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Showing 9 of 9 results by additionalpylons
Good thing you still have the wallet, leave a random generator picking away at it and it will get there some day, Moores law kind of guarantees it will get there some day.
Hopefully before his computer erodes into a pile of dust.
Re: What's Stopping Someone From Buying From one Exchange, Selling in Another?
"What's Stopping Someone From Buying From one Exchange, Selling in Another?"
Nothing
Although, as others have mentioned, the high price of coins now has made the fees enough to kill any profit potential.
Back when coins were $4 each, you'd only incur a fee of less than $0.03 per transfer, which means buying at $4 (anywhere) and selling for $5 (anywhere) would make a nice profit. But at $120/coin (at the time of writing this) you will incure a fee of $0.72 per coin per transaction, which means you'd need a gap of more than $1.50 between your buying and selling prices to see any return. It's possible to find a gap that large over time, but not between exchanges with an immediate buy-sell maneuver
Nothing
Although, as others have mentioned, the high price of coins now has made the fees enough to kill any profit potential.
Back when coins were $4 each, you'd only incur a fee of less than $0.03 per transfer, which means buying at $4 (anywhere) and selling for $5 (anywhere) would make a nice profit. But at $120/coin (at the time of writing this) you will incure a fee of $0.72 per coin per transaction, which means you'd need a gap of more than $1.50 between your buying and selling prices to see any return. It's possible to find a gap that large over time, but not between exchanges with an immediate buy-sell maneuver
Shouldn't the BTC/USD price fluctuate more? Going from $4 to $5 is a 25% increase. A 25% increase from $120/BTC would be $150/BTC.
If you're willing to stomach a higher fee, it's easy to use a local payment processor to put funds into a MtGox account or Bitcoin address. You just run over to a CVS or some other store with a red Moneygram phone, and phone in a payment to MtGox or Bitinstant. It's quick and only slightly sketchy looking.
Re: What's Stopping Someone From Buying From one Exchange, Selling in Another?
This might be a silly (read: newbish) question, but what's stopping someone from buying a few Bitcoins from BTC-E at 87.849 USD per BTC, and then selling them at MtGox for 118.2 USD per BTC to make a profit?
Nothing. And you got the prices totally wrong. It's about 87 EURO / 1 BTC on BTC-E. If there were such a huge difference, people would have exploited it already.
I just received the following message at my Mt.Gox email address. It looks like it was sent via mailgun.org. Has anybody else received this? Is it just random chance?
Quote
Dear User,
We stated when you registered an account with us that accessing your
account via the Tor network and/or public proxies can lead to a temporary
suspension of your account, and having to submit AML documents to us.
You are recieving this e-mail because we suspect you of accessing
your account via the Tor network and/or public proxies.
To prevent your account from being suspended you are now required to
verify your account you must do this from your home network, without the
use of the Tor network and/or public proxies.
Click here to begin the verification process.
Best regards,
Mt.Gox team
info@mtgox.com
We stated when you registered an account with us that accessing your
account via the Tor network and/or public proxies can lead to a temporary
suspension of your account, and having to submit AML documents to us.
You are recieving this e-mail because we suspect you of accessing
your account via the Tor network and/or public proxies.
To prevent your account from being suspended you are now required to
verify your account you must do this from your home network, without the
use of the Tor network and/or public proxies.
Click here to begin the verification process.
Best regards,
Mt.Gox team
info@mtgox.com