Hypothetical Arbitrage Question

[krudkeeper]

Suppose I buy 1 Bitcoin at Coinbase today for $803.00, transfer it to Mt. Gox and sell it for $940.00 and request the funds via wire transfer to be deposited in my U.S. checking account. Will I make a profit after wire fees? How much money in fees would I be looking at? Could someone who has "been there" fill me in? Thanks.

[1715298199]

1715298199

[1715298199]

1715298199

[1715298199]

1715298199

[1715298199]

1715298199

[KWH]

Suppose I buy 1 Bitcoin at Coinbase today for $803.00, transfer it to Mt. Gox and sell it for $940.00 and request the funds via wire transfer to be deposited in my U.S. checking account. Will I make a profit after wire fees? How much money in fees would I be looking at? Could someone who has "been there" fill me in? Thanks.

Been asked to death in the last week alone. Do a little reading.

[krudkeeper]

Link me, please.

[btcmania]

Gox's prices are so much higher because you can't get your money out of Gox once you sell the BTC. Expect to wait three months and even then it's not guaranteed to happen.

[cozytrade]

Your profit depends on the btc price in 6 or more months, rather than fee. MtGOX btc is like combination of 6 or 12 months CDs and future contract, which you cannot withdraw for deposit terms. Also, you need to be patient against default risk and frustration for their nontransparent support, which is like seller of CDS or buyer of junk bonds.  That's why you can expect higher return than spot forex.

[krudkeeper]

Your profit depends on the btc price in 6 or more months, rather than fee. MtGOX btc is like combination of 6 or 12 months CDs and future contract, which you cannot withdraw for deposit terms. Also, you need to be patient against default risk and frustration for their nontransparent support, which is like seller of CDS or buyer of junk bonds.  That's why you can expect higher return than spot forex.

Why does it take so long? Their forum walk-through says about 5 days for initial bank information verification.

[cozytrade]

Why does it take so long? Their forum walk-through says about 5 days for initial bank information verification.

You should look at not their forum but this forum,
https://bitcointalk.org/index.php?topic=179586.0

Bank verification would take 10-15 days, perhaps, that is not a big issue. You may need to wait after bank verified, and after the request of cash withdrawals. Why it takes long? Their cash transaction is so000 far limited in comparison with the clients request.

[Sonny]

Suppose I buy 1 Bitcoin at Coinbase today for $803.00, transfer it to Mt. Gox and sell it for $940.00 and request the funds via wire transfer to be deposited in my U.S. checking account. Will I make a profit after wire fees? How much money in fees would I be looking at? Could someone who has "been there" fill me in? Thanks.

People have been waiting for months to get their USD withdrawals.
Good luck with your strategy