It seems to me the only places they could really police the situation heavily is when btc is converted to fiat, or vise versa. Bitcoin can clearly be anonymous, look at Silk Road.
It is anonymous as you want it to be. You could always set up a paper wallet get a person to transfer directly to it and give them cash if you really wanna be off the grid, or Im sure there are several other ways.
This has been helpful, I only came across btcmarkets then... Crazy prices.. And despite it's online anonymity if you wanna cash out, they need somewhere to send it..
There are quite a few people here who have made positive comments about btcmarkets.. I signed up a couple of days ago and have managed to log in etc - no issues. The only issue i have is that - despite advertising on the site that charging one's account is so simple, eg can transfer direct from any bank account or even use POLi for lightning fast transfers - despite all this great sounding words, I see absolutely no link or way of charging my account when logged in!! How the hell is one supposed to charge your account????? I've contacted their "contact us" but so far i've got no response from them. I'd really like to use them, but so far i'm finding their website extremely user unfriendly - at least from the point of view of how in hell do i get money into this account????? with no contact number to ask somebody there how and nobody replying to emails it just isn't a great user experience thus far... (
GP - i'm feeling a little overwhelmed at present trying to take as much in as i can, but can you remind me why you use/like btcmarkets.net again? I've opened an account with them and love how they accept POLi for fast uploading of fiat, but when it comes to actually using the fiat to get in to bitcoins or litecoins ... well, currently the asking price for bitcoins is AUD 854 - which is a tad above coinjar at AUD 827. also, their asking price for litecoins is AUD 13.20 - which is pretty dam high! So basically there is nothing to be had here from purchasing either coin from fiat compared to elsewhere. I also dont see a facility to swap out btc's for ltc's or vise versa??? So just wondering again why you and others seem to like this site?
lol - don't all reply at once! :lol: LTC currently priced at $13,80 - who in their right f.. mind would pay that now?? :lol: Still not sure what people see in this site? certainly not bargain prices ....
okay, so you mean one should be SELLING here then and not buying... but then how do you transfer that high priced sale into more crypto?? you cannot re-buy here because you'll get ripped off again and it will cancel your high sale price... and then if you sell for cash and take that cash out - how do you get that cash into the system again to rebuy your crypto at cheaper prices than you sold for? I dont get it... If you put he cash back into say - Coinjar - they are pretty dam expensive! so you're not going to win crypto by buying back in through them?? Only way i can see is if you can inject that cash back into an exchange where you can buy cheaper crypto (than you sold for at btcmarkets) and where would that be??? it's impossible to get cash in at btc-e... which exchange(s) would you be talking about??
Dunno how many times I have to post the list of exchanges I use Any of the reputable ones will do for this trade. Look - arbitrage is basically a matter of identifying exchanges where there's an opportunity to sell at a higher price than you can buy at another, pretty much instantaneously. btcmarkets.net is just one exchange - however they do allow withdrawals to AUD bank accounts. If needed, you can pull funds out of them. I've bought on there plenty of times as the other side of a trade - the prices between exchanges are that volatile that there's bound to be a time when btcmarkets.net is a cheaper place to buy - or put your own buy order in, monitor it, and leave it open until it either gets filled or the arbitrage opportunity elsewhere is lost. Arbitrage is about identifying opportunities and acting on them before someone else can.
And that's why you'll never make money. You're in the same group of people who said "Oh god, Bitcoin @ $30, who in their right mind would pay that much now?!?!"
so given a choice of buying litecoins at btcmarkets.net or anywhere else - you'd buy them here. so moral of story is pay more for the same thing will make you rich. ok i get it now
I also cant for the life of me figure out whether you can trade btc's directly for ltc's and vise versa like you can on BTC-e. btcmarkets.net only show bid/ask/last prices for btc's and ltc's in terms of AUD and not relative to each other as BTC.e does... Does this mean you cannot directly trade between the two on btcmarkets.net?? Simple question ... would appreciate one of you guys to confirm your experience on this thanks
Do not overthink this mate. Just put a bit in and play with it to work out the ins and outs. At the end of the day you need to do it for yourself and reading it on this board and elsewhere will only get you so far.
It would then seem that there is no exchange in Australia which allows direct trading between btc and ltc? (as can be done on BTC-e)
Mate it takes about all of three minutes to set up a BTC-e account, and maybe 20 minutes for a transfer of BTC to show up there of you to start converting to LTC. You will need to wait three days to withdraw LTC. Doesn't need to be an Australian exchange.
I transferred some bitcoin to BTC-e almost 30 minutes ago already and not even one notification has arrived yet! ;((
What a bluddy joke!!! BTCMarkets conned my beautifully - just as i had feared!! Bought some bitcoins through them and then when i wanted to transfer them out i was prevented because my ID was not verified... Now THAT is just plain wrong!! Note - i didn't try to withdraw cash - only bitcoins... but still no dice. To add insult to injury - i gave them my drivers license details and guess what - it's not enough!! Still got to give them more personal document - which is going to prove near to impossible for me. Can you believe that they are wanting 100 points of ID simply for me to take out my bitcoins which i have duly paid for (and paid them for the pleasure as well) I'm NOT A HAPPY CAMPER ... NOT BY A F.. LONG SHOT!!! THIS IS THE KIND OF CR@P I WAS ALLUDING TO BEFORE... YOU JUST CANT TRUST THIS MOB!!!
