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Author Topic: MtGox implications  (Read 3038 times)
TTBit
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August 21, 2010, 04:49:08 PM
 #1

[Note: I only wanted to discuss the implications of MtGox. Mods, please delete/move to the MtGox thread if not deemed worthy]

I got to thinking: this is pretty much a bank. I can pay and receive balances from Mt Gox, and it never hits my wallet. Very cool! In fact, anyone could get into bitcoins now, and never have to download the software. Non-techies could simply deposit at MtGox and use their balances as their 'wallet'.

MtGox: I'd suggest a data output for all trades with timestamp, price and size. With this info, apps can be created for sites like biddingpond.com which give live exchange rates. Would also like to put the exchange rate on my own sites and blogs. The graphs on MtGox aren't all that, let someone else run with the idea.

Imagine someone writing a blog about bitcoins, and having a live ticker to the current value vs. USD.

good judgment comes from experience, and experience comes from bad judgment
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August 21, 2010, 06:05:26 PM
 #2

[Note: I only wanted to discuss the implications of MtGox. Mods, please delete/move to the MtGox thread if not deemed worthy]

I got to thinking: this is pretty much a bank. I can pay and receive balances from Mt Gox, and it never hits my wallet. Very cool! In fact, anyone could get into bitcoins now, and never have to download the software. Non-techies could simply deposit at MtGox and use their balances as their 'wallet'.

MtGox: I'd suggest a data output for all trades with timestamp, price and size. With this info, apps can be created for sites like biddingpond.com which give live exchange rates. Would also like to put the exchange rate on my own sites and blogs. The graphs on MtGox aren't all that, let someone else run with the idea.

Imagine someone writing a blog about bitcoins, and having a live ticker to the current value vs. USD.

I have asked bitcoinmarket.com to write an RSS feed so I am able to add it to my blog http://www.bitcoinblogger.com.  He has one but it is using https and not http so I can't add to my blog.

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TTBit
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August 21, 2010, 08:10:54 PM
 #3

[Note: I only wanted to discuss the implications of MtGox. Mods, please delete/move to the MtGox thread if not deemed worthy]

I got to thinking: this is pretty much a bank. I can pay and receive balances from Mt Gox, and it never hits my wallet. Very cool! In fact, anyone could get into bitcoins now, and never have to download the software. Non-techies could simply deposit at MtGox and use their balances as their 'wallet'.

MtGox: I'd suggest a data output for all trades with timestamp, price and size. With this info, apps can be created for sites like biddingpond.com which give live exchange rates. Would also like to put the exchange rate on my own sites and blogs. The graphs on MtGox aren't all that, let someone else run with the idea.

Imagine someone writing a blog about bitcoins, and having a live ticker to the current value vs. USD.

I have asked bitcoinmarket.com to write an RSS feed so I am able to add it to my blog http://www.bitcoinblogger.com.  He has one but it is using https and not http so I can't add to my blog.

I like the blog, its on my reading list now. Ticker would be fantastic for sites just like yours. I see the progress that bitcoins are making, and can't shake this feeling that bitcoins will be huge for internet monies. Buy them now while they are cheap! If these take off and the internet is all bitcoin currency, imagine how dumb we'd all feel for not investing $100 now at 7c each?

good judgment comes from experience, and experience comes from bad judgment
FreeMoney
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August 21, 2010, 08:16:35 PM
 #4

[Note: I only wanted to discuss the implications of MtGox. Mods, please delete/move to the MtGox thread if not deemed worthy]

I got to thinking: this is pretty much a bank. I can pay and receive balances from Mt Gox, and it never hits my wallet. Very cool! In fact, anyone could get into bitcoins now, and never have to download the software. Non-techies could simply deposit at MtGox and use their balances as their 'wallet'.

MtGox: I'd suggest a data output for all trades with timestamp, price and size. With this info, apps can be created for sites like biddingpond.com which give live exchange rates. Would also like to put the exchange rate on my own sites and blogs. The graphs on MtGox aren't all that, let someone else run with the idea.

Imagine someone writing a blog about bitcoins, and having a live ticker to the current value vs. USD.

I have asked bitcoinmarket.com to write an RSS feed so I am able to add it to my blog http://www.bitcoinblogger.com.  He has one but it is using https and not http so I can't add to my blog.

I like the blog, its on my reading list now. Ticker would be fantastic for sites just like yours. I see the progress that bitcoins are making, and can't shake this feeling that bitcoins will be huge for internet monies. Buy them now while they are cheap! If these take off and the internet is all bitcoin currency, imagine how dumb we'd all feel for not investing $100 now at 7c each?

I expect to feel dumb for investing only a number with two zeros. ;-)

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jgarzik
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August 21, 2010, 10:10:51 PM
 #5

MtGox: I'd suggest a data output for all trades with timestamp, price and size. With this info, apps can be created for sites like biddingpond.com which give live exchange rates. Would also like to put the exchange rate on my own sites and blogs. The graphs on MtGox aren't all that, let someone else run with the idea.

Visit http://mtgox.com/code/ticker.php for the ticker, or http://www.mtgox.com/code/data/getTrades.php for the last 24hrs worth of trades.

Or you can pull exchange rate info from the data links at the bottom of the page on http://www.bitcoinwatch.com/

Jeff Garzik, bitcoin core dev team and BitPay engineer; opinions are my own, not my employer.
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TTBit
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August 21, 2010, 10:43:57 PM
 #6

MtGox: I'd suggest a data output for all trades with timestamp, price and size. With this info, apps can be created for sites like biddingpond.com which give live exchange rates. Would also like to put the exchange rate on my own sites and blogs. The graphs on MtGox aren't all that, let someone else run with the idea.

Visit http://mtgox.com/code/ticker.php for the ticker, or http://www.mtgox.com/code/data/getTrades.php for the last 24hrs worth of trades.

Or you can pull exchange rate info from the data links at the bottom of the page on http://www.bitcoinwatch.com/


Nice! thank you.

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August 22, 2010, 01:22:28 AM
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Hey! Volume data!

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matonis
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November 18, 2010, 10:29:55 AM
 #8

[Note: I only wanted to discuss the implications of MtGox. Mods, please delete/move to the MtGox thread if not deemed worthy]

I got to thinking: this is pretty much a bank. I can pay and receive balances from Mt Gox, and it never hits my wallet. Very cool! In fact, anyone could get into bitcoins now, and never have to download the software. Non-techies could simply deposit at MtGox and use their balances as their 'wallet'.

MtGox: I'd suggest a data output for all trades with timestamp, price and size. With this info, apps can be created for sites like biddingpond.com which give live exchange rates. Would also like to put the exchange rate on my own sites and blogs. The graphs on MtGox aren't all that, let someone else run with the idea.

Imagine someone writing a blog about bitcoins, and having a live ticker to the current value vs. USD.

Good post TTBit, especially the part about MtGox functioning as an online financial institution. Other MtGox implications, besides the PayPal debacle, are jurisdictional.  The bottom of the web page lists an entity that looks like it's registered in Panama, but I believe that large balances retained at MtGox would be subject to shut-down by the local jurisdiction, if they ever received enough pressure to do this.  The issues would be:

1. does LibertyReserve support secondary account redemptions if the primary MtGox account became compromised/confiscated?
2. What happens to MtGox bitcoin balances if servers are confiscated?
3. does MtGox maintain backup servers or servers located in a different jurisdiction than the primary mgmt entity?

Founding Director, Bitcoin Foundation
I also cover the bitcoin economy for Forbes, American Banker, PaymentsSource, and CoinDesk.
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