I'm new to btc but theres one thing that continues to erk me and holds me back from investing (other than mt gox getting hacked). And thats the fact that different exchanges have different prices for btc relative to usd at any given time. How can this be? does each exchange keep a certain type of this currency or can i sell btc I got from one exchange on another? and if so why wouldnt people just buy from the cheapest and sell on the more expensive exchange.
Different exchanges have different payout methods (and that has a lot of value for people). For me mtgox has SEPA, while virwox has other kinds of payouts, which for me is more valuable than an exchange that doesnt have the transfer options those 2 exchanges offer. And there are other advantages ie customer service and stuff like that which ppl attach value to.
It is also astonishing to me that Mt Gox can reset the price back to 17.5 when its clearly trading below those prices atm. A little clarification would be much appreciated
PS - If I were to mine BTC in theory could I sell it on any exchange I wanted?
They can't reset the price, the market sets the price. What they said is that they'll roll back trades that caused the crash (which was when BTC was trading at 17.5 all the way through 0.01).