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Author Topic: It's time to reinstate trading fees  (Read 1466 times)
GeniuSxBoY
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July 14, 2011, 07:09:55 AM
 #1

R.I.P free trading fees.


We have seen first hand that fees are implemented for our own good.


It's time for anti-bot policies as well.


This is why we can't have nice things.
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DamienBlack
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July 14, 2011, 07:12:43 AM
 #2

What is the problem? The price stability? Isn't that what everyone was saying bitcoin needed? Two days and you've had enough? Plus, I'm not sure bots and low fees are 100% behind the price stability.

Anyway, the fees will be coming back soon.

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Serge
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July 14, 2011, 07:24:40 AM
 #3

When are the fees going to be reinstated? July 25-26?
DamienBlack
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July 14, 2011, 07:26:54 AM
 #4

When are the fees going to be reinstated? July 25-26?

Yeah. I'm sure mt gox is pretty sick of working for free. They'll make it as soon as possible.

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Oldminer
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July 14, 2011, 07:29:53 AM
 #5

Mtgox just announced an extension to this fee free period.

Goxed.

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GeniuSxBoY
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July 14, 2011, 07:30:01 AM
 #6

MtGox has what? 56000 bitcoins in their own account?
DamienBlack
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July 14, 2011, 07:34:12 AM
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Mtgox just announced an extension to this fee free period.

Goxed.

Really? Can I get a link?

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GeniuSxBoY
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July 14, 2011, 07:34:44 AM
 #8

Quote
*Announcement* Extension of Reduced Trade Fees

Adam Jul-14 • Announcements

Dear Mt. Gox users,

We are pleased to announce that as a way to say we sincerely appreciate our customers who are “hanging in there” with us as we recover from the “hackcrash” (not to mention our growing pains), we will be extending the current discounted trade fees.

Those who are trading at 0% will continue at that rate until July 27. After the July 27 customers with the 0% trade fees will migrate to 0.3% trade fees which they will be able to take advantage of until August 9.

Those who were trading at 0.3% will continue at the same rate until August 9

We would also like to remind those users who are trading at 0% that they are eligible for a free YubiKey, a new One Time Password security feature at Mt.Gox that will ensure the security of your online transactions with us. Unfortunately, we will only be able to offer this for a short time so please make sure to order your key at http://Yubikey.mtgox.com (be sure to login) before July 27.

Sincerely,


The official message.
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July 14, 2011, 07:40:37 AM
 #9

I wouldn't mind so much if I got a free Yubikey

DamienBlack
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July 14, 2011, 07:46:50 AM
 #10

Hmm... it is interesting that they use the term "hackcrash", because a quick forum search show that I am pretty much the only person that has used it, and I definitely have first use. I just going to go ahead and say I coined the term because it makes me sound cool.

July 27th isn't that much longer than expected.

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Jaime Frontero
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July 14, 2011, 07:48:14 AM
 #11

so... the free market (as opposed to the "free" market) resumes on august 10th.

can't come soon enough...
DamienBlack
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July 14, 2011, 07:53:59 AM
 #12

so... the free market (as opposed to the "free" market) resumes on august 10th.

can't come soon enough...

I don't see why you are waiting for the 10th. July 28th has fees at .3%. There is nothing special about .65%.

I find it very bizarre that people are _asking_ mt gox to charge a fee. Very, very weird.

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Jaime Frontero
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July 14, 2011, 08:04:46 AM
 #13

so... the free market (as opposed to the "free" market) resumes on august 10th.

can't come soon enough...

I don't see why you are waiting for the 10th. July 28th has fees at .3%. There is nothing special about .65%.

I find it very bizarre that people are _asking_ mt gox to charge a fee. Very, very weird.

we'll see what 0.3% does.  not enough, methinks.

i think the point though, is that the bots are essentially uncrackable at 0% (and probably close to uncrackable at 0.3%).  the market is too thin right now, and regular folks just can't get past the ha'penny walls.

besides... it's boring.
DamienBlack
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July 14, 2011, 08:07:00 AM
 #14

so... the free market (as opposed to the "free" market) resumes on august 10th.

can't come soon enough...

I don't see why you are waiting for the 10th. July 28th has fees at .3%. There is nothing special about .65%.

I find it very bizarre that people are _asking_ mt gox to charge a fee. Very, very weird.

we'll see what 0.3% does.  not enough, methinks.

i think the point though, is that the bots are essentially uncrackable at 0% (and probably close to uncrackable at 0.3%).  the market is too thin right now, and regular folks just can't get past the ha'penny walls.

besides... it's boring.

Lower fees should increase liquidity and volume. The current action isn't completely due to the fees. Things are just slow.

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RogerR
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July 14, 2011, 08:25:36 AM
 #15

Lower fees should increase liquidity and volume. The current action isn't completely due to the fees. Things are just slow.

This.
CryptoCommodity
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July 14, 2011, 09:17:52 AM
 #16

How can someone think that fees create volatility?

Every single transaction where there is a fee causes an erosion in price that has to be made up by additional funds entering the market for the price to remain the same.
DamienBlack
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July 14, 2011, 09:30:57 AM
 #17

How can someone think that fees create volatility?

Every single transaction where there is a fee causes an erosion in price that has to be made up by additional funds entering the market for the price to remain the same.

The argument, I suppose, is that the bots are ultra-stabilizing the markets by buying and selling with intent to only make a micro sliver of profit with no worry of fees. Their volume is so high that normal traders can't move the market. I think this view is silly. Bots can only do so much, and volume is low. This clearly isn't what is happening. Things are just slow.

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