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I seriously can't believe people are still trading on MtGox.
I use mtgox because I don't trust any other entity with much of my funds. We've seen many exchanges come and go (bitcoin24,bitcoin7,tradehill,bitparking etc) but mtgox has been here all the time. Mtgox also has the highest price (and much volume/depth) and I am able to withdraw euro (or simply wait for price to equal any other exchange which happens occasionally). If I'm going to sell, it makes sense to sell for the highest price I can get. In conclusion I like gox, and I feel that my funds are safe with them. Goxxing doesn't bother me so much, yes it can be annoying, but trust is more important for me (but i don't trade a lot anyways). I think btc-e is great, low fees, many trading opportunities, but I don't trust them as much (or more precise I'm fearing that they will eventually be targeted by law enforcement). And correct me if I'm wrong, but Japanese and Polish account holders don't have delays when withdrawing from MtGox, no? Isn't it just the US and other parts of Europe? |
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We are in a full bear market now and wishful thinking won't change a thing. Expect the price to go down for a long while (except the bounces here and there).
Do you really think the whales who have put millions into BTC over the past few weeks are going to just stand by and let their investment dwindle? Especially since all they have to do is buy more to lift the prices back up again. Everyone is just waiting for that rock bottom price to buy more BTC. This is a healthy consolidation for BTC. |
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The fact that SecondMarket has slowed their purchases shouldn't get anyone worried. In fact, the fund has been massively successful; They anticipated $10 million invested but have attracted $70 million to the fund so far. This is 700% more than originally anticipated http://www.entrepreneur.com/article/230346I suspect they have slowed down for the same reason the entire market has slowed down; everyone is just taking a much needed breather. Consolidation periods are good. |
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Under $5000 is within 5 business days, it's when you get over that that is the issue. $5000 isn't worth arbitrage
Hmmm interesting. $5000 is being easier and easier to hit as time goes on. What kind of delays or problems do you know about for amounts greater than that? Does it have to do with fintrac? I am not going to go into it much more here, but frustrating thing is they are doing nothing about their customer service issues. I would neer ever run my business this way. I always thought they were good to deal with up until now. Refer to this post, which is basically the same issue I am having with them. If I say anymore I am going to go on a rant about how I can't stand companies who don't provide adequate levels of customer service. https://bitcointalk.org/index.php?topic=325980.0This is interesting as well https://bitcointalk.org/index.php?topic=244915.0And not to mention their fees are absolutely outrageous. I can't believe the fees they charge and only have 6 employees. |
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I know that bitcoini act used bitstamp
That is why I am hoping cavirtex sets up ATM'S to go along with their debit cards... liquidity would be so much greater
He'll maybe I'll look into starting a business like this myself
5k a machine could pay itself off in almost any place with a population 1/10th vancouver size.
Remember a few things though: 1. The first machine received a MASSIVE amount of media attention, the next ones won't, and the novelty will probably wear off quickly 2. The Vancouver machine was launched at the beginning of a MASSIVE rally, people won't be lining up during crashes or periods of sideways movements 3. You have to have infrastructure in place to deal with loading BTC and removing the cash. 4. ATM placement is very competitive, and are used for money laundering by criminal groups regularly Certainly less painful than the recent service issues with Cavirtex though (yes I brought that up again  ) Bottom line could be lucrative, but not without challenges |
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Under $5000 is within 5 business days, it's when you get over that that is the issue. $5000 isn't worth arbitrage
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It has been next to impossible to get funds into Cavirtex, but if you shave funds there yes there are some arb pops for sure.
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Nope, AFAICT Bitstamp. And, I believe they use the Robocoin ATM which has a cost closer to $20k
The machines are built to work specifically with certain exchanges and the Robocoin is Mt Gox and BitStamp
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As a shareholder I am thankful that cavirtex has been following the rules so completely
It makes me hopeful that they will be around for the long haul
Perhaps cavirtex could invest in a few ATM'S so that Canadians could find a faster easier way to buy bitcoins.
they seem very lucrative
Absolutely, and as an investor it is certainly reassuring that they are taking regulations seriously. However, their lack of customer service is frustrating, and frankly provides a major opportunity for other exchanges to enter the market. That and and their inability to scale at times of market spikes like this is something I'd be concerned with if I was a shareholder. And didn't they cancel their dividends? Surprising for a company that can't seem to keep up with demand Re ATM's I'd be surprised if they paid for themselves fast enough; they require quite the capital outlay upfront. Dont know if i remember the news correctly I think the ATM's cost 20 thousand each, but the bitcoiniacs one in vancouver did 100 thousand in one week with a 3% fee .... doesnt sound slow to me, when you count that it add a cash deposit service that cavirtex has problems fulfilling quickly. the dividend cancel however was supposedly to pay for bond of some sort to banks so that cavirtex could continue doing business with them. makes sense, and is probably the reason that they offerred IPO shares in the first place. I dont see them cancelling dividend payments anymore, their profit over the past months must have been tremendous.... probably doubled their yearly revenue =) I stand corrected, in fact only $5000 for the machines by Lamassu https://lamassu.is/ Based on that they pay for themselves in a week and a half! So I've just ordered a dozen . But in Canada there is no regulation on these machines, the palm print and $3000 daily limit is just to be safe. Btw the machine in Vancouver uses Bitstamp exchange not Cavirtex. |
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Bootlace, don`t even bother. The people here hate `reality` and they all live in lala land where bitcoin is going to `da moon`, and they`re rock solid in their belief that consumers are going to want to enroll in a currency that offers no protections against fraud, and requires costly conversions from fiat. They also believe that bitcoin is a superior store of value over gold, for reasons unexplained. I`m sure all kinds of investors are just foaming at the mouth at the idea of bitcoin, given that you need to first store it on a computer. And second, you need to make regular backups, and it`s best to store it on a Linux OS (which I`m sure your average gold investor is well versed on). Then, there`s always the worry that if your HD does crash, you might not be able to successfully backup your bitcoins.
Given all this, why a gold investor would choose to invest in bitcoin, nobody has been able to explain.
But hey, bitcoin is `new` it`s digital, and it`s `sexy`. This is basically the gist of their arguments.
Kireinaha, you make some decent points. However, let's take the speculation rise in price we have currently and set it aside for a moment. Now, once we do that, your arguments against bitcoin are similar to many others. And the arguments resemble screaming at a 2 year old because they can't wash the dishes, they can't drive the car, they can't play basketball very well, etc. etc. You wouldn't (I would hope) expect too much from a small child. Yet, you expect so much from Bitcoin. Bitcoin will not solve the problems you mention. But the bitcoin eco-system - the one that is just starting - the one that has companies like Circle.com in it - those companies will be the ones that solve these problems using bitcoin. Bitcoin has spent most of its time and energy so far creating the one thing that was needed before all else - security within its system. Bitcoin cannot be breached. Now Bitcoin and can go in what ever direction it needs, supported by a growing eco-system of companies. (much like the early internet). So, let's cut bitcoin a break here, shall we. Quit screaming at the baby for christ sakes. Bingo. Well said |
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at what price did you get out? and yes, stop "reigning" on our parade, you're quite bad at it because all of your "facts" are bullshit. there is about 100 million usd volume daily across exchanges. take out calculator and subtract your ferraris if you will now.
No, he should calculate the number of Hyundai's. Bears like this don't even dream of ferraris |
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What people like you don't seem to understand is just how disruptive Bitcoin truly is. Bitcoin completely replaces the banking and payment processing industry, and rewrites the book on how trillions of dollars are transferred around the world. Every.single.day. Banks rely on systems that were developed decades ago; at the very least they will learn from bitcoin and utilize its ingenious ideas to improve on their existing infrastructure. At the most it wil replace them altogether, and could very well do so.
The fact that major corporations haven't adopted bitcoin is partly due to lack of understanding, but also due to regulatory cloudiness and quite frankly greed; amazon wants their own bitcoin that they can control and profit from, as do facebook and google. And keep in mind that Bitcoin is still in its infancy, most corporations didn't start a website the first day or even first decade the Internet was created. And if I may add, Bitcoin has the potential to disrupt the world just as much as the Internet did. Seriously.
Your comments about BTCchina show just how uninformed you are; have you researched anything about the background of the largest exchange in the world, it's founder, his family, or its history?
The price of bitcoin is currently being driven purely by speculation, absolutely. However, there really is no limit to what the value of one bitcoin could be, if you understood the potential it has to disrupt the banking and financial industry. But its clear that you do not so i will finish this reply with that. I suspect that you either missed the boat, sold too early, or are just trolling without anything better to do, but more than likely your post is a result of a combination of all of the above.
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As a shareholder I am thankful that cavirtex has been following the rules so completely
It makes me hopeful that they will be around for the long haul
Perhaps cavirtex could invest in a few ATM'S so that Canadians could find a faster easier way to buy bitcoins.
they seem very lucrative
Absolutely, and as an investor it is certainly reassuring that they are taking regulations seriously. However, their lack of customer service is frustrating, and frankly provides a major opportunity for other exchanges to enter the market. That and and their inability to scale at times of market spikes like this is something I'd be concerned with if I was a shareholder. And didn't they cancel their dividends? Surprising for a company that can't seem to keep up with demand Re ATM's I'd be surprised if they paid for themselves fast enough; they require quite the capital outlay upfront. |
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Out of interest, anyone watching this thread get verified lately? I realize there is every reason for them to be a little backlogged right now, but upwards of three weeks delay to look at two pieces of identification and place a phone call is... well it's plain slow.
Edit: Sorry, looking at that again it's a little more negative than I meant to come across. I just figure that even a single new employee, with no specialized skillset or anything (read: inexpensive), could speed the process up significantly.
Curious about this as well, I've been a regular user and level 2 verified account holder with Cavirtex for close to a year, made a deposit 2 weeks ago (significant one, I may add) and w told i had to re-verify. Basically had to resubmit the same documents that I had already provided a year ago. So I did, but still waiting, meanwhile price has doubled since I sent the funds and have had absolutely no response from my emails, support ticket, or voicemail. Cavirtex has been a good platform up until now, but their lack of customer service lately has been very discouraging. Anyone else getting their verifications completed? And deposits cleared? |
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How long are withdrawals taking on average for Japanese BTC traders?
Mt Gox Site states:
"All JPY withdrawals placed before 4pm Tokyo time on banking days are now processed the following banking day, and will be sent from our JapanNet Bank account"
But how long are these transfers taking?
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The $1000 number had no psychological impact on them (not trying to speak for all BTC China investors but that's my take anyway), which is a hugely bullish sign.
No, it is a sign that they use yuan instead of usd As for MtGox was the breaking of 5000 yuan mark. Wait until China closes in on 10k CNY per BTC Exactly. the point i was trying to make is the OP is predicting the next move is that we will hit $1000 and bounce down to $500, consolidating at $800. this has already happened and I don't think it will happen again, especially since the 1000 number means nothing to China, the drivers of this rally. We hopefully weeded out those who wanted to dump and run at 1000, and now break through 1000. I'm curious, does anyone have any insight into the sentiment in China, as far as the next psychological barrier? Is it 10000 yuan? 8000? You can tell from the forum here that 1000 is a major number to hit, as was 100 in the spring. What is that number in China? That's true. Originally I didn't include the previous $1000 hit because it was fluctuating so much on that day (the 18th, right after the Senate hearing I believe) that things were going crazy, exchanges were crashing, price was 500 and then 1 second later it was 900 then 1 second later it was 600 and people were just panicking in response to the hearing. However this time around, the trend up to 1000 has been more reasonable so I thought the reaction to it may be different. I hear ya. You never know with bitcoin...never a dull moment |
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The $1000 number had no psychological impact on them (not trying to speak for all BTC China investors but that's my take anyway), which is a hugely bullish sign.
No, it is a sign that they use yuan instead of usd As for MtGox was the breaking of 5000 yuan mark. Wait until China closes in on 10k CNY per BTC Exactly. the point i was trying to make is the OP is predicting the next move is that we will hit $1000 and bounce down to $500, consolidating at $800. this has already happened and I don't think it will happen again, especially since the 1000 number means nothing to China, the drivers of this rally. We hopefully weeded out those who wanted to dump and run at 1000, and now break through 1000. I'm curious, does anyone have any insight into the sentiment in China, as far as the next psychological barrier? Is it 10000 yuan? 8000? You can tell from the forum here that 1000 is a major number to hit, as was 100 in the spring. What is that number in China? |
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Personally I'm going with #2. As soon as it hits 1k it will crash to 500-600. Then people will buy back in, and within a couple of days the price will have stabilized in the high 800's and regular growth will resume...
This already happened. Where were you last week?  Everyone who wanted to sell at $1000 though they'd be smart and sell at $900 before the price crashed. So as soon as $900 hit, a whole whack of sell orders got taken out and the price went down to $500 area. You also would have noticed that China prices remained stable as these sell orders began executing. What that tells us is that China, the main driver of this recent growth, is in this for the long haul. The $1000 number had no psychological impact on them (not trying to speak for all BTC China investors but that's my take anyway), which is a hugely bullish sign. Prices only started going down in China AFTER the prices already dropped to <$700 levels on the Western exchanges / MtGox IMHO there will be lots more volatility between now and $1000, but we will break though that soon enough. This reminds me a lot of the volatility we had when we broke through $100 this past spring, and we went all the way up to $266 after that. This time we don't have to worry as much about Gox Lag and Ddos attacks, and we now have some friends in China who have joined in on the fun |
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