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Author Topic: Isn't Mtgox multiple currency trading kind of a sham?  (Read 2368 times)
Andrew Bitcoiner
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September 09, 2011, 01:11:56 AM
 #1

Has anyone else noticed that although https://support.mtgox.com/entries/20413328-mt-gox-opens-15-new-currency-markets this is true and Mtgox accepts these currencies... all the trading is simply silently converting those currencies into USD?  What about actual API data (so that charts and graph data) can be shown in the 15+ bitcoin/currency values?


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September 09, 2011, 01:21:53 AM
 #2

I don't use this nor have I looked into it myself. I'd think it would work fine as long as the spread between moving in/out of USD is zero. It would be a way to enable trading for currencies that can't yet manage enough volume to offer liquidity.

If there is a spread and you lose money (not counting underlying currency moves) as conversions are made (which would be typical on any real exchange) then it would be a bit misleading to say you offer trading in the currency. In my opinion anyway.

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September 09, 2011, 12:51:02 PM
 #3

The announcement on september the 2nd seems like vapour.
It says mtgox "will introduce fifteen new currency markets"   but when??  next year??

I don't see any new feature or change on the trading interface regarding different currency markets and in fact they have *removed* all reference to depositing via Australian dollars.

A nebulous press release about adding more trading features some time...  and then removing an international deposit method without any explanation???

That's a pretty shabby effort.

EDIT: oh.. I see in 'register a new account' there are other currencies.  
gee.. Do you think maybe they could tell existing customers that?  FFS.  Roll Eyes

So now what.. I have to create a new account? Will my yubikey still work?  Do I just transfer my balance?

So many questions.. and no explanation to existing customers. WTF sort of feature release was that?!

Further EDIT:
So I can change my main currency in 'settings'.  There is a confusing post on support.mtgox.com about multi-currency and how to change wallet currency.
Seriously unimpressed with how this was handled.
Can I create a wallet in a currency without depositing new funds?  This just raises more questions.

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September 09, 2011, 01:13:31 PM
 #4

It turns out I can create an AUD (or any currency I guess) wallet by flipping my main currency to AUD and then back to USD.
Now I can sell my bitcoins into that wallet.
Before I did this - only USD was available.


Still no explanation on why the previous method of depositing AUD no longer shows up.
I'm guessing that it now *has* to be done by International Wire to the Hong Kong account - which is actually more of a pain for me.


What a poor interface and what a crazy lack of documentation for a feature upgrade.

I think mtgox needs to do some hiring (and/or firing).

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September 09, 2011, 01:15:08 PM
 #5

You can change your account settings in Gox to trade in your primary currency.

When you login click your username and then have a look at the setting about currency and wallets.

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September 09, 2011, 01:19:11 PM
 #6

You can change your account settings in Gox to trade in your primary currency.

When you login click your username and then have a look at the setting about currency and wallets.

That's exactly the crappy unexplained interface I was complaining about above!

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September 09, 2011, 01:37:53 PM
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You must have been writing that as i was writing mine.
yep the interface is pants. and guessing what happens when you have your new settings is a bit unsettling.

I changed mine back because i have no idea what will happen with my currencies.

although, after changing setting back to default i still have an extra wallet which i am not sure about.  Undecided


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September 09, 2011, 01:48:07 PM
 #8

Worse.. by removing the Technocash deposit method - it now costs me $22 to wire funds instead of 5%. 

I had intended to buy some IT services using BTC and deposit small amounts (e.g under $100) as necessary.  (I've added as little as $50 before)
This change has basically made it much less practical to buy BTC for ad hoc spending purposes (as opposed to bulk speculation!) via mtgox.

I guess it's time to take another look at the other exchanges.


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September 09, 2011, 02:10:20 PM
 #9

What is the cost of changing to a new currency? If I hold another currency I suppose that means that my "USD-value" will go up and done according to the exchange of the currency of my choice (for example if I hold EUR and this exchange rate gets stronger to the USD, I will have more USD to buy BTC with). Can someone from Mt.Gox confirm this.
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September 11, 2011, 01:23:47 PM
 #10

I don't see any new feature or change on the trading interface regarding different currency markets and in fact they have *removed* all reference to depositing via Australian dollars.

Yeah, this was confusing. It looks like the options shown for Add Funds are dependent on your selected wallet. I got an AUD wallet by swapping my main account currency to AUD, then back to USD. Then if you change to your AUD wallet via the dropdown next to your username the Technocash deposit method should be visible again.

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September 11, 2011, 04:14:09 PM
 #11

I don't see any new feature or change on the trading interface regarding different currency markets and in fact they have *removed* all reference to depositing via Australian dollars.

Yeah, this was confusing. It looks like the options shown for Add Funds are dependent on your selected wallet. I got an AUD wallet by swapping my main account currency to AUD, then back to USD. Then if you change to your AUD wallet via the dropdown next to your username the Technocash deposit method should be visible again.


Wow... I specifically created an AUD wallet like that before in order to try that - and it didn't work last time. Now It's showing up.
Oh well - that's good!  Technocash is much cheaper than wire to HK for small amounts.

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