Bitcoin Forum
September 28, 2016, 03:23:07 PM *
News: Due to DDoS attacks, there may be periodic downtime.
 
   Home   Help Search Donate Login Register  
Pages: [1]
  Print  
Author Topic: Market collapse on Russian BC exchange btcex.com  (Read 2690 times)
bitcoinex
Sr. Member
****
Offline Offline

Activity: 350


probiwon.com


View Profile WWW
October 07, 2010, 10:27:48 AM
 #1



Presumably for a one or two months in the Russian-language Internet was operates financial pyramids, which attracted bitcoin, promising a large percentage. Bitcoin was pricey, the rate of the ruble was RUB / BTC = 1.8 - 2 or more on private exchangers

Now, people gradually began to be disappointed in bitcoin and sell them. Rate fell to 1.3 - 1.5. This is much less than if bitcoin sell on mtgox and convert USD to RUB through any bank. Exchange rate is recalculated through USD -> RUB  should be approximately 1.88

Should we stop the currency market or something like that?


New bitcoin lottery: probiwon.com
- Может, ты ещё и в Невидимую Руку Рынка веруешь? - Зачем же веровать в то, что можно наблюдать непосредственно?
1475076187
Hero Member
*
Offline Offline

Posts: 1475076187

View Profile Personal Message (Offline)

Ignore
1475076187
Reply with quote  #2

1475076187
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1475076187
Hero Member
*
Offline Offline

Posts: 1475076187

View Profile Personal Message (Offline)

Ignore
1475076187
Reply with quote  #2

1475076187
Report to moderator
BioMike
Legendary
*
Offline Offline

Activity: 1218


View Profile
October 07, 2010, 10:34:26 AM
 #2



Bitcoin was pricey

Should we stop the currency market or something like that?


Nope, this is imho nothing more than a correction. The only thing to watch out for is damage of the Bitcoin "brand".
FreeMoney
Legendary
*
Offline Offline

Activity: 1246


Strength in numbers


View Profile WWW
October 07, 2010, 10:53:09 AM
 #3

Why would you stop the market because of the price?

Why not buy them there and sell at mtgox? What is the volume? Low I'd guess.

Play Bitcoin Poker at sealswithclubs.eu. We're active and open to everyone.
bitcoinex
Sr. Member
****
Offline Offline

Activity: 350


probiwon.com


View Profile WWW
October 07, 2010, 11:02:07 AM
 #4

Why would you stop the market because of the price?

so do sometimes, when a sharp collapse in prices. this time that people thought again

Quote
Why not buy them there and sell at mtgox? What is the volume? Low I'd guess.

~4000 BTC

New bitcoin lottery: probiwon.com
- Может, ты ещё и в Невидимую Руку Рынка веруешь? - Зачем же веровать в то, что можно наблюдать непосредственно?
FreeMoney
Legendary
*
Offline Offline

Activity: 1246


Strength in numbers


View Profile WWW
October 07, 2010, 11:08:56 AM
 #5

Why would you stop the market because of the price?

so do sometimes, when a sharp collapse in prices. this time that people thought again

Quote
Why not buy them there and sell at mtgox? What is the volume? Low I'd guess.

~4000 BTC


Oh, wow. When I checked it out before I don't think there was a single buy offer. I may have been misreading though.

Play Bitcoin Poker at sealswithclubs.eu. We're active and open to everyone.
bitcoinex
Sr. Member
****
Offline Offline

Activity: 350


probiwon.com


View Profile WWW
October 07, 2010, 11:19:13 AM
 #6

Why would you stop the market because of the price?

so do sometimes, when a sharp collapse in prices. this time that people thought again

Quote
Why not buy them there and sell at mtgox? What is the volume? Low I'd guess.

~4000 BTC


Oh, wow. When I checked it out before I don't think there was a single buy offer. I may have been misreading though.

This is sum of ask orders with price less whan 1.8

New bitcoin lottery: probiwon.com
- Может, ты ещё и в Невидимую Руку Рынка веруешь? - Зачем же веровать в то, что можно наблюдать непосредственно?
FreeMoney
Legendary
*
Offline Offline

Activity: 1246


Strength in numbers


View Profile WWW
October 07, 2010, 06:49:29 PM
 #7



This is sum of ask orders with price less whan 1.8

Oh, I see. That's not what I took volume to mean, but that's a meaningful amount. I bet a gap that big doesn't last too long.

Play Bitcoin Poker at sealswithclubs.eu. We're active and open to everyone.
S3052
Legendary
*
Offline Offline

Activity: 1918


BTC Up or Down? go to www.bullbearanalytics.com


View Profile WWW
October 07, 2010, 09:59:34 PM
 #8

the market at btcex is just too small now and the spreads are still way to high.
4000 BTCs is ridiculously small market (246 USD per day). just compare this to small cap stocks where volatility is also high, nbut market cap is millions of dollars..

with more people joining prices will match mtgox very soon and the exchange rate is the only variable.

by the way, last price is 2.00 RUB, so now worries.

>15years analysis experience

Always do your own due diligence & consult your financial advisor. Never invest unless you can afford to lose your entire investment.

http://twitter.com/BitcoinAnalyst

Subscribe here
bitcoinex
Sr. Member
****
Offline Offline

Activity: 350


probiwon.com


View Profile WWW
October 08, 2010, 08:19:29 AM
 #9

by the way, last price is 2.00 RUB, so now worries.

This is giant spread: bid 1.54 and ask 2.1.

I think it's because the market was built on speculation without any real needs of the Russian community in such amounts.

New bitcoin lottery: probiwon.com
- Может, ты ещё и в Невидимую Руку Рынка веруешь? - Зачем же веровать в то, что можно наблюдать непосредственно?
FreeMoney
Legendary
*
Offline Offline

Activity: 1246


Strength in numbers


View Profile WWW
October 08, 2010, 08:35:34 AM
 #10

by the way, last price is 2.00 RUB, so now worries.

This is giant spread: bid 1.54 and ask 2.1.

I think it's because the market was built on speculation without any real needs of the Russian community in such amounts.

What does that mean? There used to be large spreads on the USD markets too, they got thicker over time, you need more participants is all. Unless there are bad fees or trust issues someone will step in to make money as a market maker.

Play Bitcoin Poker at sealswithclubs.eu. We're active and open to everyone.
jgarzik
Legendary
*
Offline Offline

Activity: 1470


View Profile
October 08, 2010, 09:25:49 AM
 #11

by the way, last price is 2.00 RUB, so now worries.

This is giant spread: bid 1.54 and ask 2.1.

I think it's because the market was built on speculation without any real needs of the Russian community in such amounts.

That just means it is a thinly traded, volatile market right now.

Jeff Garzik, bitcoin core dev team and BitPay engineer; opinions are my own, not my employer.
Donations / tip jar: 1BrufViLKnSWtuWGkryPsKsxonV2NQ7Tcj
S3052
Legendary
*
Offline Offline

Activity: 1918


BTC Up or Down? go to www.bullbearanalytics.com


View Profile WWW
October 09, 2010, 09:10:19 PM
 #12

If the Russian exchange btcex would make it easier to add funds from outside Russia, then volume would increase heavily on btcex, because it would be a great arbitrate opportunity.

Currently you could buy at 0.06 USD roughly at Btcex and sell for 0.092 at MtGox, which is +50% opportunity (assuming 30 RUB/USD exchange rate).


>15years analysis experience

Always do your own due diligence & consult your financial advisor. Never invest unless you can afford to lose your entire investment.

http://twitter.com/BitcoinAnalyst

Subscribe here
Pages: [1]
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!