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Author Topic: Discount at bitcoinstore?  (Read 781 times)
jl2012
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April 12, 2013, 06:57:40 PM
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When all major exchanges are trading at about 75, the bitcoinstore exchange rate is 90. That's 20% discount. How could they do that?

And I really feel sorry for all bitcoin merchants like bitcoinstore and bitpay. They were operating blindly when mtgox was down for 12 hours, and took huge risk in the extremely volatile market.

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Stephen Gornick
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April 12, 2013, 07:42:37 PM
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And I really feel sorry for all bitcoin merchants like bitcoinstore and bitpay. They were operating blindly when mtgox was down for 12 hours, and took huge risk in the extremely volatile market.

BitcoinStore doesn't set the rate, their payment processor does.
- https://bitpay.com/bitcoin-exchange-rates

And they use a rate from multiple exchanges.

Just because it is difficult to move enough funds into Mt. Gox to meet the selling pressure doesn't mean the more favorable prices at other exchanges can't be utilized.

We are getting to the point that there is no longer just one marketplace that dictates what is the current bitcoin spot price
 

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