I'm no Einstein but I'm sure I'm not the only person who has noticed the BTC price disparity between 3 of the largest exchanges. Obviously the market is in constant motion but at this time the last trade on
: BTC-e was 288USD.
: On Bitstamp its was 299.15USD
: On MT Gox it was 316.75USD
Why are people not buying coins on BTC-e and then sending them to MT Gox for a $28.75 per coin and then transfer the coins back to BTC-e? There's no commission on Bitcoin transfers so the only reason I can see for not doing this is if you don't trust Mt Gox to transfer the coins back to BTC-e.
Am I missing something obvious here?
KS
Here you go.
To send $$$ to Btc-e they charge you 1% deposit fee. Then they charge you trading fees. So lets call it $1.5% total. Then you send BTC to Mtgox.
Then you have trading fees on Mtgox of .5%. Now you are at a total of 2% fees.
Then you have to convert USD to Yen. That's normally a $4 premium. THEN you have to have a Japanese bank account in order to withdraw the Yen.
Do now you send $100,000 to Btc-e. Subtracting 2% you are now at $98k. You buy 340 BTC. You sell them on Mtgox for $312 (316-4). You now have $106k.
However, you might have a delay of 2 to 3 hours to get BTC from 1 exchange to another. What if the market goes down during that period? What if the exchange prices differences decrease before your wire gets to BTC-e?
And do you have a Japanese Bank account anyway?
Thats why it is much harder than it looks.