Bitcoin Forum

OMFG mtgox is 100 more than btc-e. why aren't you guys buying on btc-e and selling on mtgox?

I would be, but I have been waiting for 3 months for mtgox to approve my account......
btc-e approved it in 1 day....

If anyone that has trust enough wants to sell for me at mtgox I'm game. i need a mtgox account!!! we will need to discuss the details

Pardon me...but your noob is showing  :o

Yep I'm sure it is, but why not explain what you mean.

You couldn't buy the BTC at btc-e and sell it for $100 more at mtgox?

It's difficult and risky to do arbitrage with MtGox, due to withdrawal delays, see the last page of this thread:
https://bitcointalk.org/index.php?topic=179586.2960

How do you plan on getting money off of Gox?

You will never get any money from gox...its always at least 100 more than other exchanges. You cant even get an account approved...

shhhh... Keep it a secret and get rich!

You can't withdraw (easily) or get an account from mtGox :D

Your right about the account approvals. How are they staying an active website with no approvals. I have been waiting for three months for my account approval. Does anyone know why they are taking so long?

So you can't even withdraw USD? So they just keep all money, BTC..etc forever? Are they off shore?

Why do you think they are 100$ more?

You unfortunately don't know what you are doing ..... the reason for the price difference is you can't actually withdraw USD from Gox, hence the price is not in any meaningful way "real"

OMG, you might care to read some of the twice daily threads about Gox prices being so fantastic before thinking about getting rich that way :)

look, its that thread again.

yes there is a price differential (better to be measured in%tage terms than absolute dollars).
as stated above, it occurs because of the difficulty to move fiat around, especially with Gox involved.

You need to wait for weeks for ID verification, but that is just the beginning. :P

Just as the above persons mentioned, there is a terrible delay for USD withdrawal from mtgox.
People have been waiting for months to get the USD.




lol.

Why would someone arbitrage from MtGox since the withdrawals can take months?

Think about it?  Why wouldn't we ALL do this if it were possible?  You think you found a "secret" none of us knew? ;)

The only thing you can do on Mt Gox is buy bitcoin and transfer bitcoin to another wallet address.  US withdrawals, people saying months, I'm saying never, basically.  SEPA/Euro withdrawals are now months. 

So why price higher?  Because no point in selling Bitcoin on Gox since you can't do anything with the $ once its sold.

wow, thanks for the info guys. I'm new to BTC so yep it had me stumped. I never saw the threads talking about it.

I just figured why in HELL would people buy BTC there since it's 100$ more and second question why would people use it if you can't withdraw.
Then yet another question..... why haven't people sued yet?

Why doesn't MT.GOX just die?

It's dying.
This is the reason why anybody wants to pay $100 more for BTC there: there are no other ways to withdraw funds.

smart scam for mtgox! make everyone buy btc and waste money to get your money

Copper is only 0.22 USD per troy ounce!  Why aren't you guys buying it, turning it into gold, and selling it?

I can buy copper and sell gold.  Can an alchemist PM me so we can go into business together?

I been turning my shit to gold. simple process really. Then selling the gold for USD....I make a few pounds of shit...excuse me gold a week. PM me for the secrets.

Sorry, you've lost me.  If you can turn your shit into gold, why are you so interested in the potential arbitrage opportunity presented by MtGox?

The spread between Gox and Bitstamp is up to $170, and the spreads on Gox are through the roof at $10 difference between bid and ask, while Bitstamp's are at $.1 or less.

I was making a really stupid comment like yours...obviously neither of us can do what we suggest. I thought you knew that. sorry forgot to  ;)

You guys inspired me to drawing:
http://divananalit.org/graphs/mtgox-btce-difference.png
If you look at relative difference instead of absolute you realize it's not so bad.
(sorry for that terrible saw instead of lines, I use bad data)

I know.

When you edit things by taking away or adding you can make them say anything...amazing huh

It is dying. Just they aren't putting it on their home page. One day we will wake up and there will be nothing there. Just a lot of angry ex-customers owed money (or BTC)

I have been waiting for that day for a long time.
I am so confused why it is still in business lol. :P

Just because they were the first. Links from articles to them are still all over the Net. Articles don't disappear unfortunately. Noobs still gravitate towards Gox, knowing nothing of the horrors that await them (ghoulish laugh).

If bitcointalk is the very first result when people search the word "bitcoin" on google, mtgox would probably die then :P

Its also the fault of most news media outlets.  When CNBC shows the current quote and chart for BTC, they use a graph showing the Gox exchange.  So people see that, and are like, well, if its on TV, it must be the place to buy a Bitcoin!

They also like it because it shows the highest price.  Why do you think they love to report the price of the DOW vs. the S&P 500 Index?  Technically the S&P is a better indicator of how the "market" did today.  But its not as sensational to say, wow the S&P dropped 50 points today vs. the DOW dropped 200 points today!  Which is worse?  S&P dropping 50 points is WAY worse!

Of course . think of bitcoin, think of gox. That will change the day they go bust and steal everyone's money.