Post
Topic
Board Trading Discussion
Re: Arbitrage through spendbitcoins.com (or similar services)
by
bitfoo
on 06/08/2011, 03:14:46 UTC
Why would someone buy bitcoins and then buy amazon gift card with them if it means losing money?

If you want something from Amazon right now, you're not losing money, you're gaining. spendbitcoins.com doesn't mark up the prices. Right now, they offer a value of $10.22 per bitcoin, each of which you can buy for 50 cents less at MtGox. In short, you can currently buy a $100 Amazon gift card for $95. If enough people do this the mtgox price should converge to the daily weighted average.