MTGOX - BTC Volume Spikes!

[rat]

are they pulling out reserves from cold storage?

how are they going from 30k volume to 90k - in one day?

are the numbers rigged?

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[Melbustus]

how are they going from 30k volume to 90k - in one day?

Easy... The price of a GoxCoin goes from $261 to $110 in 12hrs.

[superduh]

are they pulling out reserves from cold storage?

how are they going from 30k volume to 90k - in one day?

are the numbers rigged?

people are able to trade much much at lower prices than higher prices since .. well, it requires a lot less money to trade at lower prices

nothing to do with cold storage since mtgox isn't sending any bitcoins outside their platform.

two separate things

[rat]

but, aren't the gates closed there?

[Holliday]

The lower the exchange rate, the more volume you will see of the asset being traded. (It takes more volume to trade the same value.)

This isn't rocket surgery!

In this case we are dealing with fake Bitcoin IOUs issued by a dysfunctional, incompetent, possibly insolvent company. These IOUs are proving to be practically worthless, as they should be. Although, the fake fiat IOUs are probably just as worthless.

[Holliday]

but, aren't the gates closed there?

These are pretend coins that were already on the exchange being traded back and forth multiple times like a game of hot potato.

No one in their right mind deposited bitcoins to Gox after the freezing of withdraws.

[rat]

gotcha.

[jaybny]

the lower the price the higher the volume in BTC , volume in USD is not that high. http://bitcoincharts.com/charts/mtgoxUSD#rg180ztgSzm1g10zm2g25zi1gVolzcv

[Lauda]

No surprise there. I wonder where the price will be in a couple of days.

[FrictionlessCoin]

The lower the exchange rate, the more volume you will see of the asset being traded. (It takes more volume to trade the same value.)

This isn't rocket surgery!

In this case we are dealing with fake Bitcoin IOUs issued by a dysfunctional, incompetent, possibly insolvent company. These IOUs are proving to be practically worthless, as they should be. Although, the fake fiat IOUs are probably just as worthless.

However, both Bitcoin and Fiat at Mt.Gox are fake.  So how is it the price of BTC lower relatively?

The explanation for this is that there 5 times more fake Bitcoin than what really exists.   Furthermore,  Mt.Gox does not dare to fake USD.

[mccoyspace]

In this case we are dealing with fake Bitcoin IOUs issued by a dysfunctional, incompetent, possibly insolvent company. These IOUs are proving to be practically worthless, as they should be. Although, the fake fiat IOUs are probably just as worthless.

I didn't know Gox became a Ripple exchange.