Silk Road forums
Discussion => Security => Topic started by: whysoserious88 on December 07, 2012, 09:06 am
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So Ive been doing alot of transactions with Bitme.com, but as for the last 4 days there Buying price has been wayyy high. Alot higher than mtgox, and other sites. Anyone know or understand why? they were at 14.95 last night.
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Yes, greedy motherfuckers.
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Bitme does NOT sell coins. It is a middle-man. Anyone can go there and sell coins to make some bank. If there were more sellers and competition, I'd bet the prices would be better. I believe this is why they can stay in the grey area and keep accepting chase deposits.
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Bitme does NOT sell coins. It is a middle-man. Anyone can go there and sell coins to make some bank. If there were more sellers and competition, I'd bet the prices would be better. I believe this is why they can stay in the grey area and keep accepting chase deposits.
The problem is that that BitMe now only has a linked bank account and VouchX as methods to withdraw USD, as well as being limited to $500 in withdrawals per account in a week. Before their liquidity problem, I thought they had wire transfers available as a USD withdrawal option. A VouchX transfer will cost about 4%, so they really not attracting a lot of sellers. People that want to make money on trading can sell coins for a premium rate on BitMe, transfer USD to mtGox via a VouchX to buy more bitcoins and repeat the process. If you sell coin on BitMe for over 5.2% over the mtGox rate, you will make a profit -- however the $500 weekly withdrawal limit on an unverified BitMe account makes the process a little limited.