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Author Topic: How do people think using Mt. Gox is efficient?  (Read 1281 times)
Taras
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October 19, 2013, 03:36:37 AM
 #1

Sure, they're probably lured in by this:

But 22 months, the top USD withdraw time, is ridiculous. 22 months from now, the $170 you sold your bitcoin for wouldn't buy five bitcoins on bitstamp. I just want to know; is it simply misinformation that has the Gox's volume so high?

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notme
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October 19, 2013, 04:07:55 AM
 #2

Sure, they're probably lured in by this:

But 22 months, the top USD withdraw time, is ridiculous. 22 months from now, the $170 you sold your bitcoin for wouldn't buy five bitcoins on bitstamp. I just want to know; is it simply misinformation that has the Gox's volume so high?

Or maybe some people with big accounts have picked up the phone and asked mtgox to set something up for them.  Then your assumption that nobody can get money out doesn't hold. These big fish are likely making bank on arbitrage, but smaller users have to buy btc to get out.

https://www.bitcoin.org/bitcoin.pdf
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October 19, 2013, 08:22:28 AM
 #3

You falsely assume everyone is in the usa, hence high transaction costs and long withdrawal times.
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October 19, 2013, 08:29:06 AM
 #4

You falsely assume everyone is in the usa, hence high transaction costs and long withdrawal times.

Of course, the majority of MtGox customers are in USA. Why the hell do you need USD, if you are not in USA?

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iikun
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October 19, 2013, 08:34:09 AM
 #5

The trading volume of other currencies on gox is extremely low so the inherent risk is higher as you will have fewer potential buyers if/when the price tanks. I gave up using yen as the price never moves or when it does it's the equiv of $5 at a time.
Shallow
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October 19, 2013, 08:54:10 AM
 #6

Cause gox is like google, everyone knows it exists and use it cause its the stock standard albeit dodgy.

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October 19, 2013, 12:30:50 PM
 #7

You falsely assume everyone is in the usa, hence high transaction costs and long withdrawal times.

Of course, the majority of MtGox customers are in USA. Why the hell do you need USD, if you are not in USA?

I am not in USA and I always trade to USD. If to withdraw I sell for euro, none of these can I use in my country. Very flawed assumption.
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October 19, 2013, 02:06:18 PM
 #8

You falsely assume everyone is in the usa, hence high transaction costs and long withdrawal times.

Of course, the majority of MtGox customers are in USA. Why the hell do you need USD, if you are not in USA?

Idk, maybe because global oil trade is denominated primarily in USD?  Or because you live in one of the many countries where the dollar is more highly valued than the local currency.  Or because there is no volume in your local currency and dollars are the most fungible foreign currency? Or...

https://www.bitcoin.org/bitcoin.pdf
While no idea is perfect, some ideas are useful.
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yvv
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October 19, 2013, 09:50:43 PM
 #9


Idk, maybe because global oil trade is denominated primarily in USD?  Or because you live in one of the many countries where the dollar is more highly valued than the local currency.  Or because there is no volume in your local currency and dollars are the most fungible foreign currency? Or...

...or because you live in shithole slave colony which uses $$ on internal market. Ok, I got it.

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notme
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October 19, 2013, 11:34:11 PM
 #10


Idk, maybe because global oil trade is denominated primarily in USD?  Or because you live in one of the many countries where the dollar is more highly valued than the local currency.  Or because there is no volume in your local currency and dollars are the most fungible foreign currency? Or...

...or because you live in shithole slave colony which uses $$ on internal market. Ok, I got it.


Nope, belly of the beast.

https://www.bitcoin.org/bitcoin.pdf
While no idea is perfect, some ideas are useful.
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