Bitcoin Forum

At this point, Gox Bux are about as equivalent to USD as Ripple's TradeFortress-BTC are to BTC, or BFL's promises are to hashes.

Surely the real value is the average price, weighted by trading volume, of exchanges actually converting between BTC and USD?

Are we just avoiding this because it makes BTC look cheaper? Better to face it now than add to a possible shock later...

The real price is what you can sell or buy it for. Any chart is a different person at a different time.

I agree it is about time to start popping the Mt. Gox bubble. If you have funds stuck there I hate it for you. The main reason it is still used is because the silk road uses it to determine the price. Someone needs to ask Dread Pirate Roberts how he feels about competing currencies and fair market rates?

Agreed, though people can still use GoxLast in currency exchanges. It's starting to get a bit scammy now Gox has well under half exchange market share and it's almost impossible to get USD out of there. It's not very hard to get GoxLast for BTC when trading with individuals, though, so I don't think there's much issue in having things priced in GoxUSD right at this exact moment. It's quickly changing as Gox becomes increasingly less relevant (it shouldn't be the #1 exchange in terms of volume for more than a couple more months without processing USD withdrawals, I'd think)... BitMit recently changed over to BitStamp, I think it was. Probably very close to time for everyone who used Gox for pricing to switch. I think once Gox does actually stop doing the most volume, the switch will be pretty quick.

The irony of it all, is having Gox die due to not having US partnerships, while they'll probably lose millions (possibly tens of millions) in the CoinLab lawsuit brought about because Gox apparently failed to actually pull the trigger on the very deal which would've saved them from this.

It begins... (http://www.reddit.com/r/Bitcoin/comments/1keoti/blockchain_switched_their_api_away_from_mtgox/)

Lets face it, this is all (still) the Dwolla Account Seizure which was underrated in terms of magnitude.

Gox depends on those funds and without them there simply isn't enough cash in their other accounts to pay people out.

Silly thread title.  Regardless which exchange you quote prices at, it's all still IOU's until BTC is in your own wallet or fiat is in your own hands.  Just saying.

a lot of sites are not using mt gox price anymore, but a general mash up of all prices.

buyers on gox, sellers on the other exchanges.

Gox problems cause a downwards pressure on BTC. Somepeople just don't trust it anymore and 'are out'.

When gox problems are solved, we will see a new boom!

A "down" boom. All the people (me too) that do no not trust them will withdrew their money asap selling bitcoin, driving price down and movimg on other better exchanges

Why haven't you moved to other better exchanges already with your Bitcoins? ???

Because it's better to sell overpriced