Bitcoin: Buy for $300 at MtGox, sell at Bter for $600?

[mitsuhashi]

I'm finally looking into cryptocurrencies, and realizing more and more that mining's not going to be profitable on most machines.

Trading, though, looks very viable given Bitcoin's crazy volatility. But one thing I noticed on Bter.com is that you can trade out 1 BTC for ~CNY3800 ($600+), while at MtGox, you can buy 1 BTC for ~$300.

Why don't people just buy at MtGox and sell at Bter over and over?

Is there a delay, such as having to wait for a seller at MtGox then a buyer at Bter?

Sounds easy, but if it was, everyone would be doing it, right? What's holding people back?

 

[imperio]

You're late to party.

https://www.mtgox.com/press_release_20140207.html

 

[mitsuhashi]

You're late to party.

https://www.mtgox.com/press_release_20140207.html

So if I'm understanding correctly, there's a temporary price deflation at MtGox due to their ongoing withdrawal restriction?

Does that mean actual BTC value is more like $600 as found in Bter and BTC-e?

It's a good time to buy at MtGox and hold, but I wouldn't be able to transfer that purchased BTC to another exchange?

Sorry, I'm still trying to understand this stuff.

 

[mitsuhashi]

Looks like giving MtGox any money isn't a good idea atm.

 

[peterw]

Looks like giving MtGox any money isn't a good idea atm.

Correct. Clever people buy out of MtGox before they stopped transactions. Welcome to the world of currency speculation.

 

[joker48]

nice info,, sell BTC in bter.com more expensive than mt gox,,

 

[blergh]

You should've bought litecoin or dogecoin when it was cheap as shit, almost four-doubled in value.

 

[WelltodoInformalCattle]

You should've bought litecoin or dogecoin when it was cheap as shit, almost four-doubled in value.

That is stating the obvious and isn't really advice he could do anything with.

 

[blergh]

That is stating the obvious and isn't really advice he could do anything with.

Advice he could use it is indeed. Read up on stuff and possibly get in on new coins early on, even if it ends up being more or less worthless you could make yourself a few bucks just by being an early adapter.

 

[joepie91]

Looks like giving MtGox any money isn't a good idea atm.

That would be a correct observation.

 

[mitsuhashi]

Wow, Continuumcoin is on FIRE, according to CoinWarz.

Mining straight BTC seems to be out of the picture, but is mining an sha256 altcoin, especially when new, then converting to BTC profitable? Say, with a 50GH/s rig?

Just looking at the CoinWarz figures for Opensourcecoin/eMark/Freicoin, it looks doable within some months, dunno how difficulty factors in for newer coins.

 

[texteditor]

Bitcoin's downfall is part of the dogecoin conspiracy