Bitcoin Forum

Finally got some LR in my account.
Sorry it took so long.

When I try to withdraw it says this:


Even though I'm withdrawing much less than $1000.

Something else is new:

Nevermind, it's working now.

I don't blame him for taking a fee.  It's well worth it.

sturle: I covered almost $5000 in paypal fraud I have to make it back somehow sorry.

How do you get the bitcoins you're selling ?  Do you really have enough sellers ?

grondilu: I'm not selling any bitcoins. All transactions are between the users. mtgox is just an exchange.

Oh, ok.  Although I don't understand the one month delay I heard of, then.

Yay!  Good stuff.  Exchanges need to be self-sustaining.

Did it grow after you stopped withdrawals?

The price has certainly stayed high.  Of course you have to make a shilling to keep the site up and working, but I think a fee per trade will harm trading.  I have done a lot of trades with less than 0.65% margin.  The spread has often been less than 0.65%. This change will make a lot of those small trades, like buying the cheapest offer and making a new cheapest offer at a slightly higher price, unprofitable or too risky.

What other solutions have you considered?

And the crazy speculation is already over !
I guess the fee must have helped.

--
@mtgox: are You planning to remove the fee after You get back the cash from paypal fraud ?
Is mtgox.com going to be free later, or is it staying paid forever ?

Or perhaps are You going to decrease the fee ?

You are saying that as if that would be a bad thing. Speculation is bad use of bitcoin (or any other currency), screw all the speculators! ;) Make real services instead!

I would prefer something like what is offered in stock trading:  fixed fee commissions, regardless of number of shares traded.

For mtgox, an example of such pricing could be 1 BTC/trade or $0.25/trade.

So it charges .65. This complicate my trading effort as I have to do further calculation for profit.  :-\

Have you reconsider the arguments for speculation?

jgarzik: I might do some sort of flat fee all you can trade for a month type thing.

You could even put in a option to have monthly paying people not having the banner displayed.
The current banner is not that annoying, but when "hit the monkey"-type of banners show up. ;)

Feature request if not already implemented: Add in the cost of doing a trade so people can figure out the profit margin.

+1.  I find it weird to only receive 99.35 BTC when buying 100.  This should be clear when I enter the order.

mtgox:

So what about fees ? Are ya going to decrease them once you get back stolen paypal fraud money ?

The homepage still says "Mt. Gox charges no fee and is free to use."  You might want to change this to avoid confusion.

The new fee could stop or severely hurt automated trading, as bots typically operate on very small returns per trade.

dust: I'm sure it will slow thing down a bit. but this fee is about the same as on forex and there are tons of bots on there.

shadow: We'll see how much it ends up being. there are other ongoing costs that I have to cover also.

Will my feature request be implemented or not?

To whomever was saying stocks don't trade for a percentage, they definitely do trade for a percentage -- you just don't see it because you don't trade on open book exchanges.

Real stock markets do charge a fee, and pass some on to market makers who speculate on the spread. All this of course doesn't show up to you if you click buy 100 shares of amazon at 'market'.

US Equities has the smallest cost of trades worldwide, roughly 65 basis points. European exchanges for equities is 90+BP, and others go up from there.

I suggested 90 bp to the Gox master, but 65bp seems eminently reasonable.

(And, p.s. volume is down dramatically, yow! Should be an interesting few weeks -- I wonder if volume / price will trend back up.)

big buyers need to step in to create a rally. otherwise price stays rangebound.