Topic: Get PAID to buy bitcoins with cash (USA) (Read 8389 times)

Quote from: SkRRJyTC on July 31, 2012, 04:43:53 PM

I would love to do arbitrage between BF and MTGox. I find the BF consistently has cheaper coins than Gox. The trouble is getting $$ out of Gox and back into BF. I have no intention of 'verifying' my MtGox account so I believe its not just trouble, but impossible for me to get $$ out of Gox. At the same time its hard to justify selling BTC on BF when I could sell them on Gox for 1-5% more...

Deposit USD into BF, sell BTC on GOX.

But if you are not going to get verified on GOX than your arbitrage future is dim anyway Wink

and what would I do with a bunch of Gox dollars?

...
Then taking GOXUSD and transferring to the exchange with the lowest rates (currently BF) to rise,repeat.

That part is impossible.

ErebusBat

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Quote from: ErebusBat on July 31, 2012, 01:26:49 PM

Quote from: ErebusBat on July 31, 2012, 01:26:49 PM

I would love to do arbitrage between BF and MTGox. I find the BF consistently has cheaper coins than Gox. The trouble is getting $$ out of Gox and back into BF. I have no intention of 'verifying' my MtGox account so I believe its not just trouble, but impossible for me to get $$ out of Gox. At the same time its hard to justify selling BTC on BF when I could sell them on Gox for 1-5% more...

Deposit USD into BF, sell BTC on GOX.

But if you are not going to get verified on GOX than your arbitrage future is dim anyway Wink

and what would I do with a bunch of Gox dollars?

If you want to arbitrage then you by low and sell high...
That means purchasing bitcoin @ BF (using dollars)
Then selling @ GOX
Then taking GOXUSD and transferring to the exchange with the lowest rates (currently BF) to rise,repeat.

SkRRJyTC

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I would love to do arbitrage between BF and MTGox. I find the BF consistently has cheaper coins than Gox. The trouble is getting $$ out of Gox and back into BF. I have no intention of 'verifying' my MtGox account so I believe its not just trouble, but impossible for me to get $$ out of Gox. At the same time its hard to justify selling BTC on BF when I could sell them on Gox for 1-5% more...

Deposit USD into BF, sell BTC on GOX.

But if you are not going to get verified on GOX than your arbitrage future is dim anyway Wink

and what would I do with a bunch of Gox dollars?

ErebusBat

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Quote from: BitPay Business Solutions on July 25, 2012, 12:05:17 AM

I routinely sell 1000 BTC there at 2% below gox price. check the depth, I've been there almost every day for the last 2 months.

So you are actually helping pirate to bring the price down?

He's avoiding mtgox, problem?

While my previous statement was more a joke (see bitpays claim to trade against pirate), selling 2% below gox does in fact attract arbitrage traders (bots?). And arbitrage has several effects, first a lower gox price, and second this results in additional trades on gox, which ensures that gox stays the biggest exchange. If bit-pay would be selling for say 0.5% below gox, arbitrage would not be profitable, and some real buyers could buy those cheap coins.

I would love to do arbitrage between BF and MTGox. I find the BF consistently has cheaper coins than Gox. The trouble is getting $$ out of Gox and back into BF. I have no intention of 'verifying' my MtGox account so I believe its not just trouble, but impossible for me to get $$ out of Gox. At the same time its hard to justify selling BTC on BF when I could sell them on Gox for 1-5% more...

Deposit USD into BF, sell BTC on GOX.

But if you are not going to get verified on GOX than your arbitrage future is dim anyway Wink

SkRRJyTC

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Quote from: BitPay Business Solutions on July 25, 2012, 12:05:17 AM

I routinely sell 1000 BTC there at 2% below gox price. check the depth, I've been there almost every day for the last 2 months.

So you are actually helping pirate to bring the price down?

He's avoiding mtgox, problem?

While my previous statement was more a joke (see bitpays claim to trade against pirate), selling 2% below gox does in fact attract arbitrage traders (bots?). And arbitrage has several effects, first a lower gox price, and second this results in additional trades on gox, which ensures that gox stays the biggest exchange. If bit-pay would be selling for say 0.5% below gox, arbitrage would not be profitable, and some real buyers could buy those cheap coins.

I would love to do arbitrage between BF and MTGox. I find the BF consistently has cheaper coins than Gox. The trouble is getting $$ out of Gox and back into BF. I have no intention of 'verifying' my MtGox account so I believe its not just trouble, but impossible for me to get $$ out of Gox. At the same time its hard to justify selling BTC on BF when I could sell them on Gox for 1-5% more...

Frankie

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Quote from: BitPay Business Solutions on July 25, 2012, 12:05:17 AM

I routinely sell 1000 BTC there at 2% below gox price. check the depth, I've been there almost every day for the last 2 months.

So you are actually helping pirate to bring the price down?

He's avoiding mtgox, problem?

While my previous statement was more a joke (see bitpays claim to trade against pirate), selling 2% below gox does in fact attract arbitrage traders (bots?). And arbitrage has several effects, first a lower gox price, and second this results in additional trades on gox, which ensures that gox stays the biggest exchange. If bit-pay would be selling for say 0.5% below gox, arbitrage would not be profitable, and some real buyers could buy those cheap coins.

I don't think this is true anymore, if it ever was. If you follow the prices, Bitfloor is persistently 1.5-3% cheaper than Mt.Gox, almost certainly because of how long it takes to get money out of Mt.Gox. I don't know if this is arbitrage anymore--USD in exchanges with faster payment options just happens to be worth more than MtGoxUSD.

If anything, I think this points to continuing MtGox erosion unless they can get their payment problems fixed. No newbie wants to pay more for bitcoins.

ErebusBat

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Any news on a possible ETA or other bank possibilities?

shtylman

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Quote from: aq on July 25, 2012, 09:36:50 AM

I think bitfloor has to add more funding option, they are way to limited right now. And BTW, this is the free market, when bitfloor ignores that people want to have more options, they simply don't deserve success.

We don't ignore that you want more funding options, we simply put our clients funds and our ability to protect those funds and access to those funds as a higher priority. What good are more funding options if you cannot ensure the safety of client funds or the ability to withdraw them in a timely manner?

We are looking into adding more banks for cash deposit for those without Chase branches, but we do not pursue any old funding option until we understand the risks it carries and how it can cause problems for client (your) funds. We do not define success as just being able to post a high trading number in a single day. We focus on long term growth and sustainability for the community and our clients.

Stephen Gornick

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Quote from: ErebusBat on July 25, 2012, 02:35:23 PM

Quote from: TheButterZone on July 25, 2012, 02:29:55 PM

Apparently there are a few states that have 0 Chase banks.

Like mine.

There is one approach that might be useful here:

Quote from: tarrant_01 on July 18, 2012, 10:30:47 AM

Now offering cash deposits to [an account at Chase]"

The exchange rate offered through this service is relative to the BTC/USD market rate on Mt. Gox so even after the 2.5% fee, there is frequently an arbitrage opportunity involving cashing out bitcoins through this service, specifying Chase as where the proceeds should be deposited (into the BitFloor account) and then using those proceeds to buy bitcoins at the cheaper rate on BitFloor. The transfers aren't immediate though so there is the risk of that arb opportunity being gone by the time the USD funds are credited at BitFloor.

But I wanted to share this in case it helps anyone.

Incidentally, the list of banks that this cash-out service will deposit cash into includes:

- Wells Fargo
- Bank of America
- Chase Bank
- U.S. Bank
- Northern Trust
- Bank of the West
- Great Western Bank
- Washington Federal
- BBVA Compass
- Plus any bank or credit union local to Arizona

ben-abuya

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Quote from: TheButterZone on July 25, 2012, 02:29:55 PM

Apparently there are a few states that have 0 Chase banks.

+1

ErebusBat

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Quote from: TheButterZone on July 25, 2012, 02:29:55 PM

Apparently there are a few states that have 0 Chase banks.

Like mine.

TheButterZone

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RIP Mommy

Apparently there are a few states that have 0 Chase banks.

nimda

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0xFB0D8D1534241423

Quote from: aq on July 25, 2012, 09:36:50 AM

Quote from: rjk on July 25, 2012, 09:23:21 AM

Quote from: BitPay Business Solutions on July 25, 2012, 12:05:17 AM

I routinely sell 1000 BTC there at 2% below gox price. check the depth, I've been there almost every day for the last 2 months.

So you are actually helping pirate to bring the price down?

He's avoiding mtgox, problem?

While my previous statement was more a joke (see bitpays claim to trade against pirate), selling 2% below gox does in fact attract arbitrage traders (bots?). And arbitrage has several effects, first a lower gox price, and second this results in additional trades on gox, which ensures that gox stays the biggest exchange. If bit-pay would be selling for say 0.5% below gox, arbitrage would not be profitable, and some real buyers could buy those cheap coins.

True - however I start to wonder if the only reason there are any buyers in the first place is because arbitrage is profitable, and they wouldn't be there even if the price was consistently 0.5% lower than the gox. I wish more actual users would switch.

I think bitfloor has to add more funding option, they are way to limited right now. And BTW, this is the free market, when bitfloor ignores that people want to have more options, they simply don't deserve success.

Ahh the free market. Yep, that's why I don't trade there. How many Chase banks are there in the U.S.?

aq

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Quote from: rjk on July 25, 2012, 09:23:21 AM

Quote from: BitPay Business Solutions on July 25, 2012, 12:05:17 AM

I routinely sell 1000 BTC there at 2% below gox price. check the depth, I've been there almost every day for the last 2 months.

So you are actually helping pirate to bring the price down?

He's avoiding mtgox, problem?

While my previous statement was more a joke (see bitpays claim to trade against pirate), selling 2% below gox does in fact attract arbitrage traders (bots?). And arbitrage has several effects, first a lower gox price, and second this results in additional trades on gox, which ensures that gox stays the biggest exchange. If bit-pay would be selling for say 0.5% below gox, arbitrage would not be profitable, and some real buyers could buy those cheap coins.

True - however I start to wonder if the only reason there are any buyers in the first place is because arbitrage is profitable, and they wouldn't be there even if the price was consistently 0.5% lower than the gox. I wish more actual users would switch.

I think bitfloor has to add more funding option, they are way to limited right now. And BTW, this is the free market, when bitfloor ignores that people want to have more options, they simply don't deserve success.

rjk

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