Bitcoin Forum

I have bought 10 coins in the last few days when they were $110 and above on MtGox because coinbase has a set price now of $103.

$103.94 when I login

That is low compared to the others now:)

The only thing that sucks about coinbase is how long you have to wait.

And that it's only for US citizens.

I just bought a couple of coins there recently as well. Does anyone know the reasons behind this discrepancy?

No idea. Someone probably has some secret intent.  :-\

only thing i can think of at the moment is they are buying/selling from/to btc-e instead of mtgox, the price on btc-e is around 103 last i looked today.

There is also CampBX (https://CampBX.com/register.php?r=ct4o9RMmm6N) which is $100 exactly at the moment ~$10 under gox.

Does that mean I can transfer my BTC from Coinbase to MtGox and sell from there instead?

I believe Coinbase uses a recent average of the prices whereas some of the exchanges, such as Mt. Gox, use the most recent price to determine what you can buy it at.

I'm curious about this too.  Wouldn't it be a simple matter to buy BTC at coinbase.com for $103, transfer them to mtgox.com, and sell them there for $107?

yes but good luck getting your usd/fiat out

So the price discrepancy is brought on by the current situation with Mt.Gox?

There are currently some interesting price (or at least display) discrepancies within coinbase itself.

For example, when it displays the worth of my bitcoins in USD, it is valuing them at about $107, but the buy/sell prices are around $102.

Seems odd. Might be actual internal issues.

Trust me I know! I sent a support ticket yesterday about it! I am now having to wait 7 days for mine.

But if the price is so low then it's worth the wait, right?

Day trading at its finest! Campbx and bitstamp also have different prices all of the time as well. The only thing that sucks is you need to be verified at all of these exchanges to in/out coins or USD. Good luck!

Not if the price drops to $99 between now and when you get your coins.

Any exchange that you'll want to do business with in the future will require verification. AML and KYC will become the standard soon and it's not a bad thing for Bitocoin as a whole IMO.

Once you purchase them your price is locked in. The wait time is for who knows what..?

I have no issues with verifying, I just meant that it takes time to setup each exchange until you can trade coins between them and day trade to make money.

I've bought from Coinbase and the coin delivery took as long as they said it would. I don't recall, 5 or 7 days or something. I just bought there to experiment and see what it's all about. It would be great if they could get that time down. I be people would even pay a fee for faster funding.

And just to clarify, yes we're on the same page. If you buy at 103 and while you're locked in, the price goes down, then it's not worth it. Coinbase is for super noobs or those who want one place where they can buy/sell bitcoin and transfer funds from their bank account in one click. I'm sure Coinbase is working on other funding options though.

Oh right, if you're starting from scratch. good point.

But doesnt it take a while for you to get the coins? as in several days?

Yes, you cannot buy bitcoins online as far as I know in less then 3-5 banking business days.

www.bitinstant.com (http://www.bitinstant.com) is the best way to get fast BTC if they are available in your area of the world.

Now isn't a good time to be buying coins - get your fiat into an exchange and wait for $90 or below.

It might take a long time.

Well it's touching $90 on Bitstamp now and to be honest I doubt that I'll go back in until $80 unless I think I can catch a bounce.  I'd suggest any other newbs have a good long read on the Speculation forum before committing themselves.  Opinion - I guess Bearish opinion seems to be that if Gox stays below $100 for long the next level of support is $80 and if $80 falls it could go below $60.  Interesting times :)

Bought at $71 last night and sold at $77.  Be very careful buying in just now and follow the speculation thread unless you want to get locked in.  I'll be surprised if we don't see $50 in the next week.

50 usd by next week? I don't think it will go that low so quickly...

;)

That's not the same. It is always easier at the beginning.
When the price was 100 - 100 USD, a lot of people wanted to sell, and the price went down.


But now, at 80 USD there is a lot of people that believe in bitcoin for whatsoever reasons and are willing to buy every bitcoins @60-80 USD, so the price will not probably go lower.

good job! and you thought you were getting a great deal then right? well there is a fire sale right now at about $78.

Certainly you could be right - but not very long ago people were saying it would never drop to $90.  The TA I've read suggests that $50 is the next level of support.  The only reason I'm posting here is because I don't want noobs to get hosed.  Definitely, get your money into an exchange - definitely read the speculation threads if you're going to trade but understand that you're going to have to time your entry well if you don't want to lose value overnight.

try BTCE -

The same could have been said about BTC @ $100 though. I can't count how many times I read "cheap BTC" and "buying opportunity" every time the price dipped below $100 these past few weeks. Will there be some resistance to going as low as $60? Sure, but will that resistance break like it did for $100? Only time will tell. People are scared right now, and despite good news bearish indicators continue to pile up.

I myself tried to buy 10 BTC on Coinbase last night but apparently I have to wait for my test buy of 0.2 BTC @ ~$93 to clear on Monday. D'oh. Hopefully prices are flat until then.