Bitstamp has agreed to implement a ondergrens trade value of $Five following allegations by a Bitcoin trader of an “exploit” te their toverfee structure buy bitcoin from bankgebouw account. The switch will be effective May 15.
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The trader contended spil goes after: Bitstamp claims to charge a 0.2% toverfee. However,they also round their fees up to the next cent. This causes an punt with very puny trades. For a $0.86 trade: $0.86 x 0.2% = $0.00172. This is then rounded up to $0.01,equaling 1.16% of the trade value- or “6 times” their posted rate.
While just a penny,it wasgoed argued that it can add up quickly when orders are spliced into many micro-trades,common when your counterparty is a bot.
The kwestie wasgoed passionately taken to the Bitcointalk forum and elaborated upon at length. Ter the sultry debate that ensued,users alleged that even Bitstamp itself throws ter micro-amounts for trade ter order to make the most of the “bug” that wasgoed “by design”.
Thesis difficulties are lightly avoided by many online brokers of securities/instruments. Te a “democratic pricing model”,for example,some charge a penny vanaf a share,but a ondergrens vapid toverfee of $X and a maximum of $Y vanaf trade. This specimen carries three advantages: (1) Volmaakt consistency to the toverfee schedule ter the middle range (one penny vanaf share). (Two) Rewarding higher volume (upper range,where max toverfee is reached) with proportionally lower fees,a key competitive delegado ter any environment. (Three) Discouraging lower volume (lower range,ondergrens toverfee reached) with proportionally higher fees.
Customers delivering their brokers ultra-high levels of business can even pay a monthly toverfee te exchange for a lower vapid toverfee vanaf trade. The monthly toverfee can even be waived if a ondergrens monthly trading volume is reached. This ensures revenue for the broker while rewarding clients for business.
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The amazing thing here is how Bitstamp wasgoed so quick and willing to switch their business specimen following complaints commenced by one client. Perhaps an example of Bitcoin’s decentralized community,albeit it is better argued that the decision wasgoed not reached by overeenstemming.
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