It's going to blow...

[dave111223]

Everyone still looks to Gox for price advice, so I think the price is being artificially sustained.

Less and less so every day.  We now disregard the gox price at bitcoin.co.th

[GigaDice]

Everyone still looks to Gox for price advice, so I think the price is being artificially sustained.

Less and less so every day.  We now disregard the gox price at bitcoin.co.th

I beg to differ, Gox's price is regarded as THE correct price. The problem is that new comers are unaware of any other price indicators and fall victim to exchanges such as Gox.

[ElectricMucus]

Everyone still looks to Gox for price advice, so I think the price is being artificially sustained.

Less and less so every day.  We now disregard the gox price at bitcoin.co.th

I beg to differ, Gox's price is regarded as THE correct price.

Bitpay disagrees with you.

[BitPirate]

Everyone still looks to Gox for price advice, so I think the price is being artificially sustained.

Less and less so every day.  We now disregard the gox price at bitcoin.co.th

I beg to differ, Gox's price is regarded as THE correct price. The problem is that new comers are unaware of any other price indicators and fall victim to exchanges such as Gox.

I beg to differ -- When I was a newbie I disregarded the Gox price and only went by local exchange price. On short timescales I got burned quite badly doing that. Later I learned from my mistakes and started to pay more attention to Gox.

Right now though, things do seem to be changing -- but it's not clear yet. Bears will happily tell you to follow Bitstamp, because conveniently it is lower right now. I believe this is due to Bitfinex tying their shorts against the Bitstamp price. BTC-E has always been lower, and BTC-China has always been a follower of Gox price -- waiting for clarity on direction now.

I think right now for general purposes, the most useful would be to follow a basket of Gox, Bitstamp, BTC-E and and BTC China, with Gox making up about 80 - 85% of the basket and the others accounting for the remainder.

And as usual, trend over a few days is more important than any one price on a particular exchange at a point in time.

[Spaceman_Spiff]

I beg to differ -- When I was a newbie I disregarded the Gox price and only went by local exchange price. On short timescales I got burned quite badly doing that. Later I learned from my mistakes and started to pay more attention to Gox.

Right now though, things do seem to be changing -- but it's not clear yet. Bears will happily tell you to follow Bitstamp, because conveniently it is lower right now. I believe this is due to Bitfinex tying their shorts against the Bitstamp price. BTC-E has always been lower, and BTC-China has always been a follower of Gox price -- waiting for clarity on direction now.

I think right now for general purposes, the most useful would be to follow a basket of Gox, Bitstamp, BTC-E and and BTC China, with Gox making up about 80 - 85% of the basket and the others accounting for the remainder.

And as usual, trend over a few days is more important than any one price on a particular exchange at a point in time.

Yeah, I think at the moment a price between gox and other exchanges is the most correct way to interpret the BTC price.  Ideally, you would do some sort of a volume weighted average (but over which time period?).  The difference in price is obviously due to the lack of fiat withdrawals from gox, people are buying btc at gox to sell at other exchanges, and withdraw their fiat from the other exchanges.  So this causes a positive distortion at gox, and a negative one on other exchanges, which should be averaged.

[vokain]

i feel like we're pressure cooking

[ArpFlush]

Everyone still looks to Gox for price advice, so I think the price is being artificially sustained.

For me it's Bitstamp's price. Also, Mt. Gox should be a Ripple gateway, then withdrawing USD would be no problem.

[EuroTrash]

Mt. Gox should be a Ripple gateway, then withdrawing USD would be no problem.

I wonder who would want MtGox USD IOUs right now, and what would be the exchange rate of those vs BitStamp USD IOUs.

[Nemo1024]

I am with Bitstamp, if only because of SEPA.

And the sideways pressure-cooking trend continues:

    Last price:$90.39
    Daily change: -$1.16 (-1.27%)
    Day's range:$89.20 - $92.37
    Today's open:$91.61
    24h volume9218 BTC

[Spaceman_Spiff]

Yeah, I think at the moment a price between gox and other exchanges is the most correct way to interpret the BTC price.  Ideally, you would do some sort of a volume weighted average (but over which time period?).

I think that would be a mistake. A thought experiment: imagine that tomorrow an exchange announces that they are no longer allowing fiat withdrawals, though you can still do bitcoin withdrawals. The bitcoin price on that exchange would then tend to infinity, as fiat in your account there becomes worthless.

Should such an exchange have any influence on the weighted average? I don't think so, not even if they have massive volume. Their weight in the bitcoin price should be exactly zero as they aren't a real exchange anymore.

Ok, when the situation gets more extreme, my suggestion is not a decent model anymore.

[Nemo1024]

Finally we are moving:

    Last price:$81.32
    Daily change: -$9.65 (-10.61%)
    Day's range:$78.92 - $91.00
    Today's open:$90.96
    24h volume15930 BTC

PS: The order book @ Bitstamp looks really one-sided!

[rampantparanoia]

there's still a lot of manipulation going on

[ElectricMucus]

there's still a lot of manipulation going on

Nice nickname!

There always is and always will be.

[notme]

there's still a lot of manipulation going on

Nice nickname!

+1.... He'll fit right in here

[bitcon]

things usually blow up, not down

[Synethstesia]

things usually blow up, not down

Why do you people come and post "the price didn't do what you thought it would LOL! You're wrong LOL!" in the SPECULATION forum?  Congratulations, Captain Hind-Sight. You look like a moron.

[vokain]

things usually blow up, not down

Why do you people come and post "the price didn't do what you thought it would LOL! You're wrong LOL!" in the SPECULATION forum?  Congratulations, Captain Hind-Sight. You look like a moron.

You look like a moron. The guy simply stated the fact that the expression is "blows up". I've never heard of anyone saying "blowing down" ever.

[Nemo1024]

things usually blow up, not down

Why do you people come and post "the price didn't do what you thought it would LOL! You're wrong LOL!" in the SPECULATION forum?  Congratulations, Captain Hind-Sight. You look like a moron.

You look like a moron. The guy simply stated the fact that the expression is "blows up". I've never heard of anyone saying "blowing down" ever.

http://en.wikipedia.org/wiki/Boiler_blowdown
http://idioms.thefreedictionary.com/blow+down
 

[Synethstesia]

things usually blow up, not down

Why do you people come and post "the price didn't do what you thought it would LOL! You're wrong LOL!" in the SPECULATION forum?  Congratulations, Captain Hind-Sight. You look like a moron.

You look like a moron. The guy simply stated the fact that the expression is "blows up". I've never heard of anyone saying "blowing down" ever.

The expression used in the original post is just "Going to Blow" ... not "blow up". Furthermore, things dont blow just up, down, or side to side... energy is expelled in the path of least resistance. You're thinking of Explode vs Implode... It's alright

Oh, and then there is this:
http://www.youtube.com/watch?v=W5k0ZA4jxqw

[FNG]

Everyone still looks to Gox for price advice, so I think the price is being artificially sustained.

Less and less so every day.  We now disregard the gox price at bitcoin.co.th

Curious to know how the market is here in Thailand. Are many Thai's buying / using bitcoin?