kashish948 (OP)
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November 18, 2013, 05:50:40 PM |
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hi
the price on btcchina is at 800$ and at bitstamp its 593$.
why dont people just sell at btcchina and buy at bitstamp? is there something im not understanding here?
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kashish948 (OP)
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November 18, 2013, 06:20:32 PM |
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 no reply |
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RodeoX
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The revolution will be monetized!
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November 18, 2013, 06:22:56 PM |
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[guessing] Perhaps you need to be in China to open an account there? In That case few people will be in a position to do arbitrage between the Yuan and Dollar.
[/guessing]
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kashish948 (OP)
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November 18, 2013, 06:34:27 PM |
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[guessing] Perhaps you need to be in China to open an account there? In That case few people will be in a position to do arbitrage between the Yuan and Dollar.
[/guessing]
oh, but if you check https://bitcoinaverage.com/#USDtheres a lot of price diff even in us exchanges even if you leave out gox |
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gnarcoinguy
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November 18, 2013, 07:57:34 PM |
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I think the primary problem is how much time it takes to move USD in and out of the exchanges. Moving bitcoins between them is one thing, but actually getting your cash out and moved to another takes a lot longer.
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DeathAndTaxes
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Gerald Davis
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November 18, 2013, 08:01:12 PM |
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One Bitcoin is one Bitcoin but one dollar on an exchange isn't always the same as one dollar on another exchange.
Bitcoins can be quickly added or removed form an exchange and all exchanges are roughly the same in that respect
HOWEVER adding or removing dollars from an exchange varies a lot.
For example lets look at two radically different exchanges.
CampBX only deposit method (currently they are adding ACH) is a check. Thats right get a money order or cashier's check, mail it to them, wait for it to clear and they add funds to your account. However getting dollars out is very easy. They offer bank wire and you can have cash out the same day.
MtGox getting dollars in easy but there is currently a multi-month long backlog getting dollars out.
Is it an surprise that the dollar price of BTC is much higher on MtGox (easy to get dollars in, hard to get them out) then on CampBX (hard to get dollars in, easy to get them out).
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Sage
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November 18, 2013, 08:14:51 PM |
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The price difference is completely driven by the difficulty getting fiat out of the exchanges.
China limits 50K transfer out.
Btcchina.com only allows fiat transfer to mainland china bank.
A big factor driving this surge is capital locked up in China has finally found a way to get out via Bitcoin. And they are willing to pay a premium to do it.
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bitcoinpsftp
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November 19, 2013, 03:10:05 AM |
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Oh now I get it... So do you think these premium paying chinese dudes will be driving the price of bitcoin to new heights like 2k dollars in the new future?
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RodeoX
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The revolution will be monetized!
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November 19, 2013, 09:07:24 PM |
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[guessing] Perhaps you need to be in China to open an account there? In That case few people will be in a position to do arbitrage between the Yuan and Dollar.
[/guessing]
oh, but if you check https://bitcoinaverage.com/#USDtheres a lot of price diff even in us exchanges even if you leave out gox I do take advantage of that.  But I can't do Yuan, I have only USD and EUR. |
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AndrewWilliams
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Fourth richest fictional character
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November 19, 2013, 11:55:47 PM |
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I do take advantage of that. But I can't do Yuan, I have only USD and EUR. How do you, without a mainland China bank account? |
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Sage
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November 20, 2013, 06:19:33 AM |
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Oh now I get it... So do you think these premium paying chinese dudes will be driving the price of bitcoin to new heights like 2k dollars in the new future?
YEP! Now is the time to buy! |
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Canaanite
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November 20, 2013, 10:28:09 AM |
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I do take advantage of that. But I can't do Yuan, I have only USD and EUR. How do you, without a mainland China bank account? Paitence... eventually every arbitrage is getting closed buy bitcoins at a regular exchange move them to btc china sell them for yuan when the arbitrage is closed buy btc at btc china move them to regular exchange cash them and you got a really nice profit The risks are for the difference to go grow bigger btc china to go bankrupt China goverment can make up some evil regulations (and maybe there will be even a negative arbitrage!!! ) |
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AndrewWilliams
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November 20, 2013, 06:31:35 PM |
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Paitence... eventually every arbitrage is getting closed buy bitcoins at a regular exchange move them to btc china sell them for yuan when the arbitrage is closed buy btc at btc china move them to regular exchange cash them and you got a really nice profit The risks are for the difference to go grow bigger btc china to go bankrupt China goverment can make up some evil regulations (and maybe there will be even a negative arbitrage!!! ) That is a risky move, holding all that Yuan in there. Might take months for arbitrage to close between the exchanges.... Nice idea though. |
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BitPirate
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RMBTB.com: The secure BTC:CNY exchange. 0% fee!
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November 25, 2013, 03:02:36 AM |
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Hi,
Some people have been finding ways to arbitrage successfully on rmbtb.com.
As a foreigner, you can get an Alipay account, but you can't withdraw more than CNY 2k without being verified (which requires a Chinese ID).
However, some people have been able to buy products/services on Taobao using their Alipay account but indicating us as the payee. This is fine for us; we charge a 0.5% fee. On Taobao you should be able to find money transfer services (e.g. PerfectMoney). We are not affiliated with these in any way, and don't offer any recommendations.
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