The Japanese girlfriend thing is only half in jest. The trust dynamic can be easier to assess if you're intimate. But yeah, not a great idea relationship-wise.
I'm in Japan and I don't even want to bother with arb. Too much work, too weird for taxes in both countries, and having fiat tied up in transfers while Bitcoin skyrockets would be too painful.
If only MtGox had added Litecoin, then arbitrage between BTC-e and MtGox would be a breeze, at least during those times that the BTC and LTC prices aren't very connected (and also assuming that whatever caused the BTC price differential didn't also cause a similar one in the LTC prices). Having at least one viable altcoin is critical for Bitcoin infrastructure.
Topic: Mtgox, Bitstamp "Let's calm down": 700, 550$. China "I don't give a fuck": 900$. (Read 6548 times)
November 20, 2013, 09:12:13 PM
November 20, 2013, 07:42:29 PM
interessting point ... does btcchina ask for proof-of-rersidence too?
November 20, 2013, 07:14:17 PM
Even if you have a Japanese bank account, Gox won;t let you withdraw Yen unless you provide them with proof of residence or citizenship in Japan. I actually have a Japanese bank account, from when I was a student there in 2006. Unfortunately I have forgotten/lost my net banking credentials, so may not even be able to use it, but even if I could, I don't think Gox will let me.
November 20, 2013, 01:24:21 PM
LOL at the Japanese girlfriend idea. 
Working on it?
Already tried it 5 years ago LOL
She gave me strange looks when I brought her to the bank.
But seriously, do you think it would work? Everything I've read says you would need government documents showing you live there.
And I don't trust the new girlfriend enough to use her bank account (sorry!).
November 20, 2013, 01:23:03 PM
LOL at the Japanese girlfriend idea.
Working on it?
Japanese girls are cute, but the teeth... or my good, the teeth. Makes the Brits look like dental care fanatics in comparison.
Not very relevant in a long distance business agreement however.
November 20, 2013, 01:21:48 PM
LOL at the Japanese girlfriend idea.
Working on it?
Japanese girls are cute, but the teeth... or my good, the teeth. Makes the Brits look like dental care fanatics in comparison.
November 20, 2013, 01:15:13 PM
LOL at the Japanese girlfriend idea.
Working on it?
November 20, 2013, 01:11:32 PM
LOL at the Japanese girlfriend idea.
But.... As I am typing this the spread between Bitstamp and MtGox is only ... $5 ?!?!
WTF! What's going on?
But.... As I am typing this the spread between Bitstamp and MtGox is only ... $5 ?!?!
WTF! What's going on?
If I had to guess: bitfinex funds arrived on stamp?
The spread has now increased to 30... will be monitoring this situation closely
November 20, 2013, 12:56:30 PM
LOL at the Japanese girlfriend idea.
But.... As I am typing this the spread between Bitstamp and MtGox is only ... $5 ?!?!
WTF! What's going on?
But.... As I am typing this the spread between Bitstamp and MtGox is only ... $5 ?!?!
WTF! What's going on?
If I had to guess: bitfinex funds arrived on stamp?
November 20, 2013, 12:49:55 PM
LOL at the Japanese girlfriend idea.
But.... As I am typing this the spread between Bitstamp and MtGox is only ... $5 ?!?!
WTF! What's going on?
But.... As I am typing this the spread between Bitstamp and MtGox is only ... $5 ?!?!
WTF! What's going on?
November 20, 2013, 12:38:25 PM
Dude.
Where to begin. There's an order to things, there's rules. One of the rules is that it's considered dishonorable do "personal" because of "business", and another is that doing "business" because of "personal" doesn't usually work. If both of them happen to involve the same person, that's happy, but seriously, don't ever put them together in a sentence with a "because" between them or you're headed for ruin most likely in both endeavors.
In fairness, find a Japanese arbitration partner on the net, and if you get along otherwise, have compatible lives and plans, and you're MOAAS (Members Of An Attractive Sex) to each other maybe you can explore romance. Otherwise, the two of you can be happy with a lucrative arbitration business and maybe when you're blowing your money in a few years you can go out and chase girls/boys together as chums.
First; it gets you to your arbitration-business goal faster. Second, it's more likely to work. Third, if you make the business contingent on romance your business will fall apart the minute you and your girlfriend have a romantic misunderstanding - and vice versa, which will make the misunderstanding worse, and probably unrecoverable. Third, it's more honest with your partner/s.
Where to begin. There's an order to things, there's rules. One of the rules is that it's considered dishonorable do "personal" because of "business", and another is that doing "business" because of "personal" doesn't usually work. If both of them happen to involve the same person, that's happy, but seriously, don't ever put them together in a sentence with a "because" between them or you're headed for ruin most likely in both endeavors.
In fairness, find a Japanese arbitration partner on the net, and if you get along otherwise, have compatible lives and plans, and you're MOAAS (Members Of An Attractive Sex) to each other maybe you can explore romance. Otherwise, the two of you can be happy with a lucrative arbitration business and maybe when you're blowing your money in a few years you can go out and chase girls/boys together as chums.
First; it gets you to your arbitration-business goal faster. Second, it's more likely to work. Third, if you make the business contingent on romance your business will fall apart the minute you and your girlfriend have a romantic misunderstanding - and vice versa, which will make the misunderstanding worse, and probably unrecoverable. Third, it's more honest with your partner/s.
November 20, 2013, 09:41:34 AM
In fairness: find a Japanese girlfriend on the net, fly there or get her to fly to you to consummate, have her be your arb partner.
November 20, 2013, 01:11:23 AM
Note you have to be a resident in Japan, with a visa.
And I've never heard of anyone having problems with MtGox withdrawals into yen. 1-2 business days baby!
You're right. I found this:
Good luck, I doubt you'll be able to open up a Japanese account AT ALL, let alone in the states. Most banks require that you be a resident for at least a year (I know Risona and UFJ are exceptions but I still think you need to be a resident). Japanese banks have no connection to American banks, even the Citibank is a different system.
http://answers.yahoo.com/question/index?qid=20091215185310AAyXAvY
With the cost of living so high in Japan, I don't know if it exactly would pay to move there, for the ability to withdraw from MtGox and make the margin on the Gox vs Bitstamp rate.
It could though, LOL. I bet some Japanese are making some real bank right now doing that.
November 19, 2013, 10:37:33 PM
Nice!
Somewhere I read that MtGox withdraws in JPY for domestic banks are working fine. Is that true?
Somewhere I read that MtGox withdraws in JPY for domestic banks are working fine. Is that true?
I found this about opening a Japanese bank account (below).
But to be honest Mt. Gox is such a crap box I would not rely on them to make timely payments, even with a Japanese account. Reading all the horror stories of waiting for withdraws is stressful enough!
Also, it seems more complicated.
You may find that foreign-capital banks (gaishi ginko), like Citibank and Shinsei Bank, are more willing to open an account for resident foreigners than normal Japanese banks. You can also get extra service like English helpline and statements.
You can open an account at a Japanese Bank and open an account at Lloyds bank by mailing the application form to them - no money deposits are required. Once in place, you can tranfer money from your japanese banks to USA through them just by using the ATM. They charge 2000yen per transaction; about 500 yen will be charged by japanese bank and $10 by intermediatary bank (happens to be Wells Fargo). So, You will spend about $4000 yen in transfers. Relatively more convenient if you dont live in Tokyo or Osaka.
http://www.expatforum.com/expats/japan-expat-forum-expats-living-japan/49187-opening-bank-account-japan.html
Note you have to be a resident in Japan, with a visa.
And I've never heard of anyone having problems with MtGox withdrawals into yen. 1-2 business days baby!
November 19, 2013, 10:34:45 PM
Nice!
Somewhere I read that MtGox withdraws in JPY for domestic banks are working fine. Is that true?
Somewhere I read that MtGox withdraws in JPY for domestic banks are working fine. Is that true?
Like clockwork.
November 19, 2013, 08:51:27 PM
Xero, try reading a few posts above.
yeah im investigating that stuff myself since a time tooi understood you can open a HSBC acc as US citizen, but im from Europe
however the other question is if you get a chinese bank account too and can do Yto$ or $toY only
November 19, 2013, 08:24:32 PM
Xero, try reading a few posts above.
Yall let me know how it goes with Mt Gox and the Polish or Japanese accounts.
I'm going to work on the Chinese bank thing
Yall let me know how it goes with Mt Gox and the Polish or Japanese accounts.
I'm going to work on the Chinese bank thing
November 19, 2013, 08:22:49 PM
Quote
Especially Polish. Poland is part of the EU, so any European citizen should be able to open a Polish bank account.
Exactly! Hope for the best 
November 19, 2013, 08:20:21 PM
what i heard is that you need to live in China or Japan for at least a specific time to open bank accounts 
November 19, 2013, 08:16:48 PM
Thank you! Really helpfull 
I fount this on Mtgox site (updated on 8.11.2013).
I will send them a ticket now, if the JPY or PLN withdraws are working without delays... if they do i will find the nearest japanese/polish bank
ps. I'm from Europe, I think the thing here shouldn't be so complicated.
I fount this on Mtgox site (updated on 8.11.2013).
Quote
Polish Domestic Transfer (PLN)
* Deposits
Bank details: Provided to verified Mt.Gox accounts on our website
Please do not send two transfers of equal amounts on the same day to us as it could result in only one deposit being credited.
* Withdrawals
Please make sure to enter YOUR address in the form, and not your bank's address. A fee of 0.5 PLN applies for each withdrawal request.
Japanese Domestic Transfer (JPY)
We've formed a new banking relationship formed with JapanNet Bank, and as a result Mt. Gox customers in Japan must make all domestic Japanese Yen (JPY) deposits to our JapanNet Bank account.
* Deposits
Additionally, all JPY deposits are credited to accounts within one hour when transferred from your bank between 9am and 3pm on banking days. Deposits made from JapanNet Bank accounts can be processed 24/7.
Processing Fee: Free, except for fees charged by your own bank
* Withdrawals
All JPY withdrawals placed before 4pm Tokyo time on banking days are now processed the following banking day, and will be sent from our JapanNet Bank account.
Processing Fee:
Withdrawals to JapanNet Bank accounts:
-52 JPY
Withdrawals to all other domestic accounts:
- 168 JPY for all amounts up to 30,000 JPY
- 262 JPY for all amounts from 30,000 JPY and above
* Deposits
Bank details: Provided to verified Mt.Gox accounts on our website
Please do not send two transfers of equal amounts on the same day to us as it could result in only one deposit being credited.
* Withdrawals
Please make sure to enter YOUR address in the form, and not your bank's address. A fee of 0.5 PLN applies for each withdrawal request.
Japanese Domestic Transfer (JPY)
We've formed a new banking relationship formed with JapanNet Bank, and as a result Mt. Gox customers in Japan must make all domestic Japanese Yen (JPY) deposits to our JapanNet Bank account.
* Deposits
Additionally, all JPY deposits are credited to accounts within one hour when transferred from your bank between 9am and 3pm on banking days. Deposits made from JapanNet Bank accounts can be processed 24/7.
Processing Fee: Free, except for fees charged by your own bank
* Withdrawals
All JPY withdrawals placed before 4pm Tokyo time on banking days are now processed the following banking day, and will be sent from our JapanNet Bank account.
Processing Fee:
Withdrawals to JapanNet Bank accounts:
-52 JPY
Withdrawals to all other domestic accounts:
- 168 JPY for all amounts up to 30,000 JPY
- 262 JPY for all amounts from 30,000 JPY and above
I will send them a ticket now, if the JPY or PLN withdraws are working without delays... if they do i will find the nearest japanese/polish bank
ps. I'm from Europe, I think the thing here shouldn't be so complicated.
Especially Polish. Poland is part of the EU, so any European citizen should be able to open a Polish bank account.
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