Who in their right mind in transferring fiat to Gox now?
Unfortunately, many novice bitcoin owners will choose to sell their BTC at MtGOX because (a) it seems to offer the best price, by far; and (b) it is still cited in the news, blogs, and chart sites as one of the main exchanges. read more carefully. Many would-be arbitragers have sent bitcoin to gox, but nobody would send or is sending USD or fiat to Gox. All it takes is ONE arbitrager to drain the entire fiat account totals left on Gox by selling bitcoin there, transferring the fiat to another exchange, buying bitcoin on the other exchange at lower prices, transferring the bitcoin back to Gox to sell at higher prices, rinse and repeat. Everyone including me is buying bitcoin at whatever price we can get to transfer to another exchange and sell there to cut our losses. What? You're saying someone would market order dump BTC at that outrageous price and get stuck with Mtgox fiat. If that was going to happen, it would have happened long ago. That doesn't make any sense. You can't transfer Mtgox fiat to another exchange easily. Mtgox has no problem getting fiat. It has BTC which they can sell. Geez, c'mon. Pay attention. I can't get fiat out of Gox. You can't get fiat out of Gox, but if ONE PERSON can get fiat out of Gox, they can get ALL the fiat out of Gox. There are people who can get fiat out of Gox - Japanese. But it's not consistent enough to do any major arbitrage unless yesterday was what was happening. |
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Who in their right mind in transferring fiat to Gox now?
Unfortunately, many novice bitcoin owners will choose to sell their BTC at MtGOX because (a) it seems to offer the best price, by far; and (b) it is still cited in the news, blogs, and chart sites as one of the main exchanges. read more carefully. Many would-be arbitragers have sent bitcoin to gox, but nobody would send or is sending USD or fiat to Gox. All it takes is ONE arbitrager to drain the entire fiat account totals left on Gox by selling bitcoin there, transferring the fiat to another exchange, buying bitcoin on the other exchange at lower prices, transferring the bitcoin back to Gox to sell at higher prices, rinse and repeat. Everyone including me is buying bitcoin at whatever price we can get to transfer to another exchange and sell there to cut our losses. What? You're saying someone would market order dump BTC at that outrageous price and get stuck with Mtgox fiat. If that was going to happen, it would have happened long ago. That doesn't make any sense. You can't transfer Mtgox fiat to another exchange easily. Mtgox has no problem getting fiat. It has BTC which they can sell. |
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Some of these guys, I believe truly exist in the currency for the right reasons, but the twinkle twins only believe in a panned out pump and dump. Who would expect anything else from them.
They claimed they haven't dumped a single BTC yet and sure they've had many opportunities at multiple peaks. |
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The response is corpus dilecti, which is the principle that there are two elements to every crime 1) the harm done by an actor and 2) the knowledge or willful ignorance that harm could be done by said action. This is why insanity is a defense. or in Mark's case, stupidity. Mtgox AML Policy - Money and BTC come in but never go out.  Who in their right mind in transferring fiat to Gox now?
Unfortunately, many novice bitcoin owners will choose to sell their BTC at MtGOX because (a) it seems to offer the best price, by far; and (b) it is still cited in the news, blogs, and chart sites as one of the main exchanges. billy is referring to depositing fiat in Mtgox which is much worse than selling your BTC on Mtgox. |
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Bank run = Buying BTC on Mtgox. As of yesterday, Mtgox had a 200 gap on other exchanges. Then it's dropped to 160 now. Why the sudden confidence in Mtgox if nothing's changed?
I'd get tired of paying $200 over market for btc pretty quickly. I imagine whoever was taking the blockchain offramp either finished or got weary of having their pocket picked. I am going to live in a world where it's like a countdown as gox and stamp come to a new origin point in which we set off for mercury from the moon. That's why I left Mtgox. But in order to leave you have to increase the gap yourself or find a well-timed exit. Basically anyone who sold from 960 to 912 yesterday after the other 2 exchanges stopped dropping want to stay. But seeing as they orchestrated the dump, I can see why that is. |
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Bank run = Buying BTC on Mtgox. As of yesterday, Mtgox had a 200 gap on other exchanges. Then it's dropped to 160 now. Why the sudden confidence in Mtgox if nothing's changed? Ask sum doesn't show BTC just sitting in an account with no orders right?  |
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Good luck. But if expect BTC to rise 20% in that time, you are better off using a different exchange.
Why should I? I've bought on BitStamp at 810 USD, sold on MtGox for 960. Then I'm some 30 USD in plus. I have to subtract two trading fees (cost of learning...), SEPA fee, which will be around 2 USD, then my bank will automatically convert EUR to PLN at some not very interesting rate... Still should be worth it. How is bitcoin priced in 6 weeks is completely irrelevant, it may be even 10 USD... Well, if it will be 1500 USD, holding would be better  . The worst what can happen is MtGox total collapse and my money lost. Of course doing arbitrage with 0.2 BTC is pathetitc, but I want a proof of concept for myself. My thinking is a huge whale has already tried unsuccessfully. I'd say in the beginning of January was a good time. But we're almost at the end of Jan 31 and other then China and FBI's BTC is the only predicted bad news on the horizon. So there's a higher chance now that BTC will go up 20+% in those 6 weeks in which you may not get your withdrawal. |
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Got me good! Thank goodness I figured this out before selling my BTC!  |
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Charles Lee is a software developer who used to work at Google. Now, he works at Coinbase. He invented Litecoin. He is of Korean descent, not Chinese. Bobby Lee has a brother named Charlie Lee. Charles Lee, of Coinbase and Litecoin, is NOT Charlie Lee, brother to Bobby Lee of China exchange.
They probably look the same to ignorant white people; however, us more civilized folks can tell the difference.
Google yields about the same results for Charlie or Charles Lee inventing Litecoin. The problem is because the Charlie is a nickname for Charles. I'm still confused. Probably need pics and bullet point of the difference.  |
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I think one of the most profitable plays, if you can time it right is going to be when gox finally gets its shit sorted and reinstates withdrawals.
If you knew when that was going to happen you got a quick and easy 20%.
Gamble on!
Or be there when they flip the switch on LTC trading and take advantage of that high BTC price. Would you be able to? The BTC/LTC ratio would be around BTC-E. The USD/LTC ratio would be higher but then you'd still be stuck with Mtgox $$$. And have the same problem as before. |
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MtGox finally accepted my bank account. Pushed some PLN to my bank. We'll see. It is rather low amount (less than 0.2 BTC). Will keep you informed.
Is this a general pattern - a few small withdrawals go though, but not big ones? That's yet another indication that Mt. Gox is out of money. Status update. It turned out that I cannot do a PLN withdrawal. The request has been rejected, with information that I have to withdraw in EUR. Then I had to buy bitcoins with PLN, sell them for EUR (FAQ says there is no other way to convert), of course paying the trade fee two times . Anyway I've put another withdrawal request, in EUR this time. It is worth noting however, that PLN withdrawal cancellation has been very fast as for MtGox, less than a hour . Updated: Now the withdrawal is "confirmed". Then, farewell my money, see you in 6 weeks, I hope... Good luck. But if expect BTC to rise 20% in that time, you are better off using a different exchange. |
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Charles Lee, the inventor of litecoin, is speaking right now.
BTW, he is NOT of Chinese descent and has no relationship to Bobby Lee, the CEO of Chinese exchange.
I did not know that. And I could have sworn some media have said they were brothers. |
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I think it's not inflation because in order to buy things with a gox buck, you'd have to be able to get it out of their exchange.
You can buy goxcoins with them. In order to buy things with a gox coin, you'd have to be able to get it out of their exchange. Mtgxog vouchers coming soon. For sure. Can't. Against financial regulations. Mtgox used to have vouchers. in Japan? I thought the Mtgox voucher program was discontinued altogether. |
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I think it's not inflation because in order to buy things with a gox buck, you'd have to be able to get it out of their exchange.
You can buy goxcoins with them. In order to buy things with a gox coin, you'd have to be able to get it out of their exchange. Mtgxog vouchers coming soon. For sure. Can't. Against financial regulations. Mtgox used to have vouchers. |
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Are you suggesting that Gox is still responding to TA?
Always was and still is. I just don't understand what's changed on Mtgox. Mtogox only hit 939 when other exchanges were at 727. Now Mtgox hit 929 when other exchanges are at 750. Almost as if multiple people discovered they could arbitrage Mtgox at the same time successfully. |
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Why's there dumping on Mtgox? BTCE and Bitstamp are looking healthy....  Arbitrage, at least in my case. Bought on stamp, sold on gox. Sure, but why now and not before when Willy was buying like crazy. I feel manipulated. But what has changed? If you were so confident you could withdraw the money, I would have taken a loan long ago and just arbitraged completely. Some whale would have... |
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WTH 934!! That's not fair.  I don't understand.  |
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Can someone please tell me how long does one wait for international transfer (withdrawal) from gox?
I believe its been reported to be somewhere between three days and over half a year. You're more likely to see Bigfoot or the Loch Ness Monster then an international transfer from gox. Care to elaborate more? There hasn't been a confirmed international transfer to the US since June 2013. EU transfers are once a month and also has transfer problems. JPY is rather quickly but also heard of problems. |
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Why's there dumping on Mtgox? BTCE and Bitstamp are looking healthy.... |
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Can someone please tell me how long does one wait for international transfer (withdrawal) from gox?
I believe its been reported to be somewhere between three days and over half a year. You're more likely to see Bigfoot or the Loch Ness Monster then an international transfer from gox. |
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