MtGox are really slow and on top of that I believed they had a national holiday last week, so I'm sure things piled up even more.  At MtGox, they have domestic Japanese employees there, so each transaction will be treated a bit slower but with special care!

Also, I believe MtGox use Mizuho Financial Bank there.  The Mizuho recently was in a deep Kaka for financing Japanese Mafia for a few USD mills.  They must be paying extreme caution to process every bit of financial paper.

As far as reading financial updates from Tokyo, they are in trouble in America but not in Japan.  They seem to be in sync with their government so, at least we don't have to worry about them just pop/close the door on us without a notice.

If you are mining for fun, USB but if you want to make coins, hum...  neither but we gotta start from somewhere!

AGREE!!!!  but warning could be nice, so when they lose $$$, they can't blame anyone but self

AU, you are funny!!!  

Tomatocage, I agree for most of the part, it's BTC Holder's Market if you can afford to hold onto the coins instead of cashing it out for needs.

posormo, I could have picked a better wording... but when I posted this BTC was going from $390 into $290.


BTC & Money Pack and Reloadit are all UNREVERSABLE Transactions.  At least BTC, we can see where the coins went on the blockchain.

For MP, Reloadit or any other cards, we do offer pictures of the actual cards and activation receipts via e-mail, as long as the buyer provide us the e-mail contact info. When the buyer wants to remain anonymous, there is not much we can do for them other than providing the text version of the codes.


I wouldn't say our rate is an angel...

Our rate is not the BUY Rate as we cater to someone who wants to cash out the coins to buy something small.

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$130 Money Pack request became 4-digit USD cash-out requests and then from Money Pack, requests changed to Reloadit cards that has $500 Limit per card = More physical card purchases on us.  $5 per card + need to get to the store, wait in the line and wait for the cashier repeat the card reloads again and again. (Not to mention the risk of carrying that much cash in person) <== if the buyer is willing to pay for the effort, sure, but when the buyer wants all of this for free on top of it, wanted us to honor the BUY Rate when the OP was clearly wanted to cash out his coins.

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Localbitcoins.com Buy Price can be $346 while sell price is $269 in Cash or immidiate FIAT Same-day Deposit.  Even at the localbitcoins, many dealers have Newbee price (High), Small amount price (high), Face-Face (high), FIAT DEPOSIT (Low), Previous Customer Rate (low).  Also, setting up a meet can be easy or can be an A$$ as one side could flake out.  Oh, and cellphone# exchange = kind of sharing your facebook and private info exchange.  (Dealer could be your boss or co-worker or neighbors)

Sell Price is to cater who want Cash and Buy Price is to cater who wants coin.


If I have $3460 USD in MtGox Account and I want to cash out in this senario, I have to go buy 10 coins at Buy Price of $346.  

Then, transfer it to FIAT Friendly Market such as BitStamp.  Pay the transaction fees for this.  Then wait for the coin to be transfered from MtGox to BitStamp.

After that, Wait Bitstamp to approve your bitcoin deposit.  You have to wait till they approve you to Sell Bitcoin to exchange into USD.

Here, I have to use the Sell Price of $280 as MtGox is the highest price while other markets where you can cash out to FIAT are trading a lot lower.  Now I will have $2800 instead of $3460.  

Now I can withdraw my USD balance to my bank.  There, there is 0.5% ($14) fee + $50 FIAT Fee + Bank's incoming wire fee ($15-$45 depends on the bank) that will net me $2,721 USD in about 5-7 days later. (Total 6-30 days later depends on how long the MtGox Delay could be)

The math would get worse for someone who has for example 0.5 coins in the account.  $173 @ Gox, $137 @ BitStamp, after FIAT Withdraw to the bank, you get $60-$75 USD in hand...  (Many days later)

Trade Gap between Buy/Sell are high in Bitcoin and it's just the nature of the beast.  (Like Apple Stock in the market)  

At least with the stock market, if you are a day trader, your money is immediately available for you at the end of the day.  With the Bitcoin, depends on where you live and what market you trade your coins, it can take a few days to 30 days before you can see your cash while the MARKET CAN BE VOLATILE.  

Am I wrong in math?  February of 2014, the GH/S price has to be less than $1 per GH/S to break even on mining  (Even Bitcoin went up to $400)?

I'm sure the ASIS Manufactures will be making smaller and more efficient miners in to next year, but I wander where it will lead to.

Hobbyist may no longer be able to afford $6000 units with $150/month electricity just for fun.  Un-Witty investors may continue to buy high price miners and keep digging. (For them, they can actually use it for the tax write off even they are losing money and benefit the business.)

Where the average home and office space miners would be in early 2014?  60GH/S or even 420GH/S can't compete against the 2TH/S and larger machines and those larger equipment may require special power socket to operate in the house or the regular office wall wiring. 

OR the bitcoin can increase the value to $700-$1000 range to stay lucrative for everyone?

Lencon,

We don't deal with lowballers trying to take advantage of newbees by interfering with the trade with others, degrading messages when we don't accept your low offer.

You never offered split escrow fee. You wanted us to go 1st because you were trusted members with lengthy feedbacks and trade histories, but your account here was as new as we are.  You just said "contact escrow now"  (May be you accidentally logged into your secondary login that you didn't have any histories???)

A few days ago, we provided you what our offer was and you wanted to continue and you came up with an escrow who had no history/status on the forum. We declined your offer.  You contacted us again with our new WTS offer knowing our trade term.  Please act like an adult even you didn't get what you wanted.

Our rate is better than the local trade sell price in cash/bank deposit, MO in the mail, but we are not going with Gox's current or highest or highest + 5% and we eat the MP fee.

We will not kneel down on lowballers.   (We do take suggestions and consider them if they were reasonable!)  Trade requests from Hero members and others with reputable history, we will have more room to hammer out the deals but not someone as new as we are here...

Just like saying in America when I was there, NO SHIRT NO SERVICE.  NO 100% ESCROW FEES, NO SERVICE.  

This WTS is to cater someone who wants to trade BTC to cash out but don't want to pay out $50 USD wire fee and lower sell price at the market as well as the delay at the market trade.


P.S.

TO: Tomatocage

We have no problem with the escrow and we will use them when the customer requests one, however, the escrow needs to be reputable as you and the trade has to be fair.  There is no reason for the newbee account holders to go way below the market on top of it, eat the escrow fees and Money Pack Fees and then hold the trade for a day just because escrow was not available to lencon at that time while others wanted to trade.

BTC is an unregulated world, I understand that, however, some fairness goes a long way!

We are VERY FIRM on Buyer Goes 1st or Trusted Escrow from this forum.  No few hours wait, no half day wait, or hold the MP for 3 days.  

Also, Buyer Pays 100% Escrow Fee.  (Buyer who wants to use Escrow, please find reputable escrow from this forum and contact us!)

If you don't need the feedback, please let us know.

People are paying crazy price still while BTC is dropping like crazy right now.

Today alone, 24% drop in value, but people who had no idea about the difficulties calculations are thinking 60GH/S will make them steady monthly income month after month @ $1,000 when this unit is more than likely stop mining BTC in 10-14 days when the difficulties hit the next level with Tsunami of 2TH/S machines hit the network on November 15...

That will give some bad names to BTC and hope it won't hurt the value too much 

0.47 BTC will get you $130 Money Pack NOW

Gox just hit $305 and now it's @ $309 and still moving...

Bitcoin is coming down hard

At least 1 guy may got an okay deal on KnCMiner Jupiter!

if your wallet was compromised, make a new wallet and transfer your BTC right away, then put it on the paper

anything will have some kind of results, but may be 0.0001 like very small BTC compare to what you'd spend on electricity.  If the power is free to you at work, then simple gain for you while you sleep or drink beers!

seriously, if you want to mine as hobby, maybe but if you are chasing the profit, GPU is not going to return anything, unless you are using the Office Computers or servers at work 

Chinese have lots of Gray Money in Billions.  They do have the grate needs.  They can't leave China with the Gray Money, they need to convert it to something then collect it elsewhere after they are in Chinatown in Vancouver, Canada, or Chinatown in San Fransisco, USA or somewhere in EU.''

IMHO...

Let the Bitcoin trading companies being regulated and comply with wherever they do business and pay taxes on all.

Problem is US Gov wants all the bank to give up american's money matters even who lives outside USA.  That would scare off many non-american banks.  Already many americans lost their bank accounts this year due to the new law passed in the USA.

don't know good or bad, but just open the company in the USA, meet all the requirements and pay taxes, then all would be good with the Gov at least rather than keep fighting.

many who don't want the Gov how much BTC they have will continue to trade elsewhere and outside the USA, so they will continue to evade, but as long as the Gov can tax the majority of average users, they will back off!

At least in the USA, thank you to BitPay, it seems that Bitcoin is at the front door of the mainstream talking to the household people.

Question would be that household people at the doorstep would let the Bitpay into the living room to discuss further business or have a cup of tea/coffee

If they can pass the front door, Bitcoin will be in the main stream!!!  YAY!!!

Right now, many people in the US who got wind of Bitcoin invested lots of $$$ into the pre-order mining machines and others are spending crazy amount of money on Ebay not realizing they are buying expensive space heaters.  (in the next few weeks, when the news hits the newsoutlet regarding how large the financial loss related to the mining machines, it could hurt/scare the people at the front door...

People may slam the door on Bitcoin all of a sudden, or they may politely take the info, end the conversation, then close the door on Bitcoin

that could be an extra hurdle for the Bitcoin's success

Good idea!

But We have to change 1 thing...

ASIS Miner companies and pissed off customers who lost their life saving will fuel the Government Effort to Shut/Ban the Bitcoin in the US or at least they will give pretty bad names.

Paypal are pushing out REFUND to BFL Transactions now like no tomorrow

Some Banks in the USA are start to honor Reversal on the Wire Transfer of Funds to the ASIS Miner Companies after the denial of the refund request due to the major delay.  

Now most miners (pre-order) in the market are fancy paper weight or an expensive space heater or great hobby toys

This gotta change.  Politicians will be forced to take some actions when people in USA are losing millions of $$$ of life saving when they tought it was a great idea to invest in the miners in late 2012 and early 2013, but now that didn't pan out.

When the politicians are flooded with phone calls, e-mail, letters and personal visits complaining about the BFL, miner sales on Ebay, other miner companies with pre-orders.  They will get tired of hearing about it and they will do something adversary to Bitcoin

If you want to mine for fun/hobby, go get ASIS Miners.  CPU mining, forget it.  GPU, it's almost a history but you can still mine a particle of BTC...

May be go buy BTC and hold it or day trade at the market if you are looking for the profit