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Title: the further decentralisation of the bitcoin markets. Post by: 322i0n on September 05, 2011, 10:52:14 PM Any thoughts from the traders and speculators about MtGox spreading their market across muliple currencies and the impact this will have the impact onUSD volume/ price/ market share and market lead.
Title: Re: the further decentralisation of the bitcoin markets. Post by: Elwar on September 06, 2011, 12:40:08 AM I was wondering about this. Will we be able to buy and sell other currencies?
Title: Re: the further decentralisation of the bitcoin markets. Post by: 322i0n on September 06, 2011, 05:53:16 AM yes. you won't have to trade in USD anymore. the volume of USD on Gox is going to decrease as trade in other currencies increases. they might not be the exchange that sets the price of BTC against USD much longer.
Title: Re: the further decentralisation of the bitcoin markets. Post by: Minsc on September 06, 2011, 06:20:08 AM I only seem to be able to buy and sell in USD now. If Gox allows lots of currencies then it will be a cheaper version of the forex website. I wonder how Gox will even out all the different currencies vs. bitcoins.
Title: Re: the further decentralisation of the bitcoin markets. Post by: 322i0n on September 06, 2011, 12:10:50 PM Me too, I havent seen where the other currencies are being traded on Gox. But their are trades showing up in the charts.
Title: Re: the further decentralisation of the bitcoin markets. Post by: mmortal03 on September 06, 2011, 12:28:06 PM Me too, I havent seen where the other currencies are being traded on Gox. But their are trades showing up in the charts. I think you have to login with the different currency selected. Title: Re: the further decentralisation of the bitcoin markets. Post by: Bigpiggy01 on September 06, 2011, 02:34:53 PM As far as I understand the other currency orders are pegged into the USD market using a forex rate (if it's an instant one or what I don't know).
Meaning that if you've got a buy at lets say 4GBP and the dollar prices reaches that you order executes along with any others at that price. Meaning that we've got a "bigbrother" in the throws of creation attempting to set a world price for BTC basis the USD market. This is not really good for Bitcoin as a whole since lots of peeps have been doing quite a bit better than the USD price in separate currency markets. |