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Author Topic: What's going on over at Virtex?  (Read 2668 times)
impulse
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May 25, 2012, 12:41:25 PM
 #1

Virtex has been trading under $5 since about mid-March and suddenly today the price has rocketed to a high of almost $5.50 with near-record setting volume and the day is still fresh.  Anyone have any idea why?
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Fiyasko
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May 25, 2012, 12:45:55 PM
 #2

i would Seriously like to know this aswell.
I sell my coins directly to another person, Who strictly goes off the Virtex market rate (because we're canadian) And it's reallly starting to piss me off.

http://bitcoin-otc.com/viewratingdetail.php?nick=DingoRabiit&sign=ANY&type=RECV <-My Ratings
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May 25, 2012, 12:46:16 PM
 #3

Another thread also mentions some increased demand on IntersangoGBP and speculates that it's the Intersango guys themselves trying to buy back the 18000 BTC lost through Bitcoinica. Maybe they're doing it through every exchange EXCEPT Gox, just to keep the markets calm or to not give them their business :-)
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May 25, 2012, 12:54:25 PM
 #4

Sorry guys, I was all cash over there.. so naturally the price skyrockets in the mean time..

 Roll Eyes

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May 25, 2012, 02:21:39 PM
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I emailed them right after the trades last night to let them know they could be getting hacked (maybe people had injected fake CAD into their accounts somehow and wanted to make off with the BTC). Since the trade limits are so low it seemed unlikely that multiple accounts were all making these giant buys all at once. I got the following response:

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We see it, it is all actual trades.  Thanks for letting us know.

So at least these are trades on the up and up.

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May 25, 2012, 02:30:35 PM
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Another thread also mentions some increased demand on IntersangoGBP and speculates that it's the Intersango guys themselves trying to buy back the 18000 BTC lost through Bitcoinica. Maybe they're doing it through every exchange EXCEPT Gox, just to keep the markets calm or to not give them their business :-)

Gox runs a bot on their own exchange to increase volatility and ensure they can pay their staff every week. This sounds like the most reasonable description of what is going down, they need BTC and they know if they buy it through Gox the bots will shift the price upwards too steeply, they'd rather just buy on their own exchanges and deal with the higher prices, plus it give arbitrage opportunities and hurts Gox (sort of).

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May 25, 2012, 02:57:10 PM
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Another thread also mentions some increased demand on IntersangoGBP and speculates that it's the Intersango guys themselves trying to buy back the 18000 BTC lost through Bitcoinica. Maybe they're doing it through every exchange EXCEPT Gox, just to keep the markets calm or to not give them their business :-)

Gox runs a bot on their own exchange to increase volatility and ensure they can pay their staff every week. This sounds like the most reasonable description of what is going down, they need BTC and they know if they buy it through Gox the bots will shift the price upwards too steeply, they'd rather just buy on their own exchanges and deal with the higher prices, plus it give arbitrage opportunities and hurts Gox (sort of).

Thats a potentially great explaination!, Thanks

http://bitcoin-otc.com/viewratingdetail.php?nick=DingoRabiit&sign=ANY&type=RECV <-My Ratings
https://bitcointalk.org/index.php?topic=857670.0 GAWminers and associated things are not to be trusted, Especially the "mineral" exchange
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May 25, 2012, 05:10:32 PM
 #8

Another thread also mentions some increased demand on IntersangoGBP and speculates that it's the Intersango guys themselves trying to buy back the 18000 BTC lost through Bitcoinica. Maybe they're doing it through every exchange EXCEPT Gox, just to keep the markets calm or to not give them their business :-)

Gox runs a bot on their own exchange to increase volatility and ensure they can pay their staff every week. This sounds like the most reasonable description of what is going down, they need BTC and they know if they buy it through Gox the bots will shift the price upwards too steeply, they'd rather just buy on their own exchanges and deal with the higher prices, plus it give arbitrage opportunities and hurts Gox (sort of).

Thats a potentially great explaination!, Thanks

hmm you thin they have EUR's and CAD's dollars on hand? and are will to buy it at higher rate then gox? bitcoinia would benefit from more volatility too

why not just buy it all at once off mt gox and bump the price to 4.19? why buy less off other exchanges at a higher rate?

maybe they have already bought the 18k btc and we dont know...

I think whats going on is just a natural rise in price due to more demand then supply.

Mt gox is losing its foot hold as "the price of btc", and other markets are becoming more independent



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May 25, 2012, 05:29:52 PM
 #9

in total volume just ~ 2700 btc changed the owner - so not really worth to talk about

http://bitcoincharts.com/charts/virtexCAD#rg2zig2-hourztgWzm1g10zm2g25zv

- in high volume days we see 100k - 300k btc changing the owner at mtgox

http://bitcoincharts.com/charts/mtgoxUSD#rg120zigDailyztgWzm1g10zm2g25zxzv

... just to compare with true data.






... this is a very stupid bla bla thread.


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May 25, 2012, 05:33:48 PM
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hmm you thin they have EUR's and CAD's dollars on hand? and are will to buy it at higher rate then gox? bitcoinia would benefit from more volatility too


I had guessed that someone would start running arbitrage on the EUR/CAD pair, as coins on Virtex were quite cheap if you had EUR to exchange. But neither that opportunity nor Intersango trying to get cheap coins would explain why such a large volume was traded so quickly, as the price was been driven up beyond the cost of EURBTC.

I think someone just really wanted BTC fast. Maybe a GLBSE investor?

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May 25, 2012, 07:26:07 PM
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hmm you thin they have EUR's and CAD's dollars on hand? and are will to buy it at higher rate then gox? bitcoinia would benefit from more volatility too


I had guessed that someone would start running arbitrage on the EUR/CAD pair, as coins on Virtex were quite cheap if you had EUR to exchange. But neither that opportunity nor Intersango trying to get cheap coins would explain why such a large volume was traded so quickly, as the price was been driven up beyond the cost of EURBTC.

I think someone just really wanted BTC fast. Maybe a GLBSE investor?


agreed

kinda crazy how he went so much over mtgox price, he would of easily been able to get them at 5$ each if he was simply willing to buy them over a few days...


in total volume just ~ 2700 btc changed the owner - so not really worth to talk about

http://bitcoincharts.com/charts/virtexCAD#rg2zig2-hourztgWzm1g10zm2g25zv

- in high volume days we see 100k - 300k btc changing the owner at mtgox

http://bitcoincharts.com/charts/mtgoxUSD#rg120zigDailyztgWzm1g10zm2g25zxzv

... just to compare with true data.

... this is a very stupid bla bla thread.


2,700 coins bought is a big deal for virtex... it made the price rise like 20%  

and now its 3,400 coins and counting Smiley

I for one am glad to see this action, as i trade on virtex

edit: lets not forget that CAD isn't nearly used as much as the USD so of course their will be less volume on a CAD / BTC exchange

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May 26, 2012, 04:12:19 AM
 #12

I got caught up in all this myself yesterday.

I noticed that for most of last evening, the bids were at around 4.95-4.98 and there was a big sell order (around $2500) right at 5.00. I sure wish I gobbled some of those up right at 5 because today at one point we we're at 5.50 and I saw the spreads widen by more than ten times what they were last night!

It doesn't look like we'll be back in the 4's anytime soon.
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May 26, 2012, 05:16:54 AM
 #13

I got caught up in all this myself yesterday.

I noticed that for most of last evening, the bids were at around 4.95-4.98 and there was a big sell order (around $2500) right at 5.00. I sure wish I gobbled some of those up right at 5 because today at one point we we're at 5.50 and I saw the spreads widen by more than ten times what they were last night!

It doesn't look like we'll be back in the 4's anytime soon.

ya,

we're looking at a slow slid back to 4.9's, until mtGox shoots up a bit...

i think we will stay over or very close to mtgox price for a long time

plan your trades accordingly Wink

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May 26, 2012, 03:33:51 PM
 #14

It's not just Virtex btcchina has been doing really well over the last few days as well  Grin

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May 26, 2012, 04:24:15 PM
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ya,

we're looking at a slow slid back to 4.9's, until mtGox shoots up a bit...

i think we will stay over or very close to mtgox price for a long time

plan your trades accordingly Wink


Yeah, though I'm new to Bitcoin I just knew the sub $5 prices weren't going to last, so I've been buying pretty heavily all month. I figured I missed sub $10 silver, I sure as hell wasn't going to miss sub $5 Bitcoin as well  Grin

I can totally see another deflationary crash coming in the real world, a la 2008, but given the action over the last couple of weeks with the metals getting beaten down and Bitcoin holding steady, even rising a little, I don't think it would be wise to wait and hope for lower prices. I'm going to keep buying into dips, however small they may be.
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May 26, 2012, 04:51:56 PM
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ya,

we're looking at a slow slid back to 4.9's, until mtGox shoots up a bit...

i think we will stay over or very close to mtgox price for a long time

plan your trades accordingly Wink


Yeah, though I'm new to Bitcoin I just knew the sub $5 prices weren't going to last, so I've been buying pretty heavily all month. I figured I missed sub $10 silver, I sure as hell wasn't going to miss sub $5 Bitcoin as well  Grin

I can totally see another deflationary crash coming in the real world, a la 2008, but given the action over the last couple of weeks with the metals getting beaten down and Bitcoin holding steady, even rising a little, I don't think it would be wise to wait and hope for lower prices. I'm going to keep buying into dips, however small they may be.

very smart.
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May 26, 2012, 11:24:38 PM
 #17

Does cavirtex let you withdraw that much if you get some sort of level 2 authorization (like gox)? Didn't see anything on the site if you trade more than 10k month
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May 27, 2012, 02:34:19 AM
 #18

Does cavirtex let you withdraw that much if you get some sort of level 2 authorization (like gox)? Didn't see anything on the site if you trade more than 10k month

From the transfer methods page linked at the bottom of the site.


Quote
Withdraw Canadian funds
You may withdraw with the follow methods.

Transfer type                                   Delay                  Fees   Daily Limit   Monthly Limit   Available
Direct Deposit (to your bank account)   1-2 business days   $6   $3,000      $8,000               Now
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May 30, 2012, 10:35:37 PM
 #19

Legit bump...

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May 30, 2012, 10:38:33 PM
 #20

They seem to be down right now.
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