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Topic: MTGOX - BTC Volume Spikes! (Read 1317 times)

full member
Activity: 237
Merit: 101
February 20, 2014, 05:38:54 PM
#11

In this case we are dealing with fake Bitcoin IOUs issued by a dysfunctional, incompetent, possibly insolvent company. These IOUs are proving to be practically worthless, as they should be. Although, the fake fiat IOUs are probably just as worthless. Tongue

I didn't know Gox became a Ripple exchange.
legendary
Activity: 868
Merit: 1000
Cryptotalk.org - Get paid for every post!
February 20, 2014, 05:19:59 PM
#10
The lower the exchange rate, the more volume you will see of the asset being traded. (It takes more volume to trade the same value.)

This isn't rocket surgery!

In this case we are dealing with fake Bitcoin IOUs issued by a dysfunctional, incompetent, possibly insolvent company. These IOUs are proving to be practically worthless, as they should be. Although, the fake fiat IOUs are probably just as worthless. Tongue

However, both Bitcoin and Fiat at Mt.Gox are fake.  So how is it the price of BTC lower relatively?

The explanation for this is that there 5 times more fake Bitcoin than what really exists.   Furthermore,  Mt.Gox does not dare to fake USD.
legendary
Activity: 2674
Merit: 2965
Terminated.
February 20, 2014, 05:17:20 PM
#9
No surprise there. I wonder where the price will be in a couple of days.
sr. member
Activity: 410
Merit: 250
Proof-of-Skill - protoblock.com
February 20, 2014, 05:13:28 PM
#8
the lower the price the higher the volume in BTC , volume in USD is not that high. http://bitcoincharts.com/charts/mtgoxUSD#rg180ztgSzm1g10zm2g25zi1gVolzcv
rat
sr. member
Activity: 253
Merit: 250
February 20, 2014, 04:28:28 PM
#7

gotcha.
legendary
Activity: 1120
Merit: 1010
February 20, 2014, 04:27:31 PM
#6

but, aren't the gates closed there?

These are pretend coins that were already on the exchange being traded back and forth multiple times like a game of hot potato.

No one in their right mind deposited bitcoins to Gox after the freezing of withdraws.
legendary
Activity: 1120
Merit: 1010
February 20, 2014, 04:26:33 PM
#5
The lower the exchange rate, the more volume you will see of the asset being traded. (It takes more volume to trade the same value.)

This isn't rocket surgery!

In this case we are dealing with fake Bitcoin IOUs issued by a dysfunctional, incompetent, possibly insolvent company. These IOUs are proving to be practically worthless, as they should be. Although, the fake fiat IOUs are probably just as worthless. Tongue
rat
sr. member
Activity: 253
Merit: 250
February 20, 2014, 04:26:24 PM
#4

but, aren't the gates closed there?
hero member
Activity: 602
Merit: 500
February 20, 2014, 04:25:12 PM
#3
are they pulling out reserves from cold storage?

how are they going from 30k volume to 90k - in one day?

are the numbers rigged?



people are able to trade much much at lower prices than higher prices since .. well, it requires a lot less money to trade at lower prices

nothing to do with cold storage since mtgox isn't sending any bitcoins outside their platform.

two separate things
legendary
Activity: 1722
Merit: 1003
February 20, 2014, 04:21:04 PM
#2

how are they going from 30k volume to 90k - in one day?



Easy... The price of a GoxCoin goes from $261 to $110 in 12hrs.
rat
sr. member
Activity: 253
Merit: 250
February 20, 2014, 04:19:38 PM
#1
are they pulling out reserves from cold storage?

how are they going from 30k volume to 90k - in one day?

are the numbers rigged?

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