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alan2here
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December 23, 2011, 04:33:34 PM
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edit: Sorry about this thead. I was performing trades the wrong way round, and I was mixing up GBP and USD. It's all me, nothing wrong with Intersango.
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realnowhereman
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December 23, 2011, 04:46:16 PM
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Are you comparing IntersangoGBP with MtGoxUSD?  You know you have to apply the exchange rate for GBP to USD as well don't you?  2.55*1.57 = 4 USD.  Which is much closer to the 3.9 ish current price.

It's nothing to do with Intersango; it's the people trading that set the price.  Bear these things in mind before you decide that bank transfer to (say) Mt.Gox would be better.  I've got GBP and I have bought bitcoins by transferring to Mt.Gox and by transferring to Intersango.

  • Price is not depth.  clarkmoody's site is excellent for showing the sum of depth (an equivalent for intersango would be brilliant)
  • Don't forget bank fees.  Moving GBP to dollars costs a ridiculous amount, even for SEPA
  • Don't forget bank's "interesting" concept of exchange rate.  They will screw you on the exchange rate as well, you will not get the current market rate
  • Speed.  It can take a number of days to move money into Mt.Gox; it takes about a day to move into Intersango

I agree that there are some greedy people on Intersango, who aren't going to sell if they aren't willing to compete; however it's not as black and white as just measuring price.

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Stephen Gornick
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December 23, 2011, 04:48:56 PM
 #3

Not sure where you are getting your numbers.  Try these:

 - http://bitcoincharts.com/markets/intrsngGBP_depth.html
 At this time - Bid: 2.52 GBP, Ask: 2.56

 - http://bitcoincharts.com/markets/intrsngEUR_depth.html
 At this time - Bid: 3.00 EUR, Ask: 3.05

Of course, the order books can't handle a lot of volume without the price moving but the spreads for these two currencies are usually respectible.

The spreads with the other two currencies Intersango supports, USD and PLN, can gap.  At this time the spread for USD is just a few cents between the bid and ask though.
 

Raoul Duke
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December 23, 2011, 05:05:57 PM
 #4

...
  • Don't forget bank fees.  Moving GBP to dollars costs a ridiculous amount, even for SEPA
...

Do you even know what SEPA means?
Do explain how will you move GBP to USD using a system that only works with EUR...

alan2here
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December 23, 2011, 05:10:26 PM
 #5

Sorry. I'm compairing USD to GBP as if they are the same currency, ofc 1USD ≠ 1GBP, ty for the correction, it explains why they appeared to be different when comparing them on the charts.

Also, as previously mentioned I really like Intersango and also use there own market price for market price, things just don't sell well there, they just sit the que forever. This is probbably due to the difference in depth, come and buy my GBP please. This would take a few seconds on Gox, not a few weeks.

If I could buy BTC from Intersango then I could just transfer them easily, but I have GBP on Intersango instead, which wouldn't be an issue on Gox or Bitcoinica, but here I can't do anything with them.
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December 25, 2011, 03:28:24 PM
 #6

...
  • Don't forget bank fees.  Moving GBP to dollars costs a ridiculous amount, even for SEPA
...

Do you even know what SEPA means?
Do explain how will you move GBP to USD using a system that only works with EUR...

Why is everyone such an aggressive smart arse around here? The only possibility is I'm an idiot, right?

Or...

My bank supports gbp to eur for sepa and Mtgox supports separate transfers to their European accounts and automatic conversion to a USD denominated mtgox account.  This is relatively cheap but not absolutely cheap, and my comment said exactly that.

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Raoul Duke
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December 25, 2011, 04:00:45 PM
 #7

...
  • Don't forget bank fees.  Moving GBP to dollars costs a ridiculous amount, even for SEPA
...

Do you even know what SEPA means?
Do explain how will you move GBP to USD using a system that only works with EUR...

Why is everyone such an aggressive smart arse around here? The only possibility is I'm an idiot, right?

Or...

My bank supports gbp to eur for sepa and Mtgox supports separate transfers to their European accounts and automatic conversion to a USD denominated mtgox account.  This is relatively cheap but not absolutely cheap, and my comment said exactly that.

No comments, really. And merry christmas.

-aggressive smart arse

molecular
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December 25, 2011, 05:51:22 PM
 #8

Sorry. I'm compairing USD to GBP as if they are the same currency, ofc 1USD ≠ 1GBP, ty for the correction, it explains why they appeared to be different when comparing them on the charts.

Also, as previously mentioned I really like Intersango and also use there own market price for market price, things just don't sell well there, they just sit the que forever. This is probbably due to the difference in depth, come and buy my GBP please. This would take a few seconds on Gox, not a few weeks.

If I could buy BTC from Intersango then I could just transfer them easily, but I have GBP on Intersango instead, which wouldn't be an issue on Gox or Bitcoinica, but here I can't do anything with them.

liquidity on intersango is low. I bought bitcoins there in the EUR market about 2 weeks ago.

I payed a slightly higher price and had to wait longer than I'd have had to wait on mtgox, but in the end I got what I wanted and I might've gotten it both cheaper and faster (because german bank -> EUR/USD -> mtgox hong kong bank costs both time and money.

So I suggest to be patient, put orders and re-adjust them once a big movement happens on mtgox.

If everyone runs from the place, it will never reach good liquidity and we desperately need more functioning exchanges as many point out.

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