What's going on with Cavirtex? 89 CAD per BTC? - page 3.

adamstgBit

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Quote from: ArticMine on August 16, 2013, 12:11:59 AM

Quote from: Adrian-x on August 15, 2013, 11:58:10 PM

Quote from: adamstgBit on August 15, 2013, 10:54:22 PM

Quote

What's going on with Cavirtex? 89 CAD per BTC?

Here is what is happening :

My VTX stock is up on the news they have launched a Merchant Shopping Cart API.
So I guess new customer are automatically dumping XBT for fiat (I'm thinking BitPay for Canada) so yes if that business grows faster than market demand for XBT, we'll see arbitrage opportunities going forward.
Time to put some cash in.

edit I'm thinking those merchants would rather be using BitPay given the exchange rates. Oh well.

Yes a merchant accepting Bitcoin in Canada would be crazy to use Virtex over BitPay because using Virtex adds 5% to their customers costs, just because of the spread on the exchange rate.

Canadian merchants want CAD not USD, this is why they will use virtex.

ArticMine

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Quote from: Adrian-x on August 15, 2013, 11:58:10 PM

Quote from: adamstgBit on August 15, 2013, 10:54:22 PM

Quote

What's going on with Cavirtex? 89 CAD per BTC?

Here is what is happening :

My VTX stock is up on the news they have launched a Merchant Shopping Cart API.
So I guess new customer are automatically dumping XBT for fiat (I'm thinking BitPay for Canada) so yes if that business grows faster than market demand for XBT, we'll see arbitrage opportunities going forward.
Time to put some cash in.

edit I'm thinking those merchants would rather be using BitPay given the exchange rates. Oh well.

Yes a merchant accepting Bitcoin in Canada would be crazy to use Virtex over BitPay because using Virtex adds 5% to their customers costs, just because of the spread on the exchange rate.

Adrian-x

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Quote from: adamstgBit on August 15, 2013, 10:54:22 PM

Quote

What's going on with Cavirtex? 89 CAD per BTC?

Here is what is happening :

My VTX stock is up on the news they have launched a Merchant Shopping Cart API.
So I guess new customer are automatically dumping XBT for fiat (I'm thinking BitPay for Canada) so yes if that business grows faster than market demand for XBT, we'll see arbitrage opportunities going forward.
Time to put some cash in.

edit I'm thinking those merchants would rather be using BitPay given the exchange rates. Oh well.

Adrian-x

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Quote from: adamstgBit on August 15, 2013, 10:54:22 PM

Quote

What's going on with Cavirtex? 89 CAD per BTC?

i'm on it! the money should be there tomorrow...

i need to find a way to arbitrage this sucker!

The volume is low, but there is a big fish who dumps continuously so you may get lucky.

ArticMine

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Quote from: JimboToronto on August 15, 2013, 10:46:42 PM

Quote from: CMMPro on August 15, 2013, 07:28:05 PM

I\m tempted to dump a lot of money onto that exchange to buy btc and then transfer it out.

Are you Canadian? Last time I checked, only Canadians could open Virtex accounts.

The arbitrage situation between Virtex and MtGoxCAD is similar to that between Bitstamp and MtGoxUSD.

I missed the Satoshi Square at Nathan Philips Square in Toronto a couple of weeks ago. Anyone here attend? What were the prices like? Closer to MtGox or Virtex? Seems like a possible opportunity to flip some arb coins.

No

I get
MTGox 109.44 USD
BitStamp 97.71 USD
Virtex 91.18 USD after factoring in the CAD / USD rate of 0.97

That is an extra 7% on top of the MTGox BitStamp spread.

adamstgBit

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Quote

What's going on with Cavirtex? 89 CAD per BTC?

i'm on it! the money should be there tomorrow...

i need to find a way to arbitrage this sucker!

chriswilmer

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Quote from: JimboToronto on August 15, 2013, 10:46:42 PM

Quote from: CMMPro on August 15, 2013, 07:28:05 PM

I\m tempted to dump a lot of money onto that exchange to buy btc and then transfer it out.

Are you Canadian? Last time I checked, only Canadians could open Virtex accounts.

The arbitrage situation between Virtex and MtGoxCAD is similar to that between Bitstamp and MtGoxUSD.

I missed the Satoshi Square at Nathan Philips Square in Toronto a couple of weeks ago. Anyone here attend? What were the prices like? Closer to MtGox or Virtex? Seems like a possible opportunity to flip some arb coins.

My brother organized the Nathan Philips Satoshi Square, he said about 30 people showed up (including a bitcoin startup that came from Waterloo!). Good times. Come to the next one!

JimboToronto

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Quote from: CMMPro on August 15, 2013, 07:28:05 PM

I\m tempted to dump a lot of money onto that exchange to buy btc and then transfer it out.

Are you Canadian? Last time I checked, only Canadians could open Virtex accounts.

The arbitrage situation between Virtex and MtGoxCAD is similar to that between Bitstamp and MtGoxUSD.

I missed the Satoshi Square at Nathan Philips Square in Toronto a couple of weeks ago. Anyone here attend? What were the prices like? Closer to MtGox or Virtex? Seems like a possible opportunity to flip some arb coins.

ArticMine

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Quote from: byronbb on August 13, 2013, 10:50:13 PM

I am confused too why virtex is like this. I think a lot of Canadian miners use the site so there is a lot of sell pressure?? But I mean take a trip over the border and sell to some guy on local bitcoins. I see a large Seattle buyer paying $103.

Virtex has traded below MTGox and now Bitstamp since 2011 for most of the time. I have seen spreads of 5% and more during most of 2012. The reason is that Canada is and will be a net exporter of BTC. The combination of relatively cheap electricity and cold winters makes Bitcoin mining in Canada far more attractive than in many parts of the world. One notable exception is Russia and many of the CIS (former USSR) countries, and guess what BTC-E tends also to trade below the averages. The economics of BTC mining is very different when the outside temperature is -30 C than 30 C.

In summary there will be a far greater chance of finding polar bears on Virtex or BTC-E than on most of the other exchanges.

vokain

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Quote from: CMMPro on August 15, 2013, 07:28:05 PM

I'm on there too and I can't figure it out.

I\m tempted to dump a lot of money onto that exchange to buy btc and then transfer it out.

there's probably not enough people doing that

CMMPro

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I'm on there too and I can't figure it out.

I\m tempted to dump a lot of money onto that exchange to buy btc and then transfer it out.

byronbb

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I am confused too why virtex is like this. I think a lot of Canadian miners use the site so there is a lot of sell pressure?? But I mean take a trip over the border and sell to some guy on local bitcoins. I see a large Seattle buyer paying $103.

chriswilmer

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Anyone know? Has the Canadian dollar gotten much stronger lately?

Topic: What's going on with Cavirtex? 89 CAD per BTC? - page 3. (Read 3511 times)