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barbarousrelic (OP)
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August 15, 2013, 02:45:10 AM |
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So I'm trying out Coinbase for the first time, and I'm waiting on my account confirmation, but in the meanwhile it says "Buy Amount ----- at $98.87 each" - but mtgox is showing their last price at $112.50 There can't possibly be really that much difference (~14%) between the two, can there? What am I missing?
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Do not waste your time debating whether Bitcoin can work. It does work.
"Early adopters will profit" is not a sufficient condition to classify something as a pyramid or Ponzi scheme. If it was, Apple and Microsoft stock are Ponzi schemes.
There is no such thing as "market manipulation." There is only buying and selling.
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There are several different types of Bitcoin clients. The most secure are full nodes like Bitcoin Core, which will follow the rules of the network no matter what miners do. Even if every miner decided to create 1000 bitcoins per block, full nodes would stick to the rules and reject those blocks.
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ArticMine
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Activity: 2282
Merit: 1050
Monero Core Team
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August 15, 2013, 02:49:00 AM |
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There are huge problems getting USD for that matter other fiat currencies EUR, CAD etc. out of MTGox so those who have USD, EUR, CAD etc trapped in MTGox are willing to pay a premium in order to get the money out in the form of BTC.
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barbarousrelic (OP)
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August 15, 2013, 02:55:50 AM |
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There are huge problems getting USD for that matter other fiat currencies EUR, CAD etc. out of MTGox so those who have USD, EUR, CAD etc trapped in MTGox are willing to pay a premium in order to get the money out in the form of BTC.
Oh, wow. I didn't realize it was that bad. Thank you. |
Do not waste your time debating whether Bitcoin can work. It does work.
"Early adopters will profit" is not a sufficient condition to classify something as a pyramid or Ponzi scheme. If it was, Apple and Microsoft stock are Ponzi schemes.
There is no such thing as "market manipulation." There is only buying and selling.
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001sonkit
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August 15, 2013, 05:14:52 AM |
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Or a simpler answer. MtGox's Fiat is worth less as they cant be withdrawn. Thus the coins seems to "worth" more on Gox
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GEMINI ACCOUNT REVIEW - Source of Funds Request
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barbarousrelic (OP)
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August 16, 2013, 03:24:50 AM |
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Thank you for your responses.
So now that the Mtgox price can't be considered anything resembling the 'real' value of Bitcoin, what (in your opinion) is the most reliable exchange price to use? Something that I can track on bitcoincharts.com ?
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Do not waste your time debating whether Bitcoin can work. It does work.
"Early adopters will profit" is not a sufficient condition to classify something as a pyramid or Ponzi scheme. If it was, Apple and Microsoft stock are Ponzi schemes.
There is no such thing as "market manipulation." There is only buying and selling.
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DeathAndTaxes
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Gerald Davis
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August 16, 2013, 03:32:22 AM
Last edit: August 19, 2013, 09:37:45 PM by DeathAndTaxes |
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Thank you for your responses.
So now that the Mtgox price can't be considered anything resembling the 'real' value of Bitcoin, what (in your opinion) is the most reliable exchange price to use? Something that I can track on bitcoincharts.com ?
In terms of volume bitstamp. That is likely what coinbase is using for setting price anyways. Still all the exchanges are within a few % of each other except MtGox which is a massive outlier to the upside simply because the price include a risk premium. The market is saying if you sell coins for USD on MtGox there is a significant chance you will never see that money. Now maybe MtGox fixes things in the future and if so we will see that risk premium decline but today the MtGox spot rate is essentially useless. Nobody* uses it, even bitpay and blockchain.info switched to bitstamp for pricing. * I have been informed the SR uses MtGox as the conversion rate for transactions so I guess once they stop using it, the rate will be a dead rate. MtGox rate could go to $1,000 tomorrow (and is possible in a loss of confidence by the market) but it doesn't magically mean somehow Bitcoins are worth more. |
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dhenson
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August 16, 2013, 03:37:53 AM |
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Thank you for your responses.
So now that the Mtgox price can't be considered anything resembling the 'real' value of Bitcoin, what (in your opinion) is the most reliable exchange price to use? Something that I can track on bitcoincharts.com ?
Whatever price someone is willing to pay is the real price. If 100 people are willing to pay $110 and 30 people are willing to pay $98 then the 'real' price is closer to $110 than $98. Check out http://bitcoinaverage.com |
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solex
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100 satoshis -> ISO code
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August 16, 2013, 03:40:24 AM |
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Today I decided that MtGox was no longer even worth watching. So I have set my fav window into the real market value of Bitcoin like this: http://bitcoinwisdom.com/markets/bitstamp/btcusdBye MtGox.  |
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Hfleer
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Changing avatars is currently not possible.
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August 16, 2013, 02:27:34 PM |
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Thank you for your responses.
So now that the Mtgox price can't be considered anything resembling the 'real' value of Bitcoin, what (in your opinion) is the most reliable exchange price to use? Something that I can track on bitcoincharts.com ?
Any of the various other popular exchanges are fairly close in price. |
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faiza1990
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★☆★777Coin★☆★
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August 19, 2013, 09:28:14 PM |
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MtGox's is worth less as they can't be withdrawn. Thus the coins seems to worth more on MtGox
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yz
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August 19, 2013, 09:29:52 PM |
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There are huge problems getting USD for that matter other fiat currencies EUR, CAD etc. out of MTGox so those who have USD, EUR, CAD etc trapped in MTGox are willing to pay a premium in order to get the money out in the form of BTC.
I wouldn't even take my BTC out from GOX, please look at my current situation. https://bitcointalk.org/index.php?topic=277693.0 |
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BitCoinNutJob
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August 19, 2013, 09:31:53 PM |
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coinbase is now the same price as mt gox..... btce & bitstamp have the only cheaper Bitcoin left
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italeffect
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August 19, 2013, 09:34:21 PM |
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That's odd, I wonder why it just changed.
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Dash: Xdopotr3eAHpsSCMkUyU2YWP3WQWb5X3t8
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BitCoinNutJob
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August 19, 2013, 09:37:09 PM |
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a deal has been made
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ffssixtynine
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August 19, 2013, 09:44:58 PM |
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A deal must have been made, yeah. Perhaps this is how Mt Gox are going to deal with their issues.
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BitCoinNutJob
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August 19, 2013, 09:48:30 PM |
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it wasn't a lie when i wrote it.
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italeffect
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August 19, 2013, 09:49:07 PM |
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Yep it's back down to bitstamp rates now
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Dash: Xdopotr3eAHpsSCMkUyU2YWP3WQWb5X3t8
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ffssixtynine
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August 19, 2013, 09:51:19 PM |
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Verified here - was higher and then dropped again. Someone claimed to have used the service at the higher price over on Reddit.
So, has a deal been done or was this an admin mistake?
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BitCoinNutJob
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Merit: 1000
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August 19, 2013, 09:52:04 PM |
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Yep it's back down to bitstamp rates now
still think they've struck a deal, we saw the prices the same there for a while hmmm |
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italeffect
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August 19, 2013, 09:53:29 PM |
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and I check again and it's gone from $102 to $118 again.
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Dash: Xdopotr3eAHpsSCMkUyU2YWP3WQWb5X3t8
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