Why is BTC value significantly different among exchangers?

empoweoqwj

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Quote from: samson on January 21, 2014, 04:11:07 AM

Quote from: bitpop on January 18, 2014, 02:50:28 PM

Quote from: AndersAA on January 18, 2014, 02:47:00 PM

Am I the only one who still doesn't get it? Why don't billionaires buy a crapload of BTC elsewhere for 800$ elsewhere and sell them for 900$ on mtgox?? To me it sounds like an almost instant 12.5% profit with a 6 week payout time?
Do we expect mtgox to take the money and run?

Pretty much

People like you have been saying this since last summer Roll Eyes

But effectively they have taken the money. They are holding onto peoples $$$$ illegally. Gox can't say "processing withdrawal" on the website and then refuse to answer support questions about why after six months no money ever gets sent out. That's theft in itself. How many millions of dollars do you think they have now of peoples' money waiting for fiat withdrawals? Are you saying these will ever happen?

samson

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Quote from: bitpop on January 18, 2014, 02:50:28 PM

Quote from: AndersAA on January 18, 2014, 02:47:00 PM

Am I the only one who still doesn't get it? Why don't billionaires buy a crapload of BTC elsewhere for 800$ elsewhere and sell them for 900$ on mtgox?? To me it sounds like an almost instant 12.5% profit with a 6 week payout time?
Do we expect mtgox to take the money and run?

Pretty much

People like you have been saying this since last summer Roll Eyes

empoweoqwj

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Quote from: bitpop on January 20, 2014, 09:23:50 AM

Idk but somebody needs to arbitrage them to standardize that mother fucker

My man in Toyko is working on it now

bitpop

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Idk but somebody needs to arbitrage them to standardize that mother fucker

empoweoqwj

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Quote from: quone17 on January 19, 2014, 11:57:55 AM

It's not "arbitrage," it's that the arbitrage costs are too high. You can wait months to get your money because the price will have changed so much. If it was really easy to get money out of all the exchanges then the price difference would be basically non existent.

And the risk that gox goes out of business whilst you are in the middle of attempting a big arb. And there is a risk, because gox doesn't know the f*** what it is doing. If it did, it would let people take fiat out.

AndersAA

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Quote from: bitpop on January 19, 2014, 06:28:30 PM

Are you willing to die for Bitcoin?

There's another thread for that: https://bitcointalksearch.org/topic/would-you-give-your-life-for-bitcoin-421463

...but nah, freedom in general - maybe.

bitpop

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Quote from: AndersAA on January 19, 2014, 05:40:05 PM

Quote from: bitpop on January 19, 2014, 05:29:39 PM

Let's do a group sell, arbitrage this mother fuckrr and standardize the price. The only thing that keeps exchanges the same is arbitrage and us brave souls will do it.

Would be fun to close that abomination down - though we will probably never see our BTCBTCBTC again *SIGH*

Are you willing to die for Bitcoin?

AndersAA

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Quote from: bitpop on January 19, 2014, 05:29:39 PM

Let's do a group sell, arbitrage this mother fuckrr and standardize the price. The only thing that keeps exchanges the same is arbitrage and us brave souls will do it.

Would be fun to close that abomination down - though we will probably never see our BTCBTCBTC again *SIGH*

bitpop

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Quote from: cozytrade on January 19, 2014, 12:28:20 PM

Quote from: empoweoqwj on January 19, 2014, 11:39:05 AM

He's going to test for us how quickly a Japanese national can get his fiat out to a Japanese bank account.

It takes 2 weeks to transfer to a Japanese bank.

Let's do a group sell, arbitrage this mother fuckrr and standardize the price. The only thing that keeps exchanges the same is arbitrage and us brave souls will do it.

cozytrade

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Quote from: bitpop on January 19, 2014, 10:49:44 AM

Fly to japan, get a free vacation. 0 risk.

Wow, big risk Shocked

cozytrade

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Quote from: empoweoqwj on January 19, 2014, 11:39:05 AM

He's going to test for us how quickly a Japanese national can get his fiat out to a Japanese bank account.

It takes 2 weeks to transfer to a Japanese bank.

quone17

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It's not "arbitrage," it's that the arbitrage costs are too high. You can wait months to get your money because the price will have changed so much. If it was really easy to get money out of all the exchanges then the price difference would be basically non existent.

empoweoqwj

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Quote from: bitpop on January 19, 2014, 10:49:44 AM

Quote from: empoweoqwj on January 18, 2014, 11:38:50 PM

Quote from: AndersAA on January 18, 2014, 02:47:00 PM

Am I the only one who still doesn't get it? Why don't billionaires buy a crapload of BTC elsewhere for 800$ elsewhere and sell them for 900$ on mtgox?? To me it sounds like an almost instant 12.5% profit with a 6 week payout time?
Do we expect mtgox to take the money and run?

Sell them for $900 and then do what with the cash? The problem is you can't withdraw fiat from gox. People have been queuing for 6 months to get money out of gox.

Do you see why people don't do it? Gox is likely to go out of business before people get their fiat out.

Fly to japan, get a free vacation. 0 risk.

I've got a Japanese mate in Tokyo. He says the Gox staff is "tiny" (not by height, by volume). He's going to test for us how quickly a Japanese national can get his fiat out to a Japanese bank account. Our current best guess is "very slow", because its taking weeks for him to even get verified. Typical gox

bitpop

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Quote from: empoweoqwj on January 18, 2014, 11:38:50 PM

Quote from: AndersAA on January 18, 2014, 02:47:00 PM

Am I the only one who still doesn't get it? Why don't billionaires buy a crapload of BTC elsewhere for 800$ elsewhere and sell them for 900$ on mtgox?? To me it sounds like an almost instant 12.5% profit with a 6 week payout time?
Do we expect mtgox to take the money and run?

Sell them for $900 and then do what with the cash? The problem is you can't withdraw fiat from gox. People have been queuing for 6 months to get money out of gox.

Do you see why people don't do it? Gox is likely to go out of business before people get their fiat out.

Fly to japan, get a free vacation. 0 risk.

empoweoqwj

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Activity: 518

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Quote from: AndersAA on January 18, 2014, 02:47:00 PM

Am I the only one who still doesn't get it? Why don't billionaires buy a crapload of BTC elsewhere for 800$ elsewhere and sell them for 900$ on mtgox?? To me it sounds like an almost instant 12.5% profit with a 6 week payout time?
Do we expect mtgox to take the money and run?

Sell them for $900 and then do what with the cash? The problem is you can't withdraw fiat from gox. People have been queuing for 6 months to get money out of gox.

Do you see why people don't do it? Gox is likely to go out of business before people get their fiat out.

bitpop

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Quote from: AndersAA on January 18, 2014, 02:47:00 PM

Am I the only one who still doesn't get it? Why don't billionaires buy a crapload of BTC elsewhere for 800$ elsewhere and sell them for 900$ on mtgox?? To me it sounds like an almost instant 12.5% profit with a 6 week payout time?
Do we expect mtgox to take the money and run?

Pretty much

AndersAA

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Am I the only one who still doesn't get it? Why don't billionaires buy a crapload of BTC elsewhere for 800$ elsewhere and sell them for 900$ on mtgox?? To me it sounds like an almost instant 12.5% profit with a 6 week payout time?
Do we expect mtgox to take the money and run?

empoweoqwj

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Activity: 518

Merit: 500

Quote from: Sutters Mill on January 18, 2014, 09:02:47 AM

I always get my prices from bit tamp and btce. The problem with sites like preev that take an overall average is that they're often skewed by mtgox

What is "bit tamp"?

Sutters Mill

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I always get my prices from bit tamp and btce. The problem with sites like preev that take an overall average is that they're often skewed by mtgox

empoweoqwj

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Quote from: JohanM on January 17, 2014, 01:11:34 PM

For transactions in USD: yes.
For transactions in Euro and other currencies, Mtgox still works fine. (Sending and receiving money works although you need 6 weeks to withdraw)

6 weeks is still a "distorted" market.

Topic: Why is BTC value significantly different among exchangers? (Read 2027 times)