Gox blowing up? $820 vs $1020

[BitcoinAshley]

As annoyingly bullish as I am, why the heck do we have a $200 spread? Ok, I know, gotta think in percents. What is that, like 20%? We haven't had that large a spread in a while.

Either Gox is going to slowly, painfully, and with much resistance, spearhead a massive rally... or it's seeing its dying days as the fiat increasingly leaves Gox in the form of BTC to the "easy-withdraw" exchanges....... that's been happening all along, but when the imbalance INCREASES is when it actually becomes significant. That means NO ONE has enough faith in Gox to jump on the arb opp.

Gox still has significant volume share among USD exchanges even though it's far from it's heyday as the 80% monster. Think it could pull price up? Stamp & BTC-e are saying "No Way!"

If the $200 spread increases even further, let's start to get worried, eh? =D

[1715162440]

1715162440

[bitcoinlitcoinbtcltc]

Yes, this is truly the end of bitcoin. People are currently in denial.

I am already praying to the Emperor, I hope they leave me a place in the Yasukuni Shrine.

BANZAAI!!!

Bitcoin's last breath!

http://www.youtube.com/watch?v=C2-vYrMd4kY&list=PL221DD22024D77390&index=4

[Bobsurplus]

I'm not too worried, its clearly the end of Gox, money buying up btc to sell on other exchanges.

[DeathAndTaxes]

Fiat isn't leaving MtGox otherwise the spread would be decreasing. Fiat is STUCK and Bitcoins can (so far) be easily removed.

So Bitcoins are leaving the exchange which means the same amount of fiat chasing fewer coins and artificially driving the price up.  Of course this isn't anything new however the delays are now reaching 7+ months in some cases and it has been going on for almost a year now.  Nobody still thinks it is a short term problem or there is a fix right around the corner so the more bitcoins leave and the spread widens.

[oOoOo]

Bitcoins can (so far) be easily removed.

Unfortunately you are wrong here...

[BitcoinAshley]

Fiat isn't leaving MtGox otherwise the spread would be decreasing. Fiat is STUCK and Bitcoins can (so far) be easily removed.

So Bitcoins are leaving the exchange which means the same amount of fiat chasing fewer coins and artificially driving the price up.  Of course this isn't anything new however the delays are now reaching 7+ months in some cases and it has been going on for almost a year now.  Nobody still thinks it is a short term problem or there is a fix right around the corner so the more bitcoins leave and the spread widens.

I said "fiat leaving in the form of bitcoins." Lol. Kind of a weird way of saying it. But yes, I am saying that bitcoins are leaving, which is what you said. Sorry I put it in such weird terms.

[chessnut]

Why is BTCE following MTGox?? I know its not following agressively, but the two charts are still highly correlated.

[smoothie]

Yes, this is truly the end of bitcoin. People are currently in denial.

I am already praying to the Emperor, I hope they leave me a place in the Yasukuni Shrine.

BANZAAI!!!

Bitcoin's last breath!

http://www.youtube.com/watch?v=C2-vYrMd4kY&list=PL221DD22024D77390&index=4

BITCOIN > MTGOX lol

[BitcoinAshley]

Oh yeah, I forgot to add, that if MtGox DID blow up, it would have almost no mid/long term effect on bitcoin price. Gox is only still used because of its now-mediocre volume, which in turn is due to its first-mover advantage... getting fiat (and now even coins, according to some reports) out is a bit of a struggle and near-impossible for most. NOT an exchange that will be missed.

People who equate "end of MtGox" with "end of Bitcoin" are still living in early 2013...

[smoothie]

Oh yeah, I forgot to add, that if MtGox DID blow up, it would have almost no mid/long term effect on bitcoin price. Gox is only still used because of its now-mediocre volume, which in turn is due to its first-mover advantage... getting fiat (and now even coins, according to some reports) out is a bit of a struggle and near-impossible for most. NOT an exchange that will be missed.

People who equate "end of MtGox" with "end of Bitcoin" are still living in early 2013...

If MTGOX causes more Bitcoins to be taken out of circulation then that is Bullish on the price for Bitcoin not bearish.

People need to remember that the price of the bitcoin exchanges show the value of USD on them in reverse. The higher the price the lower value the USD that is on the exchange (meaning it can buy less bitcoins).

MTGOX has shown us that their USD is just funny munny and may as well be Metatrader 4 sample account money (just digits).

[HairyMaclairy]

I don't doubt all the new players are swarming to Mt Gox as the most profitable place to sell their coins.

[chessnut]

I don't doubt all the new players are swarming to Mt Gox as the most profitable place to sell their coins.

the reason why people are swarming out of mount gox is because they cant withdraw their money. its dodgy.

[HairyMaclairy]

I don't doubt all the new players are swarming to Mt Gox as the most profitable place to sell their coins.

the reason why people are swarming out of mount gox is because they cant withdraw their money. its dodgy.

I don't doubt all the new players are swarming to Mt Gox.

[chessnut]

I don't doubt all the new players are swarming to Mt Gox as the most profitable place to sell their coins.

the reason why people are swarming out of mount gox is because they cant withdraw their money. its dodgy.

I don't doubt all the new players are swarming to Mt Gox.

yea I see your logic. but why would I want to sell my BT at an exchange that I cant get my money out of?? Ill just have to buy my BT back like everyone at gox is.

[HairyMaclairy]

I don't doubt all the new players are swarming to Mt Gox as the most profitable place to sell their coins.

the reason why people are swarming out of mount gox is because they cant withdraw their money. its dodgy.

I don't doubt all the new players are swarming to Mt Gox.

yea I see your logic. but why would I want to sell my BT at an exchange that I cant get my money out of?? Ill just have to buy my BT back like everyone at gox is.

Because they are new and don't know any better. 

[windjc]

I've been around for a while and here is what I think is happening...

Mt. Gox rallies precedes bigger rallies.  Why?  Pretend you are a newb.  In fact, pretend you are Rosanne Barr and you want to buy bitcoins.  You type 'buy bitcoins' in Google.  Mt. Gox is 2nd in the search results.  Users click it and see Mt. Gox has an impressive front page.  'As seen on CNN!' 'Biggest exchange!' As a newb you will put money on Gox and by at market prices.  Newbs are piling in and they pile into Mt. Gox first.  The end.

I hope thats not true. Thats sad sad sad if thats true.

God we can't get a real U.S. exchange soon enough. In a few months hopefully.

[maurya78]

Yep, lots of theories but still pretty puzzling to me

[TERA]

I was a noob once and within 2 hours of learning about bitcoin I figured out that there were many exchanges, and the price difference between all of them. I even downloaded an app to keep track of them all for possible arbitrage opportunities.  I cannot imagine that the people investing $100k+ are that stupid.

[aminorex]

I was a noob once and within 2 hours of learning about bitcoin I figured out that there were many exchanges, and the price difference between all of them. I even downloaded an app to keep track of them all for possible arbitrage opportunities.  I cannot imagine that the people investing $100k+ are that stupid.

having money doesn't correlate well with intelligence.  postiively perhaps, but if so, just barely.

[chessnut]

I was a noob once and within 2 hours of learning about bitcoin I figured out that there were many exchanges, and the price difference between all of them. I even downloaded an app to keep track of them all for possible arbitrage opportunities.  I cannot imagine that the people investing $100k+ are that stupid.

having money doesn't correlate well with intelligence.  postiively perhaps, but if so, just barely.

+1