Bitcoin (Will this work?)

[NiXXiN]

Hey, yes another bitcoin thread lol.

just putting this idea out there to see if it holds up, pick it to pieces to find any flaws.

The USD bitcoin exchange mtgox has the current value of 1 BTC at $92



while the new zealand exchange has got 1 BTC for $140+



the current exchange rate from nz to usd is

NZ $1 = USD 0.87

So buying a bitcoin on MtGox for $92 and selling it at the new zealand exchange for $140+
then transferring the $140 back into usd would net roughly a $30 profit on each coin.



The transfer fees between accounts is barely 0.0006 BTC, which is nothing.

Let me know if i have overlooked anything or you have any ideas or comments.

Currently i have signed up to a new zealand exchange and about to transfer some BTC to sell.

[Dirty F]

Well how about you tell us if it works

[Dirty F]

Where can one trade NZ coins?

[MrMaxwell]

Where can one trade NZ coins?

What? A bitcoin is the same everywhere

[Dirty F]

http://coinmill.com/BTC_NZD.html#BTC=1

Here it says that 1 coin is a little over 100 nzd.

[NiXXiN]

What? A bitcoin is the same everywhere

yeah 1 BTC is 1 BTC everywhere but the price for that 1 BTC is different for various locations.

Dirty F https://bitnz.com/ looks like to cash out i may need a NZ bank account. :/

i have friends over in NZ that might create an addon account for me.

I guess thats one hurdle so far.

i think also Mtgox has a NZ section too.

[NiXXiN]

GFY needs an irc room :/

[Dirty F]

yeah 1 BTC is 1 BTC everywhere but the price for that 1 BTC is different for various locations.

Dirty F https://bitnz.com/ looks like to cash out i may need a NZ bank account. :/

i have friends over in NZ that might create an addon account for me.

I guess thats one hurdle so far.

i think also Mtgox has a NZ section too.

Yeah cashing out is the problem.
But still, it sounds too easy and good to be true.
But who knows.

[MrMaxwell]

yeah 1 BTC is 1 BTC everywhere but the price for that 1 BTC is different for various locations.

Dirty F https://bitnz.com/ looks like to cash out i may need a NZ bank account. :/

i have friends over in NZ that might create an addon account for me.

I guess thats one hurdle so far.

i think also Mtgox has a NZ section too.

Yeah I understand what you're trying to do.. like sports book arbitrage sort of
http://en.wikipedia.org/wiki/Arbitrage

[NiXXiN]

Yeah I understand what you're trying to do.. like sports book arbitrage sort of
http://en.wikipedia.org/wiki/Arbitrage

Yeh exactly, talking to a few of my bitcoin irc buddies and its something that a real possibility to do. Once you set your shit up you can start a constant trade.

[MrMaxwell]

Man.. I remember IRC from the old days
Watch out for IRCops .. ha ha ha

[MrMaxwell]

Wow! mIRC still exists!!! http://www.mirc.co.uk/

[NiXXiN]

It sure does and it's alive and well.

[onwebcam]

GFY needs an irc room :/

Remember many years ago when IRC bots would blow most gfy'ers mind.

[Vapid - BANNED FOR LIFE]

How does the peer finding mechanism work?

Bitcoin finds peers primarily by forwarding peer announcements within its own network and each node saves a database of peers that it's aware of, for future use. In order to bootstrap this process Bitcoin needs a list of initial peers, these can be provided manually but normally it obtains them by querying a set of DNS domain names which have automatically updated lists, if that doesn't work it falls back to a built-in list which is updated from time to time in new versions of the software. There is also an IRC based mechanism but it is disabled by default.

https://en.bitcoin.it/wiki/FAQ