Why is BTC value significantly different among exchangers?

[the_poet]

I couldn't help but notice that BTC price varies significantly depending on which exchange websites you consider. In some cases the difference can be up to $100 (see Bitstamp and MtGox). What's the most reliable source?

[empoweoqwj]

MtGox is distorted because its virtually impossible to withdraw fiat from it.

The "real" price is bitstamp / btc-e

[bitpop]

Arbitrage

[kokojie]

Arbitrage

You can't really arbitrage when it takes nearly 3 months to get any fiat out of mtgox.

[BTCIndia]

I couldn't help but notice that BTC price varies significantly depending on which exchange websites you consider. In some cases the difference can be up to $100 (see Bitstamp and MtGox). What's the most reliable source?

Well I think, Mt.Gox has large user base distributed in various countries. They're more account than any other exchanges and most of them are buyer. And where ever buyer are more than seller, one can expect price to be high.

[the_poet]

If MtGox price is distorted, why is it often taken as a reference in transactions? Or is it just sellers that intentionally take it as a reference to profit from its higher price?

[bitpop]

If MtGox price is distorted, why is it often taken as a reference in transactions? Or is it just sellers that intentionally take it as a reference to profit from its higher price?

It's our first exchange, the defacto standard but we're slowly switching to bitstamp

[Kungfucheez]

If MtGox price is distorted, why is it often taken as a reference in transactions? Or is it just sellers that intentionally take it as a reference to profit from its higher price?

It's our first exchange, the defacto standard but we're slowly switching to bitstamp

I think MTGox should go back to trading Magic the Gathering cards and drop bitcoins 

[bitpop]

If MtGox price is distorted, why is it often taken as a reference in transactions? Or is it just sellers that intentionally take it as a reference to profit from its higher price?

It's our first exchange, the defacto standard but we're slowly switching to bitstamp

I think MTGox should go back to trading Magic the Gathering cards and drop bitcoins  

They'll close soon. It's a burden now and the owner is done making millions and can go on permavacation. That fucker was at the right place at the right time. Insanely lucky.

[the_poet]

So can we safely say the community now assumes Bitstamp as the 'official' BTC value?

[bitpop]

So can we safely say the community now assumes Bitstamp as the 'official' BTC value?

Almost

[JohanM]

For transactions in USD: yes.
For transactions in Euro and other currencies, Mtgox still works fine. (Sending and receiving money works although you need 6 weeks to withdraw)

[empoweoqwj]

For transactions in USD: yes.
For transactions in Euro and other currencies, Mtgox still works fine. (Sending and receiving money works although you need 6 weeks to withdraw)

6 weeks is still a "distorted" market.

[Sutters Mill]

I always get my prices from bit tamp and btce. The problem with sites like preev that take an overall average is that they're often skewed by mtgox

[empoweoqwj]

I always get my prices from bit tamp and btce. The problem with sites like preev that take an overall average is that they're often skewed by mtgox

What is "bit tamp"?

[AndersAA]

Am I the only one who still doesn't get it? Why don't billionaires buy a crapload of BTC elsewhere for 800$ elsewhere and sell them for 900$ on mtgox?? To me it sounds like an almost instant 12.5% profit with a 6 week payout time?
Do we expect mtgox to take the money and run?

[bitpop]

Am I the only one who still doesn't get it? Why don't billionaires buy a crapload of BTC elsewhere for 800$ elsewhere and sell them for 900$ on mtgox?? To me it sounds like an almost instant 12.5% profit with a 6 week payout time?
Do we expect mtgox to take the money and run?

Pretty much

[empoweoqwj]

Am I the only one who still doesn't get it? Why don't billionaires buy a crapload of BTC elsewhere for 800$ elsewhere and sell them for 900$ on mtgox?? To me it sounds like an almost instant 12.5% profit with a 6 week payout time?
Do we expect mtgox to take the money and run?

Sell them for $900 and then do what with the cash? The problem is you can't withdraw fiat from gox. People have been queuing for 6 months to get money out of gox.

Do you see why people don't do it? Gox is likely to go out of business before people get their fiat out.

[bitpop]

Am I the only one who still doesn't get it? Why don't billionaires buy a crapload of BTC elsewhere for 800$ elsewhere and sell them for 900$ on mtgox?? To me it sounds like an almost instant 12.5% profit with a 6 week payout time?
Do we expect mtgox to take the money and run?

Sell them for $900 and then do what with the cash? The problem is you can't withdraw fiat from gox. People have been queuing for 6 months to get money out of gox.

Do you see why people don't do it? Gox is likely to go out of business before people get their fiat out.

Fly to japan, get a free vacation. 0 risk.

[empoweoqwj]

Am I the only one who still doesn't get it? Why don't billionaires buy a crapload of BTC elsewhere for 800$ elsewhere and sell them for 900$ on mtgox?? To me it sounds like an almost instant 12.5% profit with a 6 week payout time?
Do we expect mtgox to take the money and run?

Sell them for $900 and then do what with the cash? The problem is you can't withdraw fiat from gox. People have been queuing for 6 months to get money out of gox.

Do you see why people don't do it? Gox is likely to go out of business before people get their fiat out.

Fly to japan, get a free vacation. 0 risk.

I've got a Japanese mate in Tokyo. He says the Gox staff is "tiny" (not by height, by volume). He's going to test for us how quickly a Japanese national can get his fiat out to a Japanese bank account. Our current best guess is "very slow", because its taking weeks for him to even get verified. Typical gox