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threecats (OP)
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February 22, 2014, 09:00:35 AM |
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Starting this thread to hear opinions & takes on speculating by using real BTC to buy up Gox BTC via Bitcoin Builder. Anyone doing it? Risk assessment? worst case scenarios? predictions?
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Every time a block is mined, a certain amount of BTC (called the
subsidy) is created out of thin air and given to the miner. The
subsidy halves every four years and will reach 0 in about 130 years.
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GigaCoin
Sr. Member
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Activity: 308
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Giga
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February 22, 2014, 09:14:24 AM |
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i don't like the fact u need to submit ID docs, tired of that process already with bitstamp, kraken, mtgox, etc etc
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luster
Newbie
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Activity: 2
Merit: 0
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February 22, 2014, 09:20:09 AM |
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i don't like the fact u need to submit ID docs, tired of that process already with bitstamp, kraken, mtgox, etc etc
Although by no means a determining factor. You would have to worry about the longevity without. They would undoubtedly get caught up in a ML scandal somewhere further down the line. |
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threecats (OP)
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February 22, 2014, 09:22:59 AM |
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Seems to me sort of like a longshot altcoin bet with low odds and possible big payout, the difference being you will know fairly soon if there is any payout...instead watching a chart for a couple months ... i am tempted.
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traderwin
Newbie
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February 22, 2014, 11:38:18 AM |
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I've used bitcoinbuilder and it has been straightforward for me. Even had Josh himself exchange emails with me when I had a question. The only issue is having to wait for the once a day manual btc withdrawals.
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Mahn
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February 22, 2014, 12:08:52 PM |
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I can vouch for them as well. Got verified in minutes, and the whole process was as painless as it could get.
It's still a gamble though. Nobody really knows what's going on inside Gox; it's a gamble worth making if you believe Gox coming back is more likely than them declaring bankrupcy any time soon, but understand that there's risk.
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dg2010
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February 22, 2014, 12:09:58 PM |
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ID verification took about 10 minutes.
I have spent 10 btc and I got about 27 gox btc.
It's a gamble, I consider this a risky bet with a high payout.
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Searing
Copper Member
Legendary
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Activity: 2898
Merit: 1464
Clueless!
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February 22, 2014, 02:08:48 PM |
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Do you have to have a verified Gox account to buy GoxBTC via bitcoinbuilder?
that is what I heard....but man like I looked last nite...for 500 you get like 0.87 btc now from bitstamp the same amount from mtgox you get over 4 btc jeez...there has to be a catch on why it is only like 120 usd on gox and 527 or some such on bitstamp some people know something we others don't and the most likely thing is gox is insolvent and going under it makes no other sense why everyone just does not SIT and HOLD till gox resumes trading even if it takes 3 months to get coin out! at 120 usd on gox...everyone is panic selling just smells like default imho of course I'm also tempted to dump 500 usd into them as will thru bitcoin builder before they shut that pathway in but.....it is more akin to gambling then it is to investing at that point tempting thou Searing |
Old Style Legacy Plug & Play BBS System. Get it from www.synchro.net. Updated 1/1/2021. It also works with Windows 10 and likely 11 and allows 16 bit DOS game doors on the same Win 10 Machine in Multi-Node! Five Minute Install! Look it over it uninstalls just as fast, if you simply want to look it over. Freeware! Full BBS System! It is a frigging hoot!:) |
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threecats (OP)
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February 22, 2014, 02:41:07 PM |
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Do you have to have a verified Gox account to buy GoxBTC via bitcoinbuilder?
Looks to me like you do not need a Gox account. FAQ says you can hold BTC in their system (Gox acct) until if / when tx is enabled again. |
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PirateHatForTea
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February 22, 2014, 04:15:16 PM |
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I bought some GoxBTC at .5 before Thurs non-announcement. I previously had zero assets at gox, now I have some, and the resulting stress of wondering what the outcome will be. I believe that Gox are solvent, and I haven't seen any conclusive evidence that they are not, though there are some troubling signs.
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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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rebuilder
Legendary
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Activity: 1615
Merit: 1000
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February 22, 2014, 06:46:27 PM |
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Do you have to have a verified Gox account to buy GoxBTC via bitcoinbuilder?
Looks to me like you do not need a Gox account. FAQ says you can hold BTC in their system (Gox acct) until if / when tx is enabled again. t Trusting Bitcoinbuilder to pay up sounds like a bigger gamble to me than trusting Gox to re-enable withdrawals. |
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Notanon
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February 22, 2014, 07:07:43 PM |
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Did so early on when it was roughly 0.36BTC per MtGox BTC. Considering it's now climbed to around 0.5BTC per MtGox BTC, I could exchange what I bought now and remain in front comfortably.
I'm feeling brave, though.
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Kramerc
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February 22, 2014, 07:40:50 PM |
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Did so early on when it was roughly 0.36BTC per MtGox BTC. Considering it's now climbed to around 0.5BTC per MtGox BTC, I could exchange what I bought now and remain in front comfortably.
I'm feeling brave, though.
Yes, I was just thinking about this. If you're ok with the risk involved having FauxCoins, then you can arbitrage the shit out of it through Bitcoinbuilder. |
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ArticMine
Legendary
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Activity: 2282
Merit: 1050
Monero Core Team
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February 23, 2014, 12:55:15 AM |
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The downside risk here is huge. Personally for what amounts to a Bitcoin receivable in default, paying 0.56 BTC per 1 BTC receivable seems horribly overpriced to me. Now under 0.01 BTC and more like 0.001 BTC per 1 BTC receivable, I may take a look at it.
On another note BitcoinBuilder may have run afoul of the SEC in the United States, since MTGoxBTC could really be considered securities in default.
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dg2010
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February 24, 2014, 01:02:21 PM |
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Price today is as low a 0.2btc/goxbtc. The opportunity was too good to pass up so I have gambled some more.
All those people who wanted cheap coins? Here they are.
The question is whether they will be usable or not.
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T.Stuart
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February 24, 2014, 01:07:16 PM |
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Price today is as low a 0.2btc/goxbtc. The opportunity was too good to pass up so I have gambled some more.
All those people who wanted cheap coins? Here they are.
The question is whether they will be usable or not.
My feeling is that might go up a little now as the panic seller seems to have left. Bitcoinbuilder works well and the dev Josh is straightforward friendly guy who responds in person to an e-mail (although he's probably getting more than he can handle this week). |
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bennybong
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February 24, 2014, 01:17:15 PM |
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Just bought 5goxcoin for 1btc. If something seems to good to be true... You know the rest!
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TERA
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February 24, 2014, 01:18:59 PM |
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I just missed the 0.19 after my docs were verified and btc confirmed. now its back to 0.23 already. It seems like you could make some good profits here without even actually sending coins to mtgox. Just use bitcoinbuilder like a trading exchange. They should add it to bitcoinwisdom.
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uhoh
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February 24, 2014, 01:25:28 PM |
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I just missed the 0.19 after my docs were verified and btc confirmed. now its back to 0.23 already. It seems like you could make some good profits here without even actually sending coins to mtgox. Just use bitcoinbuilder like a trading exchange. They should add it to bitcoinwisdom.
This, I think people might be missing this point. |
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InCoinsITrust
Member
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Activity: 112
Merit: 10
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February 24, 2014, 01:40:43 PM |
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how fast it is possible to get these coins in gox account?
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