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Title: Market collapse on Russian BC exchange btcex.com Post by: bitcoinex on October 07, 2010, 10:27:48 AM http://cetki.com/uploads/posts/thumbs/1175771336_melissa_theuriau_03.jpg
Presumably for a one or two months in the Russian-language Internet was operates financial pyramids, which attracted bitcoin, promising a large percentage. Bitcoin was pricey, the rate of the ruble was RUB / BTC = 1.8 - 2 or more on private exchangers Now, people gradually began to be disappointed in bitcoin and sell them. Rate fell to 1.3 - 1.5. This is much less than if bitcoin sell on mtgox and convert USD to RUB through any bank. Exchange rate is recalculated through USD -> RUB should be approximately 1.88 Should we stop the currency market or something like that? Title: Re: Market collapse on Russian BC exchange btcex.com Post by: BioMike on October 07, 2010, 10:34:26 AM http://cetki.com/uploads/posts/thumbs/1175771336_melissa_theuriau_03.jpg Bitcoin was pricey Should we stop the currency market or something like that? Nope, this is imho nothing more than a correction. The only thing to watch out for is damage of the Bitcoin "brand". Title: Re: Market collapse on Russian BC exchange btcex.com Post by: FreeMoney on October 07, 2010, 10:53:09 AM Why would you stop the market because of the price?
Why not buy them there and sell at mtgox? What is the volume? Low I'd guess. Title: Re: Market collapse on Russian BC exchange btcex.com Post by: bitcoinex on October 07, 2010, 11:02:07 AM Why would you stop the market because of the price? so do sometimes, when a sharp collapse in prices. this time that people thought again Quote Why not buy them there and sell at mtgox? What is the volume? Low I'd guess. ~4000 BTC Title: Re: Market collapse on Russian BC exchange btcex.com Post by: FreeMoney on October 07, 2010, 11:08:56 AM Why would you stop the market because of the price? so do sometimes, when a sharp collapse in prices. this time that people thought again Quote Why not buy them there and sell at mtgox? What is the volume? Low I'd guess. ~4000 BTC Oh, wow. When I checked it out before I don't think there was a single buy offer. I may have been misreading though. Title: Re: Market collapse on Russian BC exchange btcex.com Post by: bitcoinex on October 07, 2010, 11:19:13 AM Why would you stop the market because of the price? so do sometimes, when a sharp collapse in prices. this time that people thought again Quote Why not buy them there and sell at mtgox? What is the volume? Low I'd guess. ~4000 BTC Oh, wow. When I checked it out before I don't think there was a single buy offer. I may have been misreading though. This is sum of ask orders with price less whan 1.8 Title: Re: Market collapse on Russian BC exchange btcex.com Post by: FreeMoney on October 07, 2010, 06:49:29 PM This is sum of ask orders with price less whan 1.8 Oh, I see. That's not what I took volume to mean, but that's a meaningful amount. I bet a gap that big doesn't last too long. Title: Re: Market collapse on Russian BC exchange btcex.com Post by: S3052 on October 07, 2010, 09:59:34 PM the market at btcex is just too small now and the spreads are still way to high.
4000 BTCs is ridiculously small market (246 USD per day). just compare this to small cap stocks where volatility is also high, nbut market cap is millions of dollars.. with more people joining prices will match mtgox very soon and the exchange rate is the only variable. by the way, last price is 2.00 RUB, so now worries. Title: Re: Market collapse on Russian BC exchange btcex.com Post by: bitcoinex on October 08, 2010, 08:19:29 AM by the way, last price is 2.00 RUB, so now worries. This is giant spread: bid 1.54 and ask 2.1. I think it's because the market was built on speculation without any real needs of the Russian community in such amounts. Title: Re: Market collapse on Russian BC exchange btcex.com Post by: FreeMoney on October 08, 2010, 08:35:34 AM by the way, last price is 2.00 RUB, so now worries. This is giant spread: bid 1.54 and ask 2.1. I think it's because the market was built on speculation without any real needs of the Russian community in such amounts. What does that mean? There used to be large spreads on the USD markets too, they got thicker over time, you need more participants is all. Unless there are bad fees or trust issues someone will step in to make money as a market maker. Title: Re: Market collapse on Russian BC exchange btcex.com Post by: jgarzik on October 08, 2010, 09:25:49 AM by the way, last price is 2.00 RUB, so now worries. This is giant spread: bid 1.54 and ask 2.1. I think it's because the market was built on speculation without any real needs of the Russian community in such amounts. That just means it is a thinly traded, volatile market right now. Title: Re: Market collapse on Russian BC exchange btcex.com Post by: S3052 on October 09, 2010, 09:10:19 PM If the Russian exchange btcex would make it easier to add funds from outside Russia, then volume would increase heavily on btcex, because it would be a great arbitrate opportunity.
Currently you could buy at 0.06 USD roughly at Btcex and sell for 0.092 at MtGox, which is +50% opportunity (assuming 30 RUB/USD exchange rate). |
