Gox trading

[cptdome1]

ugh I wanted it to take a dump below $100 so I could buy more..

[jkl6013]

Is anyone able to successfully arbitrage between two bitcoin exchanges like MTGOX and BTC-E?

Thanks,


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[cryptogoldstandard]

I tried to arbitrage between BTC XRP and USD using the ripple wallet, but spreads were too wide and volume too low to make any profit. I was trying this at night, so maybe trading is more brisk during the day? I was looking at the price of BTC to XRP and noticed a sizable difference between that and XRP to USD. I could have made a couple of bucks if my USD transfer to BitStamp went through, but for some reason it didn't go through.
Here was my plan:
trade BTC for XRP
trade XRP for USD
trade USD back to BTC and come out ahead.

[bitbuilder]

Volatility is profitable.

[phm]

Look at the google trends chart for bitcoin, after huge spike of interest in april there is a quick fallback and it's still falling. Less people interested = fewer transactions = low transaction volumes. I wonder how is it going to affect the exchange price in the long term.

[cryptogoldstandard]

Look at the google trends chart for bitcoin, after huge spike of interest in april there is a quick fallback and it's still falling. Less people interested = fewer transactions = low transaction volumes. I wonder how is it going to affect the exchange price in the long term.

Look to what drives real value. Real value comes from Bitcoin use as a currency, so the more useable it is the more value it has. What do I mean by this? I'm talking about being able to use Bitcoin to buy stuff. Most of us aren't in the market for illegal drugs on Silk Road, we just want to use Bitcoin to buy a sandwich or a coffee or stuff on the web. It's just like the price of a stock, in the short run prices rise and fall on speculation but in the long run real value or profits and dividends drive the price to fair value.

[r32godzilla]

Well after an interesting start to the weekend, things on Gox have slowed again and volume is down. DId anyone make much off that upswing from $112 to around a peak of $122 or so?? Not much happening again atm

[drewh]

Yes, the volatility is good for day-trading, but in the long run the stability is good for bitcoin’s credibility. That should lead to growth.

[sylvester251]

i hope LTC comes to Gox soon

me too. should be good for its value.

[eduk]

i hope LTC comes to Gox soon

I'm going to be interested in that, do you think it will suddenly rise in price or do you think that people will wait to see what happens. I'm guessing that most will be cautious at first to see where it heads.

[altsay]

Aside from the discussion here, why do they demand scanned id pictures? Where is the privacy

[JS2007]

What are the transaction costs for trading on MtGox?

[jkl6013]

.06% buying and selling.  It seems strange for such a nobel idea as a cryptocurrency, everyone sure seems to have their hand out for a huge percentage of each transaction.  Paypal gets bad mouthed but it costs a large amount to get your money into BTC-e or other exchanges and Dwolla transfers to Gox takes days and days.  I fear for the future adoption of such an expensive model.

[Cyberdyne]

.06% buying and selling.

No, it's 0.6%. Incidentally that's three times the price of BTC-e.

[JS2007]

Thank you. I hope there are no [edit: additional] fixed fees or minimum transaction amounts?

[narf46]

There must be some fees, otherwise they couldn't stay in business.

[bitdominion]

Gox starts at 0.6%...

I've dropped mine to 0.5% and just about at 0.46% see printscr: http://prntscr.com/14ol34

I've been told it can drop as low as 0.2% with sufficient trading.

As for arbitrage there is definitely value in it... once coinbase becomes a little more established and ups their limit... lag will be had. I was trading virtex and definitely could have made gains btwn them and gox if it weren't for their 3% fees!

[just_me]

ha ha ha ha hah ahahahahahaahah haha hahahha

[Cyberdyne]

No, it's 0.6%. Incidentally that's three times the price of BTC-e.

btc-e.com charges a lower fee than mtgox for trading? Does that mean btc-e is only 0.2% per trade?

Yes, 0.2% on each side. You pay 0.2% and the person who just matched your trade also pays 0.2%.

[whitedragon]

Well speculating on price moves is basically gambling And especially with currency and without any options etc to hedge bets and have stop loss possibilities. So betting on wild swings is a so-so model

Trading (speculating) is NOTHING like gambling...and that attitude is why most people don't succeed at it.  I've been a forex trader for 4 years.  I guarantee you I couldn't pay my bills for 4 years by sitting at a roulette table in Vegas 5 days a week.

Also, you have plenty of options to hedge your "bets"...what's to stop you from buying on BTC-e and selling at the same time on Bter?  Or Gox?