941800+ entries in 0.659s
ThickAsThieves: the irony is
that lesser exchanges must match gox price
to have a fair chance of getting enough users
to not rely on gox
Bugpowder: splnkr:
This is just a speculative pullback. Not related
to WSJ
splnkr: i believe
that was late-breaking news yesterday
mjr_: while we are
talking about
this...someone said
that you could place multiple orders on gox ie. with $1000 i can place $1000 orders at multiple price points
Bugpowder: coinlab has no experience in
the big leagues
chmod755: and
they're almost as old as mtgox
chmod755: ThickAsThieves, i
think
they also do USD
chmod755: ThickAsThieves, mtgox is not in
the US
gribble: BTCUSD
ticker | Best bid: 60.60000, Best ask: 61.30162, Bid-ask spread: 0.70162, Last
trade: 60.60000, 24 hour volume: 162492.76340264, 24 hour low: 52.34560, 24 hour high: 72.35000, 24 hour vwap: 63.80453
Bugpowder: gox probably has
the best security right now, due
to
their previous issues and
their capitalization.
Bugpowder: 1) make your exchange secure.
then 2) I will
trade on it
ThickAsThieves: sadly when you
try supporting other exchanges, all
they do is fuck it up
mjr_: its
the network effect
chmod755: ThickAsThieves, i
think if more people
traded on other exchanges it would allow
them
to make
their services more secure and stuff (with fees, etc)
Bugpowder: bitcoin is valuable in my bank account
too
mjr_: day
traders boggle me...all you do is make
the exchanges rich
mjr_: gets ready
to buy at 5 before it hits $700
chmod755: errr well
the majority of coins are not on gox
smickles: tiberiusiv: what's your point about price discovery and gox? I
think i missed it and i don't want
to read
the log
ThickAsThieves: gox is a standard because a standard was needed
to let
the market work better
gribble: BTCUSD
ticker | Best bid: 61.70568, Best ask: 61.70569, Bid-ask spread: 0.00001, Last
trade: 61.70569, 24 hour volume: 161828.11644717, 24 hour low: 52.34560, 24 hour high: 72.35000, 24 hour vwap: 63.81619
mjr_: but
that is only because of market inefficiencies
mjr_: btc-e has cheaper prices
than gox...
mjr_: its called price discovery and we are undertaking
that right now
mjr_: competing markets drive everyone
to a certain price set by
the market
mjr_: no gas station would say $20 a gallon, when across
the street it says $5 a gallon
chmod755: tiberiusiv, gribble sets
the price. <<
that's
true. he's one of
the richest bots on
the entire internet
mjr_: if you can't see
the gas station analogy as price advertising
ThickAsThieves: when i say 'exchange' you know i mean in
the abstract right?
mjr_: i use
them
to buy coins not hold coins
tiberiusiv: thickasthieves
the exchanges do not base
their decisions on gox lol.
chmod755: smickles, it's your choice
to
trust a web service with your coins.....
ThickAsThieves: [14:12] <tiberiusiv> of course its
the most important venue.
ThickAsThieves: <ThickAsThieves> but arent 'all of
the other exchanges" basing decsisions on gox?
tiberiusiv: so one guy
thinks mtgox is a gas station, another
that mt gox
trades occur on
the blockchain and a
third who
thinks gribble sets
the price.
mjr_: and moved
them around
mjr_: well...i bought coins
there
Bugpowder: and I suspect gox lag does contribute
to instability
smickles: chmod755: at one point, i made a full switch
to bitfloor,
then
they got robbed
Bugpowder: that is why
the gox hack was reversible
tiberiusiv: mjr mtgox doesnt make up a big % of
the blockchain
transactions
benkay: i
thought
their system
traded internally until you pulled funds
mjr_: not sure, but gox is definitely
the worst
benkay: do gox
trades even hit
the chain?
mjr_: i would love
to see what percentage of gox
trades make up daily blockchain
transactions
chmod755: big news about cyprus.... a country with 300,000 citizens.... as a EU citizen nothing has changed for me during
the last 5 years
Bugpowder: tiberiusiv: I agree
there has been a move
to bunds.
smickles: long story short, with
the house i was
trying
to sell for btc, i ended up getting a qualified renter who declined
to use btc
to pay rent
tiberiusiv: of course its
the most important venue.
splnkr: lots of external factors affecting price right now besides
trading
tiberiusiv: bugpowder: it wasnt expected by
the idiots who stayed
tiberiusiv: bugpowder: sure it was, all
the major players already removed $ out of cyprus
chmod755: cyprus is 0.1% of
the eurozone
smickles: i even put it in
the -otc order book
smickles: tiberiusiv: i was
trying
to sell a house when btc was at 2
tiberiusiv: bugpowder: notice how no one wanted
to
trade
their house for BTC at $2, but now at 70 everyone wants BTC?
smickles: not
the company, mind you,
the users
Bugpowder: ThickAsThieves:
the current price is mostly big speculators
tiberiusiv: bugpowder: almost always other
then unexpected events
smickles: so in both
those senses, gox sets
the price
ThickAsThieves: so you
think all
this uptake
to
the current price is mostly big players, and not amatuer speculators?
smickles: also, i feel most -otc
trades go something like "i'll sell 1 btc", "at what rate?", "let me check gox, ;;ticker"
tiberiusiv: by
the
time something is news, its already OLD
tiberiusiv: 2012 had huge positive btc news, yet
the price was still LOWER
then 2011.
smickles: my bot used
the mtgox order book
to a given depth
to determin spot
tiberiusiv: thickasthieves you are clueless
to markets.
ThickAsThieves: hard
to say on one day
that Cyprus or other good news causes btc
to go up, yet
the market isnt easily influenced on bid price
tiberiusiv: i have
to buy it at whats being offered
Bugpowder: What moves
the market are people
trading 100-10000 BTC. All of
them know
the game... At least after
the first
time
they get goxraped.
tiberiusiv: if i want
to buy 10k BTC right now, i cant get it at
the LAST porice
chmod755: erryone
trades on gox - chmod doesnt - is getting rich faster
Bugpowder: ThickAsThieves: people
that ignore it are n00bs
that don't move
the market
tiberiusiv: it doesnt mean jackshit what
the last price was
gribble: BTCUSD
ticker | Best bid: 63.00001, Best ask: 63.12648, Bid-ask spread: 0.12647, Last
trade: 63.00001, 24 hour volume: 159630.25515694, 24 hour low: 52.34560, 24 hour high: 72.86999, 24 hour vwap: 63.87384
Bugpowder: I'm just annoyed
that I had a 100BTC buy order at 52.139
that didn't quite get hit on
the dip
ThickAsThieves: and you really want
to underestimate
the population's neglect of orderbooks when buying bitcoin?
tiberiusiv: a seller looks for
the bid, and a buyer looks for
the ask
Bugpowder: so just place your limit orders where you what
to buy or sell and hope fulr
the best