Topic: bitbargain.co.uk - Excessive prices (Read 12285 times)
you can also try https://speedybitcoin.co.uk or https://localbitcoins.com - there is a reddit group that might be interesting; http://www.reddit.com/r/BitcoinUK/
I think bitbargain.co.uk deserve a mention. They don't appear to be scammers as such but they do have a market setup with a very limited pool of sellers who are charging 10% to 25% over mtgox prices for BTC. Apparently they hand pick the sellers seemingly to keep the number down to themselves and their friends. This allows the sellers to make excessive profits by simply buying coins on GOX and reselling on bitbargain.
Apparently they hand pick the sellers seemingly to keep the number down to themselves and their friends.
That's not really the case.
The more sellers, the more competition, the lower prices, the more bitcoins are bought, the more the site makes in commission.
Anyone who does the verification and passes the test (20 basic questions about how the site works that every seller should know) is welcome.
https://bitbargain.co.uk/sell
Quote
Sounds like a huge opportunity exists for a competitor.
Exactly. BB prices reflect supply and demand. If you think it's too high and you could sell lower, just become a seller and sweep the competition. It is pretty much that simple.
Thx for the necroposting. Nice bootstrap site and everything. What's your affiliation?
Apparently they hand pick the sellers seemingly to keep the number down to themselves and their friends.
That's not really the case.
The more sellers, the more competition, the lower prices, the more bitcoins are bought, the more the site makes in commission.
Anyone who does the verification and passes the test (20 basic questions about how the site works that every seller should know) is welcome.
https://bitbargain.co.uk/sell
Quote
Sounds like a huge opportunity exists for a competitor.
Exactly. BB prices reflect supply and demand. If you think it's too high and you could sell lower, just become a seller and sweep the competition. It is pretty much that simple.
I think bitbargain.co.uk deserve a mention. They don't appear to be scammers as such but they do have a market setup with a very limited pool of sellers who are charging 10% to 25% over mtgox prices for BTC. Apparently they hand pick the sellers seemingly to keep the number down to themselves and their friends. This allows the sellers to make excessive profits by simply buying coins on GOX and reselling on bitbargain.
Sounds like a huge opportunity exists for a competitor.
Which is probably what is motivating Max Keiser to begin offering one.
Also, BitcoinFridge has re-opened:
- http://bitcoinfridge.co.uk
I think bitbargain.co.uk deserve a mention. They don't appear to be scammers as such but they do have a market setup with a very limited pool of sellers who are charging 10% to 25% over mtgox prices for BTC. Apparently they hand pick the sellers seemingly to keep the number down to themselves and their friends. This allows the sellers to make excessive profits by simply buying coins on GOX and reselling on bitbargain.
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