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Author Topic: Withdraw USD from mtgox  (Read 6674 times)
pent
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April 24, 2012, 08:54:01 PM
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As I have long positions, I didn't withdraw money from mtgox for a long period of time.

But few days ago I tried to do this with some not significant amount - $400... And found this possible only with wild comission (aurumxchange 6.5% with huge limitations on amount) or wild delays (bank transfers).

Bitinstant does not allow withdraw LRU from MtGox.

I must admit that I don't know what is dwolla and in what amounts and delays money go there. If you have expirence - please share.

In other side - LR deposits go instantly into market and with 0% comission.

So I make a conclusion, that MtGox inflates market with fiat funds by this way. And now Bitcoin is just a bubble. Its exchange rate not dropped only because there is no good way for fiat to go out.

And when any instant way for fiat out will appear - exchange rate could drop significantly.
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Transactions can optionally carry transaction fees. Whoever mines the block which ends up containing your transaction will get the fee. The Bitcoin client will sometimes force you to pay a fee when it thinks that no miner will accept your transaction otherwise.
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rebuilder
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April 24, 2012, 09:01:59 PM
 #2

I don't really see why anyone wishing to move significant amounts of fiat would care about delays of several days so much. I do agree that some friction in converting to fiat is keeping people in BTC who might otherwise withdraw funds, but I think it's more to do with taxes and regulations. Back in the 20+USD/BTC days, a big reason I didn't sell was I figured I'd have to hire a lawyer just to figure out what kind of liabilities withdrawing funds might expose me to... Either way, if I want to spend my coins, it seems easier to just buy stuff with them directly, instead of first exchanging for fiat and then trying to explain to the taxman where the money came from. AFAIK direct spending exposes me to no tax liabilities aside from VAT and customs fees that may apply.

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April 24, 2012, 09:10:24 PM
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Taxes? What is taxes?
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April 24, 2012, 11:01:59 PM
 #4

Taxes? What is taxes?

income tax?

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April 24, 2012, 11:06:09 PM
 #5

you can convert your Bit coins into PayPal USD if you want, about 12hours and a 2.5% fee

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April 24, 2012, 11:10:55 PM
 #6

... when any instant way for fiat out will appear - exchange rate could drop significantly.

so the only reason you still hold bitcoins is because you dont want to wait for a bank transfer,  and the day this becomes instant you will cash out all your bitcoins?

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April 24, 2012, 11:27:40 PM
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I'm sure if Bitcoin can be easily converted into cash instantly, this would cause bitcoins to be worth alot more than the price is set in todays market. just saying...

Bitcoinica still has not given me 50% of my claim of 600 BTC
INTERSANGO can go down with bitcoinica for abandoning customers
Alberto Armandi is a SCAMMER
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April 24, 2012, 11:34:20 PM
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I'm sure if Bitcoin can be easily converted into cash instantly, this would cause bitcoins to be worth alot more than the price is set in todays market. just saying...

I agree, its would be a huge + for bitcoin

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April 25, 2012, 01:01:05 AM
 #9

I use Dwolla all the time. Transfers from MT.GOX to Dwolla are a couple hours at most. Transfer of cash out to my bank account in 24hrs. Also very cheap.
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April 25, 2012, 04:10:07 AM
 #10

Back in the 20+USD/BTC days, a big reason I didn't sell was I figured I'd have to hire a lawyer just to figure out what kind of liabilities withdrawing funds might expose me to... Either way, if I want to spend my coins, it seems easier to just buy stuff with them directly, instead of first exchanging for fiat and then trying to explain to the taxman where the money came from. AFAIK direct spending exposes me to no tax liabilities aside from VAT and customs fees that may apply.

Too bad you have VAT to worry about and can't really use A Lawyer's Guide To BitCoin And Taxes which approaches the tax issue from a US perspective.

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April 25, 2012, 12:55:56 PM
 #11

I'm using Dwolla also as their transfer fees are only 25 cents per transfer on any amount. I haven't transferred money out of mtgox back to Dwolla though in almost a year. I've heard they recently made changes where the transfer times out of mtgox went from under an hour to 3-4 days... anyone know if that was true?
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April 25, 2012, 01:05:09 PM
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I'm using Dwolla also as their transfer fees are only 25 cents per transfer on any amount. I haven't transferred money out of mtgox back to Dwolla though in almost a year. I've heard they recently made changes where the transfer times out of mtgox went from under an hour to 3-4 days... anyone know if that was true?
I haven't transferred from MT.GOX to Dwolla in about 2 weeks but it was only a few hours the last time I did.
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April 25, 2012, 06:03:17 PM
 #13

you can convert your Bit coins into PayPal USD if you want, about 12hours and a 2.5% fee
What do you mean? Perhaps, there are instructions how to do this?

Donate me) 16f6iWHHkVEnDReeBQPT9GwCNwUfPTXrp2
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April 25, 2012, 06:06:59 PM
 #14

As I have long positions, I didn't withdraw money from mtgox for a long period of time.

But few days ago I tried to do this with some not significant amount - $400... And found this possible only with wild comission (aurumxchange 6.5% with huge limitations on amount) or wild delays (bank transfers).

Bitinstant does not allow withdraw LRU from MtGox.

I must admit that I don't know what is dwolla and in what amounts and delays money go there. If you have expirence - please share.

In other side - LR deposits go instantly into market and with 0% comission.

So I make a conclusion, that MtGox inflates market with fiat funds by this way. And now Bitcoin is just a bubble. Its exchange rate not dropped only because there is no good way for fiat to go out.

And when any instant way for fiat out will appear - exchange rate could drop significantly.
Why not use Dwolla?
adamstgBit
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April 25, 2012, 06:25:05 PM
 #15

you can convert your Bit coins into PayPal USD if you want, about 12hours and a 2.5% fee
What do you mean? Perhaps, there are instructions how to do this?

https://www.spendbitcoins.com/convert/paypal/

ARapalo
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April 25, 2012, 07:19:45 PM
 #16

Looks like this thread is in the wrong section? I don't see any speculation going on in here  Tongue

On topic, there's hasn't been a free way to convert BTC into straight cash, and there also has never been an instant way either.
notme
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April 25, 2012, 07:35:32 PM
 #17

Looks like this thread is in the wrong section? I don't see any speculation going on in here  Tongue

On topic, there's hasn't been a free way to convert BTC into straight cash, and there also has never been an instant way either.

Spendbitcoins can also do Amazon Payments (it's gone atm, but I was assured it would be back in a couple days).  Using that method, it is as close to feeless as I've found.

https://www.bitcoin.org/bitcoin.pdf
While no idea is perfect, some ideas are useful.
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April 25, 2012, 11:41:03 PM
 #18

BTC --> Ca$$ ? What about the bitcoin ATMs?



http://bitcoinatm.com/
SgtSpike
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April 26, 2012, 12:05:30 AM
 #19

^^ SEEMS LEGIT.

For some reason, having a bank on wheels (read: extremely easy to make off with) seems like a bad idea...
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