tclo
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August 20, 2013, 05:42:13 AM |
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Different exchanges = different prices. This is good, and ensures the exchanges are not linked together.
So to that's why when the price goes up on Mt Gox, it goes down on Bitstamp so often? Of course they are linked somewhat.
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pennywise
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August 20, 2013, 06:39:02 AM |
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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
We know that smaller digits (<$1000) can be withdrawn. Were you at least 4, 5 digits? How long did it take?
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We went through a period where it was briefly tough and now there are 1400 new billionaires in the world - maybe some capital was misallocated... --Kyle Bass
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tspacepilot
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I may write code in exchange for bitcoins.
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August 20, 2013, 02:09:06 PM |
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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.
This puts it pretty clearly, I think.
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tondaS
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August 20, 2013, 02:16:47 PM |
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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.
Now it takes very long to withdraw cash out of MtGox (weeks, month) but you still can. But I dont recommend these steps as it is very risky waiting if your cash out of MtGox will be even done
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ksteve96
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alcedoplatform.com
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October 19, 2013, 02:42:47 PM |
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I almost made a new topic, but then realized there are probably thousands of these.
The gap is closing, but ~10% is still significant. With all the problems and distaste people have for Gox, especially with now needing to ID verify just to withdraw BTC ( when did this happen?) I think the gap will close very soon, with bitstamp trading at the higher price shortly after.
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howzar
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October 19, 2013, 02:46:15 PM |
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My opinion this is because of the difficulty in withdrawing USD and generally CASH from MtGox. Leading to continious and increased flow of cash to exchange USD-BTC since it's the only way to withdraw money from there, BitStamp withdrawals are still going (for verified accounts) and therefore the flow of USD To BTC is just the normal.
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jmumich
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October 19, 2013, 02:52:36 PM |
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My opinion this is because of the difficulty in withdrawing USD and generally CASH from MtGox. Leading to continious and increased flow of cash to exchange USD-BTC since it's the only way to withdraw money from there, BitStamp withdrawals are still going (for verified accounts) and therefore the flow of USD To BTC is just the normal.
So basically, a $ is worth less on MtGox due to uncertainty and difficulty in withdrawing it. Thus, traders demand more $ on MtGox in exchange for a bitcoin. The cost of the uncertainty and difficulty can be measured by the difference between the MtGox price and the Bitstamp price, with an adjustment for fees. Sound right?
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ksteve96
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alcedoplatform.com
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October 19, 2013, 03:04:44 PM |
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My opinion this is because of the difficulty in withdrawing USD and generally CASH from MtGox. Leading to continious and increased flow of cash to exchange USD-BTC since it's the only way to withdraw money from there, BitStamp withdrawals are still going (for verified accounts) and therefore the flow of USD To BTC is just the normal.
So basically, a $ is worth less on MtGox due to uncertainty and difficulty in withdrawing it. Thus, traders demand more $ on MtGox in exchange for a bitcoin. The cost of the uncertainty and difficulty can be measured by the difference between the MtGox price and the Bitstamp price, with an adjustment for fees. Sound right? Yes, that does sound right actually. I suppose the "real" price of BTC would be bitstamps price then. I think most are edging that way also, quoting the Bitstamp price instead of Gox. Little off topic, but bitstamp required ID verification for BTC withdrawal too, correct?
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kik1977
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October 19, 2013, 03:25:13 PM |
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My opinion this is because of the difficulty in withdrawing USD and generally CASH from MtGox. Leading to continious and increased flow of cash to exchange USD-BTC since it's the only way to withdraw money from there, BitStamp withdrawals are still going (for verified accounts) and therefore the flow of USD To BTC is just the normal.
Do you have any experience in withdrawing EUR instead?
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We are like butterflies who flutter for a day and think it is forever
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howzar
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October 19, 2013, 03:37:20 PM |
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Little off topic, but bitstamp required ID verification for BTC withdrawal too, correct?
Yes they do,withdrawing/depositing cash AND bitcoins require complete verification with an ID and a proof of address. Do you have any experience in withdrawing EUR instead?
No personal experience but considering some posts on this forum that claim they "Finally" received EUR payments without mentioning the length of delay,also since the MTGOX problem is generally "fiat money" after some of there accounts were frozen I doubt it would be much better than USD withdrawals.
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OmegaNemesis28
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October 19, 2013, 04:50:12 PM |
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Im more of a gox guy myself. Ive never really used anywhere else. So Gox is just taking longer to withdraw money. Whats necessarily the issue with that where people will demand more USD per BTC?
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PassTheAmmo
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October 19, 2013, 05:01:32 PM |
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My opinion this is because of the difficulty in withdrawing USD and generally CASH from MtGox. Leading to continious and increased flow of cash to exchange USD-BTC since it's the only way to withdraw money from there, BitStamp withdrawals are still going (for verified accounts) and therefore the flow of USD To BTC is just the normal.
Do you have any experience in withdrawing EUR instead? I do. I haven't raised the limit above €1000, so I made five withdrawals (SEPA) of €1000 each. The first one took 30 days before it was in my bank account. The second one still hasn't come through even though it has been ~35 days now. Since the bitcoin price was pretty stable for the last few months Mt Gox was a good place to get more money for each coin providing you could plan in advance. Now that the price is going up again I have registered on bitstamp, I think the bitstamp-price 30 days from now will be higher than the gox-price today.
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