Mtgox, Bitstamp "Let's calm down": 700, 550$. China "I don't give a fuck": 900$.

[Zangelbert Bingledack]

Nice!
Somewhere I read that MtGox withdraws in JPY for domestic banks are working fine. Is that true?

Like clockwork.

[Zangelbert Bingledack]

Nice!
Somewhere I read that MtGox withdraws in JPY for domestic banks are working fine. Is that true?

I found this about opening a Japanese bank account (below).

But to be honest Mt. Gox is such a crap box I would not rely on them to make timely payments, even with a Japanese account. Reading all the horror stories of waiting for withdraws is stressful enough!

Also, it seems more complicated.

You may find that foreign-capital banks (gaishi ginko), like Citibank and Shinsei Bank, are more willing to open an account for resident foreigners than normal Japanese banks. You can also get extra service like English helpline and statements.

You can open an account at a Japanese Bank and open an account at Lloyds bank by mailing the application form to them - no money deposits are required. Once in place, you can tranfer money from your japanese banks to USA through them just by using the ATM. They charge 2000yen per transaction; about 500 yen will be charged by japanese bank and $10 by intermediatary bank (happens to be Wells Fargo). So, You will spend about $4000 yen in transfers. Relatively more convenient if you dont live in Tokyo or Osaka.

http://www.expatforum.com/expats/japan-expat-forum-expats-living-japan/49187-opening-bank-account-japan.html

Note you have to be a resident in Japan, with a visa.

And I've never heard of anyone having problems with MtGox withdrawals into yen. 1-2 business days baby!

[AndrewWilliams]

Note you have to be a resident in Japan, with a visa.

And I've never heard of anyone having problems with MtGox withdrawals into yen. 1-2 business days baby!

You're right. I found this:


Good luck, I doubt you'll be able to open up a Japanese account AT ALL, let alone in the states. Most banks require that you be a resident for at least a year (I know Risona and UFJ are exceptions but I still think you need to be a resident). Japanese banks have no connection to American banks, even the Citibank is a different system.
http://answers.yahoo.com/question/index?qid=20091215185310AAyXAvY


With the cost of living so high in Japan, I don't know if it exactly would pay to move there, for the ability to withdraw from MtGox and make the margin on the Gox vs Bitstamp rate.

It could though, LOL. I bet some Japanese are making some real bank right now doing that.

[Zangelbert Bingledack]

In fairness: find a Japanese girlfriend on the net, fly there or get her to fly to you to consummate, have her be your arb partner.

[Cryddit]

Dude. 

Where to begin.  There's an order to things, there's rules.  One of the rules is that it's considered dishonorable do "personal" because of "business", and another is that doing "business" because of "personal" doesn't usually work.  If both of them happen to involve the same person, that's happy, but seriously, don't ever put them together in a sentence with a "because" between them or you're headed for ruin most likely in both endeavors.

In fairness, find a Japanese arbitration partner on the net, and if you get along otherwise, have compatible lives and plans, and you're MOAAS (Members Of An  Attractive Sex) to each other maybe you can explore romance.  Otherwise, the two of you can be happy with a lucrative arbitration business and maybe when you're blowing your money in a few years you can go out and chase girls/boys together as chums.

First; it gets you to your arbitration-business goal faster.  Second, it's more likely to work.  Third, if you make the business contingent on romance your business will fall apart the minute you and your girlfriend have a romantic misunderstanding - and vice versa,   which will make the misunderstanding worse, and probably unrecoverable.  Third, it's more honest with your partner/s.

[AndrewWilliams]

LOL at the Japanese girlfriend idea. 

But.... As I am typing this the spread between Bitstamp and MtGox is only ... $5   ?!?!

WTF! What's going on?

[oda.krell]

LOL at the Japanese girlfriend idea. 

But.... As I am typing this the spread between Bitstamp and MtGox is only ... $5   ?!?!

WTF! What's going on?

If I had to guess: bitfinex funds arrived on stamp?

[AndrewWilliams]

LOL at the Japanese girlfriend idea. 

But.... As I am typing this the spread between Bitstamp and MtGox is only ... $5   ?!?!

WTF! What's going on?

If I had to guess: bitfinex funds arrived on stamp?

The spread has now increased to 30... will be monitoring this situation closely 

[wachtwoord]

LOL at the Japanese girlfriend idea. 

Working on it?

[oda.krell]

LOL at the Japanese girlfriend idea. 

Working on it?

Japanese girls are cute, but the teeth... or my good, the teeth. Makes the Brits look like dental care fanatics in comparison.

[wachtwoord]

LOL at the Japanese girlfriend idea. 

Working on it?

Japanese girls are cute, but the teeth... or my good, the teeth. Makes the Brits look like dental care fanatics in comparison.

Not very relevant in a long distance business agreement however.

[AndrewWilliams]

LOL at the Japanese girlfriend idea.  

Working on it?

Already tried it 5 years ago LOL  

She gave me strange looks when I brought her to the bank.

But seriously, do you think it would work? Everything I've read says you would need government documents showing you live there.
And I don't trust the new girlfriend enough to use her bank account (sorry!).  

[PirateHatForTea]

Even if you have a Japanese bank account, Gox won;t let you withdraw Yen unless you provide them with proof of residence or citizenship in Japan. I actually have a Japanese bank account, from when I was a student there in 2006. Unfortunately I have forgotten/lost my net banking credentials, so  may not even be able to use it, but even if I could, I don't think Gox will let me.

[Xer0]

interessting point ... does btcchina ask for proof-of-rersidence too?

[Zangelbert Bingledack]

The Japanese girlfriend thing is only half in jest. The trust dynamic can be easier to assess if you're intimate. But yeah, not a great idea relationship-wise.

I'm in Japan and I don't even want to bother with arb. Too much work, too weird for taxes in both countries, and having fiat tied up in transfers while Bitcoin skyrockets would be too painful.

If only MtGox had added Litecoin, then arbitrage between BTC-e and MtGox would be a breeze, at least during those times that the BTC and LTC prices aren't very connected (and also assuming that whatever caused the BTC price differential didn't also cause a similar one in the LTC prices). Having at least one viable altcoin is critical for Bitcoin infrastructure.