Bitcoin Forum

Buy BTC at MtGox last +2%
Sell BTC at MtGox last -2%

(Price is MtGox USD last converted to GBP at spot exchange rate. Fiat transactions by bank transfer only.)

As an example at 10:35am 23/10/2012 MtGox last is $11.69868 USD/GBP spot rate is 1.6015
I will buy at £7.161
I will sell at £7.451

Why should I trade with you?
I have trusted status on MtGox and have traded tens of thousands of BTC over the past year. I also operate on Intersango and Bitstamp and hold GBP, USD and EUR as a normal part of trading. I can offer lower fees as I am already exposed to BTC market movements and don't need you to cover that risk. All fees are a percentage so why not give it a try for a small amount.

How will it work?
1. Send me a PM with the amount you want to buy/sell.
2. I will reply with a price offer and my account details.
3. If you accept, reply providing your bank/wallet details and send your funds.
4. Once I receive proof of your payment I will send my settlement.

At this point I am accepting individual orders between 3BTC and 100BTC.

I am afraid that I am currently unable to meet orders due to banking issues

To be fair, it doesn't seem to be a 'because bitcoin' issue. My bank said they were investigating a possible fraudulent transaction, which could be linked to the fact my almost unused personal bank account has had £15k in transactions through it in a few weeks. It should become available again soon, but I am also looking into the possibility of forming a company and getting a business bank account.

Good seller, bought 50btc from him so far today. Will be buying more in the future.

Fast delivery, good comms. Highly recommended!

Thanks BlackBison.

Smooth trades all the way. Let me know when you want some more.

I have edited the OP because I realise I don't have any reputation yet and I am willing to send first for traders 'of good standing'.

Current Prices as at 9:15am :-

Buy from me for    £7.252 per BTC
Sell to me for       £6.971 per BTC

PM me for a live quote.

Successful transaction completed today, was very fast to respond and process, and is trustworthy.

Cheers

Great service, bought 13 coins yesterday - fast transfer an excellent communication.

Thanks jimmyk83 and trebornay27. It was a pleasure doing business with you.

Current Prices as at 10:30am :-

Buy from me for    £6.773 per BTC
Sell to me for       £6.510 per BTC

[edit] N.B. Prices on this thread are indicative only. Please PM me for a live quote.[/edit]

29btc bought. Good, rapid trade.

2 more trades with Pteppic; good communication and lightning fast transactions as always.

Bought 100 BTC. Lightning fast transaction! No problems at all.

Thank you very much!

Bought 5 bitcoins from Pteppic just now nice guy to deal with thanks.

Bought 100 BTC more. Very quick and trustworthy!

Hi,

I was hoping that it wouldn't come to this, but having sold more than 550BTC in under a week at an average price of just under £6.80 my stocks have run low. I have transferred money to the exchanges, but I am waiting for it to clear. More stock should be available before the end of the week.

I'd like to say a big thank you to all the customers who have dealt with me so far. I have not had any real issues, just a couple of minor crossed wires that were easily resolved.

I will update the thread when more BTC are available.

Thanks again

I would say that maybe you're selling too cheap but I hope to buy some more again soon :D

Okay, the transfer has cleared at the exchange, so I have BTC in stock again. I have made some changes to my trading program and I will be making smaller, more regular transfers to the exchanges, so we'll see if that keeps the stock levels up.

Just to let you know about my availability. I am around most of the time in office hours, but evenings and weekends is much more variable. From now on, I will still check for messages every evening after 9pm at some point, but I can't promise I will be around much for doing deals. I hope that won't be too much of a problem.

@Richy_T

I may have been a bit over-optimistic in predicting how smoothly my cunning plan would work in the real world.  ;)
It is early days though and I still think I can make it work with this pricing, it will just take a bit more learning on the job.

I am in the US but I can make a transfer via WU to your bank account in sterlings. Is that good?

You have a pretty good opportunity with mtgox's Barclay's account down. I was looking to trade on there but fees would have eaten things up quickly. I'll be interested to see how things go for you. I may even try a bit of local trading here. Bitcoin might play well with certain types of people here.

Liberty Payout, I have sent you a PM.

Richy_T

It was partly MtGox's problems that lead me to set this up. I was also thinking that a brokerage model might work well for bitcoin. If you buy and sell shares, you don't actually do the trade with the exchange, you go via a broker and only pay a small fee. As a bitcoin operation, if you don't hold customer money you can probably get around a lot of the issues the exchanges have faced, without necessarily having to charge huge fees.

I think that even in countries with a decent exchange, a broker-style offering could still work well for lots of customers.

[edit] I mean broker in the sense of a middle man between customers and an exchange. Obviously real stock brokers hold customer funds, so they still have the regulatory issues.[/edit]

I think that would be tricky as one of the things an exchange like mtgox has going for it is typically trust. They are effectively escrow for the exchange. If you are just brokering, I think you'll end up with a lot of angry customers. I may be mistaken though.

No, I think you're right. I didn't mean a brokerage, I was just thinking that if you had a lot of resources and scaled up what I am doing, then you could probably offer quite small fees that would make exchanges uncompetitive for lots of users.


Anyway, I now have plenty of BTC in stock;

Current Prices as at 9:30am :-

Buy from me at    £6.935 per BTC
Sell to me at       £6.666 per BTC

N.B. Prices on this thread are indicative only. Please PM me for a live quote.

Quite possibly. One way to work might be rather than have one exchange that deals with many currencies, have a small ring of trusted partners that each deal with one currency/BTC market each.

The real benefit of an exchange is that they bring a lot of people together so the buys and sells match up to give a pretty good real-time exchange rate. For low volume/non speculation traders like myself, your service can offer a better deal for sure.

Got 4BTC today, superfast transaction and I will be using again  ;D

Good morning

Plenty of BTC in stock;

Current Prices as at 10:40am :-

Buy from me at    £6.727 per BTC
Sell to me at       £6.466 per BTC

N.B. Prices on this thread are indicative only. Please PM me for a live quote.

Good morning

I have now traded over 1100BTC in under two weeks.

Still plenty of stock available;

Current Prices as at 9:40am :-

Buy from me at    £6.873 per BTC
Sell to me at       £6.606 per BTC

N.B. Prices on this thread are indicative only.
Please PM me for a live quote.

Purchased 100 bitcoins from this guy today. Great service and sent the bitcoins as soon as payment cleared. Thanks!

Over 1400BTC traded so far

Good morning

Current Prices as at 10:30am :-

Buy from me at    £6.996 per BTC
Sell to me at       £6.724 per BTC

Transparent pricing. Here is how it works:
MtGox USD last;        10.9290
GBP/USD spot rate;     1.5935
MtGox last in GBP;       6.8585

6.8585 + 2% = 6.996
6.8585 - 2% = 6.724

N.B. Prices on this thread are indicative only. Please PM me for a live quote.

Purchased another 50 btc today. Smooth trade as always.

Bought 15 coins from Pteppic this morning.  Thanks for a quick and easy trade :)

Just repeating my edit to the OP;

I am afraid that I am currently unable to meet orders due to banking issues

To be fair, it doesn't seem to be a 'because bitcoin' issue. My bank said they were investigating a possible fraudulent transaction, which could be linked to the fact my almost unused personal bank account has had £15k in transactions through it in a few weeks. It should become available again soon, but I am also looking into the possibility of forming a company and getting a business bank account.

Sorry to hear about the problems.

I sold about 60 coins last week, and I can recommend this guy when he's back up. Good service all around.

Update

I am afraid it looks like I won't be able to offer this service any more. It appears that I received money from an individual who is flagged by the banks as being 'dodgy'. On receiving the funds, the bank's systems picked it up, reversed the transactions and froze my account (so the dodgy guy gets to keep the money he sent me and the BTC I sent before the transaction was reversed).

From what I can work out, if you trade BTC then sooner or later you will end up receiving money from a flagged account. I guess this is what happened to MtGox and Intersango as well. Once you receive money from a flagged account, the bank is going to shut you down and there is not a lot you can do.

If anyone can think of a business model that gets around this I think a lot of people would like to know about it.

Did they reverse all the funds you'd received via bank transfer/faster payments? Isn't bank transfer supposed to be irreversible?

Interesting read. Basically my understanding of what you're saying is that if you want to pursue a BTC business - you'll need FSA/regulator approval (and all that it entails) - everything else is just running on borrowed time...

In reality, this stance by the FSA and the banks does not unreasonable. Any other business in the UK that operates in the financial sector has to comply with a significant level of regulation. BTC might not (yet) be regarded as a currency, but it shares too many characteristics with other existing financial instruments to be regarded as exempt. As someone older and wiser once stated on these forums in regards to regulation through the eyes of the regulator; "if it looks like a duck and it quacks like a duck, its a duck".

With regard to account closure; it is unlikely to be a banking conspiracy - institutions of that size don't tend to react quickly to change - see the RIAA and MPAA for current real-world examples. It's interesting to note Bitcoin was named recently in a document circulated by the European Central Bank, so you can be certain it is at least on commercial banking institutions radars - probably in the same way DiVX and MP3's were in the early days for the RIAA and MPAA.

I'd also add that it seems likely BitInstant has only lasted as long as it has because of its coveted FinCen number. Regulation undoubtedly confers benefits as upstream service providers (Banks, Other exchange services (E.g. Dwolla)) are possibly more likely to see any issues arising from fraud to be the endpoint business's responsibility rather than their own... afterall, if you're regulated and you launder money knowingly or otherwise, it's ultimately your responsibility (See HSBC's recent troubles for a real world example).






 

HSBC and it's subsidiaries  have been  laundering billions for Russian Cartels, South American Drug Lords and Middle Eastern state with ties to terrorism for decades.

HSBC will  end up paying a big fines (which they will then pass off on customers and share holders)and a few people may lose jobs,  but it's highly unlikely anyone "in charge" will go to jail.

http://planet.infowars.com/economics/hsbc-chief-quits-in-front-of-us-senate-committee (http://planet.infowars.com/economics/hsbc-chief-quits-in-front-of-us-senate-committee)

http://www.reuters.com/article/2012/11/05/us-hsbc-earnings-idUSBRE8A400920121105 (http://www.reuters.com/article/2012/11/05/us-hsbc-earnings-idUSBRE8A400920121105)


The corruption that continues to exist in the global banking system dwarfs the combined  instances of all the  illicit activities currently taking place with bitcoin.

 

If the transaction was reversed, wouldn't that be a tip-off though? And wouldn't that let you know who it was too (or at least reduce the field somewhat).

Shame as I was looking forward to doing more. If you feel like going forward with people you've had successful business with before, drop me a PM.