Bitcoin Forum

http://www.priceofabitcoin.com/INR/

 Wonko  (https://bitcointalk.org/index.php?action=profile;u=112434) announced his site today  here  (https://bitcointalk.org/index.php?topic=237080). so i asked him to make a special page to show Real time Bitcoin price in INR and he did it for us.

This is really nice.

+1 escrow.ms

nice one

Please change the subject to mtgox real time price converted to INR. This is not bitcoin's real time price in INR.

See this is the problem with pinning threads. People who I want to buy bitcoins from will now quote this link to me and won't sell at lower bitstamp rates.

Please stop pinning all threads.

Changed.

Well in my  view the real market price of bitcoin in india  should be about  5,000 - 5,500/- if it is the market forces that is allowed to maintain prices. but people want to  use a pegged  price for a  market that does not  even function  in the indian eco system.

That is where they get their BTC from. Until there is a globally acknowledged system that shows the rate, Most will continue to follow Mt Gox.

You are looking at mt gox as a ecosystem playing within india. but  that is not  the case.

Mt. gox  caters to the international market. that is a  global eco system. but in india that is not the  case the connection to  Mt gox for indians is verry tough. so a local ecosystem is needed to  sustain the trading  in a natural manner. not an artifical inflation.

let me dum it  down.

Here 'A' being  a group of sellers
'A' buys btc as a company at mt gox rates - 'A' then sells it at 10% Mt. gox rate.
Mt gox rates go up 'A' Still sells at gox +10% still earning a lot of  profit . suply of btc is constant in the population

Mt. gox dipps down 'A' Still has reserve btc from last purchase from gox . 'A' Will not sell ..  suply of btc is cut to the population.

Here the biggest problem is the drop in prices in btc creating problems, and bottlenecks.

Solution :-
Open free floating market rates. where in the demand and  supply of bticoins determine  prices. this will encourage goods and  services to  also adopt bitcoins  because for them  they will be able to unload their btc in exchange for fiat to cover expenses.

If you want to buy on your rate or cheap rates its your own personal problem not others.

Most currency exchange sites are following mtgox rates and you can check preev.com which is pretty old site that shows bitcoin price (mtgox) in usd and people buy/sell on that rate.


I agree sticky wasn't necessary but i will still advice people to use mtgox rates only.

Bitcoins rate is not stable and on top of that trading sites price is different and if there's no standard of rate here i doubt people will even buy/sell bitcoin in india as even 2$ difference is big here.

example:

A. I am selling bitcoins at mtgox rate
B. i'll buy it at bitstamp rates
c. I'll buy it at btc-e rates
d. I'll buy it at kraken.com's rate

Sure you can advise people to use whichever site you want to.
I look at blockchain.info's API for prices myself.

My problem was with pinning a thread that only recommended mtgox prices. I have no personal issues with mtgox. (In fact I am one of the few Indians who I think have personally bought and sold on mtgox.)

Where is it getting the price from? Its not updating from mtgox

It's mtgox rate but not accurate now. Don't use it.