MtGox will be open tomorrow at 3:00 GMT [UPD2: postponed till 25 june ]

Clipse

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Quote from: d.james on June 23, 2011, 02:37:47 AM

Quote from: kseistrup on June 23, 2011, 02:04:06 AM

Quote from: d.james on June 23, 2011, 12:22:56 AM

Quote from: Cluster2k on June 23, 2011, 12:18:22 AM

In all my trades (BTC->USD or back again) they've taken 0.65% from both the BTC and dollar sides, effectively making the fee 1.3%.

UM WHAT??? Does that mean they were making 2.6% off a Trade?
Since both Buyer and Seller pays that 1.3%... HOLY CRAP!!!

Dude, read that again: they've taken 0.65% from both the BTC and dollar sides, effectively making the fee 1.3%

(Still a lot of dosh, though…)

Cheers,

Dude, think about it again: They're taken 0.65% from both the BTC and dollar sides, from a buy order, effectively making the fee 1.3% on the buyer's end, The seller gets the same treatment: taken 0.65% from both the BTC and dollar sides.

Total fee for the completed trade = 2.6%
That's a lot of dosh X2, or whatever that is.

This looks like a windows brain dump.

It is 0.65% from the seller ie. BTC value and then 0.65% from the buyer ie. $ value which would total 1.3%

Not hard right?

dinzy

full member

Activity: 140

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It's better to compare BTC <> USD trading to FOREX not exchanging a small ammount of cash at a bank. 1.3% is unheard of in FOREX and would basically kill margin trading. FOREX operates on spread and only charges on one side of the transaction. It's basically a micro charge riding on a rather large transaction. Sure the volumes are different, but that is no excuse for the huge charge. The cost to trade should decrease with competition and growth of the market.

Justsomeforumuser

member

Activity: 84

Merit: 10

If you exchange eur to usd or back you pay the bank a spread of around 5 cent of MIDDAY spread(obviously depending on the bank; some might only take 2-3, but I've yet to see that).

This means not just 499 more pips spread than on a broker, but also a fixed midday rate of a price that can move 1-4 cents in a day.

So a normal bank is literally taking 5% off the top for a currency exchange.

People here are whining over 0.65%.

Welcome to bitcoin.

nosfera2

jr. member

Activity: 42

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Quote from: duran on June 23, 2011, 10:13:40 AM

Am i hearing this right? peoples accounts that are still pending wont be able to trade opening hours. so when it drops like a brick, a HUGE % cant even get involved yet alone even be able to see if there bitcoins are in the account.

how retarded is mtgox? anyone know where i can find a copy of their TOS agreement, I NEVER remember seeing one. but magical tux posted about it.

I believe he posted to say there wasn't one so he can do what he wants.

nosfera2

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Activity: 42

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Quote from: d.james on June 23, 2011, 12:22:56 AM

Quote from: Cluster2k on June 23, 2011, 12:18:22 AM

So MtGox's fee will be 0.6%. In all my trades (BTC->USD or back again) they've taken 0.65% from both the BTC and dollar sides, effectively making the fee 1.3%. Still any discount is a good discount.

UM WHAT??? Does that mean they were making 2.6% off a Trade?
Since both Buyer and Seller pays that 1.3%... HOLY CRAP!!!

According to bitcoincharts, last 30 days trade volume for mtgox is $26,064,449.30 USD
2.6% off that is $677,675!!!! Over 2/3 Million USD in one month!!

You don't need to use bold to show how spectacularly wrong you are. Their old rates were 0.65% on each side of the trade for a total of 1.3%. Is that so hard to understand?

duran

newbie

Activity: 18

Merit: 0

Am i hearing this right? peoples accounts that are still pending wont be able to trade opening hours. so when it drops like a brick, a HUGE % cant even get involved yet alone even be able to see if there bitcoins are in the account.

how retarded is mtgox? anyone know where i can find a copy of their TOS agreement, I NEVER remember seeing one. but magical tux posted about it.

kseistrup

hero member

Activity: 566

Merit: 500

Unselfish actions pay back better

Quote from: chadqberry on June 23, 2011, 07:56:50 AM

The page says contact them if you haven't heard back in 48 hours, but doesn't say how to contact them.

When the 24 hours had expired I wtote to the address that sent me to link to page you're referring to and asked them if everyting's cool. I got the following reply:

Quote

Roger, Jun-23 14:21 (JST):
Everything is on track and we should be back online for trading very soon.
Please check http://www.MTGOX.com for updates.

We will contact you if we need any additional information from you.

Thanks,

MtGox.com Team

Basically, you can go to https://support.mtgox.com/ and request a password (your email address is already in their database) to log into your support account (once you're in you can set an OpenID login so you won't need the password in the future).

Cheers,

chadqberry

newbie

Activity: 57

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Has anyone gotten their account validated yet? They say over 10% have, but I had to be one of the first ones to complete my claim just a few minutes after it came online and I've heard nothing. The page says contact them if you haven't heard back in 48 hours, but doesn't say how to contact them. I gave them so much information and had an email address associated with my account that they couldn't possibly not validate it very easily. Just wondering if anyone else is actually having luck at this.

frutza

newbie

Activity: 14

Merit: 0

It used to be 0.65 buyer + 0.65 seller = 1.3 per trade.
Now it appears to be 0.3 buyer + 0.3 seller = 0.6 per trade (for a couple weeks).
Nice Grin

it will certainly encourage heavy speculation!

d.james

sr. member

Activity: 280

Merit: 250

Firstbits: 12pqwk

Quote from: Cluster2k on June 23, 2011, 12:18:22 AM

So MtGox's fee will be 0.6%. In all my trades (BTC->USD or back again) they've taken 0.65% from both the BTC and dollar sides, effectively making the fee 1.3%. Still any discount is a good discount.

^^

kseistrup

hero member

Activity: 566

Merit: 500

Unselfish actions pay back better

Quote from: d.james on June 23, 2011, 02:37:47 AM

Dude, think about it again: They're taken 0.65% from both the BTC and dollar sides, from a buy order, effectively making the fee 1.3% on the buyer's end, The seller gets the same treatment: taken 0.65% from both the BTC and dollar sides.

That's not what I see. They take 0.65% from the buyer and 0.65% from the seller, effectively making the fee 1.30%.

Cheers,

d.james

sr. member

Activity: 280

Merit: 250

Firstbits: 12pqwk

Quote from: kseistrup on June 23, 2011, 02:04:06 AM

Quote from: d.james on June 23, 2011, 12:22:56 AM

Quote from: Cluster2k on June 23, 2011, 12:18:22 AM

In all my trades (BTC->USD or back again) they've taken 0.65% from both the BTC and dollar sides, effectively making the fee 1.3%.

UM WHAT??? Does that mean they were making 2.6% off a Trade?
Since both Buyer and Seller pays that 1.3%... HOLY CRAP!!!

Dude, read that again: they've taken 0.65% from both the BTC and dollar sides, effectively making the fee 1.3%

(Still a lot of dosh, though…)

Cheers,

Dude, think about it again: They're taken 0.65% from both the BTC and dollar sides, from a buy order, effectively making the fee 1.3% on the buyer's end, The seller gets the same treatment: taken 0.65% from both the BTC and dollar sides.

Total fee for the completed trade = 2.6%
That's a lot of dosh X2, or whatever that is.

kseistrup

hero member

Activity: 566

Merit: 500

Unselfish actions pay back better

Quote from: d.james on June 23, 2011, 12:22:56 AM

Quote from: Cluster2k on June 23, 2011, 12:18:22 AM

In all my trades (BTC->USD or back again) they've taken 0.65% from both the BTC and dollar sides, effectively making the fee 1.3%.

UM WHAT??? Does that mean they were making 2.6% off a Trade?
Since both Buyer and Seller pays that 1.3%... HOLY CRAP!!!

Dude, read that again: they've taken 0.65% from both the BTC and dollar sides, effectively making the fee 1.3%

(Still a lot of dosh, though…)

Cheers,

hawks5999

full member

Activity: 168

Merit: 100

WTF? They've been saying in interviews that trading wouldn't start for 24 hours after the site came back online for people to get in. And now it's 1 hour Huh

So if you can't be sitting in front of a computer at 3:00 GMT and ready to go at 4:00 GMT you are about to get screwed one more time.

And if they've only reported out on 10% of accounts being claimed, then 90% of people will miss out on the start of trading (aka Bargain Days Extraordinaire!!).

These guys are like nailing jell-o to a wall.

dinzy

full member

Activity: 140

Merit: 100

Quote from: billyjoeallen on June 23, 2011, 12:34:54 AM

Resume trading on a Friday afternoon? Without wire transfers or Dwolla deposits all weekend? Are they crazy??? Somebody's going to get some incredible bargains.

Yeah it's full BS. Give us 3 hours or so to get situated. And make sure you can handle the volume of withdrawals, trades and deposits that will be happening in such a short window

jacoder

newbie

Activity: 45

Merit: 0

Quote from: billyjoeallen on June 23, 2011, 12:34:54 AM

Resume trading on a Friday afternoon? Without wire transfers or Dwolla deposits all weekend? Are they crazy???

Yes!
At last, let the trading begin!

billyjoeallen

legendary

Activity: 1106

Merit: 1007

Hide your women

Resume trading on a Friday afternoon? Without wire transfers or Dwolla deposits all weekend? Are they crazy??? Somebody's going to get some incredible bargains.

d.james

sr. member

Activity: 280

Merit: 250

Firstbits: 12pqwk

Quote from: Cluster2k on June 23, 2011, 12:18:22 AM

So MtGox's fee will be 0.6%. In all my trades (BTC->USD or back again) they've taken 0.65% from both the BTC and dollar sides, effectively making the fee 1.3%. Still any discount is a good discount.

UM WHAT??? Does that mean they were making 2.6% off a Trade?
Since both Buyer and Seller pays that 1.3%... HOLY CRAP!!!

According to bitcoincharts, last 30 days trade volume for mtgox is $26,064,449.30 USD
2.6% off that is $677,675!!!! Over 2/3 Million USD in one month!!

d.james

sr. member

Activity: 280

Merit: 250

Firstbits: 12pqwk

Quote

Users who's trades were effectively cancelled during the the sell-off will be able to trade for free for 1 month following the reopening, and will also receive a free subscription to our upcoming 2-Step security authentication feature for as long as they hold their account.

Woot, so Kevin Day will be getting FREE TRADES??

Cluster2k

legendary

Activity: 1692

Merit: 1018

So MtGox's fee will be 0.6%. In all my trades (BTC->USD or back again) they've taken 0.65% from both the BTC and dollar sides, effectively making the fee 1.3%. Still any discount is a good discount.

Topic: MtGox will be open tomorrow at 3:00 GMT [UPD2: postponed till 25 june ] (Read 2835 times)