BTC <-> USD | Bitcointalksearch.org

markm

legendary

Activity: 2940

Merit: 1090

We already know from history that bitcoins are worth at least $30 USD each, so anyone parting with them for less is presumably either in desperate need or is playing the ups and downs and confident they'll be able to replace the coins they sell at a lower price than they sold them for.

If it is hard to find people willing to sell at current ridiculously low prices that is a *good* thing.

-MarkM-

EDIT: Ooops I forgot all the huge robberies. Robbers might well figure getting more than 1/6th of the actual value for their loot is reasonable rate for fencing stolen goods.

Bitco

sr. member

Activity: 746

Merit: 253

Quote from: REF on June 08, 2012, 12:22:52 PM

Im just wondering the best way to invest in BTC and then the best way to convert back to USD at a later date. Not a way to quickly convert back and forth.

You and a thousand other people are trying to do this. The bitcoins aren't available. I just tried to order from get-bitcoin.com, and they are several days behind in processing orders.

Quote from: REF on June 08, 2012, 12:22:52 PM

Surely the only other way cant be converting it in small chucks through bitcoin-otc?

Yes, and that's if you can actually find someone who's selling.

Inaba

legendary

Activity: 1260

Merit: 1000

I have been a verified member for a long time, as well as a Yubikey holder. I routinely processed thousands through MTGox prior to April or so with little issue. Since April, I have been unable to get tens of thousands of dollars out of MTGox without crazy machinations. They are still holding $10,000 without recourse at this point.

Inaba

legendary

Activity: 1260

Merit: 1000

If you can get the funds into Gox without them confiscating them, then yes, they can convert fast and relatively pain free, except for their exorbitant .06 (or .08?)% fee. I haven't heard of anyone having trouble transferring BTC out of or into MTGox as of yet, but I'm sure that's coming as well.

markm

legendary

Activity: 2940

Merit: 1090

I am not sure bitcoin-otc limits one to small chunks. Some of the people there might be well able to handle larger chunks than you might think, if you are willing to trust them. I imagined that getting trusted yourself would be the main problem if you didn't want to trust others, but that some of the people that are well trusted there might be able to handle quite large orders. I do not know quite what size of orders they can actually handle though.

-MarkM-

REF

hero member

Activity: 529

Merit: 500

Quote from: kjlimo on June 08, 2012, 11:32:17 AM

Why are you trying to convert them to USD and then back again? Kinda seems like you could just connect two people trying to go opposite ways and then you'd be good.

If those two people can't connect or don't trust each other, then go to the exchanges.

I haven't known directly of any exchanged tailoring to large orders; but I've heard of private exchanges happening when bigger dollars are involved.

I don't know if it's rumors or if I'm allowed to reveal who I heard that from.

Good luck and post any public information on the topic.

Im just wondering the best way to invest in BTC and then the best way to convert back to USD at a later date. Not a way to quickly convert back and forth.

Quote from: Inaba on June 08, 2012, 11:37:11 AM

Haha, yeah you can transfer your funds to MTGox, but you will never get your USD out of MTGox. They can't handle even $10,000 being transferred out currently (been trying for a month). A lot of us believe they have a liquidity problem, but they are less than forthcoming with the reasoning.

MTGox is definitely not the place to do money conversion from BTC to USD. Probably fine the other way though if you plan on transferring your BTC out of MTGox to elsewhere, although I hear horror stories about funds being frozen coming into MTGox as fiat currency. In at least one case, the funds have been seized and are not being released even back to the originating source.

reasons like this are exactly why I dont think MTgox is a good option. Do you still consider them a viable option for converting to BTC and leaving it at that?

Surely the only other way cant be converting it in small chucks through bitcoin-otc?

markm

legendary

Activity: 2940

Merit: 1090

Yeah, the more I hear about this fiat stuff the less I like it.

I try to avoid the stuff as much as I can.

I would love to handle such things with my Open Transactions server but big brother makes the whole concept so scary it seems like they don't really want anyone but them using the stuff at all for anything, yet they also seem to go out of their way to try to prevent people using anything else. Very scary stuff. Bitcoins and similar currencies seem so much more civilised.

You could try asking on #bitcoin-otc on Freenode IRC though. Maybe a private exchange between friends might not be so scary in terms of people with guns knocking on the door. Or do they go after friend to friend exchanges of such amounts too?

-MarkM-

Inaba

legendary

Activity: 1260

Merit: 1000

Haha, yeah you can transfer your funds to MTGox, but you will never get your USD out of MTGox. They can't handle even $10,000 being transferred out currently (been trying for a month). A lot of us believe they have a liquidity problem, but they are less than forthcoming with the reasoning.

MTGox is definitely not the place to do money conversion from BTC to USD. Probably fine the other way though if you plan on transferring your BTC out of MTGox to elsewhere, although I hear horror stories about funds being frozen coming into MTGox as fiat currency. In at least one case, the funds have been seized and are not being released even back to the originating source.

kjlimo

legendary

Activity: 2114

Merit: 1031

Why are you trying to convert them to USD and then back again? Kinda seems like you could just connect two people trying to go opposite ways and then you'd be good.

If those two people can't connect or don't trust each other, then go to the exchanges.

I haven't known directly of any exchanged tailoring to large orders; but I've heard of private exchanges happening when bigger dollars are involved.

I don't know if it's rumors or if I'm allowed to reveal who I heard that from.

Good luck and post any public information on the topic.

Wintermute

full member

Activity: 178

Merit: 100

You can check the major exchanges, e.g.,

http://bitcoincharts.com/markets/

for a good overview. MtGox for example has a turnover of ~USD 6mn per month, i.e., USD 200,000 per day. In other words, the liquidity should be sufficient for your purposes. However, I would not buy / sell in one single chunk (iceberg) but distribute orders over the day (a few days) in order to get the best pricing.

You also want to check the current order book:

http://btccharts.com/#m=mtgox-BTC-USD

Hope this helps!

REF

hero member

Activity: 529

Merit: 500

What is the best way to covert larger sums from USD into bitcoins and back? Im thinking about amounts between 5k and 25k USD.

Topic: BTC <-> USD (Read 1307 times)