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Author Topic: MtGox fee to high? (0.65%)  (Read 7410 times)
kokjo
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June 02, 2011, 05:13:53 PM
 #1

just asking if you think if the fee on MtGox is too high.
i think its very high, and also thinks that MtGox is earning alot of eazy btc on it.
it might not be so high that it is a problem for you.
but i think MtGox should not take so much for it.

every time ther is traded 100 btc they earn 0.65 btc.
and there has been trading for around 96461 the last 2 days. it gives them 626 btc in fees in the last 2 days.

i dont like that! i think the fee should be around 0.05% its more fair. (it gives them a ~48.25btc/2day)

i know that its their choose, free market and all that stuff.
 
what do you think?

"The whole problem with the world is that fools and fanatics are always so certain of themselves and wiser people so full of doubts." -Bertrand Russell
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ThomasV
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June 02, 2011, 05:16:54 PM
 #2

you are free to use other exchanges.
example : https://bitcoin-central.net/

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kokjo
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June 02, 2011, 05:17:28 PM
 #3

you are free to use other exchanges.
example : https://bitcoin-central.net/
i know but MtGox is where things happen.

"The whole problem with the world is that fools and fanatics are always so certain of themselves and wiser people so full of doubts." -Bertrand Russell
Jaime Frontero
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June 02, 2011, 05:28:20 PM
 #4

my basic rule is that if i think a fee for anything is too high, i don't participate.

and i never get emotional about it.  life's too short to get angry at anything that isn't trying to kill you - which is, itself, a poor idea...
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June 02, 2011, 05:29:35 PM
 #5

The fee CANNOT be too high, because if it was, the market would react.

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June 02, 2011, 05:32:36 PM
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I'm beginning to hear this more and more, but if people are so unhappy with it, they should move to other exchanges.  Start posting up more bids/asks on other exchanges and TRY to be more active in those other exchanges by constantly updating your bid/ask prices to reflect current going market rates and that will encourage other people to join other exchanges as well.

MtGox has a monopoly on the exchange market.  Let's change that.  Not because I don't like MtGox, but because competition is a very healthy thing for a market/industry/economy.
kokjo
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June 02, 2011, 05:32:51 PM
 #7

The fee CANNOT be too high, because if it was, the market would react.
OR the market is stupid and didn't know and therefor didn't reacte.
that why i wrote this post to make people know how much MtGox is earning.

"The whole problem with the world is that fools and fanatics are always so certain of themselves and wiser people so full of doubts." -Bertrand Russell
kokjo
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June 02, 2011, 05:33:48 PM
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MtGox has a monopoly on the exchange market.  Let's change that.  Not because I don't like MtGox, but because competition is a very healthy thing for a market/industry/economy.
+1

"The whole problem with the world is that fools and fanatics are always so certain of themselves and wiser people so full of doubts." -Bertrand Russell
Jaime Frontero
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June 02, 2011, 06:05:59 PM
 #9

The fee CANNOT be too high, because if it was, the market would react.
OR the market is stupid and didn't know and therefor didn't reacte.
that why i wrote this post to make people know how much MtGox is earning.

"earning" would be the operative word.

what's the fee for exchanging currency at the average airport?
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June 02, 2011, 06:06:38 PM
 #10

The fee CANNOT be too high, because if it was, the market would react.
OR the market is stupid and didn't know and therefor didn't reacte.
that why i wrote this post to make people know how much MtGox is earning.

Start another exchange with lower fees then.  The fees at Mtgox are there for a reason.  It didn't start with fees.

"The powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the systems was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations. Each central bank...sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world."

- Carroll Quigley, CFR member, mentor to Bill Clinton, from 'Tragedy And Hope'
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June 02, 2011, 06:10:25 PM
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Yeah I've calculated that mygox has made some 600,000 usd over the last year from fees

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MoonShadow
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June 02, 2011, 06:14:49 PM
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Yeah I've calculated that mygox has made some 600,000 usd over the last year from fees

No, it has not.  The fees didn't exist that entire time.  The fees were instituted because the founder of Mtgox got burned by a scammer using a stolen paypal account.  The fees were started just to recover that loss, which I'm sure has long since been repaid; but the current owner isn't that founder at all.  If another market starts up with lower fees, some people will use it.  This will force Mtgox to respond if the new market is comparable.  There are other markets, I just don't use them because I don't like them.

"The powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the systems was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations. Each central bank...sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world."

- Carroll Quigley, CFR member, mentor to Bill Clinton, from 'Tragedy And Hope'
kokjo
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June 02, 2011, 06:21:19 PM
 #13

The fee CANNOT be too high, because if it was, the market would react.
OR the market is stupid and didn't know and therefor didn't reacte.
that why i wrote this post to make people know how much MtGox is earning.

"earning" would be the operative word.

what's the fee for exchanging currency at the average airport?
currency exchange != airport

"The whole problem with the world is that fools and fanatics are always so certain of themselves and wiser people so full of doubts." -Bertrand Russell
TTBit
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June 02, 2011, 06:30:04 PM
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For what MtGox has done for bitcoin, they are underpaid.

good judgment comes from experience, and experience comes from bad judgment
BitLex
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June 02, 2011, 06:33:52 PM
 #15

so, if you all think, the fee is 100% earnings, you must also think, MtGox operates for free,
the owner works for free, support is free, servers are free, DDoS protection is free, that all doesnt cost a dime, huh?

like others said, if you don't like it, don't use it,
there's other exchanges with lower, or no fees at all, use those,
or create a new exchange with lower/no fees, try to compete.

kokjo
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June 02, 2011, 06:38:29 PM
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so, if you all think, the fee is 100% earnings, you must also think, MtGox operates for free,
the owner works for free, support is free, servers are free, DDoS protection is free, that all doesnt cost a dime, huh?

like others said, if you don't like it, don't use it,
there's other exchanges with lower, or no fees at all, use those,
or create a new exchange with lower/no fees, try to compete.

good point. but still 626btc/2day is way to much.

"The whole problem with the world is that fools and fanatics are always so certain of themselves and wiser people so full of doubts." -Bertrand Russell
Maged
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June 02, 2011, 06:38:48 PM
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The reality is, there is not a single direct competitor to MtGox, at least for USD. The other markets only fill specific niches. I'd love to see someone make a DIRECT competitor to MtGox.

stic.man
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June 02, 2011, 06:56:02 PM
 #18

so, if you all think, the fee is 100% earnings, you must also think, MtGox operates for free,
the owner works for free, support is free, servers are free, DDoS protection is free, that all doesnt cost a dime, huh?

like others said, if you don't like it, don't use it,
there's other exchanges with lower, or no fees at all, use those,
or create a new exchange with lower/no fees, try to compete.

good point. but still 626btc/2day is way to much.

who are you to say what's too much? 

Next you'll be one of those guys pissed off about the early adopters sitting on tens of thousands of coins for having the foresight to participate in this program.
koin
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June 02, 2011, 07:03:09 PM
 #19

just asking if you think if the fee on MtGox is too high.

mtgox owner even thinks it is too high

from the #bitcoin-otc

> (05:24:10 PM) MagicalTux: Lor, one of the main reason why I haven't lowered fees it to help competition to materialize
kokjo
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June 02, 2011, 07:10:29 PM
 #20

Next you'll be one of those guys pissed off about the early adopters sitting on tens of thousands of coins for having the foresight to participate in this program.
i already am. its not because of greed.
its because i don't think its good for the economy that 10 people is sitting on 90% of the money(over estimate).
i think they should have many coins, but not as much as they have now.

"The whole problem with the world is that fools and fanatics are always so certain of themselves and wiser people so full of doubts." -Bertrand Russell
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