PortableGorilla (OP)
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Activity: 3
Merit: 0
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February 16, 2014, 10:58:00 PM |
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I'm surprised this hasn't gotten much press given how many people have sold on Gox and must be sitting on a large amount of fiat. https://www.bitcoinbuilder.com/If you have fiat in Gox, you can buy BTC at $250, move the BTC out at ~.67 "real" BTC / MtGox BTC, and sell the BTC at $600 on coinbase, for ~60% profit on your fiat and it's out of Gox. Thinking about putting fiat INTO Gox now... |
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BitcoinBobbeh
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February 16, 2014, 11:16:54 PM |
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GENIUS!
I mean...
What could possibly go wrong?!
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By the end of next month at the latest we will have permanently left behind 3 digits. You can quote me on this.
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Bitcoins101
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February 16, 2014, 11:58:06 PM |
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GENIUS!
I mean...
What could possibly go wrong?!
So true, considering how easy it is to get money in and out of Gox these days. The price on Gox is 50% of what it is everywhere else. Don't you think if it was possible to arbitrage people would be doing it?!? |
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PirateHatForTea
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February 17, 2014, 12:24:11 AM |
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Yep. But bitcoinbuilder does work, and does let you exchange goxbtc for realbtc. People SHOULD be doing it. I have no idea why they aren't. Though the bid price hs been steadily decreasing today, so clearly some people are selling their goxbtc for realbtc.
I think it's mostly that people don;t know about bitcoinbuilder yet that this arbitrage opportunity still exists. That and a lot of btc traders are plain stupid (especially anyone that still had assets on Gox!)
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Unlevereged financial instruments acting as a store of value that fluctuate 50% within 10 minutes is perfectly acceptable. I think it should be offered in IRA form to soon to be retirees.
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joesmoe2012
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February 17, 2014, 12:57:18 AM |
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At the moment gox to gox btc transfers aren't possible, so how is this company able to operate? There's no BTC codes with gox, and you can't send BTC....
So doesn't seem like it could possibly work...?
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CryptoVortex
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February 17, 2014, 01:56:54 AM |
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Although it may well be true that few people are aware of BitcoinBuilder, that doesn't seem to be an adequate explanation of the GoxBTC / RealBTC exchange rate there. Unless I'm mistaken, internal transfers at Gox were only recently suspended. I would expect that the exchange rate at BitcoinBuilder prior to those transfers was much closer to the Gox / Bitstamp price ratio.
Until I read this, I had wondered why MtGox suspended internal transfers. Unfortunately, the most plausible explanation seems to be that they want to prevent a whale, in this case BitcoinBuilder, from amassing too large a share of GoxBTC (or GoxUSD). A whale might be in a better position to identify suspicious market behavior, might have more financial incentive to pursue means to put pressure on MtGox, and might be a more formidable enemy in court.
There is obviously a lot of irrational behavior surrounding the MtGox exchange right now, so perhaps there is some danger in reading too much into divergences from fair value. At the very least, this re-emphasizes that suspension of internal transfer is a significant new red flag added to the MtGox red flag Winter collection.
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MOB
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February 17, 2014, 03:12:09 AM |
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They show activity as of just a few minutes ago--can someone confirm that gox internal BTC transfers are still suspended?
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PirateHatForTea
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February 17, 2014, 05:49:02 AM |
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Gox internal transfers were reinstated when they turned back on along with deposits, after the scheduled 6 hours of downtime. So yes they are working.
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Unlevereged financial instruments acting as a store of value that fluctuate 50% within 10 minutes is perfectly acceptable. I think it should be offered in IRA form to soon to be retirees.
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vaccinesaregood
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February 17, 2014, 06:23:12 AM |
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Just tried this with the address provided. GOX said "account under review, please see verification bullshit" Does this only work for people who are verified?
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Nagle
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Merit: 1000
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February 17, 2014, 06:47:11 AM |
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Unfortunately, the most plausible explanation seems to be that they want to prevent a whale, in this case BitcoinBuilder, from amassing too large a share of GoxBTC (or GoxUSD). A whale might be in a better position to identify suspicious market behavior, might have more financial incentive to pursue means to put pressure on MtGox, and might be a more formidable enemy in court.
BitcoinBuilder is just matching buyers and sellers; they're not taking any risk or position in this. But they do have custody of a lot of coins on Mt. Gox. |
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PirateHatForTea
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February 17, 2014, 02:17:57 PM |
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Just tried this with the address provided. GOX said "account under review, please see verification bullshit" Does this only work for people who are verified?
Withdrawals of any kind, and any amount, including BTC, now require verification on Gox. It's been like that since summer last year. |
Unlevereged financial instruments acting as a store of value that fluctuate 50% within 10 minutes is perfectly acceptable. I think it should be offered in IRA form to soon to be retirees.
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vaccinesaregood
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Activity: 14
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February 17, 2014, 04:41:00 PM |
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Just tried this with the address provided. GOX said "account under review, please see verification bullshit" Does this only work for people who are verified?
Withdrawals of any kind, and any amount, including BTC, now require verification on Gox. It's been like that since summer last year. Balls. They keep denying my verification. For the verification doc, does anyone know if a W-2 would work or does it have to be a tax return? (I don't pay the utilities) |
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PirateHatForTea
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February 18, 2014, 01:07:10 AM |
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It blows my mind that there are people in Gox selling GoxBTC for Goxbux at around 50% of spot price, when they can sell their GoxBTC for RealBTC at .7 right now AND not have to deal with the headache of withdrawing Goxbux.
If the exchange rate on bitcoinbuilder, by all rights, should be LESS than 0.5.
Idiots, I see idiots, everywhere. If I had money on Gox I'd be arbing the shit outta this.
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Unlevereged financial instruments acting as a store of value that fluctuate 50% within 10 minutes is perfectly acceptable. I think it should be offered in IRA form to soon to be retirees.
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