Calgarypuck Forums - The Unofficial Calgary Flames Fan Community

Go Back   Calgarypuck Forums - The Unofficial Calgary Flames Fan Community > Main Forums > The Off Topic Forum > Tech Talk
Register Forum Rules FAQ Community Calendar Today's Posts Search

Reply
 
Thread Tools Search this Thread
Old 11-19-2013, 10:16 AM   #261
Hack&Lube
Atomic Nerd
 
Join Date: Jul 2004
Location: Calgary
Exp:
Default

It's a good thing the Canadian Exchange lags behind the world markets. You can see the action happening on the global charts and buy before the price goes up.

Saw the price was $650 in the US and I bought some at $600 on cavirtex. It's $732 right now on http://bitcoinity.org/markets and going up.

Sorry, I can't tell you how long it takes as I registered 2 years ago. Are people having big delays?

Last edited by Hack&Lube; 11-19-2013 at 10:18 AM.
Hack&Lube is offline   Reply With Quote
Old 11-19-2013, 10:21 AM   #262
Rathji
Franchise Player
 
Rathji's Avatar
 
Join Date: Nov 2006
Location: Supporting Urban Sprawl
Exp:
Default

It took me about 5 or 6 days I think, about 6-8 months ago maybe.
__________________
"Wake up, Luigi! The only time plumbers sleep on the job is when we're working by the hour."
Rathji is offline   Reply With Quote
Old 11-19-2013, 10:27 AM   #263
Slava
Franchise Player
 
Join Date: Dec 2006
Location: Calgary, Alberta
Exp:
Default

Quote:
Originally Posted by Hack&Lube View Post
It's a good thing the Canadian Exchange lags behind the world markets. You can see the action happening on the global charts and buy before the price goes up.

Saw the price was $650 in the US and I bought some at $600 on cavirtex. It's $732 right now on http://bitcoinity.org/markets and going up.

Sorry, I can't tell you how long it takes as I registered 2 years ago. Are people having big delays?
I don't trade bitcoins at all, but what do you mean by this? I guess what I'm saying is if I can trade now at prices that were "15 minutes ago" I might be interested in starting....
Slava is offline   Reply With Quote
Old 11-19-2013, 10:42 AM   #264
Tron_fdc
In Your MCP
 
Join Date: Apr 2004
Location: Watching Hot Dog Hans
Exp:
Default

Quote:
Originally Posted by Slava View Post
I don't trade bitcoins at all, but what do you mean by this? I guess what I'm saying is if I can trade now at prices that were "15 minutes ago" I might be interested in starting....
There is no "official" exchange. Right now you can work differentials in the exchanges that have been set up in different countries. Check here http://www.bitcoinity.org/markets/cavirtex/CAD

The problem is moving money in and out of the exchanges fast enough. Although I think I have that solved as well....
Tron_fdc is offline   Reply With Quote
Old 11-19-2013, 10:47 AM   #265
Slava
Franchise Player
 
Join Date: Dec 2006
Location: Calgary, Alberta
Exp:
Default

Quote:
Originally Posted by Tron_fdc View Post
There is no "official" exchange. Right now you can work differentials in the exchanges that have been set up in different countries. Check here http://www.bitcoinity.org/markets/cavirtex/CAD

The problem is moving money in and out of the exchanges fast enough. Although I think I have that solved as well....
So basically you can game the system? There is such an obvious arbitrage opportunity there....must be something I'm missing?
Slava is offline   Reply With Quote
Old 11-19-2013, 10:51 AM   #266
Hack&Lube
Atomic Nerd
 
Join Date: Jul 2004
Location: Calgary
Exp:
Default

Quote:
Originally Posted by Slava View Post
So basically you can game the system? There is such an obvious arbitrage opportunity there....must be something I'm missing?
You aren't missing anything. There is no regulation or standards unlike regular currency markets and Exchanges can run out of people's basements so anything goes. It's basically digital tulips meeting globalization.
Hack&Lube is offline   Reply With Quote
Old 11-19-2013, 10:58 AM   #267
Slava
Franchise Player
 
Join Date: Dec 2006
Location: Calgary, Alberta
Exp:
Default

Quote:
Originally Posted by Hack&Lube View Post
You aren't missing anything. There is no regulation or standards unlike regular currency markets and Exchanges can run out of people's basements so anything goes. It's basically digital tulips meeting globalization.
Well ya, and the tulips part is obviously terrifying and where a lot of people get destroyed. I guess I just can't get over the spread between markets. It just seems so obvious here.
Slava is offline   Reply With Quote
Old 11-19-2013, 11:04 AM   #268
Tron_fdc
In Your MCP
 
Join Date: Apr 2004
Location: Watching Hot Dog Hans
Exp:
Default

That was the first thing that came to mind as soon as I saw it as well, Slava.

Like I said though, you have to overcome the time lag problems. You can't instantly bring money in and out of the individual exchanges, it takes a while (not sure exactly how long).

Although there is nothing stopping someone from buying $10 000.00 in bitcoins from a Canadian exchange, and then selling them instantly on an American site. It would just take a while to get the cash out of the US BC exchange.
Tron_fdc is offline   Reply With Quote
The Following User Says Thank You to Tron_fdc For This Useful Post:
Old 11-19-2013, 11:04 AM   #269
Azure
Had an idea!
 
Azure's Avatar
 
Join Date: Oct 2005
Exp:
Default

People get destroyed? Anyone with a half a brain should know not to invest their life savings into BTC.
Azure is offline   Reply With Quote
Old 11-19-2013, 11:15 AM   #270
Regular_John
First Line Centre
 
Regular_John's Avatar
 
Join Date: Feb 2010
Location: Calgary
Exp:
Default

Quote:
Originally Posted by Azure View Post
People get destroyed? Anyone with a half a brain should know not to invest their life savings into BTC.
You'd sure hope so... but when some one sees that they could have theoretically doubled their money in two weeks time it's easy for greed to overrule the "smart" choice.
Regular_John is offline   Reply With Quote
The Following User Says Thank You to Regular_John For This Useful Post:
Old 11-19-2013, 11:17 AM   #271
Azure
Had an idea!
 
Azure's Avatar
 
Join Date: Oct 2005
Exp:
Default

Its not like it crashed anyways. Its at $602 on BTC-E right now, which is pretty much where it was before the massive rise.

Lots of people got rich though. There were quite a few sell orders at $850 on BTC-E, and I'm sure a lot on Mt. Gox.
Azure is offline   Reply With Quote
Old 11-19-2013, 01:04 PM   #272
robaur
Lifetime Suspension
 
Join Date: Jan 2013
Exp:
Default

This thing has disaster written all over it. Good for the people who made money tho! nothing wrong with that....looks like a pump and dump
robaur is offline   Reply With Quote
Old 11-20-2013, 11:14 AM   #273
The Yen Man
Franchise Player
 
The Yen Man's Avatar
 
Join Date: Feb 2006
Location: Calgary
Exp:
Default

How can bitcoins be a viable currency when it's so volatile? This thing can double or half itself in the span of a day or two. That just shows why not having it tied to anything is so dangerous. It's being driven purely by people speculating it's worth.
The Yen Man is offline   Reply With Quote
Old 11-20-2013, 11:23 AM   #274
Hack&Lube
Atomic Nerd
 
Join Date: Jul 2004
Location: Calgary
Exp:
Default

Quote:
Originally Posted by The Yen Man View Post
How can bitcoins be a viable currency when it's so volatile? This thing can double or half itself in the span of a day or two. That just shows why not having it tied to anything is so dangerous. It's being driven purely by people speculating it's worth.
It's viable because it has a quality other currencies don't such as anonymity and lack of regulation.

This makes it popular for anonymous transactions. The volatile price is built into the dynamic adjustments many sites make when accepting Bitcoins as payment so it doesn't matter if a Bitcoin is $5 or $500.
Hack&Lube is offline   Reply With Quote
Old 11-20-2013, 11:26 AM   #275
robaur
Lifetime Suspension
 
Join Date: Jan 2013
Exp:
Default

as of right now:

BTC-E is at $541 and BTC China is at $692

can I buy on BTC-E and sell on BTC China for a profit???

That would make this way too easy.
robaur is offline   Reply With Quote
Old 11-20-2013, 11:31 AM   #276
Azure
Had an idea!
 
Azure's Avatar
 
Join Date: Oct 2005
Exp:
Default

Or buy on BTC-E and sell on Mt Gox who is traditionally higher as well.

Either way the price is slowly inching up again. I guess the pump and dump is over.
Azure is offline   Reply With Quote
Old 11-20-2013, 11:56 AM   #277
robaur
Lifetime Suspension
 
Join Date: Jan 2013
Exp:
Default

Quote:
Originally Posted by Azure View Post
Or buy on BTC-E and sell on Mt Gox who is traditionally higher as well.

Either way the price is slowly inching up again. I guess the pump and dump is over.
so where's the catch???

if it was that easy to make money...wouldnt everyone be doing it??

I could sit here all day doing arbitrage and making tens of thousands of dollars doing that then.
robaur is offline   Reply With Quote
Old 11-20-2013, 01:12 PM   #278
topfiverecords
Franchise Player
 
topfiverecords's Avatar
 
Join Date: Feb 2010
Location: Park Hyatt Tokyo
Exp:
Default

Do not try arbitrage with MtGox on the sell end. It will take you months to get a wire transfer withdrawal out. Thankfully I read about the banking problems they have just before I tried it.
topfiverecords is offline   Reply With Quote
The Following User Says Thank You to topfiverecords For This Useful Post:
Old 11-20-2013, 03:05 PM   #279
Raekwon
First Line Centre
 
Raekwon's Avatar
 
Join Date: Nov 2007
Location: Airdrie, Alberta
Exp:
Default

I'm on the verge of leaving all you suckers behind, I just checked my Bitcoin wallet from 1 1/2 years ago when I was learning about bitcoins and I am rocking 0.0206 bitcoins or about $12.
Raekwon is offline   Reply With Quote
Old 11-20-2013, 03:17 PM   #280
Rathji
Franchise Player
 
Rathji's Avatar
 
Join Date: Nov 2006
Location: Supporting Urban Sprawl
Exp:
Default

Quote:
Originally Posted by robaur View Post
so where's the catch???

if it was that easy to make money...wouldnt everyone be doing it??

I could sit here all day doing arbitrage and making tens of thousands of dollars doing that then.
Depositing and Withdrawing money from and exchange takes a long time, like a couple days at best, or a month+ at worst, and that depends on the exchange.

Add to that the transaction costs for making trades and it really means you could do it once every week or 2, best case scenario, or even longer.
__________________
"Wake up, Luigi! The only time plumbers sleep on the job is when we're working by the hour."
Rathji is offline   Reply With Quote
Reply


Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump


All times are GMT -6. The time now is 05:39 PM.

Calgary Flames
2024-25




Powered by vBulletin® Version 3.8.4
Copyright ©2000 - 2025, Jelsoft Enterprises Ltd.
Copyright Calgarypuck 2021 | See Our Privacy Policy