Question for those educated about Bitcoin.

**Exit308** · October 20, 2019, 11:08

There is an app for phones that connect to a financial database at CNBC.
It has a cryptocurrency section that shows the current dollar exchange rate for crypto’s. Some of you are prolly familiar with it.

On the crypto page are listed three or four Bitcoin entries.
The current exchange rate is sometimes close in values, but never identical, and sometimes quite a bit different.
I assume that the entries are for different Bitcoin ‘exchanges’.

Am I correct in that assumption and why is the dollar exchange rate different across the various exchanges?

Thanks in advance.

Highground · November 07, 2019, 18:46

Not a user of cryptos but very likely since the buy/sell goes through their version of a brokerage house there is some type of commission fee. If you sell to them then as in most house transactions you sell to them at a lower price than the "buy", some call it the "spread" and may also invoke a commission or trade charge.

I just stick to metals.

**V guy** · November 13, 2019, 11:08

Like all the Wall St Brokerage Houses and Hedge Fund managers..................they make all the profits, seconds before you ever hear about some sort of profit potential coming to light.

The big boys are using bitcoin to cover political payoffs, and other illegal activities and making a bit of a profit from the little guys who think that they can beat the system.

Think that China is not playing the game?
Currency traders have existed for years.

Real Estate deals, distress sales, insider trading, are the hallmarks of big cash and corruption.
As is said a man's labor is worth fair payment.
An insider or Wall St guy who makes money off you while you sleep and leaves you no richer by day, is a thief, not a laborer.

Jesus had a thing about the money changers, not the laborers; it is said that it is easier in the afterlife for an elephant to pass thru the eye of a needle, than for a corrupt rich man to enter into the kingdom of heaven. Most of them, like very very rich, dead Epstein, prefer hell anyway.

**bubbagump** · November 13, 2019, 15:23

Quote:

Originally Posted by V guy

Like all the Wall St Brokerage Houses and Hedge Fund managers..................they make all the profits, seconds before you ever hear about some sort of profit potential coming to light.

The big boys are using bitcoin to cover political payoffs, and other illegal activities and making a bit of a profit from the little guys who think that they can beat the system.

You don't 'beat' the system. You work it. Personally I'm ok with the big boys making the big $$, the small $$ are plenty big enough for me.

To the original question, the exchange rate is different across different exchanges because they are different exchanges. It may help to understand that the quoted 'exchange rate' is normally listed as the rate for the latest transaction. And to appreciate what that really means ya need to understand how the floor works. There are commonly three prices involved, 'bid', 'ask' and 'last'. 'Bid' is what a potential buyer is offering, 'Ask' is what a potential seller is advertising, and 'last' is what the last transaction completed at.

To be honest buying bitcoin is a lot like buying gold, except without the gold. Doesn't make it useless, but it's not what bitcoin is for.

raubvogel · November 26, 2019, 21:02

Short version

**Mebsuta** · November 28, 2019, 18:44

I'm too dum to understand bitcoin, so I would want to know about who is making the equipment or generating the electricity to mine it. Kind of like I don't want a bunch of missiles, but I might want some Raytheon.

**bubbagump** · November 29, 2019, 17:24

Quote:

Originally Posted by Mebsuta

I'm too dum to understand bitcoin, so I would want to know about who is making the equipment or generating the electricity to mine it. Kind of like I don't want a bunch of missiles, but I might want some Raytheon.

My understanding is the Chinese have pretty much cornered the mining and blockchain validation activities at the moment. Power costs are the big thing right now, unless you have access to free power it is not cost effective to do right now, not even with dedicated mining machines.

meltblown · November 29, 2019, 18:29

Quote:

Originally Posted by bubbagump

My understanding is the Chinese have pretty much cornered the mining and blockchain validation activities at the moment. Power costs are the big thing right now, unless you have access to free power it is not cost effective to do right now, not even with dedicated mining machines.

That's the way I have understood it. The capital to get it at this point in time is real with respect to hardware and power consumption. Some large state enterprise in China with extra blockchain capacity on a supercomputer used in surveillance and stuff can just be shifted to mining.

**Mebsuta** · November 29, 2019, 20:06

Thanks. I will leave it for the Chinese and the Dark Webbies.

October 20, 2019, 11:08	#1
Exit308 Saxon/Celt Silver Contributor FALaholic #: 62143 Join Date: Dec 2010 Location: WA Posts: 5,944	Question for those educated about Bitcoin. There is an app for phones that connect to a financial database at CNBC. It has a cryptocurrency section that shows the current dollar exchange rate for crypto’s. Some of you are prolly familiar with it. On the crypto page are listed three or four Bitcoin entries. The current exchange rate is sometimes close in values, but never identical, and sometimes quite a bit different. I assume that the entries are for different Bitcoin ‘exchanges’. Am I correct in that assumption and why is the dollar exchange rate different across the various exchanges? Thanks in advance. __________________ "Barbarism is the natural state of mankind. Civilization is unnatural. It is a whim of circumstance. And barbarism must always ultimately triumph." Robert E. Howard The truth does not require your belief. "Fracking involves a two-phase combustion process: the first phase burns borrowed money to produce oil and gas; the second burns the oil and the gas." Dmitri Orlov

November 26, 2019, 21:02	#5
raubvogel Registered Contributor FALaholic #: 64403 Join Date: Oct 2011 Location: North Carolina Posts: 2,895	Short version __________________ All I'm really asking for here is a knife that will not jam and a unicorn that doesn't need sharpening. Will_Power It's been my experience that all you really need to harvest a deer is a car. They come right through the windshield just fine. 357ross That poop is priceless. MFC

November 28, 2019, 18:44	#6
Mebsuta Khemi, Stygia Contributor FALaholic #: 4143 Join Date: Sep 2001 Location: Khemi, Stygia Posts: 11,071	I'm too dum to understand bitcoin, so I would want to know about who is making the equipment or generating the electricity to mine it. Kind of like I don't want a bunch of missiles, but I might want some Raytheon. __________________ Hai Last edited by Mebsuta; November 28, 2019 at 19:17.

November 29, 2019, 20:06	#9
Mebsuta Khemi, Stygia Contributor FALaholic #: 4143 Join Date: Sep 2001 Location: Khemi, Stygia Posts: 11,071	Thanks. I will leave it for the Chinese and the Dark Webbies. __________________ Hai

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November 07, 2019, 18:46	#2
Highground Registered FALaholic #: 12919 Join Date: Dec 2003 Location: Colorado Posts: 1,183	Not a user of cryptos but very likely since the buy/sell goes through their version of a brokerage house there is some type of commission fee. If you sell to them then as in most house transactions you sell to them at a lower price than the "buy", some call it the "spread" and may also invoke a commission or trade charge. I just stick to metals.

November 13, 2019, 11:08	#3
V guy Dinosaur Silver Contributor FALaholic #: 10282 Join Date: Apr 2003 Location: miami Posts: 18,065	Like all the Wall St Brokerage Houses and Hedge Fund managers..................they make all the profits, seconds before you ever hear about some sort of profit potential coming to light. The big boys are using bitcoin to cover political payoffs, and other illegal activities and making a bit of a profit from the little guys who think that they can beat the system. Think that China is not playing the game? Currency traders have existed for years. Real Estate deals, distress sales, insider trading, are the hallmarks of big cash and corruption. As is said a man's labor is worth fair payment. An insider or Wall St guy who makes money off you while you sleep and leaves you no richer by day, is a thief, not a laborer. Jesus had a thing about the money changers, not the laborers; it is said that it is easier in the afterlife for an elephant to pass thru the eye of a needle, than for a corrupt rich man to enter into the kingdom of heaven. Most of them, like very very rich, dead Epstein, prefer hell anyway.