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