Why I Prefer to Trade BTC/USD at BitFloor instead of MtGox

[EuSouBitcoin]

I trade BTC/USD at both BitFloor and MtGox but I prefer to trade at BitFloor. Why?

1) It's a lot cheaper. BitFloor takes 0.3% of each trade as a fee. Mt Gox takes between 0.5% and 1.2% of each trade. That's a big difference. Depending on your style of trading the difference can be even more. For example, if you are a liquidity provider Mt Gox charges you between 0.25% and 0.6% see
https://mtgox.com/fee-schedule
compared to BitFloor who PAYS YOU 0.1% see
https://bitfloor.com/docs/
This is a huge.

2) It's faster and cheaper to deposit and withdraw USD at BitFloor. I use Capital One 360 P2P to deposit USD to BitFloor. P2P is free and faster than Dwolla which Mt Gox uses. For USD withdrawals BitFloor offers free withdrawals to my checking account via ACH. Again faster and cheaper than Dwolla.

Join me at BitFloor and let's keep more of our BTC and USD instead of giving it to Mt Gox.

[Bit_Happy]

What is their verification of users like, do they allow "anonymous" trading?

[EuSouBitcoin]

What is their verification of users like, do they allow "anonymous" trading?

You can deposit and withdraw BTC anonymously. You can deposit cash USD anonymously. But the only withdrawal method is ACH so they will know the bank account that you withdraw your USD to. For their privacy policy see
https://bitfloor.com/docs/

For any specific questions I suggest you email BitFloor support at
support@bitfloor.com

[EuSouBitcoin]

Another reason why I prefer BitFloor to MtGox is evident during this volatile period. At BitFloor my orders are entered quickly whereas at Mt Gox my order sits in pending for several minutes before it becomes active. Score 1 more for BitFloor.

[Sukrim]

How are new users affected from their hack fiasco? If I'm a new user, are my funds getting frozen too?

[RandomQ]

What is their verification of users like, do they allow "anonymous" trading?

You can deposit and withdraw BTC anonymously. You can deposit cash USD anonymously. But the only withdrawal method is ACH so they will know the bank account that you withdraw your USD to. For their privacy policy see
https://bitfloor.com/docs/

For any specific questions I suggest you email BitFloor support at
support@bitfloor.com

No on the anonymous cash deposit, says right there I will provide a government id if requested

[Entropy-uc]

I trade BTC/USD at both BitFloor and MtGox but I prefer to trade at BitFloor. Why?

1) It's a lot cheaper. BitFloor takes 0.3% of each trade as a fee. Mt Gox takes between 0.5% and 1.2% of each trade. That's a big difference. Depending on your style of trading the difference can be even more. For example, if you are a liquidity provider Mt Gox charges you between 0.25% and 0.6% see
https://mtgox.com/fee-schedule
compared to BitFloor who PAYS YOU 0.1% see
https://bitfloor.com/docs/
This is a huge.

2) It's faster and cheaper to deposit and withdraw USD at BitFloor. I use Capital One 360 P2P to deposit USD to BitFloor. P2P is free and faster than Dwolla which Mt Gox uses. For USD withdrawals BitFloor offers free withdrawals to my checking account via ACH. Again faster and cheaper than Dwolla.

Join me at BitFloor and let's keep more of our BTC and USD instead of giving it to Mt Gox.

 I am amazed Bitfloor operates at all when they owe their users 25000 BTC.  Are you an owner or investor in Bitfloor?  I see you posting topics like this every week or so.

[EuSouBitcoin]

I trade BTC/USD at both BitFloor and MtGox but I prefer to trade at BitFloor. Why?

1) It's a lot cheaper. BitFloor takes 0.3% of each trade as a fee. Mt Gox takes between 0.5% and 1.2% of each trade. That's a big difference. Depending on your style of trading the difference can be even more. For example, if you are a liquidity provider Mt Gox charges you between 0.25% and 0.6% see
https://mtgox.com/fee-schedule
compared to BitFloor who PAYS YOU 0.1% see
https://bitfloor.com/docs/
This is a huge.

2) It's faster and cheaper to deposit and withdraw USD at BitFloor. I use Capital One 360 P2P to deposit USD to BitFloor. P2P is free and faster than Dwolla which Mt Gox uses. For USD withdrawals BitFloor offers free withdrawals to my checking account via ACH. Again faster and cheaper than Dwolla.

Join me at BitFloor and let's keep more of our BTC and USD instead of giving it to Mt Gox.

 I am amazed Bitfloor operates at all when they owe their users 25000 BTC.  Are you an owner or investor in Bitfloor?  I see you posting topics like this every week or so.

No, I'm not an ownerr or investor in BitFloor. I just like BitFloor. If you want to call me a fanboy then I plead guilty as charged.

[davecoin]

If there was active communication from shtylman, I would consider trading on bitfloor again.  It would be nice to know that an effort is being made to repay more funds. I'm not saying there isn't an effort being made, but no correspondence from the founder in over a month is discouraging.

[EuSouBitcoin]

If there was active communication from shtylman, I would consider trading on bitfloor again.  It would be nice to know that an effort is being made to repay more funds. I'm not saying there isn't an effort being made, but no correspondence from the founder in over a month is discouraging.

I agree. It's been 3 months since the first BTC re-payment in early December. Another BTC payment, even if small, would go a long way toward restoring peoples' confidence in BitFloor. Actions speak louder than words.

[Entropy-uc]

If there was active communication from shtylman, I would consider trading on bitfloor again.  It would be nice to know that an effort is being made to repay more funds. I'm not saying there isn't an effort being made, but no correspondence from the founder in over a month is discouraging.

Exactly.  And this is why I will conduct no transactions at Bitfloor until there is resolution of the held coins issue.  I like the platform and the service, but at this point it seems he is using the 'held' coins as a fiction to allow his operation to continue.

At the current rate of return it will take 30 years to see the stolen coins returned.  And that return is decreasing.

Now if Roman were to offer transaction fees to be billed against the held coins, plus release of an equal amount of coins into the active pool, I would have a reason to do business at bitfloor again.

[bb113]

Bitfloor has made about $5k in fees since the last payout. I'm not sure if hes been buying bitcoins as we go or waiting for a dip or what. A steady flow of coins would be much more confidence inducing.

[Grover]

n00b here suggesting anyone who wants to go BTC/USD go to bitfloor and clear the board down to $43.88.  If I had BTC I would.  There are no fees on ACH.

Disclaimer: My buy is at 43.88, just a small little 2n change BTC. 

[gweedo]

If they gladly talked about the steps they are taking to be more security I would gladly trade on them, but a hack really doesn't sit well with me, even if they are trying pay back users affected.

[Grover]

Do y'all mean hacked like this?

Bitcoin market hacked, crashes to below $0.01 per bitcoin
http://www.neowin.net/news/bitcoin-market-crashes---drops-below-001-per-bitcoin-due-to-hack

 Bitcoin, the digital currency that some people have called "dangerous", has just had a major setback today thanks to a significant data breach.

The main Bitcoin exchange, Mt. Gox, has suffered a major database breach which caused one account in particular to be completely compromised and have its funds stolen. The real implication of this was the effect it had on the Bitcoin market - this video shows the market in real time dropping to values below 1 cent in a matter of minutes as people frantically try to remove their funds. Due to the significance of this hack, the entire Bitcoin market is being reset. This is what Mt. Gox had to say -

   "The bitcoin will be back to around 17.5$/BTC after we rollback all trades that have happened after the huge Bitcoin sale that happened on June 20th near 3:00am (JST).

    One account with a lot of coins was compromised and whoever stole it (using a HK based IP to login) first sold all the coins in there, to buy those again just after, and then tried to withdraw the coins. The $1000/day withdraw limit was active for this account and the hacker could only get out with $1000 worth of coins.

Maybe not an outright theft of many people's accounts but sure seems to have puckered the BTC market when it happened.


For the anonymous part, I went and deposited cash in bitfloor today and no one asked me for my ID.

I'm pretty sure bitfloor has that line (show ID if asked) on their site to keep from being harassed by "The Man".

If you do not want to show your ID then don't show it, leave.


But for Heaven's sakes someone go to bitfloor and enjoy a lot of above MtGox market prices at the moment when converting BTC/USD.

[Razick]

How are new users affected from their hack fiasco? If I'm a new user, are my funds getting frozen too?

No.