Topic: New to bitcoin is buying from MTGOX too big a risk? (Read 1725 times)
www.coindesk.com has a bunch of articles on how Mt.Gox has ruined everything.
Do not use gox site, they have failed so many times. Bitstamp has similar issue but they already resolve it. Gox is not, so they just do not want to do it. Why? Because they can do good money from this situation.
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If you're in the UK I recommend Bittylicious. You'll have your coins within ten minutes.
Hi all I know I'm very late to the party but if I don't get in now I may never do it. I'm about to spend about £650 / $1000 on bit coin and see that the prices at MTGOX are a lot lower due to their current issues. Do you think it's worth purchasing my first coins from them or pay the higher price from say Bitstamp or another trader. Any tips are welcome as this is all currently new to me but I'm keen to learn more about it.
Well, I believe the price would sky rocket after they allow BTC withdrawal on monday. Yes it is high risk high return strategy!!
Hi all I know I'm very late to the party but if I don't get in now I may never do it. I'm about to spend about £650 / $1000 on bit coin and see that the prices at MTGOX are a lot lower due to their current issues. Do you think it's worth purchasing my first coins from them or pay the higher price from say Bitstamp or another trader. Any tips are welcome as this is all currently new to me but I'm keen to learn more about it.
I can also say coinbase works. When I decided to cash out of bitcoin I sent a little bit to several different exchange sites, ranging from possible to impossible to successfully sell at a decent price with reasonable commission and smooth bank verification and relatively short transaction time.
As for mtgox, remember every 'investment' involves risk and it is up to you and only you to understand the risks involved. that said going into mtgox is very risky but has a higher rate of return for when they fix the problem and the panic disappears and the price skyrockets to new highs. I read they are allowing BTC deposits again and cash (not USD) withdraws again.
So perhaps another week of "smart money" buying into the insane low price, they will have enough cash and bitcoin to accomodate just enough demand to continue the ponzi
Coinbase worked good for me.
At this very moment, the exchange rate at MtGox is $374.50 and the exchange rate at BitStamp is $653.00
This is essentially telling you that the market as a whole (the average of all the opinions of everybody that is exchanging at either MtGox or BitStamp) has determined that you are 74.4% more likely to receive your bitcoins from BitStamp than you are to receive them from MtGox.
Imagine the following scenario:
I tell you that if you want to buy bitcoins from me, I 'm going to draw a random lottery ball between 1 and 1000. If the number I draw is between 1 and 256, then you get nothing at all and I keep your money. If the number I draw is between 257 and 1000 then I'll deliver your bitcoins to you at some time in the future, but I won't tell you exactly when (maybe sometime next week if I feel like it). I'm charging $374.50 per bitcoin.
My friend standing next to me tells you that if you want to buy bitcoins from him, he's going to charge $653.00. He will immediately deliver the bitcoins.
Which of us do you buy the bitcoins from?
This is essentially telling you that the market as a whole (the average of all the opinions of everybody that is exchanging at either MtGox or BitStamp) has determined that you are 74.4% more likely to receive your bitcoins from BitStamp than you are to receive them from MtGox.
Imagine the following scenario:
I tell you that if you want to buy bitcoins from me, I 'm going to draw a random lottery ball between 1 and 1000. If the number I draw is between 1 and 256, then you get nothing at all and I keep your money. If the number I draw is between 257 and 1000 then I'll deliver your bitcoins to you at some time in the future, but I won't tell you exactly when (maybe sometime next week if I feel like it). I'm charging $374.50 per bitcoin.
My friend standing next to me tells you that if you want to buy bitcoins from him, he's going to charge $653.00. He will immediately deliver the bitcoins.
Which of us do you buy the bitcoins from?
Stay far away from Mt. Gox as they are going down soon. They were doomed to fail from the start.
Stop spreading FUD.
Should be very obvious, look at the price.. to back up what happened..
Stay far away from Mt. Gox as they are going down soon. They were doomed to fail from the start.
Hi all I know I'm very late to the party but if I don't get in now I may never do it. I'm about to spend about £650 / $1000 on bit coin and see that the prices at MTGOX are a lot lower due to their current issues. Do you think it's worth purchasing my first coins from them or pay the higher price from say Bitstamp or another trader. Any tips are welcome as this is all currently new to me but I'm keen to learn more about it.
If you are located in Scandinavia (or EU), then can I recommend bitcoin nordic:
https://bitcoinnordic.com/
I have made many trades with them (both redraw and deposits), very smooth, I had no problem with them so far.
They have always processed my order within 24 hours on working days.
If you already have dollars in MtGox you should buy BTC now, they are extremely cheap there at the moment because most people are in a state of panic because of all the fearmongering going on (but they will be proven wrong because all that BS is completely unfounded). If you don't yet have money in gox then its probably too late to get money in before BTC withdrals are enabled again and BTC price shoots up to 800 on gox.
Hi all I know I'm very late to the party but if I don't get in now I may never do it. I'm about to spend about £650 / $1000 on bit coin and see that the prices at MTGOX are a lot lower due to their current issues. Do you think it's worth purchasing my first coins from them or pay the higher price from say Bitstamp or another trader. Any tips are welcome as this is all currently new to me but I'm keen to learn more about it.
Before you do anything with Mt. Gox, u must read this => http://www.coindesk.com/watch-man-confront-ceo-mt-gox-missing-bitcoins/
There is far too much risk. Avoid Gox at all costs.
Agreed. Gox is not reliable anymore, use btce or smth like this. I don't think it's been reliable in over a year.
There is far too much risk. Avoid Gox at all costs.
Agreed. Gox is not reliable anymore, use btce or smth like this. I don't think it's been reliable in over a year.
There is far too much risk. Avoid Gox at all costs.
Agreed. Gox is not reliable anymore, use btce or smth like this. 
There is far too much risk. Avoid Gox at all costs.
Agree with the above posts that you should stay away from mtgox.
My own suggestion for exchanges:
If you don't want to do ID verification, go to localbitcoins.
If you are in US, go to coinbase.
If you are outside US, go to bitstamp.
My own suggestion for exchanges:
If you don't want to do ID verification, go to localbitcoins.
If you are in US, go to coinbase.
If you are outside US, go to bitstamp.
Dont do it.
Thank, care to elaborate or point me to where I should purchase from? Thanks again. Just do some research on Gox and you'll see why. The prices are low on there for a reason. Avoid Gox at all costs.
Dont do it.
Thank, care to elaborate or point me to where I should purchase from? Thanks again. There's a chance that if you buy at Gox you'll never be able to withdraw them. Even if they do start allowing BTC withdrawals again everyone is going to be rushing to get their coins out. And who knows if they have the funds to cover it all...
It could pay off and score you some very cheap coins, but it's a big risk and I wouldn't recommend it.
bitstamp.com and localbitcoins.com have always worked well for me
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