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Author Topic: What exacatly is mtgox?  (Read 1099 times)
bbit
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June 10, 2011, 01:24:07 AM
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This has probably been asked a lot so you can just direct me to a good source that works ...

So I'm pretty new and want to get involved but what exactly is Mt Gox? 

Is it an exchange between users to buy BTC ? and if so how the users be trusted at all since paypal has a nasty charge back policy.

How does mt.gox get paid?

I'm sure I'll have others once people reply thank you!
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backopy
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June 10, 2011, 01:26:23 AM
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Mt Gox does NOT operate with PayPal at all... yes it's an exchange and they charge a fee on each transaction.
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June 10, 2011, 01:33:24 AM
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Mt Gox does NOT operate with PayPal at all... yes it's an exchange and they charge a fee on each transaction.

backopy - thanks for the reply.  So how do people pay another user cash for BTC then if paypal isn't involved?
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June 10, 2011, 01:48:22 AM
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You use "MtGox USD" on the site itself, which (as the name suggests) is equivalent to regular USD but just on on the site for trading.  The challenge is getting from MtGox USD to some other form (like PayPal).  Almost nobody does MtGoxUSD-to-PayPal anymore, but you can use Dwolla to get it into a US account, or a bank wire from Europe.

In short, yeah it's a bit of a hassle getting money into and out of Mt. Gox, but it's the best we've got right now.  
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June 10, 2011, 01:51:42 AM
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If at first you don't succeed, smash the forum with more spam, surely people did not see your original message and you instead of finding answers are just sitting there with your hand near the groin region awaiting for them. In that case, let me just repeat myself, again, for your sole convenience, from thread http://forum.bitcoin.org/index.php?topic=14277


It's ok guys, I got this newbie, don't worry, I won't lash out on him... let me write up my reply...

https://mtgox.com/ -- go to the homepage of the site your are referring to. Read the first paragraph:

Mt Gox is an exchange. It allows you to trade US Dollars (USD) for Bitcoins (BTC) or Bitcoins for US Dollars with other Mt Gox users. You set the price you want to buy or sell your BTC for.

This answers your first two questions. From the first paragraph!

https://mtgox.com/trade -- this is a page that shows the buy and sell forms, you don't need to log in to see it, and it appears on the menu after you navigate from the homepage. It also states this:

Mt Gox charges a small fee (0.65%) for each trade.

There, now you know how mtgox gets paid.

https://mtgox.com/users/addFunds -- What about paypal and trust? Well there is no paypal here, you need to use serious banking services, like banks, Liberty Reserve, checks or cash.

All questions answered by simply visiting the website for two minutes, instead of making a thread and waiting for hours for the answers to magically get delivered. How amazing is this thing called a forum!!! I'm assuming you heard about mt.gox but don't know the address, otherwise you would have different questions, definitely harder and complex question than what is this website that explains itself in the first paragraph! In that case, the address is again: www.mtgox.com

Enjoy!
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June 10, 2011, 01:56:25 AM
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You use "MtGox USD" on the site itself, which (as the name suggests) is equivalent to regular USD but just on on the site for trading.  The challenge is getting from MtGox USD to some other form (like PayPal).  Almost nobody does MtGoxUSD-to-PayPal anymore, but you can use Dwolla to get it into a US account, or a bank wire from Europe.

In short, yeah it's a bit of a hassle getting money into and out of Mt. Gox, but it's the best we've got right now.  

Thanks!

"The challenge is getting from MtGox USD to some other form (like PayPal).  Almost nobody does MtGoxUSD-to-PayPal anymore"

Because Paypal freezes the withdraw from mtgox usd  --> Paypal ?  that is what the big stir is right now ?
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June 10, 2011, 01:59:55 AM
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Partly because of PayPal freezing accounts, but mostly because it's way too easy to scam someone via PayPal.  IE, I send you my Bitcoins (or Mt. Gox USD, for that matter), and you send me your PayPal dollars but then file a claim, and PayPal will almost certainly side with you and reverse the transaction.  It's happened way too frequently in the past couple of weeks to even take the risk of accepting PayPal for anything.
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June 10, 2011, 04:57:09 AM
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Partly because of PayPal freezing accounts, but mostly because it's way too easy to scam someone via PayPal.  IE, I send you my Bitcoins (or Mt. Gox USD, for that matter), and you send me your PayPal dollars but then file a claim, and PayPal will almost certainly side with you and reverse the transaction.  It's happened way too frequently in the past couple of weeks to even take the risk of accepting PayPal for anything.

I think I'm getting 2 things confused.

There is mtgox which helps with the buy/sell part between 2 people but also mtgox can hold your cash/mt.gox usd to faciliate the transaction ? in doing so the seller/buyer really though have a cash transaction take place through paypal from mtgox right ?  this is where the charge could be disputed/fraudlent    am I right ?
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