Topic: Someone living in Japan should go knock on Gox' door to see what's up (Read 1115 times)
August 17, 2013, 10:57:16 AM
also remember waht the big issue at hand here is. Japan is very strict when it comes to tax and financial regulation. The japanese 'friend' would be putting him/herself heavily at risk.
August 17, 2013, 10:56:29 AM
Actually, someone trying this wouldn't even need to have their own account in a Japanese bank. Just split the profits with someone living in Japan. Needs to be a trusted person though.
Finding a trusted person is the real problem actually - have heard of at least one Chinese investor doing this who has made quite a lot (enough to buy a modest apartment in a major city in China was mentioned).
Also opening up a bank account as a foreigner may not be so simple (I recently found that Hong Kong simply would not let me do so despite having sufficient ID as I wasn't working there nor had family there so I was told they could not open a bank account for me - and got the same story at 4 different banks before I gave up trying).
IMHO japanese people are some of the most trustable in the world.
But what do i know, i only went to school there for business.
August 17, 2013, 10:53:59 AM
forget about it, unless you live there or know a trusted friend there (which is unlikely as a european or american)
But the yen volume is catching up steadily. Is already close behind the euro now. But of course, still far away from the USD volume. But I think I'll track these values. Not that our beautiful Mt. Box still gets a hole. That would not be good for the price. Then we would have a bear market again.
August 17, 2013, 10:10:13 AM
Correct me if I'm wrong, but isn't their headquarters' address known? So why doesn't anyone go knock on their door and demand some answers? Take some pictures of their workspace and crew while you're at it and post them in this thread.
Probably because this person wouldn't be invited inside.
August 17, 2013, 09:35:52 AM
Hm, how much hassle is it to open an account in a Japanese bank if you live elsewhere (e.g. Europe)? Because this would be quite a nice arbitrage opportunity. Just bouncing a modest sum (less than $10k, so that the international banking aml alarms are less likely to trigger) between Bitstamp and Gox could earn quite a bit of pocket money with minimal effort. Even with all the fees involved, one round trip could easily earn 5% it the spread is 10%.
Actually, someone trying this wouldn't even need to have their own account in a Japanese bank. Just split the profits with someone living in Japan. Needs to be a trusted person though.
Actually, someone trying this wouldn't even need to have their own account in a Japanese bank. Just split the profits with someone living in Japan. Needs to be a trusted person though.
forget about it, unless you live there or know a trusted friend there (which is unlikely as a european or american)
August 17, 2013, 08:24:42 AM
All i can tell you guys is that MtGox has been stringing along a friend of mine for 1 month because of a missing deposit. My friend paid €60 to track the money and got a confirmation(and code) from Bank Zachodny(WBK) that the money hit the MtGox account on July 17th, 1 day fater it was sent. MtGox was made aware of the fact their bank told my friend that the money is indeed in their account, and so far still no money, and €60 spent on MtGox's incompetence.
August 17, 2013, 08:19:33 AM
Actually, someone trying this wouldn't even need to have their own account in a Japanese bank. Just split the profits with someone living in Japan. Needs to be a trusted person though.
Finding a trusted person is the real problem actually - have heard of at least one Chinese investor doing this who has made quite a lot (enough to buy a modest apartment in a major city in China was mentioned).
Also opening up a bank account as a foreigner may not be so simple (I recently found that Hong Kong simply would not let me do so despite having sufficient ID as I wasn't working there nor had family there so I was told they could not open a bank account for me - and got the same story at 4 different banks before I gave up trying).
August 17, 2013, 08:13:17 AM
Hm, how much hassle is it to open an account in a Japanese bank if you live elsewhere (e.g. Europe)? Because this would be quite a nice arbitrage opportunity. Just bouncing a modest sum (less than $10k, so that the international banking aml alarms are less likely to trigger) between Bitstamp and Gox could earn quite a bit of pocket money with minimal effort. Even with all the fees involved, one round trip could easily earn 5% it the spread is 10%.
Actually, someone trying this wouldn't even need to have their own account in a Japanese bank. Just split the profits with someone living in Japan. Needs to be a trusted person though.
Actually, someone trying this wouldn't even need to have their own account in a Japanese bank. Just split the profits with someone living in Japan. Needs to be a trusted person though.
August 17, 2013, 07:53:45 AM
If you can get your money within a week doesn't make much sense that there is such a price gap. I don't get it.
Because the Bitcoin community are full of armchair investors that have very low risk appetite. Their idea of investment is something that gives them 10000% return. 10% return over 2-3 months is not worth their effort
August 17, 2013, 06:30:35 AM
Perhaps, it's because there is only little delay with Japan domestic withdrawal, and they are all busying making arbitrage profit than to go knock on any door
Oh come on, if that were the case the price difference would have already been reduced to zero, which isn't the case.
True. Current Ask price of MtGox JPY is ~10590 = $108.12. So still 10% arbitrage between MtGoxJPY and Bitstamp USD.
Assuming 0.55% currency exchange cost this loop still very profitable
USD --> Bitstamp BTC --> MtGox BTC --> JPY ---> USD
But only one person has complained of a delay on JPY transfers despite many requests for comments from people using JPY withdrawal method.
Even then his complaint was that it took 1 week to arrive, not the 4-12 weeks for Sepa/Wire
https://bitcointalksearch.org/topic/m.2939409
If you can get your money within a week doesn't make much sense that there is such a price gap. I don't get it.
The transfer actualy only took one day, I had mispelt my name in Japanese.
August 16, 2013, 01:16:34 PM
Someone really should go to Mt. Gox HQ if only to see if they're still there. Here's where they say they are:
MT. GOX KK, a Japanese corporation, and
TIBANNE KK, a Japanese corporation
Round-Cross Shibuya 5F, 2-11-6,
Shibuya, Shibuya-ku,
Tokyo, Japan 150-0002
Tel: 81-3-4520-6200
Fax: 81-3-4520-6209
(Source: Tokyo Chamber of Commerce)
Actual location: Tōkyō-to, Shibuya-ku, Shibuya, ２丁目１１−６, 5th floor.
Google maps link - About 300 meters east of Shibuya Station.
Take pictures. Thank you.
MT. GOX KK, a Japanese corporation, and
TIBANNE KK, a Japanese corporation
Round-Cross Shibuya 5F, 2-11-6,
Shibuya, Shibuya-ku,
Tokyo, Japan 150-0002
Tel: 81-3-4520-6200
Fax: 81-3-4520-6209
(Source: Tokyo Chamber of Commerce)
Actual location: Tōkyō-to, Shibuya-ku, Shibuya, ２丁目１１−６, 5th floor.
Google maps link - About 300 meters east of Shibuya Station.
Take pictures. Thank you.
August 16, 2013, 11:53:28 AM
Perhaps, it's because there is only little delay with Japan domestic withdrawal, and they are all busying making arbitrage profit than to go knock on any door
Oh come on, if that were the case the price difference would have already been reduced to zero, which isn't the case.
True. Current Ask price of MtGox JPY is ~10590 = $108.12. So still 10% arbitrage between MtGoxJPY and Bitstamp USD.
Assuming 0.55% currency exchange cost this loop still very profitable
USD --> Bitstamp BTC --> MtGox BTC --> JPY ---> USD
But only one person has complained of a delay on JPY transfers despite many requests for comments from people using JPY withdrawal method.
Even then his complaint was that it took 1 week to arrive, not the 4-12 weeks for Sepa/Wire
https://bitcointalksearch.org/topic/m.2939409
If you can get your money within a week doesn't make much sense that there is such a price gap. I don't get it.
August 16, 2013, 09:44:46 AM
All your cash are belong to us!
August 16, 2013, 09:44:40 AM
You mean, like Ver? The one on my avatar?
August 16, 2013, 08:45:23 AM
Perhaps, it's because there is only little delay with Japan domestic withdrawal, and they are all busying making arbitrage profit than to go knock on any door
Oh come on, if that were the case the price difference would have already been reduced to zero, which isn't the case.
August 16, 2013, 08:34:46 AM
Maybe the CEO is in Haway with a new face, new name and a lot of money
August 16, 2013, 08:17:30 AM
Perhaps, it's because there is only little delay with Japan domestic withdrawal, and they are all busying making arbitrage profit than to go knock on any door
August 16, 2013, 07:01:15 AM
Correct me if I'm wrong, but isn't their headquarters' address known? So why doesn't anyone go knock on their door and demand some answers? Take some pictures of their workspace and crew while you're at it and post them in this thread.
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