Transferring 25k into Gox to buy at current prices - page 3.

TERA

hero member

Activity: 728

Merit: 500

Quote from: Oldminer on February 14, 2014, 11:33:38 PM

Dude, Ive been fighting with gox support to get a mere 2BTC (or $2000) OUT of their exchange for EIGHT weeks and your looking at putting money IN?? Huh

Think of it like a double or nothing gamble. If gox support fixes the withdrawals, then he doubles his money. If they don't, then he gets nothing. However, it's possible that even if they never fix btc withdrawal, he may be able to get the fiat back so it's actually better than double or nothing.

Oldminer

legendary

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Merit: 1001

Dude, Ive been fighting with gox support to get a mere 2BTC (or $2000) OUT of their exchange for EIGHT weeks and your looking at putting money IN?? Huh

ScaryHash

hero member

Activity: 529

Merit: 501

Good luck with that.

I have a bridge that leads to the ocean from Arizona to sell you.

Completely, 100% safe investment for the future, as it is well known that California will fall into the ocean, at some point in the next 100 million years.

Which is about the same time you will actually see your money deposited into Gox.

I'd go for the real estate if I were you, at least you're guaranteed to get sand at either end of that bridge. With Gox, you're guaranteed to get nothing.

MatTheCat

hero member

Activity: 840

Merit: 1000

Quote from: sgbett on February 14, 2014, 09:47:18 PM

I merely joke. I know either way its a risky bet, fwiw I've taken it on (or at least I will when karpeles finishes his latte and sets about crediting my account), but not quite for $25k

So perhaps not of all of those thousands of BTC being sold on Gox in between 350 and 360 are fake volume?

Bit_Happy

legendary

Activity: 2114

Merit: 1040

A Great Time to Start Something!

Gox lied, people cried.
The low price is tempting

aminorex

legendary

Activity: 1596

Merit: 1030

Sine secretum non libertas

It would be difficult to imagine how Gox could be insolvent, given that they have had months to buy BTC at market prices and sell them at Gox prices, and now have had days to buy BTC at Gox prices and sell them at market prices. The spreads have been very wide, and very profitable, and it is trivially easy for them to do this. If they did not, the management should be committed to a psychiatric institution for care.

chesthing

legendary

Activity: 1414

Merit: 1000

Give me $5k instead, I just saved you $20k!

DPoS

sr. member

Activity: 462

Merit: 250

The easiest way to get money into Gox is to sell doughnuts to that fat fucker running that rathole!!

evolve

hero member

Activity: 700

Merit: 500

daytrader/superhero

Quote from: disclaimer201 on February 14, 2014, 10:00:08 PM

~~Gox is~~ All of the exchanges are 100% untrustworthy.

FTFY.

disclaimer201

legendary

Activity: 1526

Merit: 1001

Gox is 100% untrustworthy.

sgbett

legendary

Activity: 2576

Merit: 1087

Quote from: eldentyrell on February 14, 2014, 09:38:19 PM

Quote from: sgbett on February 14, 2014, 09:21:05 PM

Quote from: eldentyrell on February 14, 2014, 09:07:21 PM

It's the Lloyd's reinsurance-to-close scam, writ small.

So, in short, you are saying wire it all directly to gox Wink

No, I'm saying that if gox folds you will get screwed either way.

Essentially you're betting the goxbtc-price goes up a lot before gox implodes. I suppose the difference is that with the CFD you get to make the bet each month and exit with a small loss if neither of these happened -- instead of being locked in until one does.

But it's still the same bet.

If gox implodes I'm pretty certain a lot of CFD customers will get screwed, and the financial regulators will not care.

I merely joke. I know either way its a risky bet, fwiw I've taken it on (or at least I will when karpeles finishes his latte and sets about crediting my account), but not quite for $25k

eldentyrell

donator

Activity: 980

Merit: 1004

felonious vagrancy, personified

Quote from: eldentyrell on February 14, 2014, 09:38:19 PM

If gox implodes I'm pretty certain a lot of CFD customers will get screwed, and the financial regulators will not care.

From avatrade's terms and conditions:

Quote

There may be certain cases in which trading liquidity decreases, causing CFDs and Options in commodities, currencies metals and indices to cease, thereby preventing the liquidation of an adverse position which may result in a substantial financial loss.

Quote

In the event of default of one of our appointed credit institutions, AvaTrade does not accept responsibility and is not subject to any liability arising from losses to clients arising from such a default.

Yeah, I'm pretty sure that's what they're gonna point to after the goxpocalypse.

eldentyrell

donator

Activity: 980

Merit: 1004

felonious vagrancy, personified

Quote from: sgbett on February 14, 2014, 09:21:05 PM

Quote from: eldentyrell on February 14, 2014, 09:07:21 PM

It's the Lloyd's reinsurance-to-close scam, writ small.

So, in short, you are saying wire it all directly to gox Wink

No, I'm saying that if gox folds you will get screwed either way.

Essentially you're betting the goxbtc-price goes up a lot before gox implodes. I suppose the difference is that with the CFD you get to make the bet each month and exit with a small loss if neither of these happened -- instead of being locked in until one does.

But it's still the same bet.

If gox implodes I'm pretty certain a lot of CFD customers will get screwed, and the financial regulators will not care.

MrVivaldi

newbie

Activity: 37

Merit: 0

I believe that the Bitcoin market has already answered that question. The market seems to feel as if this is very risky, thus you see a 50% cut in the price of GoxBTC as opposed to BTC.
If MtGox had access to the coins they could just transfer them to other exchanges sell off and buy on their own and make crazy arbitrage.

Manual Bitcoin withdrawals should be available for larger orders. There is definitely something fishy about MtGox.

sgbett

legendary

Activity: 2576

Merit: 1087

Quote from: eldentyrell on February 14, 2014, 09:07:21 PM

Quote from: ArticMine on February 14, 2014, 06:13:20 PM

I would rather open an account with either AvaTrade or Plus500 and go long on the GoxBTC/GoxUSD currency pair. There is a good chance that this trade can be profitable, and one can then get the USD out and trade then for BTC at market through an exchange that is working.

First of all, kudos to you for understanding counterparty risk.

However, I don't think this will work. I checked out both AvaTrade and Plus500 and they close all bitcoin positions monthly, on the same day of the month for all accounts, which almost certainly means that they are putting in a wire transfer request to gox once a month. If that wire doesn't come back and not enough customers show up in the first week-or-so of next month to offset, they will proceed to screw the previous month's customers for the balance, appealing to force majeure. I'm pretty sure their risk management strategy here is to pipeline the whole thing and then drag their feet on withdrawals if the pipeline dries up while gox is in no-wire-transfer mode.

It's the Lloyd's reinsurance-to-close scam, writ small.

So, in short, you are saying wire it all directly to gox Wink

chesthing

legendary

Activity: 1414

Merit: 1000

This poll is a joke, right?

eldentyrell

donator

Activity: 980

Merit: 1004

felonious vagrancy, personified

Quote from: ArticMine on February 14, 2014, 06:13:20 PM

I would rather open an account with either AvaTrade or Plus500 and go long on the GoxBTC/GoxUSD currency pair. There is a good chance that this trade can be profitable, and one can then get the USD out and trade then for BTC at market through an exchange that is working.

First of all, kudos to you for understanding counterparty risk.

However, I don't think this will work. I checked out both AvaTrade and Plus500 and they close all bitcoin positions monthly, on the same day of the month for all accounts, which almost certainly means that they are putting in a wire transfer request to gox once a month. If that wire doesn't come back and not enough customers show up in the first week-or-so of next month to offset, they will proceed to screw the previous month's customers for the balance, appealing to force majeure. I'm pretty sure their risk management strategy here is to pipeline the whole thing and then drag their feet on withdrawals if the pipeline dries up while gox is in no-wire-transfer mode.

It's the Lloyd's reinsurance-to-close scam, writ small.

jamesc760

sr. member

Activity: 448

Merit: 250

Go for it, whatchawaitingfor? Knock yourself out, literally!

DieJohnny, very apt name.

WompRat

full member

Activity: 232

Merit: 100

Perhaps you could buy then immediately begin legal proceedings for the recovery of your property.

BitChick

legendary

Activity: 1148

Merit: 1001

You did not have enough options on the poll for me to pick from.

If you had the option "already a millionaire so 25K really is not that big of a risk" I would say go ahead and give it a try.

Otherwise it seems like a pretty risky move. It is all about putting faith in Mt. Gox. Putting faith in Bitcoin is already a bit risky it seems so that just adds another layer of risk on top.

Topic: Transferring 25k into Gox to buy at current prices - page 3. (Read 6112 times)