Just a note on Coinjar - discovered recently they have a daily $45,000 AUD market cap on sell orders, and $5,000 cap per order. Would almost be willing to bet that this will be an issue during a correction when people try to cash out and find the local liquidity has evaporated. Worth investigating alternative cash-out mechanisms in advance.
I made 3x separate cash withdrawls there last week and all were in my account within 24 hours. Only hit the limit once, so requested another quote 10 minutes later and it went through. Each withdrawl was 4-5 digits in AUD.
Do they still offer USD/AUD withdrawals at all then? Always thought that if it was easy to deposit money but difficult to withdraw there would be an inflationary effect on the price of bitcoin because there was a forever increasing supply of fiat chasing BTC on the exchange that was easier to reinvest in bitcoin than to withdraw.
They still offer the USD/AUD withdrawls, but it just sits in limbo forever. I have a friend who has been waiting on a Mt Gox AUD withdrawl for 5 months now, they told him if he paid an extra 5% they could process it instantly, so he agreed and hasn't heard back since. A lot of the reason for the higher price there is believed to be people cancelling withdrawls and buying BTC just to exit Mt Gox. SEPA withdrawls are apparently still being processed, albeit slowly.
That's great info thanks pro$pector. I have my bank account verify in MtGox, they never have mentioned that cannot cash out to my Westpac.
So Mt. Gox is the 'Hotel California' of BTC trading exchanges. (You can checkout any time you like,but you can never leave!)
If I deposit money into my coinjar account but want to get it out again without spending those $ on BTC, am I able to do that? Coinjar support currently going to voicemail, hence asking here. Any help is appreciated!
Sorry, can't answer that. Their telephone support is horrible, but seem reasonable at responding to emails.
I got a few grand out of Gox back in the $35 days and it was a breeze didn't know what people where whining about, I actually organised it via email mainly as they wouldn't accept by bank account number to begin with because it had too few digits. Might start getting the remainder of my bitcoins out slowly out of coinjar cause I see an imminent shit storm when the price goes down. Don't know what to do with my litecoin though will probably hold for a year and reasses. Its paid for my energy bills for so long now don't mind what happens to it and has potential to be anything.
One of the most negative things about the new alt-currency ponzi market is the fact that so many of these traders are fly-by-night operations. I honestly would not be surprised if Coinjar was being run out of a single guy's apartment. With the internet the way it is, it is possible to make a website that at least gives people the impression you have office space somewhere and a small staff to keep things running, but this may not be the case at all. Take for example that "Bitcoin security service" that recently got hacked - that operation was traced to a block of dreary 1970s apartments in Hornsby and the operator of that site wasn't even 20 (from media reports). There is always the possibility that the site wasn't hacked but the kid simply stole the Bitcoins, pretending he was hacked. Who is investigating this? No one, as far as I know. Now of course, anyone with half a brain would never entrust their Bitcoins to another party, but there are other risks involved like having your AUD in a trading account and suddenly that site disappearing overnight if the market gets volatile. The fact that lots of these places have trading limits is speaking of places that are not flush with liquidity but want to be getting in on the Bitcoin agent fees. It really is caveat emptor in this unregulated world of digital currencies.
