MtGox no longer the standard for exchange rate

[Its About Sharing]

So it's effective emediatly but there is no price listed? At least no obvious link or price on there page. I'm confused, am I missing it somewhere?

I think you are right. A bit Gox like as far as sparse explanations go.
Wouldn't it be nice if Bitpay had a ticker showing it?

Regarding the effect to the customer (e.g. - us), I don't really see it. For example, if you buy something for $100 USD and pay via Bitpay, regardless of the price of Bitcoin, it is bought and sold at the time of the transaction (unless Bitpay wants to take a chance and stay in BTC). The important difference to the customer will be the spread of the BTC price and not the BTC price.

So, shouldn't Bitpay be looking at the closest spread and not most consistent price (2 of 3 exchanges)

IAS

BitPay has in the first instance (for their merchants requiring fiat conversion) to be doing transactions at a rate that enables it to immediately pass the transaction on to an exchange.  Unless they are going to be determining rate to the customer on the size of the order (by calculating it from the order book) the most important thing is liquidity so they don't lose out on slippage.  With only 1% charged on to the merchant I can't see how they could select the exchange that would best suit the customer without risking losing their margin on slippage.

I think the point of showing their rate based on a single bid price is that it is simply passing on the rate it will be getting itself for the conversion.

Good point and one also has to consider if the customer is sending the bitcoins (and then Bitpay sells the BTC for cash to the recipient) or if Bitpay is handling the from beginning to end (cash to BTC and then back to cash)...

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[Carl_Lundstrom]

Good news but is there anyone else than Mt Gox that offer an API?

There´s a site where the Mt Gox market depth is presented live - but I lost the bookmark. Any one have it?

[CaptChadd]

I have to be honest I have never used Mt Gox and for trade I mainly used BTC-E. I have also never bought a Bitcoin with GPB ever, just slowly mined my way in with other currencies and projects.

I guess if the governments cannot regulate/control the exchanges then they will target the payment processors.

[kiko]

Good news but is there anyone else than Mt Gox that offer an API?

There´s a site where the Mt Gox market depth is presented live - but I lost the bookmark. Any one have it?

mtgoxlive.com or bitcoinity.org show the dynamic orderbook, bitcoincharts.com has smaller snapshots too.

On a related note. It would be in everyone's interest to push for a Global Best Bid or Offer system ala (NBBO in the US). This is where your chosen bitcoin exchange would silently route your order to another exchange if it would get you a better price.  It would require lines of credit between exchanges but thanks to bitcoin, settlement would be near-instant. Exchanges would compete more on service and the community would benefit immensely.

[Cyberdyne]

It depends on how you look at it. The best solution should be a weighted average of few exchanges.

The 'best' solution depends on why you are seeking a rate in the first place.

I think the point of showing their rate based on a single bid price is that it is simply passing on the rate it will be getting itself for the conversion.

This is exactly the point.

For example, if you intend to buy/sell bitcoins on BTC-E after your trade with someone from localbitcoins.com or after purchasing something with bitcoins, then the rate on BTC-E is the only one that matters.

Nothing wrong with using the Mt Gox rate if that's where you dump coins or replenish your stash.

[joele]

Gox is unreliable, that is why there is a new open source project called Buttercoin.

[greyhawk]

Gox is unreliable, that is why there is a new open source project called Buttercoin.

Is that an offshoot of glucosefructosesyrupcoin?

[Cyberdyne]

Gox is unreliable, that is why there is a new open source project called Buttercoin.

Is that an offshoot of glucosefructosesyrupcoin?

Or is it the speech impediment version of buttcoin?

[boonies4u]

Gox is unreliable, that is why there is a new open source project called Buttercoin.

Is that an offshoot of glucosefructosesyrupcoin?

Or is it the speech impediment version of buttcoin?

It's called google.

[QuestionAuthority]

Good news but is there anyone else than Mt Gox that offer an API?

There´s a site where the Mt Gox market depth is presented live - but I lost the bookmark. Any one have it?

http://trading.i286.org/