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From where does the Android wallet get the Exchange rates data?

Discussion in 'Android Dash Wallet Support' started by Dandy, Dec 26, 2017.

  1. Dandy

    Dandy Member

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    I was wondering what is the source for Exchange rates data in Android wallet?
    I'm asking because in the last few days I have noticed a sizeable discrepancy in the value showed in the wallet and valuation on every of the bigger exchanges.
     
  2. Dandy

    Dandy Member

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    At this point in time, Coinmarketcap is showing Dash at $1209 while the Android wallet shows the price as $1066, which is a pretty big difference. Even if you eliminate South Korean exchange as an outlier, other biggest exchanges range in price from $1157 to $1173.
     
  3. UdjinM6

    UdjinM6 Official Dash Dev
    Dash Core Team Moderator

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  4. Dandy

    Dandy Member

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    It seems to have corrected itself today.
    But I would still like to know what was the reason and how could we avoid it in the future, because the difference was almost 10% at one time.
     
  5. HashEngineering

    HashEngineering Active Member

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    Exchange rate information comes from Poloniex (Dash in BTC, weighted average of past 200 trades) and BitcoinAverage.com (BTC in local currencies). If Poloniex is not reachable, then BitcoinAverage.com is used for DASH in BTC as well.

    With the crazy amount of volatility recently, there are bound to be some discrepancies.
     
  6. Dandy

    Dandy Member

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    Hm... seems like we may be missing some broader averaging of the price. Also, what if BitcoinAverage stops working or gives incorrect info?
     
  7. HashEngineering

    HashEngineering Active Member

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    Then the app will not update its app exchange rate against the last time it retrieved the info successfully from BitcoinAverage.

    There is a plan to make exchange rates more robust in future versions, even t the point of retrieving local prices in your country.
     
  8. Dandy

    Dandy Member

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    Good. I think that should be a very high priority, as people, in my experience, use the local fiat valuation in the mobile wallet very often.
    It needs to be as precise and up to date as possible.