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riX2000

#bitcoin-otc price formula

Mar 10th, 2013
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  1. I have adjusted my price formula to reflect the current BTCUSD rate, which is higher than when I invented the old one.
  2.  
  3. The formula for buying bitcoin from me with cash is now:
  4. Price = {mtgoxask}*(1+a/({btc_amount}^0.30)*{btc_in_sek}^0.30)).
  5. a is depending on method:
  6. For cash deals use a=3.90
  7. For SEPA deals use a=1.42
  8. {btc_in_sek} is according to the gribble reply for "bc,convert sek", which is equal to {mtgoxusd}*{google_usd_in_sek}.
  9.  
  10. This gives lower prices when BTCUSD is higher than approximately 20, which is the current norm, but more importantly gives the same rates for the same fiat currency amounts, which has been a requested feature by several customers.
  11.  
  12. Unfortunately this formula is not possible to enter into the orders at #bitcoin-otc, since exponentiation is not allowed in formulas.
  13. I'm leaving the old formula in the orders for now, and those taking their time reading this pastebin will get the lower prices.
  14.  
  15. I also made a price calculator at http://shrouded-plains-6601.herokuapp.com/ for those of you that are not so mathematically inclined. :p
  16. Be aware that the calculator is currently only for cash exchanges.
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