Does no one else think it's a joke that OKcoin controls the price of bitcoin?

[electerium]

Seriously?

Why do people trade on that garbage website? People get margin called last night in a gigantic wave and the website crashes because of mice, ddos, and floods of connection requests.

So what, Greece's leading political party accepts a bailout that is fraught with pot holes and still needs to pass its parliament where now they have to fork over collateral to receive 50b euros, while the ECB literally plans to print 1.2trillion euros within 2 years to crush bond yields.

its just puzzling we leave the entire short term faith of bitcoin into a chinese company that has proven to be duplicitous in its behavior for years. But people still think they can trade the shit out of bitcoin while they are just paddling down a river to a waterfall they cant see.

just bizarre, really....

[gentlemand]

Why do people trade on that garbage website?

[Amph]

i believe that many traders that trade there are chinese only, then when you have something that it's already big since its birth, you know that it will only get bigger, unless some major flaw is discovered and coins are stolen

[8up]

because people like drama.

[Brewins]

because of no fees.

[randy8777]

it's not really an issue. if traders on okcoin don't control the price then traders on huobi or bitfinex will. money controls everything, the exchange doesn't matter.

[willope]

I don't think okcoin controls the price.
I used to feel that bitfinex is the one that mostly controls it. And sometimes btc-e.

[ElectricMucus]

its just puzzling we leave the entire short term faith of bitcoin into a chinese company that has proven to be duplicitous in its behavior for years.

You are right, we'd rather have that with a Japanese company.

[MF Doom]

its just puzzling we leave the entire short term faith of bitcoin into a chinese company that has proven to be duplicitous in its behavior for years.

You are right, we'd rather have that with a Japanese company.

Haha.

But really these are important issues for btc, the fact that these large exchanges are seemingly incompetent and/or shady.  Not sure I really trust any of them at the moment.

[RodeoX]

No one controls the price. 

[massimies]

NotSoOkCoin does have Mount Cocks like vibes.  

[solid12345]

No one controls the price. 

Personally I think the BTC market is more rigged than the NYSE with its trading bots.

[gotmilk_]

Most of the traders try to profit by looking at the okcoin price movement... I listened to whaleclub teamspeak once, they were screaming like little girls every time okcoin price moved for 5CNY. This is the real problem.

[RodeoX]

No one controls the price. 

Personally I think the BTC market is more rigged than the NYSE with its trading bots.

I'm sure there are players who try in all markets. However I don't think it's rigged. That would require some control over what others can do. There are many mechanisms for that in fiat/NYSE. But in BTC markets anyone can (and will) come in an spoil your party. If some evidence showed it then I would be more inclined to believe it. Whenever I pursue such evidence I find the source is just an opinion with no facts to support it. Something like:

A) "The market is being manipulated!!!!!"
B) "Oh, how do you know?"
A) "because I just lost $300!!!"
B) "Hmmm..."