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Author Topic: Why is MtGox the "reference"?  (Read 1173 times)
TheShoura
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July 04, 2011, 10:36:29 PM
 #1

I'm starting to get annoyed at the fact that everytime someone asks for "market price"... They mention MtGox only

They don't look at the 5-10 other large markets available. MtGox is the largest one there, but not everyone is using it

Take autos for example.. In the states, Ford used to be the biggest seller for 20+ years... Yet on the road there's a healthy mix, and not everyone drives a ford, nor do you see a saturation of it




I think there should be a site(s) that average market prices from all available trading venues... referring to MtGox and saying HOLY CRAP THE MARKET PRICE DROPPED because some idiot decided to sell a btc for $3 on one site...should not happen

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Stephen Gornick
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July 04, 2011, 10:38:44 PM
 #2

I'm starting to get annoyed at the fact that everytime someone asks for "market price"... They mention MtGox only

They don't look at the 5-10 other large markets available.

The volume in the past 24 hours was about 90% 85% at Mt. Gox.
 - http://bitcoincharts.com/markets

Though you can see prices at other markets remain consistently higher than at Mt. Gox, reflecting that the price at Gox is not even reflective of the true market price simply because arbitrage with other markets isn't occuring:
 - http://nyse-group.de/bitcoin-arbitrage

Being a 3-day weekend in north America probably has something to do with it, ... bank transactions to the other exchanges aren't generally from the U.S. but for U.S. funds it will be Tuesday before bank transactions in the U.S. can occur [which should make us appreciate bitcoin being a 24x7 payment network all that much more].

gonzas144
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July 04, 2011, 10:40:09 PM
 #3

I think its because MtGox is the oldest and more voluminous market, and its very logic it happens like many other things in life.

TheShoura
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July 04, 2011, 10:44:08 PM
 #4

I'm starting to get annoyed at the fact that everytime someone asks for "market price"... They mention MtGox only

They don't look at the 5-10 other large markets available.

The volume in the past 24 hours was about 90% at Mt. Gox.
 - http://bitcoincharts.com/markets

Though you can see prices at other markets remain consistently higher than at Mt. Gox, reflecting that the price at Gox is not even reflective of the true market price simply because arbitrage with other markets isn't occuring.

Being a 3-day weekend in north America probably has something to do with it, ... bank transactions to the exchanges went through on the markets outside the U.S. but it will be Tuesday before funds being added via banks in the U.S. can occur.


Well, I hadnt seen that MtGox was THAT much bigger than everyone else..... well then.

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Jack of Diamonds
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July 05, 2011, 01:15:07 AM
 #5

Ford didn't have 90% market share.
Mt. Gox does, and will have unless Camp.BX becomes popular or people suddenly switch to tradehill.

As it stands, Gox is Microsoft, Tradehill is Linux and bitmarket is something of a mac-freeBSD hybrid yearning to be noticed but goes home hungry every night.

Then there's Bitomat, the Symbian of bitcoin markets that only 1 nation in the world understands, but holds considerable volume on a global scale.

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July 05, 2011, 02:32:12 AM
 #6

One word Volume


He who has the most volume becomes the gold standard.



well maybe copper standard in this case

joepie91
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July 05, 2011, 09:25:03 AM
 #7

Ford didn't have 90% market share.
Mt. Gox does, and will have unless Camp.BX becomes popular or people suddenly switch to tradehill.

As it stands, Gox is Microsoft, Tradehill is Linux and bitmarket is something of a mac-freeBSD hybrid yearning to be noticed but goes home hungry every night.

Then there's Bitomat, the Symbian of bitcoin markets that only 1 nation in the world understands, but holds considerable volume on a global scale.
That is one of the best analogies I've heard in a long time Tongue

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Jeremy West spendbitcoins.com
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July 05, 2011, 10:56:54 AM
 #8

I use the 24 hour average at bitcoincharts.com as my "reference".

Chucksta
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July 05, 2011, 09:03:17 PM
 #9

Ford didn't have 90% market share.
Mt. Gox does, and will have unless Camp.BX becomes popular or people suddenly switch to tradehill.

As it stands, Gox is Microsoft, Tradehill is Linux and bitmarket is something of a mac-freeBSD hybrid yearning to be noticed but goes home hungry every night.

Then there's Bitomat, the Symbian of bitcoin markets that only 1 nation in the world understands, but holds considerable volume on a global scale.

Camp.BX would be an excellent choice, if it went beyond the USA Smiley
enmaku
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July 05, 2011, 09:09:38 PM
 #10

http://bitcoinity.org/markets?exchange=all
Combines TH and Mt Gox at the very least Smiley

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