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Believe me, I hear ya. Two days ago when I saw that 12% gap between BTC-e and Gox and decided to pull the trigger by funding BTC-e from Gox via OKpay. Well, I'm STILL waiting for that withdrawal to occur...
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Thankyou Stephen Gornick for that authenticator link!! That was exactly what I was looking for! And to BitcoinBull for such a well thought out and easy to follow guide!
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How come we never hear about Ameritrade getting hacked or one of the big online stockbrokers? Maybe these fledgling bitcoin "exchanges" need to consult with how those guys do it, because this is getting ridiculous.
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@CodyCot - You use your OK id
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This seems to be a perpetual problem with the site. If I try to leave the main page, to log in, I get sent to https://btc-e.com/login and the screen is white/blank. This happens frequently/daily. A lot of times it seems you have to clear your browser cache and it fixes the blank screen problem. |
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How easy is it to transfer say 1 bitcoin from BTC-E to Mt Gox, sell on Gox, transfer the USD back to BTC-E, purchase a bitcoin and repeat? (The only bit I see difficulty with is transferring the USD from Gox to BTC-E)
Thank you in advance for your help!
I do it occasionally using Gox - OKpay - BTC-e when the spread gets wide enough. The key is to have money waiting in OKpay, because sometimes there are long delays getting USD from Gox to them (24-48 hrs when Gox doesn't have their OKpay account funded), but transferring USD from OKpay to BTC-e is instant. It costs about 4% to do this, but when the spread is 11% like it is now, it's worth it. (There's also the risk of placing your money with BTC-e as well, it seems to be a bit of a minefield lately.) I don't think there is a way to transfer USD from Gox to BTC-e, or OKPAY account. At least it is not in the withdraw menu. As long as you have an OKpay account, you can add it as a withdrawal method at Gox. When you add it, it'll say "validating" for a day or two (it took overnight for me) and then you'll be able to withdraw to your OKpay acct. |
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How do you fund BTC-E account with OKpay.
I cant seem to find any article on their website detailing how fund an account, and what the account details are.
Worst website i have ever seen. Its not even on their FAQs
At BTC-e go to the "finances" link and find the currency you want and click deposit. At the bottom of the screen will be a dropdown listing a few deposit methods, one of them being OKpay. Follow the links from there. |
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How easy is it to transfer say 1 bitcoin from BTC-E to Mt Gox, sell on Gox, transfer the USD back to BTC-E, purchase a bitcoin and repeat? (The only bit I see difficulty with is transferring the USD from Gox to BTC-E)
Thank you in advance for your help!
I do it occasionally using Gox - OKpay - BTC-e when the spread gets wide enough. The key is to have money waiting in OKpay, because sometimes there are long delays getting USD from Gox to them (24-48 hrs when Gox doesn't have their OKpay account funded), but transferring USD from OKpay to BTC-e is instant. It costs about 4% to do this, but when the spread is 11% like it is now, it's worth it. (There's also the risk of placing your money with BTC-e as well, it seems to be a bit of a minefield lately.) |
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Just, an update. I still have seen no trace of the transferred money at the destination. I used their "new" support to file yet another report, and did not even get a ticket number. They seem to use a strategy of scamming some calculated fraction of customers. Just to warn everyone -this company is a bunch of Scammers - Avoid! As things have turned out, I will travel to NY and pay them a personal visit.
Be nice! I don't want to read about you in the news. |
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So, obviously, criminal-minded hackers are abusing the bitcoin economy by way of these DDoS manipulations, reaping profits for themselves while bringing down exchanges, market viability, public perception. Like gangsters they only care about enriching themselves and give no thought to running their victims into extinction in the process. Nothing new here, crooks is crooks, but this is my thought...
The hackers seem to be attacking the exchanges separately, targeting them at random times. Each exchange seems small enough to be vulnerable, yet the the entire bitcoin economy would be too large to effectively manipulate as a whole (unless they keep running it down like recently, then eventually even its entirety will be diminished to an easily manipulated size) Conversely, no one wants to see a single centralized exchange, and the idea of a decentralized p2p exchange is ... I don't know enough about this to know if it is even possible? BUT... here's an idea, maybe I'm missing something (or many things), but what if the separate exchanges entered into a sort of agreement... like they could pass the traffic from one to the other, when under attack, and keep the trade moving despite all these random attacks. The idea of a safety valve/co-operative agreement whereby exchanges A, B, C and D agree to carry the locked out volume for each other whilst any one of them are being targeted. i.e. MtGox is getting DDoS hard, so they pass all traffic to the other exchanges, and vice versa. I know this might seem far-fetched, like why would they give business to their competition, and all users would need to be registered with every exchange, not everybody trusts every exchange (or any for that matter). There would have to be a huge leap of faith, and some sort of unifying bond or agreement. I don't know how it would look if it did exist exactly, but the idea of forcing the hackers to have to spread their resources so thin seems like a ok idea to my n00b brain. These gangsters are just going to get richer and stronger, and they will steal everything until nothing is left.
So I guess the TL;DR is "united the exchanges will stand, divided they will fall."
Maybe I'm hopelessly naive, maybe this resembles the "central Bank Authority" too much, IDK! Go ahead and have at me. We need to do something because every attack seems to come with the reply from the exchanges of "we have got it all under control and are working to make everything more secure" then 12 hrs later BOOM! Another DDoS and some Russian Mobster gets that much more millions of dollars to launch that much huger a DDoS next time (like a few hours from now)
I might be shooting from the hip here but it seems like as long as all the major exchanges make themselves "gateways" what you describe and desire is called Ripple. Am I Right? Note: I'm not particularly wedded to the idea of Ripple, it just seems like what you describe fits that bill. |
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I have bitched about the BitInstant thing to their support many times and never got a reply. I like BTC-e but have absolutely no trust for the people running it. The trollbox is always worth the price of admission.  Yes, that trollbox is a hoot, although I have it disabled most of the time. It's like a train-wreck in progress and I can't help but to watch when it's on. |
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Yeah, that's been a WTF for me for a couple months, too. I emailed about funding USD and they came back with their now infamous cryptic reply: "wait for reserves. bitinstant 66 usd" without bothering to explain why there is no option for sending bitinstant to them. AurumXchange was available, but recently was removed. Don't know why.
The only way I move USD into BTCe now is Dwolla - Mtgox - OKpay. It was a pain to set up though because of all the verification that has to occur.
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Wow, when I did it about a month ago, all it took was overnight and the OKpay withdrawal method was enabled. Nothing is ever static in the bitcoin world though, so I'm not surprised if it presently takes longer.
Was your account already verified? Maybe it takes longer for non-verified ones No, I was in the queue for verification at the time. |
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Wow, when I did it about a month ago, all it took was overnight and the OKpay withdrawal method was enabled. Nothing is ever static in the bitcoin world though, so I'm not surprised if it presently takes longer.
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I would consider it remarkable if Bitcoin 'calmed down' any time soon... More like decades.
Congratulations on calling the top with your evolving moneyflow indicator! |
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yep, time to buy more at rock bottom prices. I love booms and busts!
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I use bitcoincharts info to pull bid/ask information into an excel spreadsheet and I can tell you that they are severely struggling to keep that site up. Whether it's legitimate server overload or DDoS I'm unsure about, but they are down EVERY time we have one these bitcoin infrastructure freezups and multiple times in between.
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either way, i'm getting more coins for my dollar ready for the next pumpy
Yep, another great buying opportunity. |
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Bitfloor is great, had nothing but good experiences with them. That's probably because I wasn't holding coins there in Sep '12 when they got hacked, though. There's a lot of people angry who still haven't gotten their bitcoins back from that incident. Personally, I can't wait until the new Tradehill opens up to regular investors.
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