BitPay said in a tweet that the price discrepancy was due to a “frozen” market monitor that required more data sources, without referring to the Bitstamp suspension. The company also declined to comment on its potential liability for pricing issues.
Despite the more theoretical issues raised by commenters, however, the actual impact on BitPay merchant customers appears to have been minimal.
“When the bitcoin price drops, bitcoin sales are reduced,” he said. “So, none of our customers were affected by BitPay’s pricing indicator. They were not placing orders during that time.”
“We didn’t get any questions on this subject from our customers,” a spokesperson said.
ATM operators react
At kiosks designed to enable bitcoin buying for purchases in the real-world, effects were also noticeable but limited.
Bitcoin ATM operator Robocoin said it was largely unaffected by the outage, noting that the outage impacted only a small number of its operators.
Robocoin allows its operators to use its Robocoin Exchange Connector as a means to obtain bitcoins for the use in their machines, and those who use the tool can buy from BitPay, Cointrader and Bitstamp.
“Due to Bitstamp’s unavailability at the moment, operators may need to manually replenish or liquidate their float in their operator accounts that their machines trade on while they switch the Robocoin Connector to another one of our exchange partners,” Robocoin CTO John Russell said.
Robocoin, however, said it was able to react to the news quickly, issuing an email to its operators after first learning of the issue.
Exchanges feel impact
Online trading was also impacted on at least two notable trading platforms.
A Bitfinex spokesperson also indicated that it saw a number of clients, including enterprise customers, migrate to its platform from Bitstamp, though it suggested it believes that this migration is part of a longer-term trend.
“For users with open trades out at Bitstamp, we have suspended our daily funding charge for these positions,” CEO Joe Lee told CoinDesk. “Pending the outcome of the situation, our staff are on hand to issue refunds of any positions opened during this period.”
Lee indicated that any repercussions were limited by his exchange’s decision to diversify the number of exchanges it allowed users to access via its platform, which used to only allow for trading on Bitstamp.
His comments suggest that the bitcoin system may be learning from its past mistakes, even if questions are raised about whether centralised exchanges will ultimately be the best way for the network to expand more broadly.
“From BTC.sx’s perspective, we saw a skewed dependency on Mt Gox just before its demise and as a result planned from very early on to use multiple exchanges,” he said.
Joon Ian Wong contributed reporting.
Disclaimer: CoinDesk founder Shakil Khan is an investor in BitPay.
- ^ bitcoin ATMs (www.coindesk.com)
- ^ Bitstamp (www.coindesk.com)
- ^ 10 months removed (www.coindesk.com)
- ^ Mt Gox (www.coindesk.com)
- ^ DigitalTangible (www.coindesk.com)
- ^ Bitcoin Best Bid (bitpay.com)
- ^ full blog post (blog.bitpay.com)
- ^ BTC.sx (www.coindesk.com)
- ^ Coinsetter (twitter.com)
- ^ using rival Bitfinex (twitter.com)
- ^ prices (www.coindesk.com)
- ^ TigerDirect (www.coindesk.com)
- ^ Amagi Metals (www.amagimetals.com)
- ^ Takeaway.com (www.takeaway.com)
- ^ BitPay, Cointrader and Bitstamp (www.coindesk.com)
- ^ Bitfinex (www.coindesk.com)
- ^ itBit (www.coindesk.com)
- ^ similar issues in the past (www.coindesk.com)
- ^ Domino image (www.shutterstock.com)
- ^ ATMs (www.coindesk.com)
- ^ Bitstamp (www.coindesk.com)
- ^ Exchange (www.coindesk.com)
- ^ merchants (www.coindesk.com)