Bitcoin Forum

Announced at https://support.mtgox.com/entries/20208066-huge-bitcoin-sell-off-due-to-a-compromised-account-rollback

[Update #2 June 24 - 02:39 GMT] Postponing the Relaunch 24 hours.

Users with reclaimed accounts will be able to login to Mt.Gox on Friday June 24th at 3:00 GMT (12:00 JST). Once you are logged back into the Mt.Gox site you will be able to withdraw and deposit funds as per usual. You will not be able to trade initially, but we plan to activate trading within an hour of the site being up (4:00 GMT)

Between now and tomorrow at 3:00 GMT you should receive an email with instructions on how to access your account, provided you have successfully completed the reclaim process at claim.mtgox.com.


For 2 weeks the trading fee will be only 0.3%

So MtGox's fee will be 0.6%.  In all my trades (BTC->USD or back again) they've taken 0.65% from both the BTC and dollar sides, effectively making the fee 1.3%.  Still any discount is a good discount.

Woot, so Kevin Day will be getting FREE TRADES??

Resume trading on a Friday afternoon? Without wire transfers or Dwolla deposits all weekend? Are they crazy???  Somebody's going to get some incredible bargains.

Yes!
At last, let the trading begin!

Yeah it's full BS.  Give us 3 hours or so to get situated.  And make sure you can handle the volume of withdrawals, trades and deposits that will be happening in such a short window

WTF? They've been saying in interviews that trading wouldn't start for 24 hours after the site came back online for people to get in. And now it's 1 hour???

So if you can't be sitting in front of a computer at 3:00 GMT and ready to go at 4:00 GMT you are about to get screwed one more time.

And if they've only reported out on 10% of accounts being claimed, then 90% of people will miss out on the start of trading (aka Bargain Days Extraordinaire!!).

These guys are like nailing jell-o to a wall.

Dude, read that again: they've taken 0.65% from both the BTC and dollar sides, effectively making the fee 1.3%

(Still a lot of dosh, though…)

Cheers,

Dude, think about it again: They're taken 0.65% from both the BTC and dollar sides, from a buy order, effectively making the fee 1.3% on the buyer's end,  The seller gets the same treatment: taken 0.65% from both the BTC and dollar sides.

Total fee for the completed trade = 2.6%
That's a lot of dosh X2, or whatever that is.

That's not what I see.  They take 0.65% from the buyer and 0.65% from the seller, effectively making the fee 1.30%.

Cheers,

^^

It used to be 0.65 buyer + 0.65 seller = 1.3 per trade.
Now it appears to be 0.3 buyer + 0.3 seller = 0.6 per trade (for a couple weeks).
Nice  ;D it will certainly encourage heavy speculation!

Has anyone gotten their account validated yet?  They say over 10% have, but I had to be one of the first ones to complete my claim just a few minutes after it came online and I've heard nothing.  The page says contact them if you haven't heard back in 48 hours, but doesn't say how to contact them.  I gave them so much information and had an email address associated with my account that they couldn't possibly not validate it very easily.  Just wondering if anyone else is actually having luck at this.

When the 24 hours had expired I wtote to the address that sent me to link to page you're referring to and asked them if everyting's cool.  I got the following reply:


Basically, you can go to https://support.mtgox.com/ and request a password (your email address is already in their database) to log into your support account (once you're in you can set an OpenID login so you won't need the password in the future).

Cheers,

Am i hearing this right? peoples accounts that are still pending wont be able to trade opening hours. so when it drops like a brick, a HUGE % cant even get involved yet alone even be able to see if there bitcoins are in the account.

how retarded is mtgox? anyone know where i can find a copy of their TOS agreement, I NEVER remember seeing one. but magical tux posted about it.

You don't need to use bold to show how spectacularly wrong you are. Their old rates were 0.65% on each side of the trade for a total of 1.3%. Is that so hard to understand?

I believe he posted to say there wasn't one so he can do what he wants.

If you exchange eur to usd or back you pay the bank a spread of around 5 cent of MIDDAY spread(obviously depending on the bank; some might only take 2-3, but I've yet to see that).

This means not just 499 more pips spread than on a broker, but also a fixed midday rate of a price that can move 1-4 cents in a day.

So a normal bank is literally taking 5% off the top for a currency exchange.

People here are whining over 0.65%.

Welcome to bitcoin.

It's better to compare BTC <> USD trading to FOREX not exchanging a small ammount of cash at a bank.  1.3% is unheard of in FOREX and would basically kill margin trading.  FOREX operates on spread and only charges on one side of the transaction.  It's basically a micro charge riding on a rather large transaction.  Sure the volumes are different, but that is no excuse for the huge charge.  The cost to trade should decrease with competition and growth of the market.

This looks like a windows brain dump.

It is 0.65% from the seller ie. BTC value and then 0.65% from the buyer ie. $ value which would total 1.3%

Not hard right?