Crypto exchange price difference
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Hi I was wondering if people do this often: you can buy bitcoin on coinmkt.com for only $813 and then sell on mtgox.com for over $940 making at least $100 profit every time, can you not do this over and over again making huge profits??
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I mean sure you can do this for a profit. But the fees from both ends might not make it that profitable unless you buy big amounts. And if I am not mistaken most of these exchanges already impose a limit on buy and sell. I do not know if that only applies to new members or everybody in general. That being said, the exchanges are probably aware of this already and have some way of combating this.
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Yes, my arbitrage bot used to eat up those differences on alt-coins across exchanges.
The fees are KILLERS though, just like motherlode1 said. Also, try getting your fiat out of MtGox. Let me know how that goes.
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If you can figure out how to get FIAT outta’ gox let ALL of us know. :)
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whats happening with gox??
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[quote name=“FTClover” post=“54499” timestamp=“1390525544”]
whats happening with gox??
[/quote]Nothing. It just does take ages to withdraw USD out of it.
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[quote name=“FTClover” post=“54499” timestamp=“1390525544”]
whats happening with gox??
[/quote]FTCLOver, I am extremely concerned that you are mentally ill and could do yourself and have done damage to other members. Please go to a doctor or the hospital urgently.
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[quote name=“FTClover” post=“54397” timestamp=“1390501930”]
Hi I was wondering if people do this often: you can buy bitcoin on coinmkt.com for only $813 and then sell on mtgox.com for over $940 making at least $100 profit every time, can you not do this over and over again making huge profits??
[/quote]MTGox requires notarization in order to withdraw more than $1k USD at once. Anything below it isn’t worth the try because banks are eating $30-$60 in fees on both sides.
Notarization usually cost $90~$250, that can be done at most law firms out there. It takes at least 5 weeks for the notarization letter to reach MTGox and to process it.I’d rather play by the volatility of the market rather than transfers like this. Its not just time consuming and troublesome. I switched from MTGox to BTCe.
The Japanese way of doing things just sucks. You need a license for almost everything such as bikes…
