mtgox back in business!

[mtgox]

Finally got some LR in my account.
Sorry it took so long.

[1714898536]

1714898536

[Bimmerhead]

Finally got some LR in my account.
Sorry it took so long.

When I try to withdraw it says this:

To comply with US regulations you are only allowed to withdraw a maximum of $1000 within a 24 hour period. Please try your withdraw tomorrow.

Even though I'm withdrawing much less than $1000.

[sturle]

Something else is new:

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

[Bimmerhead]

Finally got some LR in my account.
Sorry it took so long.

When I try to withdraw it says this:

To comply with US regulations you are only allowed to withdraw a maximum of $1000 within a 24 hour period. Please try your withdraw tomorrow.

Even though I'm withdrawing much less than $1000.

Nevermind, it's working now.

I don't blame him for taking a fee.  It's well worth it.

[mtgox]

sturle: I covered almost $5000 in paypal fraud I have to make it back somehow sorry.

[grondilu]

How do you get the bitcoins you're selling ?  Do you really have enough sellers ?

[mtgox]

grondilu: I'm not selling any bitcoins. All transactions are between the users. mtgox is just an exchange.

[grondilu]

grondilu: I'm not selling any bitcoins. All transactions are between the users. mtgox is just an exchange.

Oh, ok.  Although I don't understand the one month delay I heard of, then.

[jgarzik]

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

Yay!  Good stuff.  Exchanges need to be self-sustaining.

[sturle]

sturle: I covered almost $5000 in paypal fraud I have to make it back somehow sorry.

Did it grow after you stopped withdrawals?

I can repo their BTC so it isn't really a big deal. Just a hassle. In fact I'll make money if the price stays this high.

The price has certainly stayed high.  Of course you have to make a shilling to keep the site up and working, but I think a fee per trade will harm trading.  I have done a lot of trades with less than 0.65% margin.  The spread has often been less than 0.65%. This change will make a lot of those small trades, like buying the cheapest offer and making a new cheapest offer at a slightly higher price, unprofitable or too risky.

What other solutions have you considered?

[ShadowOfHarbringer]

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

Yay!  Good stuff.  Exchanges need to be self-sustaining.

And the crazy speculation is already over !
I guess the fee must have helped.

--
@mtgox: are You planning to remove the fee after You get back the cash from paypal fraud ?
Is mtgox.com going to be free later, or is it staying paid forever ?

Or perhaps are You going to decrease the fee ?

[Macho]

The price has certainly stayed high.  Of course you have to make a shilling to keep the site up and working, but I think a fee per trade will harm trading.  I have done a lot of trades with less than 0.65% margin.  The spread has often been less than 0.65%. This change will make a lot of those small trades, like buying the cheapest offer and making a new cheapest offer at a slightly higher price, unprofitable or too risky.

You are saying that as if that would be a bad thing. Speculation is bad use of bitcoin (or any other currency), screw all the speculators! Make real services instead!

[jgarzik]

I would prefer something like what is offered in stock trading:  fixed fee commissions, regardless of number of shares traded.

For mtgox, an example of such pricing could be 1 BTC/trade or $0.25/trade.

[kiba]

So it charges .65. This complicate my trading effort as I have to do further calculation for profit. 

[kiba]

You are saying that as if that would be a bad thing. Speculation is bad use of bitcoin (or any other currency), screw all the speculators! Make real services instead!

Have you reconsider the arguments for speculation?

[mtgox]

jgarzik: I might do some sort of flat fee all you can trade for a month type thing.

[BioMike]

jgarzik: I might do some sort of flat fee all you can trade for a month type thing.

You could even put in a option to have monthly paying people not having the banner displayed.
The current banner is not that annoying, but when "hit the monkey"-type of banners show up.

[kiba]

Feature request if not already implemented: Add in the cost of doing a trade so people can figure out the profit margin.

[sturle]

Feature request if not already implemented: Add in the cost of doing a trade so people can figure out the profit margin.

+1.  I find it weird to only receive 99.35 BTC when buying 100.  This should be clear when I enter the order.

[ShadowOfHarbringer]

mtgox:

So what about fees ? Are ya going to decrease them once you get back stolen paypal fraud money ?