Quick Profit? What am I missing? | Bitcointalksearch.org

torrentheaven

hero member

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Quote from: hutcho on October 13, 2013, 02:14:09 AM

Well, thank you all for the info. Is Mt.Gox keeping people up to date on this situation in a timely manner? Where?

If you ask about the status of your USD wire withdraw, you might get something like this reply:

Quote from: Energizer on September 10, 2013, 04:23:06 PM

I've contacted MTGox support yesterday asking about the status of my bending USD wire withdraw. Here is the response I've just received:

#######################################
Thank you for contacting us regarding your withdrawal request.
Due to a change in our banking system we are currently experiencing a back-log of withdrawals that we need to process.
Our team is working hard to increase transaction speeds, but there is approximately a few-week back-log we need to overcome.
It will take a few weeks to get back to normal, and we thank you for your patience during this time.
Again, we apologize for the delay and we will contact you once your withdrawal has been processed.
#######################################

Will keep you posted!

Check this thread:
MtGox withdrawal delays [Gathering]
https://bitcointalksearch.org/topic/mtgox-withdrawal-delays-gathering-179586

CIYAM

legendary

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Ian Knowles - CIYAM Lead Developer

Quote from: hutcho on October 13, 2013, 02:14:09 AM

Well, thank you all for the info. Is Mt.Gox keeping people up to date on this situation in a timely manner?

Unfortunately they are not (which makes people suspect them even more).

hutcho

newbie

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Well, thank you all for the info. Is Mt.Gox keeping people up to date on this situation in a timely manner? Where?

imamanandyou

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Quote from: hutcho on October 13, 2013, 01:47:31 AM

If they don't have immediate cash for U.S. customer withdrawals, is there also delay for those customers' BTC purchases to be completed?

Sometimes BTC delays are reported. But it is best way how to get funds out of mtGox

CIYAM

legendary

Activity: 1890

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Ian Knowles - CIYAM Lead Developer

Quote from: hutcho on October 13, 2013, 01:47:31 AM

If they don't have immediate cash for U.S. customer withdrawals, is there also delay for those customers' BTC purchases to be completed?

You don't make *real* BTC purchases from Mt. Gox with *real* USD you make purchases of Mt. Gox BTC with Mt. Gox USD (like all the exchanges) - so as long as you have sufficient Mt. Gox BTC/USD funds you can trade.

In short:

*real* BTC -> Mt. Gox BTC easy (wait for confirmations)
*real* USD -> Mt. Gox USD easy (but slower than above)

Mt. Gox BTC -> Mt. Gox USD easy (and instant)
Mt. Gox USD -> Mt. Gox BTC easy (and instant)

Mt. Gox BTC -> *real* BTC easy (although sometimes delays)
Mt. Gox USD -> *real* USD hard (can expect to wait months)

hutcho

newbie

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If they don't have immediate cash for U.S. customer withdrawals, is there also delay for those customers' BTC purchases to be completed?

fattypig

full member

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Can't withdraw on mtgox, no use if you sell it and have USD

fiddelingones

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Quote from: hutcho on October 13, 2013, 01:24:24 AM

What advice can be given to any U.S. people that have cash in Mt.Gox account?

Exchange to Bitcoin and withdraw BTC

You see, higher BTC demand, higher price

Tammy Chan

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Quote from: hutcho on October 13, 2013, 01:14:49 AM

The difference in price between exchanges seems to be too easy an opportunity to make a quick profit.
There's currently a $15 difference between Mt.Gox and other exchanges. What's to stop someone from buying 100 BTC on an exchange like CampBX and selling it right away on Mt.Gox and making a $1500 profit ? Am I missing something?

Arbitrage (buy low, sell high) works well if the "transaction cost" is low enough.

In the case you mentioned, the transaction fee (0.001BTC/KB) for you to send your bitcoin to your Mt.Gox deposit address is low.
However, the time you need to withdraw fiat from Mt.Gox is very long and the whole process is very troublesome.
If you take that into consideration, the overall cost (fee + time cost) is just too high.

dddbtc

sr. member

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Quote from: hutcho on October 13, 2013, 01:14:49 AM

The difference in price between exchanges seems to be too easy an opportunity to make a quick profit.
There's currently a $15 difference between Mt.Gox and other exchanges. What's to stop someone from buying 100 BTC on an exchange like CampBX and selling it right away on Mt.Gox and making a $1500 profit ? Am I missing something?

There are scripts/bots that do this automatically. Some even cost money.

There are also tools that buy and sell automatically based on the price fluctuations within a given exchange itself.

CIYAM

legendary

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Ian Knowles - CIYAM Lead Developer

Their USD value is higher basically because people frustrated with waiting to get USD are buying back BTC in order to cash out from one of the other exchanges (some are even reportedly doing so at a loss because they either need the USD or don't trust keeping Mt. Gox USD).

Basic rule of thumb with investments - "if they look too good to be true then they most likely *are* too good to be true".

hutcho

newbie

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I can't find any news on the current status of USD withdrawals from Mt.Gox. Last I see is no wdraws for 2 weeks from June. What is the current status? And is that why their BTC is higher, because you can only trade within their exchange?
What advice can be given to any U.S. people that have cash in Mt.Gox account?

Kluge

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Beyond their inability to push USD, there are also worries they may be insolvent, compounded by government seizures of US financial accounts and a $75M lawsuit with CoinLab. (Oh - Ian gave a too-quick edit!)

CIYAM

legendary

Activity: 1890

Merit: 1086

Ian Knowles - CIYAM Lead Developer

You are missing the fact that withdrawing your USD from Mt. Gox is very difficult (people have reporting waiting for months for withdraws).

So if you are going to try and arb by selling on Gox then you are probably only going to be able to do so once every few months unless you are willing to trust Gox with more and more funds (which you may never see if they go under).

Also - there is reportedly millions of USD owed to Gox users that was *frozen* by the US regulators making it very likely that Mt. Gox *cannot* repay all USD it owes to is users.

hutcho

newbie

Activity: 37

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The difference in price between exchanges seems to be too easy an opportunity to make a quick profit.
There's currently a $15 difference between Mt.Gox and other exchanges. What's to stop someone from buying 100 BTC on an exchange like CampBX and selling it right away on Mt.Gox and making a $1500 profit ? Am I missing something?

Topic: Quick Profit? What am I missing? (Read 631 times)