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Author Topic: What's the least costly way to cash out of Bitcoinica?  (Read 1453 times)
Flip Tulipcoin
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December 21, 2011, 01:30:31 AM
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I just acquired a nice wad of USD in a Bitcoinica account. Can anyone suggest the cheapest way to get it to a place where I can do an ACH transfer of it or perhaps just turn it into purchasing power in something like PayPal?

Thanks for your input.

It's time for the U.S. to throw Israel under the bus. The pure avarice of a colonial land grab by European colonists after WWII has nothing to do with religious tolerance or freedom, to the contrary, it mocks both by hiding behind them.
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phorensic
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December 21, 2011, 01:50:42 AM
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Tranfers to MtGox via redeemable USD code (do NOT exchange to BTC, huge fees on Bitcoinica for that).  Link up Dwolla to MtGox.  Transfer USD from MtGox to Dwolla.  Link up checking account to Dwolla.  Transfer USD from Dwolla to checking account for 25cent fee.

If you don't already have all those accounts set up and linked it is going to take you a while, at least a week, to complete the process.  See how easy Bitcoin is!!! /sarcasm
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December 21, 2011, 02:08:04 AM
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I just acquired a nice wad of USD in a Bitcoinica account. Can anyone suggest the cheapest way to get it to a place where I can do an ACH transfer of it or perhaps just turn it into purchasing power in something like PayPal?

Thanks for your input.


Mt. Gox code is good if you have a Mt. Gox account.

Wire Transfer is also cool. Super fast transfer (most customers receive funds on the next working day). The fee is $30 SGD or about $23 USD flat.

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Flip Tulipcoin
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December 21, 2011, 02:37:04 AM
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Tranfers to MtGox via redeemable USD code (do NOT exchange to BTC, huge fees on Bitcoinica for that).  Link up Dwolla to MtGox.  Transfer USD from MtGox to Dwolla.  Link up checking account to Dwolla.  Transfer USD from Dwolla to checking account for 25cent fee.

If you don't already have all those accounts set up and linked it is going to take you a while, at least a week, to complete the process.  See how easy Bitcoin is!!! /sarcasm
Thanks, looks like I picked the right places, I'll finally get to use the Dwolla account for something.

It's time for the U.S. to throw Israel under the bus. The pure avarice of a colonial land grab by European colonists after WWII has nothing to do with religious tolerance or freedom, to the contrary, it mocks both by hiding behind them.
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December 21, 2011, 02:41:19 AM
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Tranfers to MtGox via redeemable USD code (do NOT exchange to BTC, huge fees on Bitcoinica for that).  Link up Dwolla to MtGox.  Transfer USD from MtGox to Dwolla.  Link up checking account to Dwolla.  Transfer USD from Dwolla to checking account for 25cent fee.

If you don't already have all those accounts set up and linked it is going to take you a while, at least a week, to complete the process.  See how easy Bitcoin is!!! /sarcasm
Thanks, looks like I picked the right places, I'll finally get to use the Dwolla account for something.


Wow, did you go long at 10:1 at 3.2? lol

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ineededausername
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December 21, 2011, 02:50:21 AM
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Tranfers to MtGox via redeemable USD code (do NOT exchange to BTC, huge fees on Bitcoinica for that).  Link up Dwolla to MtGox.  Transfer USD from MtGox to Dwolla.  Link up checking account to Dwolla.  Transfer USD from Dwolla to checking account for 25cent fee.

If you don't already have all those accounts set up and linked it is going to take you a while, at least a week, to complete the process.  See how easy Bitcoin is!!! /sarcasm
Thanks, looks like I picked the right places, I'll finally get to use the Dwolla account for something.


Wow, did you go long at 10:1 at 3.2? lol

i did at 7:1   but i bought bitcoin using dollars, i assumed the fees were not too great, am i wrong??

wow... you must've made a nice bundle of cash.


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December 21, 2011, 05:14:24 AM
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Tranfers to MtGox via redeemable USD code (do NOT exchange to BTC, huge fees on Bitcoinica for that).  Link up Dwolla to MtGox.  Transfer USD from MtGox to Dwolla.  Link up checking account to Dwolla.  Transfer USD from Dwolla to checking account for 25cent fee.

If you don't already have all those accounts set up and linked it is going to take you a while, at least a week, to complete the process.  See how easy Bitcoin is!!! /sarcasm


what are the fees for doing this??
It will be 25 cents total for fees.  You only get charged for the MtGox transfer to Dwolla.
tvbcof
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December 21, 2011, 06:04:55 AM
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yeah i did okay, i started at 2.2 to be honest, but not fully 7 to 1 until 3.2

anyway i took my cash and made it into bitcoin... did i lose a lot of value here??  i dont see about the fees

Heh.  I tried to max out my leverage at about 2.2, but it was only about 2.3 when I got something to stick, and I didn't get that close to my max (set at 5:1) I don't think.  At around 3.2 I liquidated,  then put it back in using the maximum non-greyed button which was new.  Still not sure what the leverage was.  So I pulled a mini-Goat I guess, and made out reasonably well.

I was just trying to lose my last 8 BTC (having removed most after deciding to not mess around with Bitcoinica) and now I've got a margin balance of around $100.  I was planning to try one more time to lose it but I'm pretty sure that the third time will be a charm.  I'd rather see it go to something like, say, and orphanage then to a more shrewed trader on Bitcoinica than I.  You still hooked up to broker such a thing?  Got an addy?

Oh ya, I'm guessing that the fee for going BTC<->USD would be associated with the spread.  I've lost various money trying to go from BTC -> USD (unsuccessfully) when I thought that it was a desirable thing to do, but I did not try very hard to understand exactly where the money went quantitatively.  Qualitatively I assume it went into Zhou Tong's pocket.


tvbcof
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December 21, 2011, 10:46:13 AM
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...
I was just trying to lose my last 8 BTC (having removed most after deciding to not mess around with Bitcoinica) and now I've got a margin balance of around $100.  I was planning to try one more time to lose it but I'm pretty sure that the third time will be a charm.  I'd rather see it go to something like, say, and orphanage then to a more shrewed trader on Bitcoinica than I.  You still hooked up to broker such a thing?  Got an addy?
...

This is the address I am using for the event for the orphans on the 23rd. I am just back now from shopping for toys and snacks for 65 kids. It really does add up quick. I will post photos after the event and in the future I hope to do more as well. We are grateful for any help. Thanks.

1LrJ1izTiX5QYxC3advW3idmcbaSt8cPfF

Sent 21 BTC and kept a token amount of cash and BTC in the account.  I sent it straight from Bitcoinica.  It would be cool to see the pics.

Also, one of the reasons why I was so long is because I hold the debt for BIB.goat trade on GLBSE. I need to make sure that my debt does not go out of control if bitcoin for whatever reason went to $100 overnight.

I guess I am a little surprised to  hear that Bitcoinica is being used for something besides straight-up gambling, but probably should not be.  Seems off hand like you would have to keep a huge amount on reserve if you are leveraged 7:1, and in that case another part of the equation that becomes a factor is Bitcoinica's solvency or more generally it's ability to operate.  But I am not an expert.


tvbcof
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December 23, 2011, 03:46:53 PM
 #10

Links for the orphan's event. Thanks tvbcof!

http://s1081.photobucket.com/albums/j343/TyGrrTech/   https://bitcointalk.org/index.php?topic=53833.0

Thanks for uploading the pics, and happy holidays!


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