3 ms·
You can do it, but most exchanges require 6 confirms which can take around an hour. You'll be betting that the price difference will be just as good in an hour.
by Hilyin 14y ago
You can do it, but most exchanges require 6 confirms which can take around an hour. You'll be betting that the price difference will be just as good in an hour.
- zanny 14y agoIt is worth mentioning that since Mt. Gox has the highest confidence in the exchanges market, it consistently trades 10 - 20% higher than other exchanges almost all the time (unless major market movements propagate downwards from Gox, in which case it would be trading lower before everyone else, but that reaction time is measured in minutes or seconds for cost correction across exchanges) so if you want, you can buy more "risky" bitcoins from less popular exchanges, move them into Gox, and sell them in Gox, doing so successfully means you took the "risk" on a less popular exchange and get the difference in moving the money into a more confident market. Just as an example, bitstamp is trading at $75 while Mt. Gox is at $120 right now. So if I were to buy bitstamp coins, assuming no major market movements rapidly drove Gox down (which would also drive bitstamp down too) you could move BTC from stamp to Gox and pocket a profit of around $45 per coin by taking the risks involved.
- fr0sty 14y ago> Mt. Gox is at $120 right now Actually, Mt. Gox has no active market now so the last quoted prices there are irrelevant.
- WarDekar 14y agoMt. Gox is not at $120- trading has been suspended per TFA. That price was what it was at when trading was suspended, and because of the suspension it has caused the price to crash at other exchanges.