Billy Young's Blog - Posts Tagged "mtgox"
5th April 2013
It has been good to get a week off of work, though it hasn’t all been easy sailing. I tried to sell some of my Bitcoins through Mt Gox, an online exchange for that currency, which didn’t go to plan. The company in question is based in Japan so I needed to send the money that I raised from the sale via International Bank Transfer. I got all the information from my bank but the transfer failed and Mt Gox has been fairly unhelpful. In the end it was easier to put the cash back into Bitcoins. Sadly this meant that because of the increasing price for this crypto currency I have fewer coins.
Why sell? I hear you ask. Well I found out that ordering goods from the US will mean I have to pay an import tax. This is around twenty percent of the value. It was for this reason I thought of trying to save a few pennies by getting my coins turned into cash and buying locally. This would also mean getting items quicker. Sadly I will now be forced to continue with using the US retailers to get my goods. There is a real opportunity for someone in the UK with the finance to make a killing. There is also a gap in the UK market for retailers to take advantage of. Bitcoins has seen some growth over the past few years as well as soared in price in the past three or four months. I wish I had the financial ability to take advantage of this situation.
I have been tracking my new graphics card as it wings its way to me. At the moment it has just cleared customs so I will get a card through the door any day. I also got a start on the story I told you about last week but sadly didn’t manage to finish it yet. Too many distractions. One positive was the visit to the garden centre. I got some new containers fro my bushes. They were in much need of replanting which they now have been. I also planted out the corn, onions and potatoes for this year. There is still more to be planted but Magz has her tomato plants and they are now in the propagator to protect them from the frosty nights. Yes the frost is still with us though spring is finally in the air. It has been a long winter.
Why sell? I hear you ask. Well I found out that ordering goods from the US will mean I have to pay an import tax. This is around twenty percent of the value. It was for this reason I thought of trying to save a few pennies by getting my coins turned into cash and buying locally. This would also mean getting items quicker. Sadly I will now be forced to continue with using the US retailers to get my goods. There is a real opportunity for someone in the UK with the finance to make a killing. There is also a gap in the UK market for retailers to take advantage of. Bitcoins has seen some growth over the past few years as well as soared in price in the past three or four months. I wish I had the financial ability to take advantage of this situation.
I have been tracking my new graphics card as it wings its way to me. At the moment it has just cleared customs so I will get a card through the door any day. I also got a start on the story I told you about last week but sadly didn’t manage to finish it yet. Too many distractions. One positive was the visit to the garden centre. I got some new containers fro my bushes. They were in much need of replanting which they now have been. I also planted out the corn, onions and potatoes for this year. There is still more to be planted but Magz has her tomato plants and they are now in the propagator to protect them from the frosty nights. Yes the frost is still with us though spring is finally in the air. It has been a long winter.
1st March 2014
It has been a big week for the Bitcoin markets this week. As you would have heard on the news, maybe, one of the biggest exchanges crashed and burned this week. Of course I was one of the ones trading through MT Gox. Yes I lost the coin I had invested but I had already lost most of my investment through bad discipline. I got caught out last summer. Yeah June was a bad month in speculation for me. It didn't help when I missed my footing in the last bubble as well. In total I was able to turn four bitcoins into point seven five. What can I say? Not a lot the figures show I'm not very good at speculating though it is fun. Anyways I have begun again at another exchange but I have started with only point one as I still wish to keep what little I have left.
With Mt Gox going bankrupt a lot of people have lost a great deal more than myself. I at least didn't lose any real cash as such as the coin I had invested was mined. Unfortunately many how have lost actually put real cash into bitcoin. Not that I am not saddened overt my own losses but it is a gamble which I have known from the start. Therefore I can only blame myself on losses as I would have taken any credit if I had made a profit. Of course by registering with another exchange and taking the gamble again might show that I haven't learnt much over the past few months. Or it might tell you something else about me. I have a thick skull, hehehe.
As I said above I made bitcoins through mining them but with mining difficulty having increased I was unable to do this any longer. It was for this reason I first got into speculating on Mt Gox. I do wish I had the money to afford some of the mining hardware that has come to market over the past few months. Unfortunately the asking price for a descent amount of power to make a profit is well above anything I could afford. Not a lot I can do about that then.
With Mt Gox going bankrupt a lot of people have lost a great deal more than myself. I at least didn't lose any real cash as such as the coin I had invested was mined. Unfortunately many how have lost actually put real cash into bitcoin. Not that I am not saddened overt my own losses but it is a gamble which I have known from the start. Therefore I can only blame myself on losses as I would have taken any credit if I had made a profit. Of course by registering with another exchange and taking the gamble again might show that I haven't learnt much over the past few months. Or it might tell you something else about me. I have a thick skull, hehehe.
As I said above I made bitcoins through mining them but with mining difficulty having increased I was unable to do this any longer. It was for this reason I first got into speculating on Mt Gox. I do wish I had the money to afford some of the mining hardware that has come to market over the past few months. Unfortunately the asking price for a descent amount of power to make a profit is well above anything I could afford. Not a lot I can do about that then.
