bitcoinbuilder price vs gox/bitstamp - easy 100% arbitrage?

[jaybny]

currently goxBTC is trading at .5 realBTC on bitcoinbuilder, but  goxBTC/bitstampBTC is around .20  (110/575)

whats is going on here? either bitstampBTC < realBTC , or goxUSD is equal to 2 times realUSD?

am I missing something? cant someone with USD on gox, buy BTC and then sell it on bitcoinbuilder for a cool 100% profit?

[jubalix]

I think your on to something here, but I think it means you eventually have to fly to japan and do something about coffee deserts

[BTCisthefuture]

good luck getting any funds out of gox... fiat or btc

[jaybny]

no need to - bitcoinbuilder , gets the coins out for you!

[BTCisthefuture]

no need to - bitcoinbuilder , gets the coins out for you!

sorry I don't know what bitcoinbuilder is actually.  I'll have to read up on it 

[ArticMine]

Yes for someone who has USD in MTGox, this arbitrage actually makes sense.

The process is
1) Trade MTGoxUSD for MTGoxBTC on MTGox
2) Sell MTGoxBTC for real BTC on Bitcoin Builder
3) Sell real BTC for real USD on another exchange

MTGoxBTC/USD rate 111.3
Bitcoin Builder bid MTGoxBTC/BTC 0.5
Bitstamp BTC/USD 577.5

So for 100 MTGox USD on can get 100*0.5*577.5/113.3 = 254.85 real USD. There will be a few % loss in fees spreads etc., but really!

As for depositing USD or EUR etc. into MTGox to do this, not a good idea because in the time that it takes for MTGox to credit the the MTGoxUSD the BitcoinBulider rate could easily plunge to a more realistic 0.1 MTGoxBTC/BTC or even less 0.01, 0.00 etc. Some people are bidding well below 1 real satoshi for a MTGoxBTC.

[jaybny]

Yes for someone who has USD in MTGox, this arbitrage actually makes sense.

The process is
1) Trade MTGoxUSD for MTGoxBTC on MTGox
2) Sell MTGoxBTC for real BTC on Bitcoin Builder
3) Sell real BTC for real USD on another exchange

MTGoxBTC/USD rate 111.3
Bitcoin Builder bid MTGoxBTC/BTC 0.5
Bitstamp BTC/USD 577.5

So for 100 MTGox USD on can get 100*0.5*577.5/113.3 = 254.85 real USD. There will be a few % loss in fees spreads etc., but really!

As for depositing USD or EUR etc. into MTGox to do this, not a good idea because in the time that it takes for MTGox to credit the the MTGoxUSD the BitcoinBulider rate could easily plunge to a more realistic 0.1 MTGoxBTC/BTC or even less 0.01, 0.00 etc. Some people are bidding well below 1 real satoshi for a MTGoxBTC.

exactly - so what is going on? this is getting weirder and weirder. maybe BitcoinBuilder credit issues? what is the going rate otc for goxBTC?

[ArticMine]

Yes for someone who has USD in MTGox, this arbitrage actually makes sense.

The process is
1) Trade MTGoxUSD for MTGoxBTC on MTGox
2) Sell MTGoxBTC for real BTC on Bitcoin Builder
3) Sell real BTC for real USD on another exchange

MTGoxBTC/USD rate 111.3
Bitcoin Builder bid MTGoxBTC/BTC 0.5
Bitstamp BTC/USD 577.5

So for 100 MTGox USD on can get 100*0.5*577.5/113.3 = 254.85 real USD. There will be a few % loss in fees spreads etc., but really!

As for depositing USD or EUR etc. into MTGox to do this, not a good idea because in the time that it takes for MTGox to credit the the MTGoxUSD the BitcoinBulider rate could easily plunge to a more realistic 0.1 MTGoxBTC/BTC or even less 0.01, 0.00 etc. Some people are bidding well below 1 real satoshi for a MTGoxBTC.

exactly - so what is going on? this is getting weirder and weirder. maybe BitcoinBuilder credit issues? what is the going rate otc for goxBTC?

For starters volume. Try dumping say 10000 MTGoxBTC (a recent 4 hour volume on MTGox) on the BitcoinBuilder bid and the price will drop to a more realistic 0.00001 MTGoxBTC/BTC. A few small players may be able to get out this way but that is about it.

[jaybny]

Yes for someone who has USD in MTGox, this arbitrage actually makes sense.

The process is
1) Trade MTGoxUSD for MTGoxBTC on MTGox
2) Sell MTGoxBTC for real BTC on Bitcoin Builder
3) Sell real BTC for real USD on another exchange

MTGoxBTC/USD rate 111.3
Bitcoin Builder bid MTGoxBTC/BTC 0.5
Bitstamp BTC/USD 577.5

So for 100 MTGox USD on can get 100*0.5*577.5/113.3 = 254.85 real USD. There will be a few % loss in fees spreads etc., but really!

As for depositing USD or EUR etc. into MTGox to do this, not a good idea because in the time that it takes for MTGox to credit the the MTGoxUSD the BitcoinBulider rate could easily plunge to a more realistic 0.1 MTGoxBTC/BTC or even less 0.01, 0.00 etc. Some people are bidding well below 1 real satoshi for a MTGoxBTC.

exactly - so what is going on? this is getting weirder and weirder. maybe BitcoinBuilder credit issues? what is the going rate otc for goxBTC?

For starters volume. Try dumping say 10000 MTGoxBTC (a recent 4 hour volume on MTGox) on the BitcoinBuilder bid and the price will drop to a more realistic 0.00001 MTGoxBTC/BTC. A few small players may be able to get out this way but that is about it.

if this is the reason, then it will only take a small arbitrage trade to push rate to .20 

[activescott]

Anyone here using bitcoinbuilder to buy or sell GOX? Anyone care to vouch for the site?

[Searing]

no need to - bitcoinbuilder , gets the coins out for you!

actually from what I understand is he sells you mtgox coin he has in his mtgox account....ships it to you to your mtgox account
for a 2% fee and both of you sit there and wait and see if you can ever get it out..in his case ..his stuff (with service he is providing
for 2% fee) in your case.....can you get like 4.16 btc for .87 btc or so now compared to bitstamp (so mtgox now is $120 usd and
bitstamp is 572.76 so bitstamp you could get 0.872965989245059 for $500 usd and if you did the mtgox coin thing were it
sits till gox figures out to give it back or not you'd get 4.166666666666667 btc'


hmmm what could possibly go wrong for you $500 usd investment

you have to already have a mtgox verified account fo this to work ...so you both sit on you coin and wait to see if you ever get
the btc out again

man ..bitcoin is sure interesting in a 'zombie apcocolypse" kinda way

Searing

[bananas]

overpriced, goxbtc are actually worthing less than the gox rate.

[tclo]

Anyone here using bitcoinbuilder to buy or sell GOX? Anyone care to vouch for the site?

I bought some on there last night.  I put in for a withdrawl to my Gox acct so we will see if that works. But it seems reputable.

I bought 16 GoxBTC with 7 regular BTC.   So paid about $286 each for them.

I'm fully prepared to lose that $4200 worth of BTC.  It is a calculated risk, but I think the odds are in my favor.

[severance26]

Anyone here using bitcoinbuilder to buy or sell GOX? Anyone care to vouch for the site?

Yes. I bought some goxcoin, txed to josh, traded for bitcoin at about 2:1, it is pending now but it showed up in 20 mins or so. BTC are in my account to be ssoooooold for $$$

If you are using Gox and USD though your still fucked. I live in Japan so you know I'm prancing about my apartment in my underwear right now.

EDIT: This was today. Josh does transfers once daily, manually, at 11PM PST. Notice of receive was within 20 minutes.

[jhansen858]

I can confirm that i was able to convert real btc to goxbtc and withdraw them into mtgox account using bitcoinbuilder. really hope gox doesn't fuck this up.

[BitCoinNutJob]

good site

[bitcoin50k]

Anyone here using bitcoinbuilder to buy or sell GOX? Anyone care to vouch for the site?

Yes, I have used the site, bought and sold Gox on it, and it works as advertised. I have not withdrawn bitcoins out of it yet, but Josh Jones seems legit.  A genius, who makes 2%/transaction! 

Good luck!

[activescott]

Yep, I can also confirm that I was able to use free BTC to get GOX BTC via bitcoinbuilder and have the GOX in my account. Now, lets see if a miracle happens and GOX is actually solvent! Or flip it again