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381  Economy / Speculation / Re: 100k USD in less than 5 minutes on: April 24, 2013, 08:30:34 AM
Maybe he doesn't want to keep the coins overnight, volatility of Bitcoins is no news.
382  Other / Beginners & Help / Re: MtGox charges an extra 2.5% for trading in different currencies on: April 21, 2013, 04:01:12 PM
This is obvious -_-
Yes, but here is the newbie forum. I believe a handful of new-comers don't know about the extra fee, paying unnecessary expenses without even knowing about it.
383  Other / Beginners & Help / Re: MtGox charges an extra 2.5% for trading in different currencies on: April 21, 2013, 03:53:28 PM
can someone supply a little more info on this please?

I am waiting for my £1000 day trading pot to arrive at mtgox (i already have some long term bit coins). I assumed that after the receiving fee, all i would be charged is the 0.6%. Which if I do a quick buy and sell would cost me £12 total.

However if I'm also losing an extra £25 in each trade, this is a huge amount. (£62 for each quick buy/sale?)


For example, a seller from USA is willing to sell a bitcoin for 100USD, everyone using USD as their main currency could buy it for 100USD
However, if GBP is your main currency, you have to pay 102.5 USD and the price displayed to you is 102.5 * 0.6565 = 67.29 GBP.
You also need to pay the 0.6% commission as usual, you pay them in bitcoins when you are buying, so you will receive 0.994 bitcoins after the trade is done.
The same logic applies when later you want to sell the bitcoins in GBP, anyone from USA will view your price 2.5% higher than the price you requested, which means that you will be less likely to sell it.
With the premise that most of the trade is done in USD, you are at disadvantage when using any currency other than USD.
384  Economy / Trading Discussion / Re: MtGox downtime recorded on: April 21, 2013, 03:32:50 PM
Consider how much they earn per day, the quality of service provided by them is infuriating. They act like a start-up.
385  Economy / Speculation / Re: Weekend slump? on: April 21, 2013, 09:46:23 AM
People can still trade Bitcoins during weekends, the higher volume in weekdays is because of more corporate traders who are the true manipulators of the price.
386  Economy / Micro Earnings / Re: FREE BITCOIN Sites *and* Free Newbie Lotto on: April 21, 2013, 09:36:23 AM
You are better off working in McDonalds than spending time on those "free" websites, you will earn more.
387  Other / Beginners & Help / Re: What Mining Client should a Newbie start with? on: April 21, 2013, 09:35:02 AM
Guiminer, no command line, no parameters, no hassles
388  Other / Beginners & Help / Re: How long until I can post outside the newbie area? on: April 21, 2013, 09:33:46 AM
5 posts?
389  Other / Beginners & Help / Re: Only getting .050Mhash/s with CPU on: April 21, 2013, 09:33:02 AM
It is totally normal.
If you don't have access to the high-end computers and miners, it would be more profitable to mine Litecoin instead as it puts less emphasis on GPU power.
390  Other / Beginners & Help / MtGox charges an extra 2.5% for trading in different currencies on: April 21, 2013, 09:25:55 AM
Although they tell(or mislead?) you that they support trading in different currencies, doing so costs you extra money.
When you buy bitcoins from a seller using a different currency, they would hide the extra 2.5% fee into your order(you will see a price 2.5% higher than the actual price), in other words you are paying more money for the same amount of bitcoin than the others. This fee is in addition to the 0.6% transaction fee. Since the market is dominated by US dollars, and thus most sellers accept USD by default, it would be wise to only deposit US dollars into your account if converting to US dollars in prior costs you less than the aforementioned 2.5% fee.

Just a friendly reminder to anyone who are about to deposit money to MtGox and don't make the same mistake of me. Sad

The information is well-hidden here:
Quote
Q. Are there any other fees charged when trading in multi-currency?

A. No. However, please be advised that there is a 2.5% premium when a trade involves orders in different currencies.  However, this is not a separate charge. It is already reflected in the price you see.

source: https://support.mtgox.com/entries/20800336-Multi-Currency-Trading
391  Other / Beginners & Help / Re: Should I cancel a BFL preorder? on: April 21, 2013, 08:50:14 AM
add 5Gh/s * your order number to the network hashrate to calculate your potential income
why 5Gh/s? because it is the minimum hashrate of a ASIC miner and by assuming that every customer before you only purchase a 5Gh miner,
with that said your potential income is even worse than that.
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