Topic: The question everybody is asking but nobody has shared the solution to yet - page 2. (Read 4132 times)

this has been covered on other threads,the issue is not with funds, the issue is with their bank in poland from what i recall

It might also be that they have only limited funds on their Polish bank accound and thus need to make a SWIFT transfer from their Japanese account to replenish the funds. And if they can only send 10 SWIFT payments a day...

"We are broke." 

(No, I truly hope this isn't the case, but it's a real possibility imo)

What does support have to say about it?

Approx a month, i can't check the exact date atm as my iphone is dead (no 2fa). At least 3 weeks less than 5 weeks.

I tested one polish withdraw for 500 zlota and it went through next day. So then i tried larger ones and they are all still pending.

Just to be clear, you tried to withdraw polish zloty from mtgox to a polish bank account, and it wasn't processed after a month?

yes i understand this is the first penguins in the water issue; however this has been on going for the better part of this year, and one may conclude that there is no corporation willing to do this at this point in time.

but hey if you spend 100 hours and 10K to set this up and make say 100k in profit, it was time well spent...

Many people have difficulties grasping this..

The difference is rarely 2.5%.  Here is a current picture of the best bid and best ask in various currencies (just a small selection), and their ratio to the best bid and ask in USD:

As you'll see from this very few of the currencies have a 2.5% (0.975 or 1.025) ratio to USD.  Some currencies here has a ratio of 0.9773 on the bid side.  This is due to a bid in another currency (not displayed here) which is a 0.23% above the best USD bid.  It shows up at 0.9773 ratio to USD on all other currencies, including USD.  If someone sell in one of those currencies, it will be a mixed currency trade against that currency, not USD, which means the trade will happen at a price better than 2.5% below best USD bid.  Best ask are close to 1 for all currencies due to an ask in one currency (possibly GBP here, haven't checked) which is far below the best ask in USD.  This will show up fairly close to the best ask in USD as well.  The round numbers (129.99000 AUD, 11704.00000 JPY) indicates that the ask was placed in this currency.  If it is converted from a different currency, it is unlikely to be this round.  As you see you will usually trade against an order in the same currency.  Mixed currency trades are actually not very common.  Mixed currency against USD is even less common, since many use this as a metric of how the price should be, and bid or ask a little bit better in their own currency to pick up such trades.

There is no fee for anyone.  If someone buy the GBP ask at 75 using another currency, e.g. JPY, she will pay whatever her bid is in JPY.  The buyer gets her BTC at what she bid in JPY, and the seller will receive 75 GBP for each BTC she bought.  MtGox will do the currency conversion internally (at 2.5% comission).  This happens behind the scenes.

Thanks for reminding me!  This explains the simple relationship between gap between MtGox USD/ Bitstamp USD and  MtGox JPY (in $equiv) / Bitstamp USD.

It also explains the 2.5% that qxzn referred to in his calculation of the costs of
BTC --> MtGox JPY.   (2.5% + 0.3%)

2.5% is the MtGox currency exchange fee for transactions that are coming from another currency is that right?

Question:
If all transactions are in one pool and I will pay 2.5% for a transaction with a seller in any other currency, what happens if I buy bitcoins from a seller using my currency, but which is not from the dominant currency. For example if I am based in GBP and I buy 1 BTC for 60GBP  from another user will this incur a 2.5% currency exchange free from the dominant currency? I.e. does seller actually list in USD (dominant currency) and thereby pay 2.5% and then I buy in GBP and pay 2.5% to do so?

How does one see when the 2.5% is charged to a transaction?

As a UK user is it stupid for me to keep GBP on MtGox? Is it better to just eat the currency exchange fee on entry and exit as is done at Bitstamp?

Interesting on the HSBC premier thing, I was under the impression that US HSBC Premier Account Holders coupld potentially receive JPY payments via HSBC in Japan. In fact I just opened an HSBC Premier Account specifically for this reason.

Bakada - Any news back form citibank yet? What did they say when you asked about receiving JPY payments to your non-japanese citi account.

I don't see any basis for this. If your'e just sending money from your account at one exchange to your account at another, you are not a money transmitter. A money transmitter is someone who as a business transfers money to/from a third party.

In this case there is no third party, at all time the money remains in your accounts.

 A few percent? Don't think so. Japanese domestic withdraw is 200 Yen. You can send the Yen directly to BitStamp as they convert all incoming wires into USD at a very good rate.

I have been waiting more than a month for PLN and I gave up.  Are there any news about PLN wire transfers from MtGox?

Q. Do you keep independent ask/bid tables for different currencies?

"A. No, ask/bid tables for different currencies are not independent. All currencies are relative to whichever currency has the highest volume, which is based on said currencies current market price in bitcoin. Every trade is in one pool and in fact, not are not separate currency markets. This allows users the added benefit of trading in "the greater market" -in currencies they understand- while not limiting them to smaller currency markets."

https://support.mtgox.com/entries/20800336-Multi-Currency-Trading

set up google docs excel sheet that looks at market depth of bistamp, btce and mtgox, and finds the equilibrium point this equals your profit opportunity, minus fees

assuming you want to proceed this is no diff then setting up an investment fund...

set up LLC in Cali, (b/c u can use VC LP boilerplate) take in limited partners who are accredited investors... let's call it Bitcoin Arbitrage Partners, LLC... (BAP)... set up governance and contractual agreements when the fund is liquidated, how LPs are paid out, etc. Investment should be 50% cash 50% btc (well at least 25% btc so you dont need to wait on network transfer)

set up a company (BAP JP) in JP that is owned by BAP, set up corp bank account for BAP JP

set up another company in the eurozone (BAP Euro) for btce

Now transfer money to Bitstamp, fund BAP Euro, and then transfer money to BTCE.

transfer btc to mtgox

start buying on bitstamp and btce, while selling on gox (since you have btc on goc u dont need to wait for network transfer)... i'm sure there are people on here that have the trading and coding exp who can run the trading op's...

Re: money transmitter: no.

Re: doing it all cleanly as prophetx describes, yes.

not exactly, it depends.

the company needs to be set up in a way where the owner(s) of the company capitalize the company with the funds used for trading, and the profits are distributed as a dividend to shareholder. when there is no more funds, the company is dissolved and the trading funds are sent back to investors.

That person will become a money transmitter immediately and after successful transfer of some couple of millions out of nowhere I bet he will have some serious paper work to attend to.

One of the reasons that I (and probably others considering this) hesitate to go through all this is that this arb is a temporary arms race. There are a couple of reasons it could and probably will dissolve soon: (1) somebody else wins the race, or (2) mtgox solves their withdrawal issues. So who wants to take the time and money to set up a new account just to the opportunity dry up before you can even use it? That's why it's better to partner with somebody who already has an account.