Bitcoin Forum
November 24, 2017, 12:25:00 AM *
News: Latest stable version of Bitcoin Core: 0.15.1  [Torrent].
 
   Home   Help Search Donate Login Register  
Pages: [1] 2 »  All
  Print  
Author Topic: Why The Price Difference Between MtGox & BitStamp?  (Read 10998 times)
seafarer124
Sr. Member
****
Offline Offline

Activity: 302


View Profile
August 19, 2013, 04:06:07 PM
 #1

I do not understand the price difference between the two.

Why trade with MtGox when BitStamp is much cheaper?

Even if you use Bitcoin through Tor, the way transactions are handled by the network makes anonymity difficult to achieve. Do not expect your transactions to be anonymous unless you really know what you're doing.
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1511483100
Hero Member
*
Offline Offline

Posts: 1511483100

View Profile Personal Message (Offline)

Ignore
1511483100
Reply with quote  #2

1511483100
Report to moderator
1511483100
Hero Member
*
Offline Offline

Posts: 1511483100

View Profile Personal Message (Offline)

Ignore
1511483100
Reply with quote  #2

1511483100
Report to moderator
uyjulian
Jr. Member
*
Offline Offline

Activity: 56


View Profile
August 19, 2013, 04:11:06 PM
 #2

Different exchanges = different prices.
This is good, and ensures the exchanges are not linked together.

Tip jar: 14fXxRQLPSNamBfR4F49vHFSVApV9a6asL
HowGudAmI
Sr. Member
****
Offline Offline

Activity: 294


BTC --> ??? --> PROFIT


View Profile
August 19, 2013, 04:12:17 PM
 #3

People cant get dollars out of Mt.Gox at the moment - which means more people want to buy BTC on there (so they can withdraw) and less people want to sell (because the can not withdraw the dollars they receive).

Basically, a dollar on Mt.Gox is not actually worth as much as a dollar on other exchanges - so it takes more Gox dollars to buy a BTC.

Smiley
cbeast
Donator
Legendary
*
Offline Offline

Activity: 1736

Let's talk governance, lipstick, and pigs.


View Profile
August 19, 2013, 04:13:27 PM
 #4

Here is what people are doing *

1. Buy BTC on Bitstamp
2. See higher price on MtGox
3. Sell BTC on MtGox
4. Realize you can't get cash out of MtGox
5. Panic sell at higher price
6. LOL at others making the same mistake

*Present company excepted, of course.

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
odolvlobo
Legendary
*
Offline Offline

Activity: 1960



View Profile
August 19, 2013, 04:18:59 PM
 #5

People cant get dollars out of Mt.Gox at the moment - which means more people want to buy BTC on there (so they can withdraw) and less people want to sell (because the can not withdraw the dollars they receive).

Basically, a dollar on Mt.Gox is not actually worth as much as a dollar on other exchanges - so it takes more Gox dollars to buy a BTC.

Exactly. Because people can't get their USD, EUR, AUD, etc., out of MtGox, they are dumping those and buying BTC. While it might seem like selling your BTC on MtGox is easy money, you have to consider that it will be stuck there for months.

Buy bitcoins with cash from somebody near you: LocalBitcoins
Join an anti-signature campaign: DannyHamilton's ignore list
seafarer124
Sr. Member
****
Offline Offline

Activity: 302


View Profile
August 19, 2013, 04:20:26 PM
 #6

It is such a big difference.

Today, MtGox US$118.00/BitStamp US$102.00

Surprised MtGox is still in business.  Why do people go there?
odolvlobo
Legendary
*
Offline Offline

Activity: 1960



View Profile
August 19, 2013, 04:21:14 PM
 #7

It is such a big difference.

Today, MtGox US$118.00/BitStamp US$102.00

Yes, the bait in that trap is quite tempting!

Buy bitcoins with cash from somebody near you: LocalBitcoins
Join an anti-signature campaign: DannyHamilton's ignore list
zeroblock
Full Member
***
Offline Offline

Activity: 238


View Profile
August 19, 2013, 05:02:51 PM
 #8

It is such a big difference.

Today, MtGox US$118.00/BitStamp US$102.00

Surprised MtGox is still in business.  Why do people go there?

I have no idea why people still go there.
CompNsci
Sr. Member
****
Offline Offline

Activity: 321


View Profile
August 19, 2013, 05:58:48 PM
 #9

If you can afford to wait 8 weeks, it is not a bad deal.
byte1
Jr. Member
*
Offline Offline

Activity: 45



View Profile
August 19, 2013, 06:38:06 PM
 #10

It is not like you cannot get USD out of MtGox, you have to wait. The waiting part is what prevents people from going there.
zeroblock
Full Member
***
Offline Offline

Activity: 238


View Profile
August 19, 2013, 06:58:10 PM
 #11

It is not like you cannot get USD out of MtGox, you have to wait. The waiting part is what prevents people from going there.

No.  You really can't get it out, if you read in the forums the queue is getting longer and longer and Gox can only process 10 per day.  If that.  You really think a US bank is going to process a wire from Mt.Gox after their funds were seized by DHS? 
MAbtc
Hero Member
*****
Offline Offline

Activity: 574


View Profile
August 19, 2013, 07:22:53 PM
 #12

It is not like you cannot get USD out of MtGox, you have to wait. The waiting part is what prevents people from going there.

No.  You really can't get it out, if you read in the forums the queue is getting longer and longer and Gox can only process 10 per day.  If that.  You really think a US bank is going to process a wire from Mt.Gox after their funds were seized by DHS? 

Gox doesn't need a US bank, though. There are countless high-margin offshore payment processors who can cut foreign checks and push through wires via intermediary banks. US banks won't touch Gox, but plenty of payment processors will. Gox thus far is clearly unwilling to shave its profits (and it may have to shave them quite considerably) to do what is necessary to meet withdrawal volume.

The question is -- how much market share will Gox bleed before it does anything about it? If they are simply holding out for a US-facing bank that will continue the old status quo, good luck to them. That ain't happening.

No matter what, Gox needs to bleed out a lot of market share before they can be a sustainable business.
byte1
Jr. Member
*
Offline Offline

Activity: 45



View Profile
August 19, 2013, 08:54:55 PM
 #13

@zeroblock

I have had funds flow through with a 2 week delay, its not a big amount, but they are catching up.
MAbtc
Hero Member
*****
Offline Offline

Activity: 574


View Profile
August 19, 2013, 09:30:51 PM
 #14

I think, and it's pure speculation on my part, that some people are perpetuating FUD about Gox so they can keep making bank on arbitrage.

I'm sure there are delays and I'm sure a problem exists. I simply don't believe it is as large as people are making it out to be.

Of course I've been hearing Gox is a scam for over 2 years now, so I may be a bit dulled to such accusations.

Disclaimer: I've never used Gox and never plan to.

Disclaimer 2: I think Gox is terrible at what they do, but I don't suspect malice, rather ineptitude. Perhaps dealing with fiat is simply ridiculously difficult.

Obviously such opaque things are difficult to speculate on. But this smells a lot like the post-Black Friday situation in online poker. In which case, delays become the norm and there is no return to normal. Most likely, IMO, Gox will never return to its previous status quo.
darthy
Jr. Member
*
Offline Offline

Activity: 33


View Profile
August 19, 2013, 09:49:06 PM
 #15

Just for you information, you can withdraw money from gox, just did, it takes some time but you can.
It took a month for me.

Cheers
zeroblock
Full Member
***
Offline Offline

Activity: 238


View Profile
August 19, 2013, 10:13:18 PM
 #16

I think, and it's pure speculation on my part, that some people are perpetuating FUD about Gox so they can keep making bank on arbitrage.

I'm sure there are delays and I'm sure a problem exists. I simply don't believe it is as large as people are making it out to be.

Of course I've been hearing Gox is a scam for over 2 years now, so I may be a bit dulled to such accusations.

Disclaimer: I've never used Gox and never plan to.

Disclaimer 2: I think Gox is terrible at what they do, but I don't suspect malice, rather ineptitude. Perhaps dealing with fiat is simply ridiculously difficult.

Obviously such opaque things are difficult to speculate on. But this smells a lot like the post-Black Friday situation in online poker. In which case, delays become the norm and there is no return to normal. Most likely, IMO, Gox will never return to its previous status quo.

It feels exactly like the Black Friday situation in online poker.
zeroblock
Full Member
***
Offline Offline

Activity: 238


View Profile
August 19, 2013, 10:14:11 PM
 #17

Just for you information, you can withdraw money from gox, just did, it takes some time but you can.
It took a month for me.

Cheers

What currency? And do you find that an acceptable about of time? Because if you do, you are an idiot to trust in a service that takes a month to send you your money.
LukasP33
Newbie
*
Offline Offline

Activity: 12


View Profile
August 20, 2013, 01:28:06 AM
 #18

People cant get dollars out of Mt.Gox at the moment - which means more people want to buy BTC on there (so they can withdraw) and less people want to sell (because the can not withdraw the dollars they receive).

Basically, a dollar on Mt.Gox is not actually worth as much as a dollar on other exchanges - so it takes more Gox dollars to buy a BTC.

thanks for clearing this up!
I was wondering about the high mt gox prices as well and didn't know what caused them.
melon
Full Member
***
Offline Offline

Activity: 134



View Profile
August 20, 2013, 01:42:59 AM
 #19

probably this news https://bitcointalk.org/index.php?topic=277817.new;boardseen#new

round that to 3mil...and i'm not talking millibits

Once was a man his name was Jed..had a lot of hair but it wasn't on his head !
tvbcof
Legendary
*
Offline Offline

Activity: 2324


View Profile
August 20, 2013, 03:12:42 AM
 #20

It is such a big difference.

Today, MtGox US$118.00/BitStamp US$102.00

Surprised MtGox is still in business.  Why do people go there?

I've spent years variously hoping that Krapeles was a crook and watching for evidence of such.  Early on when I was actually buying it would have served me well if Mt. Gox had pulled a mybitcoin.  More recently I've proposed that the reason Mt. Gox was largely unmolested by the powers that be while much of the competition was shut down was (potentially) because they were actively cooperating in a honey-pot operation.  The notable harassment vis-a-vis Mutum Sigmum (or whatever-the-hell it's called) and the other banking hassled did a huge amount to bolster my confidence in Mt. Gox.

To answer your question, I 'go there' because I manage my cash-flow needs such that a month or two (or even infinity) of waiting for my fiat is not going to kill me.  I actually only now started to draw down my BTC stash, and only because I depleted my fiat reserves with a largish purchase.  I hedged my bets; half is (hopefully) coming via an international wire from Mt. Gox, and the other half is coming in through bitcoin-brokers.  The latter is just about done and it's been less than a week.  Not only that, but I paid no fees or commission, and as best I can tell everything is legal.  Both Mt. Gox and Bitcoin Brokers could have their operations locked up, or they could vanish with my BTC.  It's a chance that one takes in this business so I always look for ways to hedge and have options.  But I do feel that if Mark was prone to do a 'Tom Williams', he would have done it years ago.


Pages: [1] 2 »  All
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!