Bitstamp volume more than half mtgox!

[thoughtfan]

The volume of mtgox is below 60% of total USD volume traded on the exchanges listed at bitcoincharts.com  in the last 24 hours whilst bitstampUSD is at 30% How cool is that?!  

The bid prices are closer than they've been in recent weeks too.

I know we're talking about low volumes but not as low as it may seem for those used to just going by gox volumes as an indication.  Ideally I'd like an indication of OTC and off-list exchanges such as Trade Hill too but I'm getting an impression our vulnerability to mtgox is finally beginning to diminish



Edit: to replace my vol & bidprice image with one that has same data but is labelled

[Traktion]

I noticed the other week that a 1000 BTC wall had appeared on Bitstamp. I had only seen these on MtGox until then.

It seems that some of the bigger traders have decided to give Bitstamp a go instead of MtGox.

The more substantial exchanges, the better!

[LiteCoinGuy]

@ thoughtfan

where did you get the graphic from?

[thoughtfan]

@ thoughtfan

where did you get the graphic from?

Just off my own spreadsheet I'm afraid - so I can't do a feed for here with live data.  But the data it's scraped from is on bitcoincharts.com/markets.

Seeing as you asked, here it is at current vol/price



And whilst I'm here, here are two more charts I like - and these ones, though static images here, link through to the equivalent live chart on bitcoincharts.com:

This is one using weekly figures with a log scale and a moving weighted average which virtually wipes out what seemed at the time on the micro level to be a massive drive up to $266 and back down.  In the bigger picture it matters not much!  Notice the massive drop in weekly volume since the peak whilst the price has happily plodded on and has now started up again.



The second zooms in to see the volume drop over the last three days of the volume decline followed by the most recent four days (today still having another 7 hours odd to run - bitcoincharts.com using gmt as their cutoff point):



Edited to replace my vol & bidprice image with one that has same data but is labelled

[LiteCoinGuy]

thank you

[kokojie]

bitstamp can be used by US person?

[BTCnewbie]

Good to see that mtgox is maybe started to lose the monopoly it has held for too long.

[thoughtfan]

bitstamp can be used by US person?

Indubitably so - although I have not used bitstamp myself (I am not actively trading at the moment and all my recent purchases have been through LocalBitcoin contacts in London).

Oh, and let me use this reply as an excuse to update the bid price and volume comparison table:



I'm quite pleased despite mtgox's rejuvinated volume it only gained 10% over the day (whilst bitstamp vol reduced by the same amount) and the others also managed to stay within a stone's throw away from the gox price

[Seth Otterstad]

This is excellent news.  I only use bitstamp now.  I met the guys at bitcoin conference and they are legit.

[thoughtfan]

This is not directly relevant to this thread, but interesting in an indirect way...

At Bitcoin 2013 the guys from the Bitcoin Fund introduced their American Partner.  It is registered with the SEC and taking its dog-&-pony show to any place where those who have $100,000 to speculate on something crazy congregate.  They claimed to have the clout to negotiate deals with multiple exchanges, and they are acutely aware of the problem of having a single point of failure like Mt. Gox.

It could be that some big players are quietly spreading the love and smooth the playing field.

This is speculation on my part, but the data fit the hypothesis.

Thanks for this chydenius.  An increase in off-exchange deals having an indirect effect on prices and volumes on multiple exchanges is certainly relevant to this.  What I'm finding absolutely fascinating last night/this morning are the vibrant discussions going on right now finding solutions to the p2p exchange problem.  In particular an idea from fellowtraveler being provisionally called BMOT and the numerous proposed solutions to the fiat -> digital fiat without trust problem.  One that may be of interest to those who like to try and find weaknesses has this morning been proposed with a 10BTC bounty.  It's here, having come out of BTCLuke's hot Primer for a P2P Distributed Exchange

In the meantime the volume differential between gox and bitstamp has fallen  off again after yesterday's brief 2:1, but not enormously considering the big jump in gox's volume yesterday.  Prices are nicely close though Currently it the picture looks like this:

[SEC agent]

Bitstamp is next.

[thoughtfan]

Bitstamp is next.

I'm guessing you're trolling and assuming you're implying here Bitstamp is the next to be scrutinised by the US authorities to see if there are any aspects of its business on US soil that are contravening any US laws so that those parts of it can be closed/seized by the authorities?

If this is true then it is excellent news because it makes the existing exchanges work harder to ensure they're compliant in the various jurisdictions in which they operate, reminds their users to limit their exposure to the exchanges on which they trade whilst keeping in the forefront of all of our minds how important it is to get decentralisation of exchanges operational by some means sooner rather than later.

PS. for anyone who hasn't come across 'SEC agent' the following quote sums up quite nicely what he/she's about:

....I'm simply pointing out what a colossal amount of energy is wasted on some bullshit Internet funny money (whose primary use is drugs, money laundering, and child porn) as opposed to being used for doing something that actually benefits society in a meaningful and measurable way.  

Bless

[Zaih]

Cya Gox!

[Kouye]

I'm guessing you're trolling and assuming you're implying here Bitstamp is the next to be scrutinised by the US authorities to see if there are any aspects of its business on US soil that are contravening any US laws so that those parts of it can be closed/seized by the authorities?

Not likely, since they're operating from Slovania through an Italian bank, would be really scary if the US could actually seize anything in that context.

[Grinder]

Not likely, since they're operating from Slovania through an Italian bank, would be really scary if the US could actually seize anything in that context.

What's more important to Slovenia and Italy - being on good terms with the US, or allowing a tiny company to trade bitcoins? This is what it can all come down to.

[TimJBenham]

Not likely, since they're operating from Slovania through an Italian bank, would be really scary if the US could actually seize anything in that context.

Safely out of the reach of Uncle Sam like Liberty Reserve?