The Mt.Gox GBP market is absolute madness

[protokol]

We hit monkey parity last night (£500 is a "monkey" in cockney slang  ), we then hit an ATH of £549.95 before dropping to about £360

It's mad, there's so little volume that the price is mega volatile, I guess it's bots putting small bids in and around the USD price, but there's a little bit of lag so you can spot a correction in the USD market, then quickly set up bids/asks in the GBP market. I managed to sell a couple of coins at £496 when I saw the USD market retrace after the first major correction.

Now I'm trying to decide where to buy back in, or just cash out the fiat if the price doesn't go any lower in the next few days. How long does a GBP transfer from Gox take these days? A month? more? Never cashed out from gox before, I've got bids set up at around £330, which should get me about 1 BTC profit if they fill...

Anyone else here actually use GBP on Gox? Will I literally be waiting a year for my measly £1000 to get to my bank if I don't buy back in? 

[bullioner]

You can't get GBP out of gox, and haven't been able to for a long time.  You will probably end up having to buy bitcoins and send those over the Internet.

[protokol]

You can't get GBP out of gox, and haven't been able to for a long time.  You will probably end up having to buy bitcoins and send those over the Internet.

Ha. Cheers, so you're saying it's actually impossible? Wow, no wonder the volume's so low. I assumed I could get the fiat out, just that it would take months... Is there any exchange at all that lets you cash out GBP? apart from localbitcoins?

[bullioner]

Ha. Cheers, so you're saying it's actually impossible? Wow, no wonder the volume's so low. I assumed I could get the fiat out, just that it would take months... Is there any exchange at all that lets you cash out GBP? apart from localbitcoins?

Check out bitbargain.  It's well run.  It works a bit different from full exchanges, go and read about it.

[protokol]

^Nice one, will do. I'll wait for a nice buy-in point on Gox, and make some extra coinage first!

[protokol]

well, my bid just got bought @£324, so I got an extra 1.1BTC from yesterday! 

Looks like I missed the bottom by a bit, market's correcting savagely right now, but I don't care as I have more delicious bitcoins!
I'm glad most of my stash is in cold-storage otherwise the craziness of the last 24hrs would have probably lost me shitloads of money...