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SGExodus
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June 21, 2013, 03:46:02 AM |
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Some big impatient big buy at $115 .. weird.
Just a whale trying to push us up over the downward trend line. I think it is more like someone that need to transfer money out of MTGOX quickly are buying all the bitcoins he can, and moving the bitcoin to other US wire friendly exchange instead. |
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There are several different types of Bitcoin clients. The most secure are full nodes like Bitcoin Core, which will follow the rules of the network no matter what miners do. Even if every miner decided to create 1000 bitcoins per block, full nodes would stick to the rules and reject those blocks.
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Frozenlock
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June 21, 2013, 03:47:11 AM |
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(...) and moving the bitcoin to other US wire friendly exchange instead.
Which is...? (2500 BTC could easily crash the price at Bistamp... or pretty much any exchange.)  |
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NamelessOne
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June 21, 2013, 03:50:17 AM |
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Some big impatient big buy at $115 .. weird.
Just a whale trying to push us up over the downward trend line. I think it is more like someone that need to transfer money out of MTGOX quickly are buying all the bitcoins he can, and moving the bitcoin to other US wire friendly exchange instead. Perhaps so, and then their timing is incredible. But really who needs $500,000 that fast? haha, I'm sure for the ultra rich that the situation could happen, but I just don't see it. |
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byronbb
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HODL OR DIE
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June 21, 2013, 03:51:33 AM |
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adamstgBit
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June 21, 2013, 03:55:50 AM |
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byronbb
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Merit: 1000
HODL OR DIE
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June 21, 2013, 03:56:18 AM |
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Some big impatient big buy at $115 .. weird.
Just a whale trying to push us up over the downward trend line. I think it is more like someone that need to transfer money out of MTGOX quickly are buying all the bitcoins he can, and moving the bitcoin to other US wire friendly exchange instead. Perhaps so, and then their timing is incredible. But really who needs $500,000 that fast? haha, I'm sure for the ultra rich that the situation could happen, but I just don't see it. Neither do I when you consider no other exchange has any USD liquidity that can absorb a 5000 coin sell off. |
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SGExodus
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June 21, 2013, 03:59:30 AM |
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Neither do I when you consider no other exchange has any USD liquidity that can absorb a 5000 coin sell off.
But you could at least move the Bitcoin back to your own wallet for now. Rather than something happens to mtgox, and all the money got frozen in there. |
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Frozenlock
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June 21, 2013, 04:00:04 AM |
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Meanwhile, Bitstamp is back to sub $100.
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Frozenlock
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June 21, 2013, 04:04:45 AM |
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http://blog.bitpay.com/2013/06/important-update-on-bitpay-exchange.htmlEffective immediately, BitPay has temporarily stopped using Mt. Gox for determining the exchange rate for our invoices.
The rate calculation that BitPay uses for each invoice is now as follows:
1. Pull the full Level II market depth, on the bid side, from multiple exchanges.
2. Merge the market depths into one Consolidated Level II table.
3. Calculate the blended clearing price for the amount of the invoice, assuming an auto-routing market sell order across all exchanges, with zero commission. So... who's the market price now? 
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Abandon
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June 21, 2013, 04:07:46 AM
Last edit: June 21, 2013, 04:33:49 AM by Abandon |
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More than a $10 USD difference between Bitstamp and Mt.Gox... I mean, I get the press release and all... but that doesn't seem like a sufficient reason. Especially for people who have a lot of USD on Mt.Gox, you'd think they would be fine with waiting a few weeks for the issue to resolve... (which I think it will)
If they believe: 1) That MtGox is in trouble and that their MTGox USD will become worthless or only a few cents on the dollar 2) That (1) above will cause the BTC / USD exchange rate to plunge. Then it makes a lot of sense to take up to a 20% loss by buying on MTGox and then selling on BitStamp. You're kind of right about 1, for the time being, but wrong about 2. People can still deposit USD into the exchange, and chances are they are unaware that they can't withdraw for two weeks, or do not care. It's not the value of USD on the exchange going down, so much as there being an influx of cash with only one escape, therefore creating artificial demand that will influence the other exchanges to grudgingly follow. All because of arbitrage. |
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hahahafr
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June 21, 2013, 04:12:42 AM |
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This thread is obsolete now. Good bye centralization around MtGoxUSD. This is good.
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Vicus
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June 21, 2013, 04:16:10 AM |
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This thread is obsolete now. Good bye centralization around MtGoxUSD. This is good.
You so naive  Nothing will change. Losers will be those one, who panic-buying coins right now |
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chriswilmer
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June 21, 2013, 04:17:46 AM |
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Today is anti-arbitrage today...
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adamstgBit
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June 21, 2013, 04:19:57 AM |
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notme
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June 21, 2013, 04:23:56 AM |
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http://blog.bitpay.com/2013/06/important-update-on-bitpay-exchange.htmlEffective immediately, BitPay has temporarily stopped using Mt. Gox for determining the exchange rate for our invoices.
The rate calculation that BitPay uses for each invoice is now as follows:
1. Pull the full Level II market depth, on the bid side, from multiple exchanges.
2. Merge the market depths into one Consolidated Level II table.
3. Calculate the blended clearing price for the amount of the invoice, assuming an auto-routing market sell order across all exchanges, with zero commission. So... who's the market price now? BitPay is only offering $99/btc before their fee (another 1%). |
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Nightowlace
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June 21, 2013, 04:32:38 AM |
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I'm tempted to sell everything after listening to that. |
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Abandon
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Merit: 10
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June 21, 2013, 04:36:20 AM |
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I'm tempted to sell everything after listening to that. Wasn't it said before that once bitcoin is mentioned in a rap song, that it will be the hallmark of mass adoption? |
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Nightowlace
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June 21, 2013, 04:38:01 AM |
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I'm tempted to sell everything after listening to that. Wasn't it said before that once bitcoin is mentioned in rap music, that it will take off? I think it would take someone a little more relevant than ytcracker rapping about it. |
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Nightowlace
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June 21, 2013, 04:46:00 AM |
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"User friendly" "It's easier to tell people how cool Bitcoin is then to tell them how to get Bitcoin" "Positive use case scenario's has to increase" "The ability for people to use it easily" "It has to be easy for my mom to sign up and use it" |
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