Like to add that there is really not enough depth to do large transaction on litecoin.
Your transaction will move the market and distort calculation you have done here.
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It's easy if you have a bank account. Wire to bit stamp took 24 hours for me. I'm from Malaysia. MtGox less than 3 days. Best part is I'm a student in USA so I get the best of both worlds Were you able to wire out money from Mtgox to Malaysia?
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People buying and selling bitcoin is pretty much considered money laundry by the government. And people usually don't report these activities when filing tax. Tax fraud is a pretty big offense in the US.
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The support on MTgox is pretty hopeless. Not saying they are incompetent. But I do not think they have any authority to do anything other than make you feel a little better.
I have been contacting support for over 2 weeks everyday before I finally bite the bullet and pay whatever the cost to move my money out.
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Any reason why not buying it directly from exchange ?
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Cost me around 700 dollars to move 20k.
Buy bitcoin on Mtgox, sell at coinbase when the spread is low. Not saying it is cheap, but you can make back the money in 3-4 arbitrage between bitstamp and coinbase rather than letting your money still sitting on Mtgox.
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So, your customer money is in your paypal account now and you are not able to refund him the money?
Is it because you are using stealth account and not able to prove your identity to paypal?
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You can not start fresh account lol. It is a life ban.
If you find a way to start another account, let me know so I can start selling on ebay again.
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Want to enlighten us on coinbase bs?
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Is it even legal for them to confiscate money? Maybe you should sue paypal rather than bitmit.
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For your reference, I am in Taiwan and I've done two experiments on 7/8. The first is to make withdrawals from MT to two of my local accounts. The other is to bank wire some money to BTC-e (Czech). BTC-e notified me the arrival of the money at 7/10 night. But I haven't seen any deposit into my two local USD account from MT. There seems something wrong, and if there's no deposit after two weeks. I'll wrap up and leave, no longer use MT.
The poster asked for USD wire withdraw, not bitcoin withdraw.
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I signed up for the free share in case they succeed.
They can only take bitcoin and use it as collateral to trade, which kind of defeat the purpose of hedging bitcoin.
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Was wondering how do you guys trade with such wide bid-ask gap? Playing the role of market maker?
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Are you sure paypal is not just freezing the money for six months?
As for banning, yes it sux to get banned for life. Even people in your household won't be that easy to open another paypal account. With paypal gone so is your ebay account.
Use google checkout or dwolla for future/other transaction.
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Sayulita, consider very carefully how you structure the confirmations / time allowances.
Time delays should be minimized because any delay is market risk for one party.
It is true though that since once the deposit is made, the transaction is so to speak "binding", it's at least not a free option to any party (being short these options is my constant worry with anything like this).
Nice thought actually. Any buyer can abuse the system doing the following: 1) Order bitcoin. 2) Wait for confirmation on price. 3) Wait an hour or two. If price goes up more than fee, honor the deal. If not, discard the deal without consequence.
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Try Bitfinex.
Only take 2 days to wire money in and 1-2 days for the KYC process.
Their exchange have interface with bitstamp, so you can buy at favorable price.
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Did they give you any reason?
They told me if I can get a bank which doesn't use Citibank as an intermediate bank, I will be able to withdraw.
FYI, I bought bitcoin and the cash out at coinbase when the spread is small.
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The issue has always been:
1) Trust You are asking seller to trust you with their bitcoin for the deposit requirement. Any seller willing to trust you can offer to sell on their own on this forum for sending bitcoin first.
2) Risk The 4% mark up doesn't mean the seller is taking 4% profit. There are fee involved in moving money around and commission to the exchange. There are also risk on exchange blowing up and money getting stucked on exchange. There are also risk of money confiscation as it already starting to happen in some European countries.
The deposit requirement required seller to take additional risk of the value of bitcoin. When you add all the risks i mentioned, does the small profit really justify all the risks. No doubt you will find some newbies for the whole scheme, but it isn't going to take them long to realize what they have given up; or event which will make them take losses and then withdraw themselves from the scheme.
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Price discovery on interest serves important function in the market. All lending has risk and this is reflected on the lending rate.
Lending has risk, just because it is covered by the exchange doesn't mean it won't blow up and everyone end up losing most if not all of their money. By providing the facility for insuring lenders, this reduce the risk for both lenders and insurance agent (risk is splitted according to the lending rate and insurance rate). When things go bad, trader will have to eat all loss first, then any remaining fund will go to lender, if it isn't enough, it will then be covered by insurance agent. Trader has the highest risk in this process and then the lender, then the insurance agent (Warren Buffet got extremely wealthy by providing this service).
All parties will of course have their own money and asset as collateral. Trader will have to follow certain leverage rules/ratio and be forced to liquidate to protect lender. In the event things went badly, lender will be covered by insurance agent. This of course will mean the lender will need to pay for the agent service in the unlikely event that systemic crash happen. And not expecting the exchange to bail them out if they don't have insurance.
This service add value to the exchange by strengthening the system. It removes the need for the exchange to set aside any money and remove them the responsibility of monitoring the market condition.
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Your business model doesn't sound.
It will only take 1-2 transactions for all your suppliers to realize there is nothing in it for them.
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