11-19-2013, 10:16 AM
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#261
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Atomic Nerd
Join Date: Jul 2004
Location: Calgary
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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.
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11-19-2013, 10:21 AM
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#262
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Franchise Player
Join Date: Nov 2006
Location: Supporting Urban Sprawl
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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."
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11-19-2013, 10:27 AM
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#263
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Franchise Player
Join Date: Dec 2006
Location: Calgary, Alberta
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Quote:
Originally Posted by Hack&Lube
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?
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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....
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11-19-2013, 10:42 AM
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#264
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In Your MCP
Join Date: Apr 2004
Location: Watching Hot Dog Hans
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Quote:
Originally Posted by Slava
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....
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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....
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11-19-2013, 10:47 AM
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#265
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Franchise Player
Join Date: Dec 2006
Location: Calgary, Alberta
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Quote:
Originally Posted by Tron_fdc
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?
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11-19-2013, 10:51 AM
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#266
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Atomic Nerd
Join Date: Jul 2004
Location: Calgary
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Quote:
Originally Posted by Slava
So basically you can game the system? There is such an obvious arbitrage opportunity there....must be something I'm missing?
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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.
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11-19-2013, 10:58 AM
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#267
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Franchise Player
Join Date: Dec 2006
Location: Calgary, Alberta
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Quote:
Originally Posted by Hack&Lube
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.
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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.
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11-19-2013, 11:04 AM
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#268
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In Your MCP
Join Date: Apr 2004
Location: Watching Hot Dog Hans
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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.
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The Following User Says Thank You to Tron_fdc For This Useful Post:
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11-19-2013, 11:04 AM
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#269
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Had an idea!
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People get destroyed? Anyone with a half a brain should know not to invest their life savings into BTC.
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11-19-2013, 11:15 AM
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#270
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First Line Centre
Join Date: Feb 2010
Location: Calgary
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Quote:
Originally Posted by Azure
People get destroyed? Anyone with a half a brain should know not to invest their life savings into BTC.
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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.
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The Following User Says Thank You to Regular_John For This Useful Post:
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11-19-2013, 11:17 AM
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#271
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Had an idea!
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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.
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11-19-2013, 01:04 PM
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#272
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Lifetime Suspension
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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
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11-20-2013, 11:14 AM
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#273
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Franchise Player
Join Date: Feb 2006
Location: Calgary
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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.
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11-20-2013, 11:23 AM
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#274
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Atomic Nerd
Join Date: Jul 2004
Location: Calgary
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Quote:
Originally Posted by The Yen Man
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.
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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.
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11-20-2013, 11:26 AM
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#275
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Lifetime Suspension
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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.
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11-20-2013, 11:31 AM
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#276
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Had an idea!
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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.
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11-20-2013, 11:56 AM
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#277
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Lifetime Suspension
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Quote:
Originally Posted by Azure
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.
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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.
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11-20-2013, 01:12 PM
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#278
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Franchise Player
Join Date: Feb 2010
Location: Park Hyatt Tokyo
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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.
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The Following User Says Thank You to topfiverecords For This Useful Post:
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11-20-2013, 03:05 PM
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#279
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First Line Centre
Join Date: Nov 2007
Location: Airdrie, Alberta
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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.
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11-20-2013, 03:17 PM
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#280
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Franchise Player
Join Date: Nov 2006
Location: Supporting Urban Sprawl
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Quote:
Originally Posted by robaur
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.
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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."
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