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franky1

legendary

Activity: 4270

Merit: 4534

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Quote from: franky1 on October 12, 2014, 09:45:47 PM

exchanges play with SQL database values and mess with prices using small amounts

Exactly... i imagine this happens in all order book 'markets', in order to 'control' price. Therefor exchange prices are not a true 'free market' valuation would you agree?

also the AML/KYC regs are killing off large spenders from depositing/withdrawing large fiat amounts. yea theres an occassional whale that day trades bitcoins and then withdraws bitcoins on exchanges, but the bank account movements are small. and thus another reason i do not trust exchanges as being a viable valuation for 13.3million coins.. when infact its mainly dust amounts being stirred around the pot multiple times.

i cant wait for the winklevoss ETF and proper ETF exchanges to open where their bank balances and bitcoin holdings need to show transparency and have the ability of moving 10,000 coins+ (millions in fiat) as then we will have a better indicator.

so far these sql database exchanges are truly undervaluing bitcoin. in china their minimum wage is 16 yuan which is over 150 hours of labour per bitcoin. yet the western world exchanges based in dollars have 1bitcoin at only 50 hours labour max..

BitcoinBettor

newbie

Activity: 6

Merit: 0

A truly market based system is the best estimation of the value of a commodity.
There is something to be said for the current value of Bitcoin to not fall in line with standard exchanges like Bitstamp or Bitfinex because of the underground nature of Bitcoin.
Case in point, I've been involved with Bitcoin for a couple of years now and have been trading primarily through LocalBitcoins.com during this time (comps.biz).
This is the first time in the past 2 years that I have NOT been able to buy from sellers locally and have raised my sell price from my normal 3% markup to 30%, so clearly, "the street" is valuing Bitcoin much higher than the exchanges.
I'm no speculator and have been long Bitcoin from the jump, but the price is definitely going to be going up precisely because of this lack in parity between the exchanges and the street.

franky1

legendary

Activity: 4270

Merit: 4534

exchanges play with SQL database values and mess with prices using small amounts. i personally do not care about what prices exchange use.

yet, places like local bitcoins which are true bank transfer for real bitcoins are a better judge of value as they cannot be manipulated via day trading.

although i do still find alot of localbitcoin traders sheep following exchange prices rather than being what they should be (trend setters, not sheep followers)

howelzy

newbie

Activity: 14

Merit: 0

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