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Author Topic: Has trade volume on BTCe versus Mt Gox doubled in the last few days?  (Read 958 times)
ManBearPig
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May 07, 2013, 07:37:35 PM
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Too tired to make a chart but at first glance it would seem that the volume ratio of Gox:BTCe has halved in the last 5 days from 10:1 to about 5:1.

Again, skipping my usual diligence (had some real-life work today - no I didn't get paid in Bitcoin!) it would seem the ratio may have been around 20:1 at the start of the year.

Knee-jerk reaction to the Coinlab lawsuit or something deeper?

Personally, I took everything I trade with off of Gox last week and onto BTCe.

I tweet crypto nonsense: https://twitter.com/DunningKruger_
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May 07, 2013, 07:43:14 PM
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More traders are exposed to BTC-e now since the last several months of Gox having terrible lag and downtime issues. MtGox has been dropping the ball with one currency while BTC-e has steadily been adding each new popular currency and upgrading/hardening their service. I think it has more to do with BTC-e coming into its prime than MtGox losing momentum. You can't keep up the 60-80% of volume forever. Especially when BTC is exploding globally in the media and compounded by their service being less than desirable for months now.

Just my 2 cents.
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May 07, 2013, 07:49:27 PM
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Yeah it will be very interesting to watch the situation develop. Problem is, we see Mt Gox as the exchange who take pains to ensure they fully AML etc. compliant. If they disappear (too big to fail? Tongue) could BTCe handle it?

Like democracy, we need the illusion of choice, 2 counter-acting exchanges. There's an argument to be made that Gox is holding Bitcoin back.

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May 07, 2013, 08:07:26 PM
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At this point Mt.Gox is assuredly holding back bitcoin. It isn't their fault however... at least not entirely. MtGOX stands for Magic the Gathering Online Exchange. In their inception, they were the only company using btc for any real monetary purpose. BTC gained its dollar value because it was used as a means to trade/buy magic the gathering cards. From there it exploded into what we know bitcoin to be today, but MtGOX has had to go from a bunch of nerds living in their mom's basements to one of the most financially powerful organizations in their tax bracket.

New exchanges must replace MtGox for btc to spread naturally, its just a matter of how and when.
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May 07, 2013, 08:36:20 PM
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At this point Mt.Gox is assuredly holding back bitcoin. It isn't their fault however... at least not entirely. MtGOX stands for Magic the Gathering Online Exchange. In their inception, they were the only company using btc for any real monetary purpose. BTC gained its dollar value because it was used as a means to trade/buy magic the gathering cards. From there it exploded into what we know bitcoin to be today, but MtGOX has had to go from a bunch of nerds living in their mom's basements to one of the most financially powerful organizations in their tax bracket.

New exchanges must replace MtGox for btc to spread naturally, its just a matter of how and when.

Bullshit. The name MtGox was originally registered because the guy had thought of maging Magic the Gathering: Online Exchange, but he never used it as such. Instead, he built a bitcoin exchange.

MtGox has not been able to increase its service along with the rise in usership, and so people are finally starting to look for other options. I originally bought bitcoins at Tradehill, but then they closed down. Then I started using MtGox, mostly because they were the biggest. Recently I have moved some money onto CampBX to try them out. There is a battle for the exchanges to attract the most customers, and MtGox seems to be using the tactic of "Choose us because we are the biggest", without actually providing any better benefits, and as people try other exchanges that one advantage in MtGox's favor is going to go away.

You know, it might be bullshit. I read it somewhere but that doesn't make it true. I knew the original intent for the name so I googled it and that was the most truthful seeming of the explanations. What are your sources?
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