What's going on with Cavirtex? 89 CAD per BTC?

[chriswilmer]

Anyone know? Has the Canadian dollar gotten much stronger lately?

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[byronbb]

I am confused too why virtex is like this. I think a lot of Canadian miners use the site so there is a lot of sell pressure?? But I mean take a trip over the border and sell to some guy on local bitcoins. I see a large Seattle buyer paying $103.

[CMMPro]

I'm on there too and I can't figure it out.

I\m tempted to dump a lot of money onto that exchange to buy btc and then transfer it out.

[vokain]

I'm on there too and I can't figure it out.

I\m tempted to dump a lot of money onto that exchange to buy btc and then transfer it out.

there's probably not enough people doing that

[ArticMine]

I am confused too why virtex is like this. I think a lot of Canadian miners use the site so there is a lot of sell pressure?? But I mean take a trip over the border and sell to some guy on local bitcoins. I see a large Seattle buyer paying $103.

Virtex has traded below MTGox and now Bitstamp since 2011 for most of the time. I have seen spreads of 5% and more during most of 2012. The reason is that Canada is and will be a net exporter of BTC. The combination of relatively cheap electricity and cold winters makes Bitcoin mining in Canada far more attractive than in many parts of the world. One notable exception is Russia and many of the CIS (former USSR) countries, and guess what BTC-E tends also to trade below the averages. The economics of BTC mining is very different when the outside temperature is -30 C than 30 C.

In summary there will be a far greater chance of finding polar bears on Virtex or BTC-E than on most of the other exchanges.

[JimboToronto]

I\m tempted to dump a lot of money onto that exchange to buy btc and then transfer it out.

Are you Canadian? Last time I checked, only Canadians could open Virtex accounts.

The arbitrage situation between Virtex and MtGoxCAD is similar to that between Bitstamp and MtGoxUSD.

I missed the Satoshi Square at Nathan Philips Square in Toronto a couple of weeks ago. Anyone here attend? What were the prices like? Closer to MtGox or Virtex? Seems like a possible opportunity to flip some arb coins.

[chriswilmer]

I\m tempted to dump a lot of money onto that exchange to buy btc and then transfer it out.

Are you Canadian? Last time I checked, only Canadians could open Virtex accounts.

The arbitrage situation between Virtex and MtGoxCAD is similar to that between Bitstamp and MtGoxUSD.

I missed the Satoshi Square at Nathan Philips Square in Toronto a couple of weeks ago. Anyone here attend? What were the prices like? Closer to MtGox or Virtex? Seems like a possible opportunity to flip some arb coins.

My brother organized the Nathan Philips Satoshi Square, he said about 30 people showed up (including a bitcoin startup that came from Waterloo!). Good times. Come to the next one!

[adamstgBit]

What's going on with Cavirtex? 89 CAD per BTC?

i'm on it! the money should be there tomorrow...

i need to find a way to arbitrage this sucker!

[ArticMine]

I\m tempted to dump a lot of money onto that exchange to buy btc and then transfer it out.

Are you Canadian? Last time I checked, only Canadians could open Virtex accounts.

The arbitrage situation between Virtex and MtGoxCAD is similar to that between Bitstamp and MtGoxUSD.

I missed the Satoshi Square at Nathan Philips Square in Toronto a couple of weeks ago. Anyone here attend? What were the prices like? Closer to MtGox or Virtex? Seems like a possible opportunity to flip some arb coins.

No

I get
MTGox 109.44 USD
BitStamp 97.71 USD
Virtex 91.18 USD after factoring in the CAD / USD rate of 0.97

That is an extra 7% on top of the MTGox BitStamp spread.

[Adrian-x]

What's going on with Cavirtex? 89 CAD per BTC?

i'm on it! the money should be there tomorrow...

i need to find a way to arbitrage this sucker!

The volume is low, but there is a big fish who dumps continuously so you may get lucky.

[Adrian-x]

What's going on with Cavirtex? 89 CAD per BTC?

Here is what is happening :

My VTX stock is up on the news they have launched a Merchant Shopping Cart API.
So I guess new customer are automatically dumping XBT for fiat (I'm thinking BitPay for Canada) so yes if that business grows faster than market demand for XBT, we'll see arbitrage opportunities going forward.
Time to put some cash in.

edit I'm thinking those merchants would rather be using BitPay given the exchange rates. Oh well.

[ArticMine]

What's going on with Cavirtex? 89 CAD per BTC?

Here is what is happening :

My VTX stock is up on the news they have launched a Merchant Shopping Cart API.
So I guess new customer are automatically dumping XBT for fiat (I'm thinking BitPay for Canada) so yes if that business grows faster than market demand for XBT, we'll see arbitrage opportunities going forward.
Time to put some cash in.

edit I'm thinking those merchants would rather be using BitPay given the exchange rates. Oh well.

Yes a merchant accepting Bitcoin in Canada would be crazy to use Virtex over BitPay because using Virtex adds 5% to their customers costs, just because of the spread on the exchange rate.

[adamstgBit]

What's going on with Cavirtex? 89 CAD per BTC?

Here is what is happening :

My VTX stock is up on the news they have launched a Merchant Shopping Cart API.
So I guess new customer are automatically dumping XBT for fiat (I'm thinking BitPay for Canada) so yes if that business grows faster than market demand for XBT, we'll see arbitrage opportunities going forward.
Time to put some cash in.

edit I'm thinking those merchants would rather be using BitPay given the exchange rates. Oh well.

Yes a merchant accepting Bitcoin in Canada would be crazy to use Virtex over BitPay because using Virtex adds 5% to their customers costs, just because of the spread on the exchange rate.

Canadian merchants want CAD not USD, this is why they will use virtex.

[adamstgBit]

What's going on with Cavirtex? 89 CAD per BTC?

i'm on it! the money should be there tomorrow...

i need to find a way to arbitrage this sucker!

The volume is low, but there is a big fish who dumps continuously so you may get lucky.

ya i know, this is why i sent money!    but, any minute now they will credit my account...

[ArticMine]

What's going on with Cavirtex? 89 CAD per BTC?

Here is what is happening :

My VTX stock is up on the news they have launched a Merchant Shopping Cart API.
So I guess new customer are automatically dumping XBT for fiat (I'm thinking BitPay for Canada) so yes if that business grows faster than market demand for XBT, we'll see arbitrage opportunities going forward.
Time to put some cash in.

edit I'm thinking those merchants would rather be using BitPay given the exchange rates. Oh well.

Yes a merchant accepting Bitcoin in Canada would be crazy to use Virtex over BitPay because using Virtex adds 5% to their customers costs, just because of the spread on the exchange rate.

Canadian merchants want CAD not USD, this is why they will use virtex.

BitPay will settle with the merchant in CAD. https://bitpay.com/bitcoin-direct-deposit. So why make your customers take a 5% hit?

[gog1]

look like you pushed it up, it's now 94. 

[adamstgBit]

What's going on with Cavirtex? 89 CAD per BTC?

Here is what is happening :

My VTX stock is up on the news they have launched a Merchant Shopping Cart API.
So I guess new customer are automatically dumping XBT for fiat (I'm thinking BitPay for Canada) so yes if that business grows faster than market demand for XBT, we'll see arbitrage opportunities going forward.
Time to put some cash in.

edit I'm thinking those merchants would rather be using BitPay given the exchange rates. Oh well.

Yes a merchant accepting Bitcoin in Canada would be crazy to use Virtex over BitPay because using Virtex adds 5% to their customers costs, just because of the spread on the exchange rate.

Canadian merchants want CAD not USD, this is why they will use virtex.

BitPay will settle with the merchant in CAD. https://bitpay.com/bitcoin-direct-deposit. So why make your customers take a 5% hit?

not sure where you get this %5 hit from


bitpay costs %5 fee for canada,
and its not using mtgox price.

[CMMPro]

I\m tempted to dump a lot of money onto that exchange to buy btc and then transfer it out.

Are you Canadian? Last time I checked, only Canadians could open Virtex accounts.

The arbitrage situation between Virtex and MtGoxCAD is similar to that between Bitstamp and MtGoxUSD.

I missed the Satoshi Square at Nathan Philips Square in Toronto a couple of weeks ago. Anyone here attend? What were the prices like? Closer to MtGox or Virtex? Seems like a possible opportunity to flip some arb coins.

Yes, Canadian. I have a verified account there for quite a while so I can buy there any time and I think I'm good up to $150k.
I bought all my btc there and then moved them around the rest of the bitcoin world so I guess I already benefited from that bit of arb.

Edit: looks like prices are converging with the rest of the market...

[JimboToronto]

My brother organized the Nathan Philips Satoshi Square, he said about 30 people showed up (including a bitcoin startup that came from Waterloo!). Good times. Come to the next one!

Cool. I was hoping there'd be another one soon. Any date set yet? I was out of town for the last one. It pissed me off because I really wanted to be part of an historic event.

I'm curious what prices were like compared to other markets. Also were there any substantial trades (1000s of $$) or just a coin or two, here and there? Do I bring a pocket full of brownies?

[ArticMine]

not sure where you get this %5 hit from


bitpay costs %5 fee for canada,
and its not using mtgox price.

BitPay 101.8682 CAD https://bitpay.com/bitcoin-exchange-rates
Virtex 90.02 CAD https://www.cavirtex.com/

Sorry it is not 5% it is more like over 10%. Basically would you rather receive 101.8682 CAD worth of goods and services or 90.02 CAD worth of goods and services for your 1 BTC?

[adamstgBit]

not sure where you get this %5 hit from


bitpay costs %5 fee for canada,
and its not using mtgox price.

BitPay 101.8682 CAD https://bitpay.com/bitcoin-exchange-rates
Virtex 90.02 CAD https://www.cavirtex.com/

Sorry it is not 5% it is more like over 10%. Basically would you rather revive 101.8682 CAD worth of goods and services or 90.02 CAD worth of goods and services for your 1 BTC?

this is not the rate you actually get... BitPay will keep %5

Virtex is completely unknown how they calculate the exchange rate, and also its very posible that virtex has a better rate then BitPay, not long ago virtex was trading well above other markets.
 
its almost FOR SURE that Virtex will sometimes have a better rate then bitpay.

Best thing would be to be hooked up to both and go with the best rate at the time of the sale.

[ArticMine]

not sure where you get this %5 hit from


bitpay costs %5 fee for canada,
and its not using mtgox price.

BitPay 101.8682 CAD https://bitpay.com/bitcoin-exchange-rates
Virtex 90.02 CAD https://www.cavirtex.com/

Sorry it is not 5% it is more like over 10%. Basically would you rather revive 101.8682 CAD worth of goods and services or 90.02 CAD worth of goods and services for your 1 BTC?

this is not the rate you actually get... BitPay will keep %5

Virtex is completely unknown how they calculate the exchange rate, and also its very posible that virtex has a better rate then BitPay, not long ago virtex was trading well above other markets.
 
its almost FOR SURE that Virtex will sometimes have a better rate then bitpay.

Best thing would be to be hooked up to both and go with the best rate at the time of the sale.

BitPay charges 1% where does it say they charge 5%. I have bought goods and service using Bitcoin via Bitpay and literally saved 2-3% by buying the BTC from Virtex at the same time as the BitPay purchase. Time will tell but I doubt Virtex will be able to match the BitPay rates to a merchant unless they open up the exchange to customers outside of Canada.

[adamstgBit]

not sure where you get this %5 hit from


bitpay costs %5 fee for canada,
and its not using mtgox price.

BitPay 101.8682 CAD https://bitpay.com/bitcoin-exchange-rates
Virtex 90.02 CAD https://www.cavirtex.com/

Sorry it is not 5% it is more like over 10%. Basically would you rather revive 101.8682 CAD worth of goods and services or 90.02 CAD worth of goods and services for your 1 BTC?

this is not the rate you actually get... BitPay will keep %5

Virtex is completely unknown how they calculate the exchange rate, and also its very posible that virtex has a better rate then BitPay, not long ago virtex was trading well above other markets.
 
its almost FOR SURE that Virtex will sometimes have a better rate then bitpay.

Best thing would be to be hooked up to both and go with the best rate at the time of the sale.

BitPay charges 1% where does it say they charge 5%. I have bought goods and service using Bitcoin via Bitpay and literally saved 2-3% by buying the BTC from Virtex at the same time as the BitPay purchase. Time will tell but I doubt Virtex will be able to match the BitPay rates to a merchant unless they open up the exchange to customers outside of Canada.

bitpay charges 1% if all you do is use them to process bitcoin payments.

there's another fee for converting the bitcoins to $ in your bank.

we'll we will have to wait and see.

[Kupsi]

bitpay charges 1% if all you do is use them to process bitcoin payments.

there's another fee for converting the bitcoins to $ in your bank.

we'll we will have to wait and see.

You are wrong Adam. Smoking again?    The 0.99% fee is for $ in your bank.

BitPay Fee
0.99 %
includes guaranteed exchange rate

Convert to Bank Deposit

If you choose to have bitcoins converted to your local currency, BitPay will convert the funds and send a direct deposit to your bank account every business day to clear out your accumulated balance.

Conversion and Settlement is offered for no additional charge.

[adamstgBit]

bitpay charges 1% if all you do is use them to process bitcoin payments.

there's another fee for converting the bitcoins to $ in your bank.

we'll we will have to wait and see.

You are wrong Adam. The 0.99% fee is for $ in your bank.

no you are wrong  

[Kupsi]

no you are wrong  

Hmm...  

PS: I changed my forum post when you replied   

[adamstgBit]

no you are wrong  

Hmm...  

PS: I changed my forum post when you replied  

trust me

0.99% fee is just for the bitcoin shopping cart thing

if you set your account to keep the Money in BTC then you will only hit this 0.99% fee

converting is another fee

you quote is irrelevant.

their home page says

"low fee - Processing as low as 0.99%"

make an account and try to sell bitcoins for CAD and then tell me its only 0.99%

[ArticMine]

BitPay used to charge extra for settlement in fiat when they started I believe it was  around 2.5% but they changed to a flat 0.99% fee.

Virtex is a great exchange with excellent customer service that is not the issue; however for most of its existence it has been overrun with polar bears. This makes it a great place to buy BTC and a lousy place to sell BTC. Canada has both plentiful energy resources and a cold climate creating the perfect environment for Bitcoin mining. Do the math.

[adamstgBit]

BitPay used to charge extra for settlement in fiat when they started I believe it was  around 2.5% but they changed to a flat 0.99% fee.

Virtex is a great exchange with excellent customer service that is not the issue; however for most of its existence it has been overrun with polar bears. This makes it a great place to buy BTC and a lousy place to sell BTC. Canada has both plentiful energy resources and a cold climate creating the perfect environment for Bitcoin mining. Do the math.

It use to be 4% for settlement in CAD
how did they get rid of this fee?? crazy


virtex was trading well over other exchanges for a long time, i think this will be the case again soon enough...

[Kupsi]

http://www.paymentssource.com/news/bitpay-reaching-2m-milestone-in-march-cuts-fees-3013622-1.html

BitPay is also reducing its fees. The company will now process Bitcoin transactions and support settlement into 11 local currencies at a rate of 0.99% for all merchants. Previously, there were separate conversion fees on top of the 0.99% processing fee, so the company has essentially waived the currency conversion charges.

[ArticMine]

The reason BitPay can offer a merchant great rates and a 0.99% fee to merchants in Canada is because they do not sell their BTC in Canada.

[adamstgBit]

http://www.paymentssource.com/news/bitpay-reaching-2m-milestone-in-march-cuts-fees-3013622-1.html

BitPay is also reducing its fees. The company will now process Bitcoin transactions and support settlement into 11 local currencies at a rate of 0.99% for all merchants. Previously, there were separate conversion fees on top of the 0.99% processing fee, so the company has essentially waived the currency conversion charges.

this is gr8!

The reason BitPay can offer a merchant great rates and a 0.99% fee to merchants in Canada is because they do not sell their BTC in Canada.

i just told you virtex usually trades above other markets.

[Kupsi]

http://www.paymentssource.com/news/bitpay-reaching-2m-milestone-in-march-cuts-fees-3013622-1.html

BitPay is also reducing its fees. The company will now process Bitcoin transactions and support settlement into 11 local currencies at a rate of 0.99% for all merchants. Previously, there were separate conversion fees on top of the 0.99% processing fee, so the company has essentially waived the currency conversion charges.

this is gr8!

Yes! But not good for your e-penis  

[adamstgBit]

http://www.paymentssource.com/news/bitpay-reaching-2m-milestone-in-march-cuts-fees-3013622-1.html

BitPay is also reducing its fees. The company will now process Bitcoin transactions and support settlement into 11 local currencies at a rate of 0.99% for all merchants. Previously, there were separate conversion fees on top of the 0.99% processing fee, so the company has essentially waived the currency conversion charges.

this is gr8!

Yes! But not good for you e-penis 

lol

[Adrian-x]

virtex was trading well over other exchanges for a long time, i think this will be the case again soon enough...

the last top was $288 at virtex and $266 on Gox. Canadians going bitcoin.

[ArticMine]

Yes during April of this year there were some times when Virtex traded above MTGox, but if one looks over time all the way back to 2011 Virtex was for most of the time trading below MTGox. Interestingly this spring was also the time when many miners were buying ASICS with BTC, rather than selling BTC on Virtex, which can also explain the higher Virtex prices then. The spreads now on the downside even when compared with BitStamp and even BTC-E let alone MTGox are simply huge.

One interesting note is that the volume for CAD on MTGox is 841.77 vs 332.90 on Virtex. http://bitcoinwatch.com/

[adamstgBit]

One interesting note is that the volume for CAD on MTGox is 841.77 vs 332.90 on Virtex. http://bitcoinwatch.com/

this is really weird, cavirtex offers a superior service, this should correct itself eventually....
 

[freedomno1]

One interesting note is that the volume for CAD on MTGox is 841.77 vs 332.90 on Virtex. http://bitcoinwatch.com/

this is really weird, cavirtex offers a superior service, this should correct itself eventually....
 

Honestly I have been raising question marks as well the merchant API is coming out though not sure what systems its compatible with and they have been reliable, either way its not a bad place to get bitcoin.
https://www.canadianbitcoins.com/
https://www.cavirtex.com/home
https://www.mtgox.com/

[Transisto]

The price on Cavirtex is high and low at the same time, (try buying 30 000$ worth)


Arbitrage anyone ?

With the current orderbook there is ~448$ in bitcoin to be made from moving 15 000$ around (160btc).

1. By the time the money get there the opportunity may be lost.

2. You take the risk the wire transfer get stuck or having your bank account shut down.

3. You increase the risk of having Canada Revenue Agency make some random audit onto you.

4. You pay fees both ways on the exchanges and you pay the fees of a wire transfer. Buying 160b = 2.4B in fees on cavirtex.   selling 155B on bitstamp = ~0.65b Total 2.4+0.65b + 40$ = ~345$.  You now only have ~103$ to gain.

Would you risk #1 2 and 3 for ~100$ ?

Cavirtex's owner would be the one benefiting the most (directly and indirectly) from doing this arbitrage but he doesn't, even with 1.5% less in fees to pay.

Conclusion : Lowering the fees from 3% to 1.5% didn't do much to increase liquidity. Unless Cavirtex owner start doing arbitrage himself he should use the maker-taker approach to attract liquidity providers. http://www.marketswiki.com/mwiki/Maker-taker

[Adrian-x]

 Vortex was at about $2.80 when Gox dipped below $2.00.

Higher highs and higher lows.

[gog1]

The price on Cavirtex is high and low at the same time, (try buying 30 000$ worth)


Arbitrage anyone ?

With the current orderbook there is ~448$ in bitcoin to be made from moving 15 000$ around (160btc).

1. By the time the money get there the opportunity may be lost.

2. You take the risk the wire transfer get stuck or having your bank account shut down.

3. You increase the risk of having Canada Revenue Agency make some random audit onto you.

4. You pay fees both ways on the exchanges and you pay the fees of a wire transfer. Buying 160b = 2.4B in fees on cavirtex.   selling 155B on bitstamp = ~0.65b Total 2.4+0.65b + 40$ = ~345$.  You now only have ~103$ to gain.

Would you risk #1 2 and 3 for ~100$ ?

Cavirtex's owner would be the one benefiting the most (directly and indirectly) from doing this arbitrage but he doesn't, even with 1.5% less in fees to pay.

Conclusion : Lowering the fees from 3% to 1.5% didn't do much to increase liquidity. Unless Cavirtex owner start doing arbitrage himself he should use the maker-taker approach to attract liquidity providers. http://www.marketswiki.com/mwiki/Maker-taker

well said!

[hacknoid]

You know, with the value difference between Virtex and Bitstamp (what BitPay prices itself against), there is really good opportunity for Canadians to buy something from places like the Bitcoinstore if you convert fiat to BTC and then buy with BTC.

For example, I was looking at this item:
http://www.amazon.ca/Gwhdms52-Wl-Matrix-1080p-100ft/dp/B00CR0LCXK/ref=sr_1_1?ie=UTF8&qid=1376957262&sr=8-1&keywords=GWHDMS52
I can only see it for about CAD$407 on Amazon.

However, on Bitcoinstore (https://www.bitcoinstore.com/n-2283990.html) its US$322, or 3.1364 BTC.  Those same BTC right now at Virtex would cost me CAD$93.59 each, or a total of CAD$293.53, a savings of almost 28%!

... unfortunately I don't have cash there now.  Time to do a deposit!

Anyways, just something to note if you are looking to buy.  Opportunities like this may as well be taken advantage of!

[freedomno1]

You know, with the value difference between Virtex and Bitstamp (what BitPay prices itself against), there is really good opportunity for Canadians to buy something from places like the Bitcoinstore if you convert fiat to BTC and then buy with BTC.

For example, I was looking at this item:
http://www.amazon.ca/Gwhdms52-Wl-Matrix-1080p-100ft/dp/B00CR0LCXK/ref=sr_1_1?ie=UTF8&qid=1376957262&sr=8-1&keywords=GWHDMS52
I can only see it for about CAD$407 on Amazon.

However, on Bitcoinstore (https://www.bitcoinstore.com/n-2283990.html) its US$322, or 3.1364 BTC.  Those same BTC right now at Virtex would cost me CAD$93.59 each, or a total of CAD$293.53, a savings of almost 28%!

... unfortunately I don't have cash there now.  Time to do a deposit!

Anyways, just something to note if you are looking to buy.  Opportunities like this may as well be taken advantage of!

I've been buying stuff from the bitcoinstore recently they do a good service the only issue is First Class Shipping is the cheapest method to send goods to Canada

But definitely saves you cash on larger purchases even considering reselling the damn things

Watched the expose on marketplace and saw some things have ridiculous premiums added to them not that I wasn't aware just geez some things.

[JimboToronto]

My brother organized the Nathan Philips Satoshi Square, he said about 30 people showed up (including a bitcoin startup that came from Waterloo!). Good times. Come to the next one!

Cool. I was hoping there'd be another one soon. Any date set yet? I was out of town for the last one. It pissed me off because I really wanted to be part of an historic event.

I'm curious what prices were like compared to other markets. Also were there any substantial trades (1000s of $$) or just a coin or two, here and there? Do I bring a pocket full of brownies?

I see someone else bumped this thread, so I'll bump my question.

ChrisWilmer or anyone else, what were volumes and prices like at Nathan Philips Satoshi Square? Anyone know? Also, when's the next one?

[ehoffman]

What a good example of thread hijacking...

I was wondering what's up with caVirtex too, and was enjoying the thread until it started diverging at the bottom of the first page... 

Stay on topic guys...

As for wtf is going on with caVirtex, I'm wondering if it will 'pass' and eventually be more in line with Gox.  It would be a good time to buy then!  But the reason may just be, as said earlier in the thread, that people are selling their coins in Canada.  Mining has got unprofitable.  Since electricity is cheap, it took more time for people to switch off.  And with the 30 degree C and above, it's a waste of energy.  At least, during winter, that excess energy is re-used to heat up the home/apartment, and there's effectively zero loss (what's consumed for the rig is saved in heating cost).

Another reasons may also be Canadian laws.  With a lot of uncertainties, people may be slowly cashing in.

[ArticMine]

Virtex has traded for most of the time below MTGox, and this is to a large part due to the lets heat the home/apartment during winter with the mining rig. Yes there have been exceptions such as this spring but over time the simple reality that Bitcoin mining is more cost effective in Canada than in most other parts of the world will keep prices on Virtex somewhat depressed. This however does not explain the current spreads that are way more than the historical averages, especially during the summer.

1) A more pronounced MTGox - Bitstamp scenario with Canadian buying on MTGox and selling on Virtex. Granted that this is even more crazy than those who are selling on Bitstamp after buying on MTGox, but from the perspective on someone in Canada once "burned" in Japan may think twice about trying their luck in Slovenia
2) Virtex has eliminated cash deposits and added a 1%+0.25 CAD fee for bill-pay deposits when they changed payment providers. So it is now more difficult and expensive to get funds into Virtex. Kind of like a minor version of MTGox in reverse.

[byronbb]

What a good example of thread hijacking...

I was wondering what's up with caVirtex too, and was enjoying the thread until it started diverging at the bottom of the first page... 

Stay on topic guys...

As for wtf is going on with caVirtex, I'm wondering if it will 'pass' and eventually be more in line with Gox.  It would be a good time to buy then!  But the reason may just be, as said earlier in the thread, that people are selling their coins in Canada.  Mining has got unprofitable.  Since electricity is cheap, it took more time for people to switch off.  And with the 30 degree C and above, it's a waste of energy.  At least, during winter, that excess energy is re-used to heat up the home/apartment, and there's effectively zero loss (what's consumed for the rig is saved in heating cost).

Another reasons may also be Canadian laws.  With a lot of uncertainties, people may be slowly cashing in.

As for laws I doubt there is anything the Canadian goverment is doing to stem bitcoin. Canada is agnostic towards sportsbetting, which has it's own problem of "moving assets", whereas the land of the free down south is definitely otherwise. A pro poker player/sportbettor in Canada pays ZERO tax!!!

[Kaiji]

It's funny no one goes there to purchase cheaper coins.

[ColdHardMetal]

A pro poker player/sportbettor in Canada pays ZERO tax!!!

No, a recreational player pays no tax. If you do it as a job you're taxed the same as any other person.

[removebeforeflight]

Great post about BTC purchases Bitcoinstore using Virtex as the exchange. Hadn't thought about that.

[freedomno1]

Great post about BTC purchases Bitcoinstore using Virtex as the exchange. Hadn't thought about that.

Thanks now we just need to convince them to let us use cheaper shipping methods so we can buy lower priced items as well 

[bitcoin carpenter]

What is the easiest and fastest way for us canadians to arb on other trading sites
I was thinking I would try bitstamp to see how long it takes for the money to arrive

[niko]

What is the easiest and fastest way for us canadians to arb on other trading sites
I was thinking I would try bitstamp to see how long it takes for the money to arrive

Obviously there are limits we are not aware of - account closures, USD correspondent banks, hidden costs, low liquidity, AML... The apparent opportunity sometime lasts for days, and it doesn't get arbitraged away. Don't think big boys wouldn't have done it the same moment it showed. Also, there was a months-long reversal recently - again, just sat there out of equilibrium for ever.

Unfortunately, people seldom share the problems of this kind publicly. The only way to learn is the hard and costly way. Good luck.