Not enough when BTC/USD is going up and too many when BTC/USD is going down.

"ING Direct" bank is an internet bank and is separate from ING Bank. In fact, Capital One has purchased ING Direct and may at some point rename it. ING Direct does offer ATMs "Access your cash for FREE through the Allpoint™ network, America's largest surcharge–free ATM network, at over 35,000 ATM locations." Go to ING Direct dot com to see the requirements for opening an account.

I am just a customer of BitFloor. I do not have any vested interest in BitFloor. If other exchanges had these 2 major characteristics:
1) a net rebate commission structure for adding liquidity to the order book
2) ways to transfer USD to/from my checking account at an American bank that are convenient, safe, cheap and relatively quick

then I'd use them and promote them as well, perhaps more than BitFloor if I thought they were better. If it appears that I'm a BitFloor fanboy (and currently I am), it's only because they are the only BTC/USD exchange that currently has both of these 2 major characteristics. None of the other top 8 BTC/USD exchanges, see the market page at bitcoincharts dot com for a list of BTC exchanges, offer a net rebate for adding liquidity to the order book. Depending on your style of trading and how often you trade a rebate commission structure may or may not make a big difference. For me, it does make a big difference. Intersango does offer a rebate for adding liquidity to the order book, but it just reduces the amount of commissions you pay. You still pay 0.35% of the value of the trade at Intersango for adding liquidity. At BitFloor you receive a net rebate of 0.10% of the value of the trade for adding liquidity.

BitFloor also has some other smaller advantages
3) BitFloor is one of the better designed websites for trading BTC
4) good customer service with quick responses
5) a phone number (what a concept!)
6) an open attitude for receiving suggestions and giving BTC/USD traders what they want

Mt Gox built a good mousetrap. In my not so humble opinion, BitFloor has built a better one. Will someone else build an even better one than BitFloor? Time will tell.

If you don't have an ING Direct Electric Orange checking account and want one, PM me and I'll send you a referral where you can get a $25 bonus if you open your account with $250 or more. (Disclaimer, I would also get a $10 bonus). I do have to have your first name, last name and email address in order to send you the referral. If you prefer not to give out that info, I understand. But open an ING Direct Electric Orange checking account, you won't regret it.

BitFloor only offers ACH transfers for withdrawals from BitFloor. For USD deposits to BitFloor they offer cash deposits, bank wire transfers and (my favorite) ING Direct Bank's P2P payment service. To send USD using the ING Direct P2P service you will need an account at ING Direct and the USD that you are sending will have to be coming from that account (unlike some other person to person payment services).

This thread is for people who have traded at BitFloor.com to post comments about their experience, likes, dislikes, wishlists, etc.

I've traded BTC/USD at BitFloor for awhile. The 2 things I like best about BitFloor are
1) their methods and ability to transfer USD quickly to/from my checking account at ING Direct bank
2) their commission structure (includes rebates and only totals 0.3%). You either pay 0.4% or get a 0.1% rebate.
For me, BitFloor does everything better than the biggest exchange except for trading size and hopefully that will change over time. I'm just a small BTC/USD trader but I'm taking my trades to BitFloor. Test out BitFloor yourself with a small amount of BTC or USD. If you are like me, you'll like it and come back for more.

I don't have any proof. I'm just thinking out loud trying to figure things out. For example, why would USD withdrawals from Mt Gox via Bank Wire take weeks, they shouldn't? Possible explanations: Mt Gox is having cash flow problems, create a 2-class customer system so the First Class customers can arb Mt Gox against other exchanges but everyone else can't withdraw USD in a timely fashion. The only way you'll know if another exchange works better for you is to try it. Competition between the various BTC/USD exchanges make things better for Bitcoin traders.

Believe it or not, perhaps there are 2 classes of customers at Mt Gox, let's call them "First Class" and "Steerage". If you are in First Class all your USD withdrawals from Mt Gox go through quickly. If you are in Steerage you have to wait weeks. But how do you know which class of customer you are? That's easy. Try a withdrawal and see how long it takes. Belive it . . . or not!

USD Withdrawals should be safe, fast and cheap. Bank Wire transfers are safe and fast, but not that cheap. The other issue is how long are withdrawals actually taking from Mt Gox? I know withdrawals via Dwolla are still slow, I just tried it. How are the withdrawal times from Mt Gox via Bank Wire? Things that should be fast aren't. That's the problem.

I'm happy to report that the USD were direct deposited from BitFloor to my checking account on July 16th, 2012. Withdrawal from BitFloor requested on Friday and received 3 calendar days later on Monday. That's fast! Watch out Mt Gox. There's a new player in the game and he plays hardball.

I sold my other 800 BTC on July 12 at BitFloor. Granted the market was not as thick as at Mt Gox. But it was thick enough to get my approx 900 BTC total sold. Now, I'll be the guinea pig at BitFloor. On July 13th I requested to withdraw between $6K and $7K from BitFloor to my checking account at an American bank via ACH. Let's see if BitFloor can do better than Mt Gox in terms of withdrawing USD.

I got tired of waiting. On July 11th I cancelled my withdrawal request from June 29th and had the USD credited back to my Mt Gox account. I bought BTC and transferred approx 900 BTC to BitFloor. I'll try my luck over there. I've sold about 100 so far. I've got the other 800 offered at various prices. If anyone is looking to buy BTC be sure to check out the offering prices and sizes at BitFloor. If Mt Gox improves their withdrawal times on Dwolla or offers another method I might reconsider, until then I'll let someone else be the guinea pig.

What criteria (objective or subjective) is good to use when evaluating a currency (crypto or fiat) and its associated payment systems. You could look at a cryptocurrency by itself, how it compares to other cryptocurrencies and how it compares to fiat currencies. I think we also have to be careful to look payment methods as separate issues, though they are affected by the currency they make payments with.

Criteria for currencies
1) Store of value - how well does a currency hold its value over time,
2) Unit of account - is the currency highly divisible with great precision, is the currency fungible
3) medium of exchange - is the currency widely accepted as payment for goods and services

BTC is a good store of value and a good unit of account. As a medium of exchange it has a long way to go but many improvement have been made in the last 12 months.

When looking at payment system for transferring BTC from one party to another
1) how many people use the payment system (e.g. the bitcoin client)
2) to total value of all the payments going through the system in a period of time (hour, day, month, year).
3) is the payment system being improved or developed

BTC the currency and the payment system have some good thing going for them. Leave your observations about BTC vs other currencies and payment systems.

I have a lot of experience with the USD so I'll comment on it. USD is a widely accepted medium of exchange and a good unit of account. As far as a store of value, the USD has been slowly losing its value over the past 100 years. I believe its lost about 95% of its value since 1913. Although this loss is gradual the cumulative effect is large over longer periods of time.

The are many USD payments systems: cash, check, ACH, bank wire, paypal, dwolla and credit cards to name a few. Many of these methods are subject to chargeback risks which you need to be aware of if you accept that payment system.

Share your thoughts here as if it were an open thinktank.

My account has had "Verfied Status (Level 1)" for over 6 months. I'm still waiting for USD to arrive in my Dwolla account which was requested from Mt Gox on June 29th.

What is the earliest block with a spend? Wouldn't Satoshi have wanted to have a real-world test of the spending mechanism?

Suggestion: Deposit cash at Chase bank branch for BitFloor.com account, buy BTC, send BTC to people who are owed money.

I'll be a guinea pig. I requested to withdraw between $6K and $7K from Mt Gox to my Dwolla account on June 29, 2012. Let's see how long it takes to arrive in my Dwolla account. As of July 2nd, the status in history of my Mt Gox account says "confirmed". Mt Gox says 8 business days to do the transfer. Let's see what happens.

Se você depositar 10.000 BRL, você paga uma taxa de 165 BRL. Eu sou o único que pensa que é demais? Pelo menos colocar uma tampa sobre a taxa de 40 BRL mais ou menos.

BitFloor recently passed BTCex to move from #6 to #5 on the 30-day BTC/USD volume list at bitcoincharts.com. BitFloor volume for the past 30 days is over 23,000 BTC. Congratulations BitFloor! Keep on Rockin'!

WWJD ?

http://www.snorgtees.com/who-wants-jelly-donuts