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

[chriswilmer]

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

[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?