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Author Topic: Centralized Exchange  (Read 1527 times)
Bogleg
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September 05, 2014, 02:29:25 AM
 #21

MtGox offered much higher exchange rate than the average market price before going bankruptcy. There are some issues there. They are happy for your deposit,but always find excuses for your withdrawal request. They are manipulating the price. They are dead. I think the value of BTC in a reliable and secure exchange won't depart much from the average market value.

The rate on Mtgox is a lot lower than market price before closing the door and going bankrupt.

It was higher when customer can still withdraw bitcoin but not able to withdraw fiat.
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September 05, 2014, 04:16:46 PM
 #22

This defeats the purpose of BTC.
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September 06, 2014, 06:34:32 AM
 #23

MtGox offered much higher exchange rate than the average market price before going bankruptcy. There are some issues there. They are happy for your deposit,but always find excuses for your withdrawal request. They are manipulating the price. They are dead. I think the value of BTC in a reliable and secure exchange won't depart much from the average market value.

The rate on Mtgox is a lot lower than market price before closing the door and going bankrupt.

It was higher when customer can still withdraw bitcoin but not able to withdraw fiat.
Customers were able to withdraw fiat, it just took a long time. When it took longer then expected to withdraw their money from gox people would panic buy the bitcoin back and withdraw their bitcoin onto another exchange that could deliver fiat more quickly.

The price of bitcoin crashed on gox when customers were unable to withdraw their bitcoin because they thought holding fiat would be safer then holding bitcoin at an exchange with no bitcoin.

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September 06, 2014, 08:46:11 AM
 #24

The whole idea of centralized exchange would be contrary to the idea behind bitcoin.
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September 06, 2014, 02:27:07 PM
 #25

if the exchanges are centralized then what will it help that bitcoins are decentralized, exchanges should also be decentralized
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September 07, 2014, 04:47:45 AM
 #26

MtGox offered much higher exchange rate than the average market price before going bankruptcy. There are some issues there. They are happy for your deposit,but always find excuses for your withdrawal request. They are manipulating the price. They are dead. I think the value of BTC in a reliable and secure exchange won't depart much from the average market value.
They did not offer any rate, it was the rate that the market on their exchange provided. The reason it provided such rate was because people were having trouble getting their fiat out of gox. This was reflected in their exchange rate and the confidence that was given to them by the public.
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