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Author Topic: Are the exchanges open source?  (Read 707 times)
MarketAnarchist
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June 22, 2011, 11:48:43 PM
 #1

I'm sort of new to the world of Bitcoin, so excuse me if this is a stupid question:

I'm looking at this exchange bid/ask price and I've got this bid to buy. Its a little low, relative to the current exchange rate, but I notice that there are no takers. There's zero volume and no one will take me up on this offer.

Is volume that low?

Also, how do we know the exchanges themselves aren't manipulating prices?

What do we know about how these exchanges operate or about how this prices get determined? Are there currently offers out there at my price that are not being executed because the exchange operators have some sort of interest in seeing exchange rates set an artificially high price?

We don't know, do we?

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MadCoinMan
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June 23, 2011, 12:09:04 AM
 #2

The 'price' is determined based on the last trade, no?!
dutt
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June 23, 2011, 12:26:34 AM
 #3

Bid = Higher = Better
Ask = Lower = Better

If you put in a bid below the current highest bid you will have to wait until all the bids above you are filled before someone can sell to you.

Edit: Oh and Britcoin and Bitcoin-central are open source.

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June 23, 2011, 12:51:52 AM
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https://gitorious.org/intersango/
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June 23, 2011, 02:47:50 AM
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The 'price' is determined based on the last trade, no?!

I have no way of knowing that my ask of $15 isn't being held up in order to artificially prop up prices.

Is it not 100% obvious that exchanges must use OS software? I don't want to trade one set of crooks for another... we already have enough middlemen in the world rigging the game, ya know?

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June 23, 2011, 04:22:59 AM
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You seem underage.

Anyway, if the exchanges would "prop" up the price, don't you think it would cost them more to keep prices high than the actual gain from having the prices propped up?

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June 23, 2011, 06:27:18 PM
 #7

You seem underage.

You seem too trusting.

Anyway, if the exchanges would "prop" up the price, don't you think it would cost them more to keep prices high than the actual gain from having the prices propped up?

It would largely depend upon how many Bitcoins they own, wouldn't it?

Wouldn't you like to go back in time and find out more about MtGox's security? For a group of people that value transparency and openness, you all seem to be missing the very large elephant in the room. You have no idea what the hands of the exchange owners are doing. I don't really appreciate being insulted because I dare bring up the idea that a bunch of strangers I've never met might not have my interests in mind. Continue to think like this and MtGox won't be the last large scale failure of this system. Yeah, I know a "bank" was robbed, and that's not reason enough to stop using "money". But if I have nowhere to reliably store it or exchange it, then this will remain the world's largest techie circl3j3rk.

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