Bitcoin Forum

how much and at what price would you take the risk.

say BTC goes to $1, on goxx you go any buy $100 goxxBTC just in case????

The problem is you send FIAT to gox's bank account, but I doubt you will see that as a balance in your goxed account anytime soon!

You've gotta ask the ethical question here...

Would you want coins at dirt cheap prices, knowing you got them under far less then fair, transparent market conditions?

The insiders are making a killing.  Question is, are they sleeping soundly at night?

true, and the risk is there are no btc coins is my main issue, at the moment the price is 5:1 they don't

Even if you could get your coins out at some point.. I believe it's too late to deposit any fiat now.

You would not send fiat to MtGox, as it might take weeks to be credited and then, if they pay out, you might not get to buy cheaply anyway - all the risk for potentially no return. Instead, you would find someone with goxBTC who wants to exit, and buy their coins at the current gox price by inter account transfer. There must be willing sellers or the price would not be where is!

I'd never send money there just out of principle. You'd probably never see it back any way.


I'm sure they'll be sleeping even sounder  ;D.

Good question.   If it was easier to get money in there, I would have done it already but you have to wire it there and sems like a hassle. 

I sent fiat to gox on monday and got it yesterday. Everything went fine. I used a SEPA transfer. In other threads i read that okpay transfers went well too and needed 4-7 hours.

greetings

SEPA transfer takes one day

I'm about to go to sleep, but tomorrow as a matter of interest I would be keen to buy a goxBTC off someone by internal transfer if somebody has one to sell. In return I will provide part of a real BTC.

The trade would value the goxCoin at the current MtGox price, and the part of a real BTC I would provide in return would be valued at the BTCe price. So if the MtGox price is one third of the BTCe price, then I would provide one third of a real BTC in return for the one goxCoin.

Lack of escrow is an issue, so we could take turns making a sequence of small payments in each direction, with a very small first transaction each to ensure everything is running smoothly.

I could pay either:
* from my Cryptsy account to your Cryptsy account via their instant inter-account transfer. You can the cash out to the blockchain from Cryptsy.
* directly on the blockchain, and you can trust me that once each a transaction is showing on blockchain.info, it is known to all the big miners so the network won't allow a double-spend.

Not sure if there will be interest. If anybody can point out any notable security/trust risks between each of the two parties to such a trade, please do so. In particular, how much risk would there be to me that the sequence of small MtGox internal transfers could somehow appear to be confirmed on my MtGox account (I opened one today) but then be reversed later? And which of the two options poses least risk to a buyer: trusting unconfirmed transactions that are visible on blockchain.info (so presumably relayed by then to all the big miners), or trusting a visibly received instant inter-account transfer on Crypsty?

EDIT: Sorry I see now linked in a later post there is a proper thread for this, and the bid/ask conventions seems to be bid x% of a real BTC for each goxBTC.

It depends on what your definition of insider is.  I have a modest sum of fiat on gox.  They have fought me tooth and nail as far as withdrawing it goes.  With the recent price drop, I figured what the hell, lets split the balance between fiat and gox coin and hope i can get one of them off asap.  I am certainly not sleeping well at night, because I basically got screwed. 

You're actually in a great position if you have fiat on gox. Buy the cheap coins and sell them to one of the traders on https://bitcointalk.org/index.php?topic=455243.0 (https://bitcointalk.org/index.php?topic=455243.0) for real BTC which you can then sell for four times the price that you paid on gox.