The BTC Rises

[ibox]

Hi everybody,

it's been few months I'm following BTC value and I have to say I don't understand the recent rise of BTC. What I understood is that it's gonna grow until it gets its limit but I didn't excpected it that fast!
How is it possible?
People mine a lot?
Someone's playing with the market?

Other thing : the gap between platforms is reducing at the same time which is not understandable for me (it should rise at the same time no?), so 1 month ago we had a gap of 15% between MG and BS and now it's just 8%! Someone has an idea? Or explanation for newbie =)

Kind regards

[1713559830]

1713559830

[1713559830]

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[1713559830]

1713559830

[1713559830]

1713559830

[1713559830]

1713559830

[Birdy]

Welcome to the fast pace of our technological world, it is here to stay xD

Bitcoin has several attributes that contribute to fast price developments (in both directions) , e.g.:
- hard cap of 21 mio Bitcoins
- still a kinda small market cap and quite some speculators on board
- highly mobile
- based on trust in the system

I think the gap is closing, because people deposit less fresh money to Gox / buy on the other exchanges instead, having a counterbalance effect on those that want to buy BTC/get out on another exchange and the people that wanted out of Gox as fast as possible are already out there. Or arbitrage is working again.

[ibox]

Thanks for your reply.

So I understand the fast rise, but for the gap between platforms I still have some thougths...

Eg : even in the "fiat" trading market there's gap between platforms (eg EUR/USD) so I guess that there will always be gap between MG and others.
According to what I understood, if someone (a big whale willing to do arbitrage for example) inject a lot of money on MG, the gap will be back as it was in July? But in this case people will want to buy a lot on BS so the prices will follow without big gap...so how explaining the July's gap?

[marcovaldo]

The gap between mt.gox and bitstamp is not constant in usd?
I always saw bitstamp at mtgox - 10 usd. So, if the price increases, the gap % decreases

[ibox]

That's exactly the point, the gap is decreasing (of course I talk in %) and fast! This is why I wonder how =)

[marcovaldo]

But stay constant in value (10usd)

[ibox]

You're right, how would you explain this constant difference? Because if it goes on like (let's imagine 1BTC = 200$) the difference will be nothing and people will stop using MG no?

[marcovaldo]

I don't know exactly.
I know that btc.e is cheaper because it is harder to send usd funds there, and there is high fees.
But maybe mt.gox is more expensive because it is not possible to withdraw usd at the moment so people are buying btc and withdrawing it? But it was already more expensive before so I don't know

[b!z]

I don't know exactly.
I know that btc.e is cheaper because it is harder to send usd funds there, and there is high fees.
But maybe mt.gox is more expensive because it is not possible to withdraw usd at the moment so people are buying btc and withdrawing it? But it was already more expensive before so I don't know

yes, that's right
mtgox users are selling usd to get btc and withdraw to another exchange

[ibox]

I thought it was the opposite : people doing some kind of arbitrage and withdrawaling USD from MG?

[marcovaldo]

I thought it was the opposite : people doing some kind of arbitrage and withdrawaling USD from MG?

It is not possible to withdraw USD from mt.gox since June 2013.

[elor70]

the BTC price is always changing,its not something new.

[Doctor Andonuts]

Thought is was possible to withdraw from gox but it took 3+ months which made it not worth it.

[ibox]

Let's say EUR =)

[monbux]

I thought it was the opposite : people doing some kind of arbitrage and withdrawaling USD from MG?

It is not possible to withdraw USD from mt.gox since June 2013.

Itès true their banks have been frozen but I hear that they are still trying to process withdrawals

[unknown.usr]

So what is the preferred method to covert BTC dollars?  Is there a more reliable method for withdrawing hard currency?  While I want to keep my BTC, some places, like the landlord for example, does not take BTC. 

[fengchu]

确实涨啦很多啦

[GambleDev]

OkPay Banks were frozen, so I expect that more businesses that accept Bitcoin are going to get troubles throughout the year, really sad. "They" are trying to stop Bitcoin.

[marcovaldo]

So what is the preferred method to covert BTC dollars?  Is there a more reliable method for withdrawing hard currency?  While I want to keep my BTC, some places, like the landlord for example, does not take BTC. 

bitstamp or other exchanges than mt.gox

[unknown.usr]

bitstamp or other exchanges than mt.gox

Thanks!  When I have any BTC of substance, I want the option.  Hopefully, my investment is not for naught.  All this anti-BTC talk among the governments lately is disconcerting and uncool.