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Author Topic: MtGox fee to high? (0.65%)  (Read 7416 times)
ene
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June 03, 2011, 12:36:51 PM
 #41

you are wrong.

i have never said people MUST do something, and i never will. it their coins its them who decides what to do with them.
i DON'T want their coins.
i have never mined, and never will(except maybe try FPGA mining sometime, and then use is to do funny stuff on after)

Some of your quotes in this topic:

it might not be so high that it is a problem for you.
but i think MtGox should not take so much for it.

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

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

i think they should have many coins, but not as much as they have now.

i can't see me trying to force MtGox to set a lower fee, im only suggesting that they should set a lower fee.

and im also suspecting that the last qoute you has takeing from me, you must have misread.

So you know better than MtGox how to run an exchange? Or are you just saying life would be "fairer" if the exchange had less fees? 'cos guess what: Life isn't fair!

Right now MtGox downtime, even briefly, could cause havoc (wild fluctuations or a crash) to the exchange rate. We need it to be as reliable as possible, and if that takes a 0.65% fee, so be it.
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bcpokey
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June 03, 2011, 03:52:04 PM
 #42

you are wrong.

i have never said people MUST do something, and i never will. it their coins its them who decides what to do with them.
i DON'T want their coins.
i have never mined, and never will(except maybe try FPGA mining sometime, and then use is to do funny stuff on after)

Some of your quotes in this topic:

it might not be so high that it is a problem for you.
but i think MtGox should not take so much for it.

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

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

i think they should have many coins, but not as much as they have now.

i can't see me trying to force MtGox to set a lower fee, im only suggesting that they should set a lower fee.

and im also suspecting that the last qoute you has takeing from me, you must have misread.

So you know better than MtGox how to run an exchange? Or are you just saying life would be "fairer" if the exchange had less fees? 'cos guess what: Life isn't fair!

Right now MtGox downtime, even briefly, could cause havoc (wild fluctuations or a crash) to the exchange rate. We need it to be as reliable as possible, and if that takes a 0.65% fee, so be it.

Based on what? MtGox alread ywent down to DDoS sometime last month for extended period of time. There was no crash (admittedly there was a price bump when it came back up).

Sadly the best post in this thread was about the difficulty in setting up an exchange, not due to technical reasons (this is easy as pie) but due to the legality of such an exchange. A huge portion of bitcoin users exist in a country where legally they would be at huge risk if they set up an exchange.
ene
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June 03, 2011, 07:09:07 PM
 #43

Right now MtGox downtime, even briefly, could cause havoc (wild fluctuations or a crash) to the exchange rate. We need it to be as reliable as possible, and if that takes a 0.65% fee, so be it.

Based on what? MtGox alread ywent down to DDoS sometime last month for extended period of time. There was no crash (admittedly there was a price bump when it came back up).

Sadly the best post in this thread was about the difficulty in setting up an exchange, not due to technical reasons (this is easy as pie) but due to the legality of such an exchange. A huge portion of bitcoin users exist in a country where legally they would be at huge risk if they set up an exchange.

Please don't nest so many quote tags.

Based on my own opinion solely.
kokojie
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June 03, 2011, 08:08:58 PM
 #44

Yep, mtgox is really too high. I think BCM is a better choice.

If my post has been helpful, send me some love -> BTC: 1kokojUapmWqCqPw3Ch2rjcVh57tJEzka | PPC: PDyXAgA8eH47gokVW6zVZPSuu15aao5nZF | Bitshares: kokojie
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dacoinminster
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June 08, 2011, 10:00:34 PM
 #45

MtGox high fees have finally attracted a strong competitor: www.tradehill.com

They claim that their fees can be as low as 0.25% in their FAQ

Plus you get 10% off all fees if you use this code: TH-R1168

SgtSpike
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June 08, 2011, 10:33:00 PM
 #46

MtGox high fees have finally attracted a strong competitor: www.tradehill.com

They claim that their fees can be as low as 0.25% in their FAQ

Plus you get 10% off all fees if you use this code: TH-R1168
Spamming your referral link in all related threads now eh?

Fine, I will too.  Smiley

10% off all future trades at www.tradehill.com with this promo code!  TH-R1283
deftx
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June 10, 2011, 05:55:51 PM
 #47

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.

MtGox has done a stand up job considering. They have the ability to manipulate prices, charge higher fees, and crash the market if they wanted to. They haven't done any such thing (that we're aware of). 0.65% is far below most broker fees and exchange fees that you will be charged for other currencies as an average consumer. For the risk they incur, I'd say 0.65% is too low. They're putting their lives at risk because a government may potentially imprison them unjustly out of fear of what BTC could mean for the balance of economic and political power.

http://en.wikipedia.org/wiki/Natural_monopoly

Natural monopolies aren't necessarily bad. MtGox isn't really one in my eyes, either, just first to the game at the top. There are competitors to MtGox at this point. Keep in mind that MtGox is only roughly around 14% of the total BTC transactions in the market. I would say, though, that they provide the barometer for BTC->USD above all other exchanges; their BTC->USD price is stared at by all.

http://coinbits.com/mtgox-is-14-of-the-current-transaction-volume/

The barriers for another exchange to enter the market aren't terribly high. I've worked at a currency exchange before in the US. There's annoying paperwork, the occasional audit, and general fear that the government is going to find something wrong, but overall it's not bad. For what MtGox is doing to be legal in the US would require an MSB registration and a broker's license. MSB registration is fairly easy to obtain. A broker's license can be obtained by a willing individual, or a broker can be brought on for a cut.

People are fearing MtGox's demise, but a US based competitor that's legal can appear as a competitor very easily in my eyes. Tradehill already is bounds easier than MtGox. I'm not sure if they're legal by being registered and brokered, but they are accepting domestic US wire transfers, which tells me they're operating in the open, so I hope for their sake they're legal. Wire transfers are much easier than the Dwolla->MtGox fiasco that happens, and many magnitudes easier than LibertyReserve. A legitimate exchange in the US could also potentially accept ACH transfers, making it even easier. If you're lucky, you could negotiate a PayPal agreement. Pipe dreams perhaps on that one.

The only major worry I have is the government seeing BTC as a threat and outlawing currency trading for it as a whole. It's so radically different than any other currency out there that it's likely to scare many simple minded politicians trying to retain power and wealth. But I guarantee you many will secretly have BTC for their own wealth if it maintains Smiley

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