@ Wednesday, 6 November 2:49:18 a.m GMT gribble> There are currently 17820.732 bitcoins offered at or under 10000000.0 USD, worth 91903918.3354 USD in total. | Data vintage: 0.0025 seconds
The offer of coins on MtGox is dropped precipitously with the run-up in price. From something in the 45k range over the summer months, too these recent new lows of < 20k.
This is obviously the sign of a "broken market" (not in the sense that higher prices are bad...
just
that at higher prices more goods should be available supply v. demand or
ECON 101, or in the USA ECON 4000,
cause we're not so smart these days... )
The reasons are numerous, but the most obvious is how MtGox has been shut out of the "SWIFT" wire-transfer system and thus westerners whom rely on the SWIFT interbank wire-transfer system are unable to withdraw USD in any reasonable amount of time, and than must ultimately resort to buying coins to get their money out. Sellers know this, and ultimately refuse to sell creating artificial demand.
What will the ultimate outcome of this cycle be?
Will the price explode so high that no one will bother to pay it?? assuming they will be unable to resell the coins for higher value else-where?
What do you think?