Please change the subject to mtgox real time price converted to INR. This is not bitcoin's real time price in INR.
See this is the problem with pinning threads. People who I want to buy bitcoins from will now quote this link to me and won't sell at lower bitstamp rates.
Please stop pinning all threads.
Well in my view the real market price of bitcoin in india should be about 5,000 - 5,500/- if it is the market forces that is allowed to maintain prices. but people want to use a pegged price for a market that does not even function in the indian eco system.
That is where they get their BTC from. Until there is a globally acknowledged system that shows the rate, Most will continue to follow Mt Gox.
You are looking at mt gox as a ecosystem playing within india. but that is not the case.
Mt. gox caters to the international market. that is a global eco system. but in india that is not the case the connection to Mt gox for indians is verry tough. so a local ecosystem is needed to sustain the trading in a natural manner. not an artifical inflation.
let me dum it down.
Here 'A' being a group of sellers
'A' buys btc as a company at mt gox rates - 'A' then sells it at 10% Mt. gox rate.
Mt gox rates go up 'A' Still sells at gox +10% still earning a lot of profit . suply of btc is constant in the population
Mt. gox dipps down 'A' Still has reserve btc from last purchase from gox . 'A' Will not sell .. suply of btc is cut to the population.
Here the biggest problem is the drop in prices in btc creating problems, and bottlenecks.
Solution :-
Open free floating market rates. where in the demand and supply of bticoins determine prices. this will encourage goods and services to also adopt bitcoins because for them they will be able to unload their btc in exchange for fiat to cover expenses.
