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Author Topic: mtgox deposit/cashout methods time frame  (Read 2975 times)
accord01
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May 14, 2011, 09:28:08 AM
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What is the best way to deposit money on mtgox with a 1:1 ratio and also it would be instant?

I am skeptical to do trades on forums unless it is with highly reputable/commercial members.  I think we all are.

I will update this thread when i find a way to put $ on mtgox at a 1:1 ratio.  I feel like not getting a 1:1 ratio for USD is unreasonable considering trades are raked .65%.


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Creating a Bitcoin client that fully implements the network protocol is extremely difficult. Bitcoin-Qt is the only known safe implementation of a full node. Some other projects attempt to compete, but it is not recommended to use such software for anything serious. (Lightweight clients like Electrum and MultiBit are OK.)
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Third Way
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May 14, 2011, 10:11:19 AM
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If you figure a way for yourself, let us know what you did. Buying into the Bit Coin market is splitting my head in two.

blease resbond -> 1BYJKxpntNn6TZbM5M5CWkEb8vr8vDcBrr
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May 14, 2011, 10:18:31 AM
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What is the best way to deposit money on mtgox with a 1:1 ratio and also it would be instant?

I am skeptical to do trades on forums unless it is with highly reputable/commercial members.  I think we all are.

I will update this thread when i find a way to put $ on mtgox at a 1:1 ratio.  I feel like not getting a 1:1 ratio for USD is unreasonable considering trades are raked .65%.
It doesn't completely answer your question (I think the answer may be that it's not possible, due to fees charged by Liberty Reserve, but it's not something I've ever needed to do) but...

What about buying bitcoins over-the-counter, using bitcoin-otc? That way you negotiate a price you're happy with, there's the Web of Trust tool to assess how trustworthy the counter-party is, and the only fees are any bank charges - there's no 0.65% trading fee.

If you're interested in speculating on MtGox (or any other exchange), once you've bought your bitcoins you could deposit them at the exchange (which is, IIRC, fee-free at MtGox) then speculate away! When it comes to cashing out, simply withdraw your bitcoins to your own bitcoin address, and sell them using bitcoin-otc.

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Keefe
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May 14, 2011, 10:52:10 AM
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It amuses me that some people have been wanting to invest in bitcoins for weeks, but haven't been willing to pay even 1% to get money into the most liquid exchange. Meanwhile the price has soared. What's 1% compared to 1460% gain in just about 5 weeks?

accord01
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May 14, 2011, 11:01:39 AM
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It amuses me that some people have been wanting to invest in bitcoins for weeks, but haven't been willing to pay even 1% to get money into the most liquid exchange. Meanwhile the price has soared. What's 1% compared to 1460% gain in just about 5 weeks?

Well i just put few hundred online, and i'd like to get another $1k on there in the next few days, so it hasn't really been a week.  But my main concern isn't really the fees, but the speed and safety of the transactions.
accord01
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May 14, 2011, 11:05:01 AM
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What is the best way to deposit money on mtgox with a 1:1 ratio and also it would be instant?

I am skeptical to do trades on forums unless it is with highly reputable/commercial members.  I think we all are.

I will update this thread when i find a way to put $ on mtgox at a 1:1 ratio.  I feel like not getting a 1:1 ratio for USD is unreasonable considering trades are raked .65%.
It doesn't completely answer your question (I think the answer may be that it's not possible, due to fees charged by Liberty Reserve, but it's not something I've ever needed to do) but...

What about buying bitcoins over-the-counter, using bitcoin-otc? That way you negotiate a price you're happy with, there's the Web of Trust tool to assess how trustworthy the counter-party is, and the only fees are any bank charges - there's no 0.65% trading fee.

If you're interested in speculating on MtGox (or any other exchange), once you've bought your bitcoins you could deposit them at the exchange (which is, IIRC, fee-free at MtGox) then speculate away! When it comes to cashing out, simply withdraw your bitcoins to your own bitcoin address, and sell them using bitcoin-otc.

The link doesn't seem to work.  I believe mtgox is fee free for any transfers of the same unit.
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May 14, 2011, 11:09:13 AM
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The link doesn't seem to work. 
Hmm, try again. It does seem to go down occasionally, but I tried earlier and again just now and it works just fine. It's only the website, anyway - actual trades take place over IRC.

I believe mtgox is fee free for any transfers of the same unit.
Cool, thanks for the info!

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May 14, 2011, 11:41:10 AM
 #8

What is the best way to deposit money on mtgox with a 1:1 ratio and also it would be instant?

Instant deposit method for now is only LR (when their api is not blocking us, in which case it can take up to one hour).

We are trying to get Dwolla to do callbacks for us too, however they are not much responsive at this point (see http://www.dwolla.org/d ). In the meantime to validate transactions I have to go on the dwolla website, download the "csv" file and upload it to mtgox. I do this each time I see a dwolla "you have received money" email, which can be fast (during my working hours) or not (when I sleep, for example).

Just hope dwolla will allow me to have this done automatically Smiley

bitcoinTrader
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May 15, 2011, 08:39:01 AM
 #9

What is the best way to deposit money on mtgox with a 1:1 ratio and also it would be instant?

I am skeptical to do trades on forums unless it is with highly reputable/commercial members.  I think we all are.

I will update this thread when i find a way to put $ on mtgox at a 1:1 ratio.  I feel like not getting a 1:1 ratio for USD is unreasonable considering trades are raked .65%.


You can buy/sell mtgox usd on bitcoin otc

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