well there are problems. i dont know how u manage to cash out those monies less than 1 month. but for me and most of those people in here:

http://www.reddit.com/r/mtgox
http://www.reddit.com/r/bitcoin
https://bitcointalk.org/index.php?board=8.0

people are complaining not getting their money for over 1 month. some span up to 4 months lol.

This post has been edited by cloudstrife07: Jan 14 2014, 08:43 PM

That's the problem they have with US banks. That's why I never withdrew to my US acc.

not only US lol. below is the excerpt from my email last september.

and the reply:

after that, after waiting for a month without any news, this is my reply to them:

and after a bit of confirmations etc. this was their last email:

This post has been edited by cloudstrife07: Jan 14 2014, 08:53 PM

The price indicator alone on Mtgox should tell you there is a problem on fiat currency withdrawal.

If there is no issue, anyone that can withdraw FIAT would be doing arbitrage and the 100 usd price difference will disappear.

I had USD stucked in Mtgox for over 3 months from June to September, until I finally bite the bullet and buy bitcoin there and sell elsewhere to withdraw.

This post has been edited by arbitrage001: Jan 14 2014, 09:58 PM

hence why i guess the real value of btc is within the price range of ( btc-e + bitstamp / 2 )

Really depend on when and how you see things.

A month or two ago, the price on btcchina is more accurate. A small group of Chinese citizen were able to do arbitrage and capture all the price difference between exchanges around the world and btcchina. The profit is over 40% and they were using 2-4 million USD per cycle (you can do 2 arbitrage per week if you find a way to change RMB to USD). It is a matter of time before the price around the world caught up with China.


BTC-e do not have as much trust to me compare to bitstamp. So I will use bitstamp price as an indicator for btc value.

This post has been edited by arbitrage001: Jan 14 2014, 10:20 PM

have u ever successfully cashed out your btc from bitstamp in recent times? if yes, how long does it takes?

Two months ago on bitstamp BTC withdraw. Normally less than 15 mins on sending out btc, then the confirmation take it normal times.

The only time I have issue on bitstamp btc withdrawal is when someone used up their hot wallet. This is when people still doing arbitrage between bitstamp and btcchina.


www.bitfinex.com is what I used now.

This post has been edited by arbitrage001: Jan 14 2014, 10:29 PM

and why bitfinex if i may ask?

Like their platform, especially the lending part.


I have deposited a large sum of USD there without problem (except my bank calling me) and withdraw over a large sum of btc without problem. This is over the course of 6 months after I become frustrated with Mtgox.


The company is registered in Hong Kong and their bank account is in Shanghai special economic zone. They only use USD, so China government should not bother them too much. They are trying to get license in Europe zone.

I did a conservative estimate on how much fee/commission they get per day. It come up to around 5k-10k USD per day on fee alone.

Hard to see anyone with this lucrative business model will steal their customer money and run away.

The owner is known also. So he will have no where to run if he steal his customers money.

how to withdraw usd from btc into our local bank?

Sell on localbitcoin.

Or sell on one of the exchange and wire back.

If you want USD, you will need a foreign currency account with one of the bank.

This post has been edited by arbitrage001: Jan 14 2014, 10:57 PM

Does localbitcoin have scam cases? Scared of that.

Lots of scam. There is a group of people that do nothing but trying to scam new seller every day.


I am offering to buy/sell btc for 8% fee. The fee should be lower than wiring it back and deal with currency conversation rate if your amount is small.

This post has been edited by arbitrage001: Jan 14 2014, 11:04 PM

based on mtGox price ?

chill la...its not as if I go and write a thread about bitcoin, pretending i know everything but i write all the wrong stuffs...i see a lot of people like that get flamed in "fast and furious".

But i here to enquire more about bitcoin because i want to know.

Then some maniac come here and say i cause trouble and wasting other people's time.

hi all, im selling PCIE x1 to x16 powered risers (length: 20cm) to further the spacing between cards

https://forum.lowyat.net/topic/3106696

I'm selling 8.5 LTC. PM me if u have an offer. Thanks

good to know got this service. 8% fee based on which xchange?

and how to xchange? meet up?

Bitstamp price.

Either meet up (outside Maybank or HSBC) or deal over email.

If trust is an issue for you, then meet up. If trust isn't an issue, then you send first.


https://localbitcoins.com/accounts/profile/arbitrage001/
https://bitcointalk.org/index.php?action=profile