in the presentation, the software is actually keeping balances in terms of bitcoins. You can see on the screen below the two green add/withdraw funds buttons a bitcoin price ticker, e.g. 1 BTC = $446.87 at the start of the video. As he is talking and doing transactions this exchange rate is being updated, maybe as often as every 30 seconds. And you can see even when he's not doing anything his dollar balance is fluctuating to reflect the changes (it goes from $10.00 to $10.05 to $10.01 at the start of the video without him doing anything). But the number of bitcoins remains constant. So that's a fault of the video I think, that he doesn't explain this clearly and talks too much in terms of dollars rather than bitcoins. They'll need to present this more clearly for their actual user video.
- joosters 12y ago
  So why does the BTC amount for the socks that he is buying change, then? 0.05264624 suddenly becomes 0.05265041 despite 'zero fees'.

joosters 12y ago

It's even worse! His purchase was for $23.44 at Overstock, yet when he viewed it at Circle, the price was now $23.55 - shown as 0.05264624 BTC on both sites. As soon as he clicked the USD/BTC button, the price stays at $23.55 but the BTC is now 0.05265041. After he confirms the transaction, the price has now jumped to $23.65. So the numbers really don't add up. And as you point out, there's a big balance difference. Start with $210.01, spend $23.65 and your balance should be $186.36. Yet he has $187.27. What?

oska 12y ago

While Jeremy is talking in terms of dollars in the presentation, the software is actually keeping balances in terms of bitcoins. You can see on the screen below the two green add/withdraw funds buttons a bitcoin price ticker, e.g. 1 BTC = $446.87 at the start of the video. As he is talking and doing transactions this exchange rate is being updated, maybe as often as every 30 seconds. And you can see even when he's not doing anything his dollar balance is fluctuating to reflect the changes (it goes from $10.00 to $10.05 to $10.01 at the start of the video without him doing anything). But the number of bitcoins remains constant. So that's a fault of the video I think, that he doesn't explain this clearly and talks too much in terms of dollars rather than bitcoins. They'll need to present this more clearly for their actual user video.

joosters 12y ago
So why does the BTC amount for the socks that he is buying change, then? 0.05264624 suddenly becomes 0.05265041 despite 'zero fees'.